Coporate Finance Case Study - 5492 Words

___________________________________________________________________ Case Study corporate finance Case 28 – An Introduction to Debt Policy and Value Case 30 – MCI Communications, Corp.: Capital Structure Theory ___________________________________________________________________ Table of Contents Case 28 - An Introduction to Debt Policy and Value 3 Effects of Debt on the Value of the Firm 3 Split of Value between Creditors and Shareholders 4 Source of Value Creation 4 Effects on Value per Share 5 The Benefits of Leveraging for the Shareholders 6 The Macroeconomic Benefit of Debts 7 Koppers Company, Inc. 7 Case 30 – MCI Communications, Corp.: Capital Structure Theory 9 Introduction 9 Cost of Capital 9 Costs of†¦show more content†¦Source of Value Creation While in table 2 is illustrated, where the additional value from an increased leverage is going, we now have a closer look at where the change in value is coming from. For this purpose, we divide the free cash flow of the firm into pure business flows and cash flows resulting from financing effects and discount them at a consistent rate reflecting the cash flows’ risk. As shown in table 3, the total value of cash flow is increasing if debt is augmented. It is also obvious that this increase in value is generated by the cash flows resulting from financing effects. But how does this gain come about? In fact, table 3 illustrates one of the most important theories in corporate finance, which says that the value of a levered firm is equal to the value of an unlevered firm plus the present value of the tax shield provided by debt (Copeland, Weston and Shastri, 2005, p. 562). Since the tax authority treats interest going to the bondholders differently from the way it treats earnings going to stockholders, there emerges a difference in the tax payment the firm has to fulfil. Actually, the firm’s tax payment is positively related to its debt, as the interest is not taken into account by corporate taxation while earnings after interest but before taxes are taxed at the existing tax rate (which in this case is 35%). The increased value of the total cash flow in table 3 arises therefore from the so-called tax shield associatedShow MoreRelatedFIN553 Penelope Case Group 2 Essay627 Words   |  3 Pagesï » ¿ FIN553 Advanced Coporate Finance Case Study: Penelopes Personal Pocket Phones Group 2 Brian Erber, Jaime Carreno, Wenliang Zhang, Xue Liu (Introduction) Background info about the project. In order to evaluate the NPV of the first-generation phone (project) ignoring the possibility of investing in the second-generation phone (project), we projected the free cash flows (FCF) of the first-generation phone through 2001 to 2006. 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Supply Chain Management And Logistics Essay - 1877 Words

Supply Chain management and logistics are an extremely important functions of an organization. In this research paper, we will be discussing an aspect of supply chain and logistics that I am interested in, how both are related and different, key activities in supply chain and logistics, and the ethics and social responsibility in both supply chain and logistics management. Logistics is a vital component of supply chain management. Both involve the planning, carrying out and management of goods, services and information from the point of origin to the point of consumption. Logistics aligns the multifaceted pattern of traffic and transportation, shipping and receiving, import and export operations, warehousing, inventory management, purchasing, production planning and customer service. Organizations, like the one I work for, see logistics as a critical design of the supply chain. When organizations incorporate logistics as a key component of the business plan, they can use it to manage, coordinate and monitor resources needed to move products in a smooth, timely, cost effective and reliable manner. Like Logistics, Supply Chain Management is an essential element of operational efficiency. The impact that supply chain has on our organization is substantial and exponential. Two of the main ways SCM affects business include: boosts customer service and our overall bottom line. Supply chain impacts our customer service by making sure the right product assortment and quantity areShow MoreRelatedLogistics And Supply Chain Management1033 Words   |  5 PagesLogistics and supply chain management is an important aspect of a firm’s strategy for the business to achieve success by creating value throughout the logistics and supply chain. The research paper will outline the concepts that are involved in creating the logistics and supply management framework. 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Disaster Situation and Risk Treatment

Question: Discuss about the Disaster Situation and Risk Treatment. Answer: Introduction Disaster and crisis management can be deemed as certain recovery activities, response and preparedness and the effective ways in which the personnel with the industry can respond to the disasters and deal with it. Effective preparedness and planning before any disaster is necessary in dealing with the crisis risks those results in damages (Altinay et al. 2015). The tourism industry is observed to be impacted by a wide range of international crisis over the past years because of terrorism, tsunami and bird flu. Unlike other sectors, hospitality and events industry has also gradually suffered from and for this reason the major causes of the tourism crisis vulnerability has been viewed (AlBattat and Some 2013). Moreover, the hospitality industry experiences great threats from the disasters that necessitates engaging in planning for the disaster management. Efficient disaster management planning includes internal output from certain establishments valuable assets and external input from stakeholders of a community (Paraskevas 2013). The objective of the essay is to evaluate the factors those influence risks associated with the crisis and disaster situations within the tourism, hospitality and the events industry. Thereafter, based on the evaluation the essay will identify certain risk treatment options that can help in managing the crisis and the disaster situation in these industries on an effective manner. Discussion Factors Influencing Risks Associated with Disaster Situations in Tourism, Hospitality and Events Industry- The word crisis as well as disaster is generally used interchangeably, which generally brings downturn with itself. However, while considering the tourism and hospitality industry the meaning of both the terms changes a little. Here, crisis refers to a situation when the foundation becomes weak and the same troubles the whole management (Phillips and Moutinho 2014). On the other hand, a disaster is considered as the sudden catastrophic changes which impacts negatively. Disaster in general is mainly considered to the event which not only shakes the whole country but also compromises life. Disaster could be divided in various types such as ecosystem disaster, economic disaster, socio-technological disaster and sociopathic disaster. The ecosystem disaster is one in which the life forms as well as their habitat is destroyed (Becken and Hughey 2013). On the other hand, economic disaster is one where the organizations fail to match or adjust with the market. It affects the economy inversely where all the industries are down and tourists refrain from coming to the affected region. Socio-technological disaster could be considered to an issue in the hospitality and the tourism sector (Becken et al. 2014). Three types of crisis has been revealed in the hospitality and tourism industry that includes immediate crisis, in which there are very less or low warning and for this reason the organizations within this industry are not capable to identify the problem and develop a plan before the occurrence of the disaster (Paraskevas and Altinay 2013). Emerging crisis is another crisis that takes place in these sectors are observed to develop slowly that, might be able to be stopped or decreased by appropriate actions taken by the management. Sustained crisis also takes place in these sectors that might last for few weeks or even for years. It has also been revealed that in the hospitality industry the crisis either strikes in a sudden manner through the human involvement (plane crashes, industrial accidents or even terrorist events) or can be natural (earthquakes or hurricanes) (Wang and Ritchie 2012). The crisis or the disasters those have affected the international tourism and hospitality ind ustry includes global war or conflict and long term manifestations of certain internal conflict and any particulate act or some action of terrorism particularly those intended at harming the tourists. It also includes any major criminal act or crime wave at the time the tourists are targeted along with appearance of some health concerns associated with the diseases or epidemics and these might be the diseases that has direct impact on humans or the diseases those has the capacity to affect animals (Page 2014). It also includes a natural disaster that might be a storm, earthquake or volcano that can affect the urban areas or the natural surrounding and constantly affecting the tourism infrastructure. The four major risk factors include war and political instability, terrorism, health concerns as well as crime (Hall et al. 2012). Combining such issues along with the categories of the crisis and the disasters and the crisis that occurs on the domestic levels risks can be magnified in a significant manner. Generally, the issues that the tourism crisis causes considering the tourism sector that can be magnified and can affect a significant area must be addressed through effective disaster management strategies. Facts have been revealed regarding the vulnerability of the tourist spots and have indicated that such places might be highly exposed to natural disasters where the volcanoes and hurricanes are common (Thomas et al. 2013). Additionally, destruction of the facilities and infrastructures are strongly associated with the tourism industry that includes hospitality facilities. The disasters because of the outbreak of health issues can also take place with the global and domestic tourism attracts the shareholders interest from a great range of social sciences and medical disciplines (Williams and BalÃ…Â ¾ 2015). With a great number of people travelling globally, it becomes easy for the local epidemic with a negative impact on the tourism. For instance, the SARS epidemic that initiated from a Chinese province serves as a great instance that had a negative impact on the global tourism and hospitality sector (Hanna Salman Sawalha et al. 2013). Bessie of this disaster air travel to the regions impacted by the advisories drastically decreased at the time of the epidemic. However, the impact of the advisories in comparison to several sources of information to the travellers like news medias became difficult to access. Such disastrous situation-taking place in the hospitality and tourism industry must be effectively managed for improving the crises. Risk Treatment Options in Managing Disaster Situations and Crisis- The crisis and disaster management processes considers evaluating and recognising the risks to a community or organization and talking decisions regarding the risk management options. The development and the execution of suitable risk management strategies that can gradually deal with likely risks to tourism and hospitality/events industry are turning out to be a vital part in dealing with tourism in the destinations (Dredge and Jamal 2015). Such risk management options must be linked with community disaster management plans and encompass strategies that the industrys operators and the organizations can consider in accordance to the communitys disaster management agencies work (Raj and Griffin 2015). Risk and crisis management options for the tourism as well as events and hospitality industry must offer and consider the safety of the employees as well as visitors and secure the systems in order to interact with all the people within the destination. It also needs to ensure and strengthen the security of the facilities, building and the equipments from the harmful impacts of any disaster. Risk management also includes contributing trained personnel to the agencies of disaster management at the time of response and recovery conducts after the disaster and maintaining constant supply of resources for efficient recovery activities and support response after disaster. It also includes developing safety procedures for returning to the normal business activities after the end of the disaster operations. Effective risk management process is needed to be designed for identifying the risks those require being managed. Effective systematic method is vital that will make sure that all the important disasters are recognised (Telfer and Sharpley 2015). Crisis factors might change and for this reason, the vital part of review and monitoring process is to recognise ne disasters that can take place in the tourism or event destination. An aspect of tourism risk management option is to decrease the susceptibility and enhance the tourism destinations resilience. Several other options that has been effective in managing disaster includes the necessity of developing elaborated contingency plans, defining the informational and decisional responsibilities and roles in managing disaster and retaining flexibility for prompt reaction at a operational level and not rushing into taking decisions on strategic level (Telfer and Sharpley 2015). In the hospitality and events industry, an effective option available in managing crisis is through getting involved in continuous proceeds of involving a loop of feedback back to the stage of pre-crisis after the end of the crisis (Dredge and Jamal 2015). This facilitates organizational learning to occur in a situation where the organization will be capable enhance its performance by means of learning from mistakes and maintaining preparedness for the likely potential crisis. Crisis management in the hospitality sector considers certain steps including readiness, reduction, response and recovery (Dredge and Jamal 2015). Reduction of the after effects and chances of crisis can be ensured through considering better crisis awareness, political cautiousness along with maintaining standard operating procedures. Readiness is another effective option for better crisis management in the hospitality sector that includes crisis management plan, developing health and safety measures and touris m planning. Another option in ensuring crisis management n this sector is better response in the occasion of crises that considers emergency response procedures, family assistance along with better communication and investigation of the crisis (Telfer and Sharpley 2015). Recovery management can be another effective option in ensuing beer crisis management that includes developing business sustenance plan, debriefing and availability of human resources to manage crisis. Focus items in implementing these disaster management options is in including positive focus reports on rehabilitation and reconstruction after the disaster (Raj and Griffin 2015). Crisis management strategy must include plans for fresh initiatives that can decrease the impact of crisis reputation. The hospitality and tourism sector must consider preparation of total recovery campaign in the major resource markets. The major aspect of the crisis is response timing. If the contingency plan has been totally developed for a destination it will be easily possible to respond promptly. There is a requirement to establish to media and the stakeholders that the operation of the business is aware of the crisis events that might take place and considers managing the situation in case any disaster takes place (Raj and Griffin 2015). In occurrence of any major event, certain external security protocols are set and the organisers of the event employ specialist security staff. The daily security operations includes secondary security role that must be assigned to the front line staff (Raj and Griffin 2015). Such approach facilitates extremely discrete security operations and maintaining the service quality in the hospitality and tourism industry. Conclusion The objective of the essay was to evaluate the factors those influence risks associated with the crisis and disaster situations within the tourism, hospitality and the events industry. Thereafter, based on the evaluation the essay will identify certain risk treatment options that can help in managing the crisis and the disaster situation in these industries on an effective manner. It was gathered from the essay that economic disaster is one where the organizations fail to match or adjust with the market. It influences the economy inversely where all the industries are down and tourists refrain from coming to the affected region. The development and the execution of suitable risk management strategies that can gradually deal with likely risks to tourism and hospitality/events industry are turning out to be a vital part in dealing with tourism in the destinations. Effective risk management process is needed to be designed for identifying the risks those require being managed. Effective systematic method is vital that will make sure that all the important disasters are recognised. Economic disaster is one where the organizations fail to match or adjust with the market. It impacts the economy inversely where all the industries are down and tourists refrain from coming to the affected region. Reference List AlBattat, A.R. and Som, A.P.M., 2013. Emergency preparedness for disasters and crises in the hotel industry. SAGE Open, 3(3), p.2158244013505604. Altinay, L., Paraskevas, A. and Jang, S.S., 2015. Planning research in hospitality and tourism. Routledge. Becken, S. and Hughey, K.F., 2013. Linking tourism into emergency management structures to enhance disaster risk reduction. Tourism Management, 36, pp.77-85. Becken, S., Mahon, R., Rennie, H.G. and Shakeela, A., 2014. The tourism disaster vulnerability framework: an application to tourism in small island destinations. Natural hazards, 71(1), pp.955-972. Dredge, D. and Jamal, T., 2015. Progress in tourism planning and policy: A post-structural perspective on knowledge production. Tourism Management, 51, pp.285-297. Hall, C.M., Timothy, D.J. and Duval, D.T., 2012. Safety and security in tourism: relationships, management, and marketing. Routledge. Hanna Salman Sawalha, I., Eid Jraisat, L. and Al-Qudah, K.A., 2013. Crisis and disaster management in Jordanian hotels: practices and cultural considerations. Disaster Prevention and Management: An International Journal, 22(3), pp.210-228. Page, S.J., 2014. Tourism management. Routledge. Paraskevas, A. and Altinay, L., 2013. Signal detection as the first line of defence in tourism crisis management. Tourism Management, 34, pp.158-171. Paraskevas, A., 2013. Aligning strategy to threat: a baseline anti-terrorism strategy for hotels. International Journal of Contemporary Hospitality Management, 25(1), pp.140-162. Phillips, P. and Moutinho, L., 2014. Critical review of strategic planning research in hospitality and tourism. Annals of Tourism Research, 48, pp.96-120. Raj, R. and Griffin, K.A. eds., 2015. Religious tourism and pilgrimage management: An international perspective. CABI. Telfer, D.J. and Sharpley, R., 2015. Tourism and development in the developing world. Routledge. Thomas, D.S., Wilhelmi, O.V., Finnessey, T.N. and Deheza, V., 2013. A comprehensive framework for tourism and recreation drought vulnerability reduction. Environmental Research Letters, 8(4), p.044004. Wang, J. and Ritchie, B.W., 2012. Understanding accommodation managers crisis planning intention: An application of the theory of planned behaviour. Tourism Management, 33(5), pp.1057-1067. Williams, A.M. and BalÃ…Â ¾, V., 2015. Tourism Risk and Uncertainty Theoretical Reflections. Journal of Travel Research, 54(3), pp.271-287.

Spoiled Children Essay Example For Students

Spoiled Children Essay For my Unit 2 IP for English Composition I have desided to do an essay on the following topic, â€Å"Spoiled children†. First off, one can actually see how disrespectfully children speak and deal with adults as well. For an example, the other day me and my girlfriend went to the mall to go see a movie and out to eat. We saw a mother and her young daughter going into the movie theater and the daughter wanted something from the conssesion stand and the mother told her no because we are going to be going out to eat after the movies. The young girl stated â€Å"I will hate you if you don’t get it for me. I will drop out of school and move out! † Today we see a lot of children doing this because they know that they can get away with it because we can not spank them like our parents did to us back in the day because of CPS. You have children saying all kinds of rude and embarrassinng statements to their parents that cre very much about them. The kids do this until they get what they want because of the parents caving in to their demand. Second of all, children of today are just so spoiled that they end up having no self control what so ever. Like the with the mother and young teenage daughter at the mall. When you think about it, the daughter did not care at all about if she embarrassed her mother and how uncomfortable she was making her mother feel as well. I mean all she wanted for something to snack on before they went out to eat that I can understand. But however, there are other ways on getting something that you want. We will write a custom essay on Spoiled Children specifically for you for only $16.38 $13.9/page Order now She could have got something small and told her mother that she will still eat dinner dinner after the movie she might have been able to get something. Before she thought about talking to her mother about it she just started to blurnt out so disrespectful words to her mother, so of course the mother caved in and got her daughter what she wanted . Children of my generation didn’t pull stunts like that unlike some of the children of this generation.

Jit Benifits and Limitations Essays

Jit Benifits and Limitations Essays Jit Benifits and Limitations Paper Jit Benifits and Limitations Paper Just-In-Time Inventory Management Strategy Lean Manufacturing Overview of Just-in-Time Inventory Management Just-in-time is a movement and idea that has gained wide acceptance in the business community over the past decade. As companies became more and more competitive and the pressures from Japans continuous improvement culture, other firms were forced to find innovative ways to cut costs and compete. The idea behind JIT, or lean manufacturing, is to have the supplies a firm needs at the exact moment that they are needed. In order to accomplish this goal a firm must constantly be seeking ways to reduce waste and enhance value. A recent survey of senior manufacturing executives showed that 71% used some form of JIT in their processes (Pragman). This simple statistic illustrates that JIT is here to stay and also that firms must constantly be searching for ways to cut costs and achieve an advantage. JIT is one way to achieve that end result. In order to understand how JIT works a common vocabulary needs to be established from which to further discuss the topic and gain insight into why so many firms have adopted it. As previously stated, one of the key components of JIT is to reduce waste and add value. There are several activities that a company must monitor as targets for reducing waste. Among these are, excessive waste times, inflated inventories, unneeded people or material movement, unnecessary processing steps, numerous variabilities throughout a firms activities and any other non-value adding activity. A key example of this is a new plant that Caterpillar is bringing on-line in the near future. By reducing the number of times a bucket had to be repositioned while it was being welded, Caterpillar was able to reduce the amount of time the bucket spent in the welding line, reduce labor costs by limiting idle time at the welding station and increase the efficiency of the entire manufacturing process. The layout and inventories that are part of a JIT strategy may seem the most logical steps to reduce waste and increase value. By simply redeveloping the layout of certain facilities a firm can reduce the time it takes for supplies to get to the next step in process and cut costs associated with hat movement. One way to do this is to have work-in-progress close to the next station in the manufacturing chain. Couple this with lowering inventories and a powerful combination is formed to reduce costs. In lowering inventories a firm can reap numerous benefits; batch sizes, set-up times and safety stock are all reduced, ergo costs are trimmed and value is added. But in order to achieve these things a firm must be willing to accept the problems that these actions can either uncover or create. Dell Computers participates in both of these activities and they are now the industry leader. Dell has warehouse space at their manufacturing facilities in which suppliers keep parts directly on-site which is the quintessential JIT layout. In addition, Dell is constantly working to achieve JIT inventories of only four days and in doing so are constantly uncovering and solving supply chain problems. Going hand-in-hand with maintaining Just In Time inventory levels is JIT scheduling. By working to reduce inventory to the lowest possible working levels, a firm must constantly be adjusting its schedule of ordering and delivering. In doing so, communication both up and down the supply chain is critical. Frequent orders are placed for supplies and small production runs are constantly being initiated. In order to achieve this breakneck pace of order/production schedule, a firm must constantly be making small changes to orders/production and recognize that kanbans are of incredible importance. Possibly the single piece of JIT that has the most relevance to a study of supply chain management is the partnerships that are essential to making JIT truly work. A firm cannot implement a JIT system by itself; it must have the complete cooperation of its entire supply chain. The sheer amount of information that is needed for a JIT system to operate well demands partnerships to be formed and nurtured, almost to the point at which an entire supply chain operates as one firm. Examples of these kinds of partnerships are everywhere in todays business world. XYZ-Company allows its key suppliers to work directly at their manufacturing sites and place orders as needed for the parts that that supplier supplies. By example Dell has its suppliers store raw materials directly at the manufacturing plants. Other concepts of Just In Time also need to be introduced in order to have a discussion about what truly makes Just In Time a worthy endeavor. By the 1980s the Japanese had achieved manufacturing greatness by practicing continuous improvement, in that a firm is constantly working to improve in every facet of its business functions. To do this a firm must always increase quality, look for innovative ways to solve problems and increase focus on the quality of its suppliers. All of these are cornerstones of a modern JIT system. Lastly, getting the workforce to buy into a JIT lean manufacturing system is important because without the dedication of the workforce, any endeavor is sure to fail. There are several ways to achieve workforce commitment. A simple way is to cross train the workforce members outside of their normal business function and help increase an employees problem solving ability. In doing so a firm is empowering its workforce to think about their function in a new way while looking for ways to improve and giving them an overall view of the entire firm, not just their single job. When this is coupled with the support of management, an increase in resources to solve problems, and an increase in employee roles and responsibility, a workforce will feel empowered and work to make Just In Time a success for the business. Strengths of JIT There is a lot of strength in incorporating JIT lean manufacturing in a company. JIT makes production operations more efficient, cost effective and customer responsive. JIT allows manufacturers to purchase and receive components just before theyre needed on the assembly line, thus relieving manufacturers of the cost and burden of housing and managing idle parts. In that respect, company spokesman for Dell Venancio Figueroa, says With our pull-to-order system, weve been able to eliminate warehouses in our factories and have improved factory output by double by adding production lines where warehouses used to be (Songini, 2000). The benefit of carrying smaller amounts of inbound, in-process, and finished goods inventory exists regardless of the firms operating context (size, production technology, etc. ). Just In Time appeals to many companies because it helps prevent manufacturers from being stuck with inventory that may become obsolete. JIT was initially developed and justified based on cost reduction and quality improvement dimensions. Now, companies view JIT as providing an approach to achieving excellence in the elimination of waste (thought of as all things that do not add value to the product), as well as making the company more responsive to short-term customer demand patterns. JIT manufacturing can be a real money-saver for a company. Companies are not only more responsive to their customers, but they also have less capital tied up in raw materials and finished goods inventory, allowing companies to optimize their transportation and logistics operations (UPS, 2003). Overall, JIT manufacturing results in lower total system costs and improved product quality. With JIT, some plants have reduced inventory more than fifty-percent and lead time more than eighty-percent (Droge, 1998). JIT is lowering costs and inventory, reducing waste, and raising the quality of products. Weaknesses of JIT Just as JIT has many strong points, there are weaknesses as well. In just-in-time, everything is very interdependent. Everyone relies on everybody else (Greenberg, 2002). Because of this strong interdependence with JIT, a weakness in the supply chain caused by a JIT weakness can be very costly to all linked in the chain. JIT processes can be risky to certain businesses and vulnerable to the supply chain in situations such as labor strikes, interrupted supply lines, market demand fluctuations, stock outs, lack of communication upstream and downstream in the supply chain and unforeseen production interruptions. Labor strikes, stock outs, and port lockouts can quickly disrupt an entire supply chain while JIT processes are in place. Adhering to the just-in-time concept can be expensive in times of emergency such as at ports (Greenburg, 2002). When a ship arriving from Asia full of supplies cannot make it to shore, the company using JIT generally has very little inventory to compensate for the emergency. This lack of inventory is exactly what makes JIT so great to companies in reducing costs, yet making it risky as well by in some cases not having enough b uffer inventories to react and keep the supply chain moving. Every year markets experience seasonal demand fluctuations as well as fluctuations due to demand from disasters or other unforeseen events. Just-in-time delivery leaves retailers and manufacturers with little inventory as the holiday season approaches (Greenberg, 2002). Relying solely on JIT systems would leave supply chains in shock due to the overwhelming seasonal market demand at different times of the year for seasonal products. Not all products should be produced with JIT systems in place. Custom made items will not work well with JIT as JIT systems respond best to mass produced and highly automated production items. Communication is king in a JIT rich supply chain. There is a risk involved with JIT when there is a communication breakdown and the company cannot get the right amount of supplies needed to keep the just-in-time system running smoothly. Technology is playing a big role in JIT number, however, the reliance on technology can lead to breakdowns in the IT systems that can be costly to work around and go back to the pencil and paper methods of doing supply/inventory demand calculations. Companies should always have backup systems in place to help thwart the possibility of technology or communication breakdown. Weaknesses in JIT systems are very important to recognize. From Cisco routers to Dell computers to the Gaps leather pants, companies have found their just-in-time manufacturing systems have let them down (Johnson, 2001). Companies must strongly evaluate the pros and cons of implementing JIT systems. The effects and risk to their supply chain must also be heavily considered. Although JIT has its weaknesses, in most cases, the benefits outweigh the risks to the JIT enabled company. Planning for and recognizing when things may go wrong with the JIT system are vital for the success of JIT implementation across all areas of supply chains. JIT in Practice Just in time has an overall strategic focus to provide companies with an exceptional amount of savings. There is a large variety of companies and industries that have experienced these cost savings. For our research we will feature Dell and Toyota as two examples to illuminate the cost saving effects that just in time offers. To begin our discussion, Dell, which participates in the computer technology industry, is the only company within its industry that effectively utilizes just in time. They have revolutionized the selling of personal computers, using a direct-business model whose fundamental tenets include taking custom orders directly from customers, thereby reducing inventory and streamlining distribution (DI D RECT, 2001). After Dell has received a customer order, they then begin production of the product that the customer desires. This exemplifies a pull system within the supply chain. A pull system is reactive whereby production is executed in response to a customer order. This unique supply chain provides Dell with a competitive advantage within its industry allowing them to become the market leader over Compaq in 2001 (DI D RECT, 2001). Dells position within its industry is a result of their strategic focus to reduce inventory and streamline distribution. This strategy has allowed them to keep only five days of inventory on hand (DI D RECT, 2001). This is the smallest amount of inventory of any company within this industry, according to Mike Gray, Supply Chain Evangelist for Dell. He stated that most companies within the computer industry currently hold between 20 and 30 days worth of inventory (Personal Communication March 10, 2005). The limited amount of inventory held by Dell has created value for their customers. The value created for their customers is a function of integrating the entire value chain: invention, development, design, manufacturing, logistics, service, delivery and sales (DI D RECT, 2001). Integrating the entire value chain creates visibility and provides stronger relationships between Dell and their customers and suppliers. This visibility allows them to only invest in what their customers want, rather than trying to guess what they might want (DI D RECT, 2001). In addition Dell has a philosophy to only manufacture what their customers ask them to make, when they ask them (DI D RECT, 2001). This strategy provides Dell with a time-to-market advantage. They can get their customers the freshest, latest, greatest Pentium 4 and all associated operating systems 85 days faster than HP. This is true in regards to research that shows Hewlett Packard has 63 days of inventory and a distribution channel with 25 to 30 days of inventory as well. Collectively, HP has about 90 days of inventory compared to Dells five. The minimal amount of inventory held by Dell provides them with an economic advantage, because the value of components and manufacturing materials declines about one per cent per week. The five day inventory also minimizes a customers ability to change their wants before they receive their computer. For example, if an individual tells a manufacturer what they want today but they do not hear the request for 90 days, chances are by this time the customer wants something else (DI D RECT, 2001). Dells use of just in time results in cost savings, superior customer satisfaction, limited waste, and the ability to provide their suppliers with more information. In the end these benefits all result in a cost savings for Dell and higher revenue. Since Dell holds minimal inventory, they do not have to fund raw materials, work in process or finished goods inventory. Toyota Motor Corporation is another company that effectively uses just in time. They are known as the master and pioneer of just in time and are currently entering the market to provide customized vehicles to customers with a minimal wait. Toyota has spent the last six years revamping its ordering, manufacturing and distribution to make it easier for dealers and customers to make changes right before production (Fahey, 2004). Their goal is to reduce the average time between dealer order and delivery from Toyotas North American factories from 70 days to 14 (Fahey, 2004). This goal accomplishment would not only make customers happier but also cut dealer inventory costs and the need for Toyota to spend on rebates for slow-selling vehicles (Fahey, 2004). In order to seek the benefits of providing customized orders and reducing the average delivery time, Toyota has developed its own software that connects dealers to factories and factories to suppliers. The integration of the value chain creates visibility for all members of Toyotas supply chain. When a request from a dealer is received by Toyota their software is able to figure out the availability of parts nearby, the time to resequence the assembly line and whether the change would unbalance the line by scheduling, for example, too many models loaded with time-consuming options one right after the other (Fahey, 2004). Toyota has also adjusted their distribution process to effectively provide customized vehicles in a just in time process. Toyota now sends finished vehicles to sorting docks where they can be grouped by region. This new process cuts delivery by two days. And in assembling cars, Toyota now considers destination, so that it may, for instance, make vehicles headed to Seattle at the same time (Fahey, 2004). This process adjustment has provided Toyota with a cost savings in result. Dell and Toyota are two model companies of just in time. They effectively get the right products to their customers when they need it. Both companies have achieved a competitive advantage within their industries due to utilizing the just in time process and allowing visibility between them and other members of the value chain. JIT and Beyond Just-In-Time inventory systems have come a long way through out the years improving the efficiency of purchasing in many companies. But as with most things there is always room for improvement and growth. JIT inventory systems have evolved over the years with many new and exciting twists. Competition in the business world is shifting from being between company and company to supply chain and supply chain. This is why JIT is evolving in many different ways. JIT II is one such evolution of the efficiency of JIT. JIT II is a way to improve the customer-supplier relationship. JIT II uses systems integration which allows, sharing of information so that the relationship is more like a partnership (Pragman). Essentially this equals more and more visibility throughout the supply chain, which equals better responsiveness and lower costs, the two main goals of supply chain management. JIT II, a customer-supplier partnership concept pioneered at Bose Corporation and now practiced by major companies and their suppliers, can aid in cutting both design and response lead time (Pragman). This is accomplished through systems integration, which seeks ways to improve coordination between different functional areas, as well as bridges the gap between customer and supplier. With JIT II the suppliers have a person within the customers organization full time acting as a purchasing department employee for the customer firm. JIT II has really impacted the following areas: the administration of the purchasing function, logistics, concurrent engineering and value analysis and material stores and support services. In each of these areas the lead time reductions are greater with JIT II than with conventional JIT (Pragman). The administrative benefits of JIT II are due to the fact that the supplier is constantly available in-house. JIT II reduces administrative costs for both the customer and supplier because the purchasing costs are not all on the customer and the supplier gets all the business from that specific customer as it wants as long as things go well. Because the supplier is always present JIT II permits concurrent engineering and value analysis to take place on an ongoing basis, not just during sporadic sales calls (Pragman). JIT II is not the end of the evolution of just in time systems it is actually just the beginning. ERP is another result that spawns from the premise behind JIT II. The main difference between the two is that JIT II is not computer system based and ERP is based on a computer system that helps ensure the visibility of all functional areas within a company as well as within its supply chain. ERP helps organizations reduce supply chain inventories due to the added visibility throughout the entire supply chain (Wisner, Leong, Tan). A major advantage of an ERP system is that it allows managers to make better more informed decisions that effect the entire supply chain. As ecommerce and global operations continue to grow a need for visibility and data exchange between suppliers, customers and foreign offices has emerged. Thus driving ERP more to the forefront with ERP comes decreased inventories as well as responsiveness which is the major idea of JIT systems. Advantages of JIT * Continuous improvement  in quality * Cost  is  reduced * Elimination  of waste * Manufacturing time  is  cut down * Better productivity * Lower Work in progress * Better  supplier relationships * Cost efficient  production * Defect free  output Disadvantages of JIT JIT system may not be able to manage  sudden  variations in  demand * Implementing thorough JIT procedures can involve a major overhaul of business systems -it may be difficult and expensive to introduce. * JIT manufacturing also opens businesses to a number of risks, notably those associated with the supply chain. With no stocks to fall back on, a minor disruption in supplies to the busin ess from just one supplier could force production to cease at very short notice. How JIT helps to increase competitive advantage of one firm over the other Costs It helps to significantly reduce cost. There are  Seven Wastes  in Just in Time or JIT: Waste of overproduction,  Waste of  waiting, Waste of transportation, Waste of  processing, Waste of  stocks, Waste of  motion, Waste of  defectives. It tries to reduce cost by eliminating all these kind of wastes. Willingness to Pay The concept of  quality at source  is adopted. This means that the workers take responsibility for the quality of what they are producing. Hence JIT tries to achieve zero defect production. Increase in quality increases the WTP to some extent.

Angola Regulatory System and Infrastructure Essay Example

Angola Regulatory System and Infrastructure Essay Example Angola Regulatory System and Infrastructure Essay Angola Regulatory System and Infrastructure Essay Regulatory Angola’s ordinary corporate tax is 35 percent, with a reduced rate of 20 percent for agricultural and forestry enterprises. The government offers a variety of corporate tax exemptions, reductions, and exemptions from real estate taxes on land and buildings as investment incentives. Income tax for individual’s ranges from 1-40 percent for employees, and 3-60 percent for self employed professionals. Inheritance and gift taxes are also added along with a payroll tax for social security. The main indirect tax is manufacture’s sales tax with rates ranging from 5 percent to 50 percent on listed product (nationalencyclopedia. com). Taxation: Companies carrying out industrial and commercial activities in Angola are subject to income tax on all profits resulting from Angola. If the company has its headquarters in Angola, it will be hit with industrial tax on its profits derived from Angola and 1/3 of its gross income earned abroad. Under the new tax legislation, any income obtained outside of the country will be fully taxable. All companies, no matter if they have a permanent business in Angola, that perform contracts or subcontracts, are subject to industrial tax if the amounts paid to the companies are considered expenses for Industrial tax purposes. This will most likely be changed, because of the new definition of permanent establishment. This new definition also considers, as permanent establishment, the simple interpretation of services, if made by the presence in Angola of hired personnel, for more than 90 days within a year. This means that those companies that render services will be taxable under the general rules of the industrial tax code. Under the new legislation, capital income tax imposed on taxable dividends was raised to 10 percent. However, exemptions form industrial tax can be obtained from the Minister of Finance for new industries and investment projects in fundamental areas. The tax year is the same as the calendar year. Companies other than Angola companies operating abroad must file tax returns together with their financial statements by May 31st in the year following the tax year. Angolan companies operating abroad must file by July 31st, with advance payments of at least 50 percent of the prior years tax liability must be made by December 10th of the tax year. Final payment of tax is due on September 15th of the following year (somalipress. com). Personal income tax – All individuals receiving employment income for working in Angola are subject to income tax. Taxable income includes all employment income, like wages, salaries, leave payments, fees, gratuities, bonuses, premiums or allowances paid or granted b reason of employment, in cash or check. Director’s fees are usually treated as individual taxable income, regarded in the same way as compensation income. Under the tax reform, members of the boards of Angolan companies will always be considered as residents in Angola for tax purposes. Employer withholding satisfies income taxes on employees, and employees do not need to file returns. No resident individuals are assessed on only Angolan source income. The employer or other payer withholds the amount due and is liable for the tax (somalipress. com). Intellectual Property: Angola’s legal system is very inefficient, and corruption plays a major roll in that. Legal fees are high, and most businesses avoid taking commercial disputes to court. The state owns all land, but long term renewable leases are available for most urban and some non urban land. Property registration is a long process and very expensive. Angola is ranked 114th out of 155 countries in the 2009 International Property Rights Index (heritage. org). The Ministry of Industry protects trademarks, patents, and designs under Law 3/92. The Minister of Culture administers Law 4//90, protecting authorship, literary, and artistic rights. Angola is part of the World Intellectual Property Organization (WIPO) convention, as well as the Paris convention for the protection of Industrial Property and the patent Cooperation Treaty (overseasnews. nsf). Tariff: Import tariffs are based on the cost, insurance, and freight value of goods at the point of entry. Here is a look at Angola’s tariffs for textiles, apparel, footwear, and travel goods. Tariff Rate Range (%) -silk |2 | |-wool |2 | |-cotton |2 | |-other vegetable fiber |2 | |-man-made fiber |2 | |-silk |5 | |-wool |5 | |-cotton |5 | |-other vegetable fiber |5 | |-man-made fiber |5 | |.. | | |Knit Fabric |5 | | | |Non Woven Fabric |5 | | | | |Industrial Fabric |2 5 | | | | |Apparel |15 | | | | |Home Furnishings |5 15 | |including: bed, bath, kitchen linens, etc. | | | | |Carpet |20 | | | | |Footwear |0 12 | | | | |Travel Goods |20 | (new. nsf. com) Angola’ s weighted average tariff rate was 7. 3 percent in 2008. Despite progress in trade reform, restrictions on some imports, variable and high customs fees and taxes, import licensing, government import authorizations, the regulatory environment, subsides, inadequate customs capacity, and issues involving enforcement of intellectual property rights add to the cost of trade (heritage. org). [pic](Tradingeconomics. com) Technical Infrastructure: Infrastructure has been ruined due to the extensive warfare. Millions of land minds were set, and there has been little effort to remove them. These landmines are not only destroying roads and hampering the process of putting up new buildings, but are killing civilians. There are 11,903. miles of paved roads and 1,834. 4 miles of rail tracks. There are 32 airports with paved runways and 217 with unpaved runways (nationalencyclopedia. com). Transportation: Transportation has taken the biggest hit from the war. More than 60 percent of the paved road network needs repair. The government estimates that it will take 10-15 years to restore the road network to how it was before the war. The economic sectors will not be able to grow with the road, railway, and bridge networks being up and running. They link the main cities in the country and get protects from one end of the country to the other (nationalencyclopedia. com). [pic] (google. com) Phone system: Telecom dominated the phone industry for fixed lines until 2005. Demand however, outstripped capacity, prices were high, and service was poor. Telecom Namibia, through an Angolan company, became the first private licensed operator in Angola’s fixed line telephone network. By 2010 the number of fixed line providers had expanded to 5; Angola Telecom established mobile-cellular service in Luanda in 1993 and the network had been extended to larger towns. There are only about two fixed lines for every 100 people; combined fixed lines and mobile cellular lines are about 65 telephones per 100 persons in 2009 (cia. gov). Angola Information on Economic Freedom | Facts, Data, Analysis, Charts and More. Conservative Policy Research and Analysis | The Heritage Foundation. Web. 21 Nov. 2010. . Angola Infrastructure, Power, and Communications, Information about Infrastructure, Power, and Communications in Angola. Encyclopedia of the Nations Information about Countries of the World, United Nations, and World Leaders. Web. 21 Nov. 2010. . Angola Investment Guides Angolan Investment Profile. Somali Press. Web. 21 Nov. 2010. . CIA The World Factbook. Welcome to the CIA Web Site - Central Intelligence Agency. 9 Nov. 2010. Web. 21 Nov. 2010. . (OTEXA) Market Reports/Tariffs. Market Reports/Tariffs. 11 Nov. 2009. Web. 21 Nov. 2010. 9

THE AMERICAN EDUCATION SYSTEM Vs. THE EUROPEAN EDUCATION SYSTEM Pre-K Assignment

THE AMERICAN EDUCATION SYSTEM Vs. THE EUROPEAN EDUCATION SYSTEM Pre-K to 12 GRADE ONLY - Assignment Example educational system is the fact that geographic and cultural differences can have a profound effect on the way that information and education in general is imparted to the shareholder. Obviously this is evident in a range of cultures and even on the micro scale between one county or region to the next; however, it is particularly evident between the United States and Europe. Understanding some of the key determinants as to why this has taken place to the extent that it has is both important and helpful to the educator as it provides a clear level of analysis into the means by which one system establishes itself based upon a different set of values and approaches than another. As a function of this particular level of inquiry, the analysis will seek to view the issue from a historical and sociological approach as well as viewing the different methods in their native environments and seeking to draw inference with regards to the means by which a combination approach is observed and how it ultimately functions. By seeking to integrate with the reader on all of these levels, it is the hope of this author that the educator will not only be made aware of key differences between the United States and European model but that they will also be able to seek to understand a few of the benefits and shortcomings that each model exhibits as a means of incorporating further strength into their own classroom or research experience. As a function of this, the first aspect of the key differentials that exist among the systems of the United States and Europe’s educational models is to seek to understand how and why a seemingly homogenous culture that was more or less established by Europeans has strayed so greatly from the European model of education. One does not need to look very heard to understand that the two greatest reasons for this are geographic separation as well as the result of the Revolutionary War. As a function of the fact that the population of the United

Marketing Planning and Strategy (The Buying Process)1 Assignment

Marketing Planning and Strategy (The Buying Process)1 - Assignment Example It is easier to shop online because the consumer compares a range of products at once, there is a wider selection of products, the prices are better, one gets to see other customers reviews and it saves a lot of time. However, there are certain problems that people encounter when shopping online. In the case of an eBook, the main problem is receiving the wrong book due to various reasons. This may include that there are many books that have similar titles, but different authors and content (Guruswamy, 2014). A consumer’s current state is whereby a need arises due to the depletion or inadequacy of a product, while a consumer’s ideal state is whereby the need of a certain product is brought about by opportunity. This means that the need for a product was brought about by the exposure to other different products that might be of better quality, or discontent with a current status. Regardless of the state, a consumer who buys products online goes through a process that is standard. When buying a book, a current state would mean that the book is needed for research, an assignment or general knowledge (Hix, 2000). An ideal state would mean that the book is bought either due to a catchy title or a title similar to another, but buying it was not intended in the first place. A current state would benefit the buyer by providing a solution to a current problem, which would be finding information that is needed currently from a book. An ideal state would benefit the buyer by providing the satisfaction of having the product, providing a solution that had been needed in the past or that is needed in the future. This goes to show that consumer wants are unlimited, while, on the other hand, the means through which they can be satisfied are limited (Suen, 2013). I am familiar with buying eBooks online and as is the case with purchasing other products or services, it has a process. The books I buy are

Cultural Boundaries Essay Example for Free

Cultural Boundaries Essay Youth culture has been studied from several ideological perspectives on assumptions that they are ‘not isolated and untouched by the surrounding culture’ (Keyes, 2000). This notion has lead researchers to assume that youth culture is not part of ‘growing up’, but a phenomenon that occurs as a precipitation of the social, political, cultural and ideological factors. There is not one monolithic youth culture that defines all young people. Popular youth culture embraces a diversity of sub-cultures or â€Å"tribes† such as skaters, druggies, snobs, band geeks, Satanists, Jesus freaks, techno-goths, computer dweebs, blacks, Latinos and white trash. Groups distinguish themselves by dress, style, music, body modification practices, race, ethnicity, and language. (Hines, 1999) Thus a researcher, who intends to study the ethnic, racial, political, cultural, sociological or linguistic aspect of a subculture, often ends up in analysing one of the factors and tend to romanticise or over-politicise these aspects. Thornton’s study on club cultures and Nava’s treatise on youth and consumerism are good examples in this genre. The debates on how best to conceptualise both the structural and cultural transitions of young people remains a central issue in the sociology of youth. In these debates cultural approaches have been criticised for neglecting the role of social divisions and status inequalities in lifestyle ‘choices’ (Bennett 2002). The cultural night lives of young people have provided fertile ground for social researchers. There have been explorations of the character and division of dance scenes (Thornton 1995), the relationship between femininities, women’s clubbing experiences and feminism (Pini 1997a, 1997b), clubbing experiences (Malbon 1999) and the relationship between drug use and clubbing (Henderson 1993; Merchant Macdonald 1994; Forsyth 1997). What has not been studied so well is how people become clubbers, what practices this entails, what kind of young people invest in this lifestyle, what resources are required to do so, whether this process is gendered as well as if and how this experience has impacted on their sense of identity. Earlier studies portrayed Rave culture as being a social arena where social divisions were put aside and anyone and everyone mixed together (Henderson 1993; Merchant Macdonald 1994). Yet, more recent studies suggest that distinctions do operate between ‘mainstream’ and ‘hip’ club scenes (Thornton 1995), that ‘nightlife provision exploits existing cleavages in the youth population, and segregates young adults into particular spaces and places’ (Hollands 2002, p. 153). Given this it seems important to unpack further the nature of boundaries: the divisions between ‘us and them’: the boundary work that we do and how boundaries are constituted in social interaction. Thornton asserts ‘club cultures are taste cultures’, but as she also points out, practices of distinction do not just involve taste and cultural hierarchies are numerous (1995, p. 3). What other practices of distinction are involved in identification and differentiation processes, both within and between club scenes? It seems unlikely that these processes and practices are wholly elective. Young people’s experiences of clubbing, their lifestyle ‘choices’, need to be contextualised and conceptualised in such a way that recognise that some young people are more able than others to engage in particular styles of life, and consumer and cultural activities, such as clubbing. Boundaries are about both the individual and the collective, notions not new to youth research. Willis (1978) suggested that ‘becoming’ a hippie or a bike boy involved not only cultural knowledge, but also a process of developing group sensibilities, and these sensibilities could be used to identify and differientiate one group from another. The notion of ‘becoming’ is a way of exploring both individual and group processes (Becker 1991): how young people learn to use ‘recreational’ drugs, learn particular practices, affiliate with a culture, lifestyle or social group and invest in additional forms of identification, as well as encounter cultural barriers that constrain participation and processes of ‘becoming’. Symbolic interactionist theories would suggest that notions of what and who you are, as well as what and who you are not, only become meaningful and significant through interaction with others. When social anthropological and symbolic interactionist conceptualisations of boundaries are brought together they can help us understand how people come to form into collective groups, groups that construct shared meanings through interaction. Symbolic boundaries, group life or how ‘people do things together’ (Becker 1986), are interactional resources that groups draw upon to create their own boundaries. These notions offer a fruitful way to explore the relationship between the individual and the group, and the divisions between ‘us and them’ found in the empirical studies exploring the cultural night-lives of young people. Moreover, it may be that identifying as and ‘becoming a clubber’ may only acquire meaning in relation to and in contrast to those who do not identify as or become ‘clubbers’.

How does the length of Magnesium affect the rate of reaction? Essay

How does the length of Magnesium affect the rate of reaction? Input Variables – Magnesium strip Hydrochloric acid Outcome Variable - Release of hydrogen I have chosen to investigate whether the difference in length of a Magnesium ribbon, would change the speed in which the reaction between Hydrochloric acid and Magnesium takes. We will measure this by timing how long until the magnesium strip vanishes and there is no release of Hydrogen. Aim: I am trying to find out whether the length of Magnesium causes any alterations in the rate of reaction between Hydrochloric acid and Magnesium. I will be measuring this by timing how long it takes for the magnesium to be no longer visible and there is no hydrogen released. Prediction: I think that when Hydrochloric acid of the same volume come in to contact with Magnesium of different lengths of ribbon,, the rate if reaction for the longer strip would be far slower than the shorter one. I believe that this as the collision theory tells us that molecules collide which cause to react and merge to create a compound. This reaction varies in speed depending on the amount of molecules in the mixture and how much energy the molecules possess, which is why heated molecules react faster than normal ones. So with the amount of Hydrochloric acid staying relatively the same yet the number of Magnesium molecules increasing, the reaction will only take longer as the molecules have to collide even more for the reaction to be complete. Hypothesis: If my prediction is to be proven correct, then the time taken to react to the longest strip of Magnesium would take the longest and the short strip would take the least amount of time. We should also see from repeated attempts at this experiment, that the averages would also increase depending on the length of the Magnesium ribbon. Control Variables: I have chosen not change the volume of hydrochloric acid, and the width of acid will alter the amount and effectiveness of the acid, which will make the rate of reaction speed up and cause an unfair experiment. I have also kept the magnesium strip the same ribbon, as if the width if the magnesium strip is changed, the surface area would become larger and more molecules would be able to collide at one time, which would mean that the rate of reaction would be faster. Preliminary Work: I have... ...unt of time taken to perform the experiment and would give me the opportunity for more tests to be taken and more data to be retrieved. However, the tests that were performed were a fair test as the method used was very simple, so error wasn’t a large factor. This meant that the solution could react without being tampered with. Although, on performing the second attempt for the 5cm strip, the tube was accidentally split by passers – by, so we had to stop the time and record the time thus far. This could be the cause for the anomalies within the results and if I were to do it again, I would expect the results to be greatly different. Due to the amount of stopwatches used in the experiment, we were able to get the exact time for each test tube, which was easier for recording than just using one, which I did during the preliminary experiment. Conclusion: In conclusion, I found out that my prediction was right and that the longer strip took a comparatively longer reaction time than the short two centimetre strip. This can be seen from the evidence gathered, which I believed to be accurate and would appear again if this experiment were to be performed once more.

Promotional Strategies of Idbi Federal Life Insurance Essay

The paper deals with the study of the promotional strategies of IDBI federal life insurance co ltd vis-à  -vis its various competitors like LIC, SBI life, ICICI prudential, etc. The paper aims at the various promotional strategies adopted by the company to make information available, about its products, to its potential customers. The primary objective of the paper is to find out whether the current promotional strategies are effective enough in attracting customers, to find out what customers look for in a life insurance advertisement and to suggest the company as to what are the new sources through which it can advertise its products. The secondary objective is to find out whether the current marketing strategies are sufficient enough to capture the current market in the face of rising competition. The research methodology includes collection of primary data from people by interviewing them over phone, meeting them, getting their opinion through questionnaires, etc. as well as col lection of secondary data from internet, published articles, books, research reports and other sources. A Questionnaire was designed to collect information from the respondents about the awareness of the brand IDBI Federal and the data analysis was based on the information collected through the questionnaire. Data analyses were done through graphical representation and excel tools. The limitation faced was that it was confined to one area due to travelling constraints and time constraints. Overall the project has tried to maintain an accuracy of data so that unbiased responses may be recorded which will give a true picture of the respondents’ opinion and help the company in taking a proper decision as to the promotional strategies of the company. 2. Company profile IDBI Federal Life Insurance co Ltd (formerly known as IDBI Fortis Life Insurance) is a joint venture between three financial companies – development and commercial bank, IDBI Bank, India’s private sector bank, Federal Bank and European insurer Ageas (formerly Fortis), which was formed on March 2008 In this venture, IDBI Bank owns 48% equity while  Federal Bank and Ageas own 26% equity IDBI Federal Life Insurance Co. Ltd.,(formerly IDBI Fortis Life Insurance) is a joint venture each. IDBI bank is a government owned bank started in 1964 as a subsidiary of RBI for providing institutional credit. It is known to be a bank for high end customers. In 2008 it changed its name to IDBI bank ltd. and entered into the retail segment. IDBI has more than 1500 branches across India. Federal bank is a scheduled commercial bank which was started in 1931. It has a strong base of NRI customers. It has a presence in both south and west. It was one of the first banks to start core banking. Federal bank has 1200 branches across India. Ageas is a Belgium-Dutch multinational insurance company. After its creation in 1990, Fortis expanded its offerings to include private and investment banking and asset management, establishing subsidiaries around the world. 3. Introduction 4.1 Introduction to the problem In the current scenario, Indian insurance companies have become competitive in nature and are providing appropriate distribution channels to get the maximum benefit and serve customers in manifold ways. Indian Insurance industry has big opportunity to expand, given the large population and untapped potential. The insurance market in India has witnessed dynamic changes including entry of a number of global insurers. Most of the private insurance companies are joint ventures with recognized foreign institutions across the globe. Saturation of markets in many developed economies has made the Indian market even more attractive for global insurance majors. The US$ 41 billion Indian industry is considered the fifth largest life insurance market, and is growing at a rapid pace of 32-34% annually, according to the Life Insurance Council. Innovative products, smart marketing, and aggressive distribution have enabled fledging private insurance companies to sign up Indian customers faster than anyone expected. Insurance products come in a variety of forms and are advertised and marketed using a variety of methods to entice customers. Thus insurance companies need to market their products because they are in competition with other insurers for the same customers. The only thing that distinguishes an insurance company’s products is the  price as well as the advertising message that it sends across to its customers. Thus the major area of concern of the study is how IDBI federal should distinguish itself in terms of reaching customers through various promotional strategies so that customers respond to the promotional strategies of the company Vis-à  -vis those of competitors. 4.2 Significance of the problem There are many players in the Indian Insurance Industry, each capturing sufficient market share of the total industry. In the Indian insurance sector, the market position of the incumbent, LIC, continues to dominate even 10 years after the opening up of the sector for private players. This puts the onus on the private sector players to differentiate themselves in terms of product innovation and customer servicing, so that they could grab a bigger share of the Indian insurance pie. As insurance is a ‘push’ rather than a ‘pull’ product, it is a big challenge for the companies to make their products meaningful to prospective customers. Companies should simplify insurance products and design the benefits so as to suit the specific needs of policyholders. A higher degree of transparency on policy terms will ensure that the customer understands the product and its benefits, minimizing fears of being cheated. It is therefore important for the industry to invest not just in expansion and distribution but also in client servicing and processing. Many customers are discouraged from buying insurance due to the anticipated complexity involved in settlement of claims. Insurance companies do assert that the competition in the industry is forcing them to speed up their claim processes, but the fact remains that a lot more needs to be done to make general insurance a hassle-free experience for the customers. Such things are very important to be communicated to the prospective customers so that they understand the products of the company and the benefits and features of the products. Thus promotion becomes very important for any IDBI federal to stand ahead of other players. 4.3 Important Observations IDBI Federal Life Insurance already has a strong distribution network of over 1477 branches through their partner banks. IDBI Federal has adopted various promotional strategies like commercial ads, print ads, events, personnel  selling, word of mouth, viral marketing, etc. The advertising focus of the company has therefore been the product rather than the corporate brand. TVC’s- The major promotion of IDBI federal is done through television commercials on sports channels. The TVC’s for IDBI Federal have been designed by Ogilvy and Mather. January, 2011: IDBI Federal Life recently launched three clutter breaking television commercials focusing on its frontline products – Wealthsurance and Incomesurance. The first advertisement reflects that the product is so great that whoever hears about it, buys it instantly and the second advertisement promises to be clear and transparent on the issue of returns in the investment product. IDBI Federal has also introduced two animation characters by the name of Happy and Lucky to promote the brand. The campaign revolves around the immense strength of the products and conveys the message: Anyone who hears about it buys it. The story board revolves around the most unexpected people in the most unexpected situations, hear about the product and buy it. * March, 2011: Through the example of a 60-year-old-son and his 90-year-old father, the insurance company, in its new campaign, reinforces the need to be financially secure post-retirement. Through the TVC, they wanted to explain the benefit of a tension-free life thanks to the pension plan. * August, 2011: The incomesurance TVC adds a comic touch to a series situation of family interview. The strategy for them was to drive home a practical and relevant message to the viewers. After sifting through many auditions, they singled out on a non-model/ non-celebrity talent to ensure that the slice-of-life situation came across as genuine and credible. The TVC went on air on 15th Aug, on the eve of Independence Day. The company’s fil ms are based on simple consumer insights that bring alive the core product benefits. * January, 2012: IDBI Federal Life Insurance has come up with a new campaign to promote its child insurance plans. The head of the Ad agency commented that in a world of goody-goody child plan advertising, they wanted to ensure that IDBI Federal’s Childsurance stood out. The senior vice-president of IDBI Federal said that choosing the right plan is very important today, given the rising inflation in education. Childsurance, with five unique features, can be the strong partner that parents seek to ensure that their children’s dreams come true, which has been captured in the ad campaign. Distributors- IDBI Federal has a strong network of distributors  who contribute a lot to the promotion of the products by word of mouth promotion. IDBI Federal has Bancassurance partnership with IDBI Bank and the Federal Bank and also distributes its products through its own network. To further diversify its distribution base, it has set up an Alternate & Direct Distribution channel. Management- IDBI federal life insurance co ltd leverages on its strong distribution network of promoters and advisors who have constantly revised the company’s product portfolio by adding on new products from time to time depending on the environment and needs of the customers. Partnerships- IDBI Federal Life Insurance, in partnership with SAMHITA Community Development Services, is engaged in financial literacy programs for the urban and rural poor in MP since 2011. The company has participated in a felicitating program organized by SAMHITA for women from slum dwelling households in Bhopal, who have successfully completed this financial literacy program in 2008, when it tied up with SAMHITA for providing low cost group coverage to the female members of SAMHITA under Group Microsurance. So far it has covered over 86,721 lives for a sum insured of Rs.66.7crores. IDBI Federal Life Insurance also offers the protection of Termsurance Grameen Suraksha to the family members of these people. Thus, this was a major step taken by IDBI federal for promoting its products in the rural areas. Web promotion- The TVC’s are uploaded in you tube. They have launched microsites for their ads. In addition, IDBI federal also planned to launch a viral in the digital space to create awareness about its products. Events- IDBI federal has tried to promote its products by conducting certain events. They organized the event Spelling Bee, which was a specially created spelling contest arranged to connect with children. The event was organized on children’s day, 2010 to coincide with the launch of childsurance. The spellings to be completed revolved around visual and verbal cues to words related to savings, money and finance. Viral marketing- â€Å"Boss-ka-Boss†, the viral flash film launched by IDBI federal for marketing its product online, made it very popular and was a good way to reach customers which could be viewed through You-tube. The film had also been adjudged for a special award under animation film category at the PR Council of India (PRCI). 4.4 Comments by the experts in the area Mr. Amish Tripathi, National Head – Marketing & Product Management, IDBI Federal Life Insurance said that â€Å"the critical objective for IDBI Federal is name recognition and a strong differentiator, and each of their products is designed to be unique and offer great value to the customers† He also said that, â€Å"they are happy to have a creative partner like Ogilvy & Mather that has been able to successfully convey the message.† According to Mr. Aneesh Khanna, Senior Vice President – Head – Marketing & Product Management, IDBI Federal Life Insurance, â€Å"the strategy for them was to drive home a practical and relevant message to the viewers. ‘Humoring’ the customer with a convincing, rational appeal has been the insurance venture’s style. Their films are based on simple consumer insights that bring alive the core product benefits. According to Amish Tripathi, there were clear guidelines that the commercials have to be funny and clutter-breaking when it comes to campaigns, as every second company sells the same proposition in the insurance sector. â€Å"Therefore, it is important to stand out from the rest,† according to Mr. Tripathi. Nitin Pradhan, executive creative director, Leo Burnett, says, â€Å"It’s a tongue-in-cheek take on retired life† which meant that it was very common for IDBI Federal to take old people in the retirement term advertisement. In 2010, when private life insurance companies were facing a decline in sales, Managing Director and Chief Executive Officer GV Nageshwara Rao said that the company is in in the process of adjusting the products. They expected to plan a few revised guidelines on pension products, which they hoped would revive pension plans again. He said that the long-term solution is to increase productivity in a sustained manner. He also quoted that going ahead; the company would consider three segments — children, retirement and health. And the company kept up to its promises by coming up with childsurance, healthsurance and the retirement plans. Acknowledging the viral flash film awards, Mr. Amish Tripathi, National Head – Marketing and Product, IDBI Fortis, said that â€Å"it was a great honour for them for being bestowed with the special award. He also said that at IDBI Fortis, they believe in innovation and delivering unique and distinct  offerings. The company has tried to follow the same in their communication through the films. The prestigious awards were an encouragement for the team and they hope to get many more of these in the future†. 4.5 Previous work According to a journal, written by professors of VIT University, Vellore on the promotional strategies adopted by IDBI Federal life insurance co ltd, for the South- Asian journal of marketing and management research, we find the following recommendations given by them After analysis of data, they suggested the following points * Television is the best source for entertainment and gaining information. So it is the best media for promotion * People don’t give more importance to the advertisements while compared to brand name * Tax benefit, death benefit, security and low premium are the important components which people look for in an insurance product * The message and creativity is important for insurance product * The promotional efforts and word of mouth is most influencing while compared to internet * Advertisements play a major role in influencing a person to buy an insurance policy * Insurance companies don’t need a brand ambassador to endorse the product 4.6 Gaps in the problem of interest 4.7 Proposed Work * Amazing customer experiences are one of the most powerful tools in marketing strategy. In today’s market, when a company treats its clients better than kings and queens they will tell the whole world about the company through social networking sites or through word of mouth. * There are many opportunities for growing business. The company can get great PR in the newspaper, meet other local community members and business owners, and educate people about the values and benefits of insurance. * The company can promote its products through social networking sites such as Facebook, twitter and linked in or other popular sites where potential customers visit frequently like news channel sites. Customers who prefer to read news online will be able to notice the ads if the ads are put in such sites. * The best television marketing opportunities would be during programs  specifically aimed at the target prospects. The company can aim those channels which potential customers see reg ularly such as news channels or sports channels. * An important promotional strategy would be to roll out advertisements during cricket matches such as IPL or one day series which will gain a lot of popularity for the products as well as the company. * Another strategy is to host networking events so businesspeople can meet other businesspeople. Making as many contacts as possible and following up with people will assist insurance marketing with the help of referrals. * Online E-mail newsletters should be sent to customers on a regular basis so as to attract potential customers and retain existing clients. The newsletters will constantly remind the clients about the products and they will re-think over their decisions while investing in insurance products and will keep IDBI federal in mind. * The company can host seminars about financial planning, understanding insurance, saving money on insurance etc. * IDBI Federal’s sales people can go door to door talking about their products to potential customers. Many sales people can convince about their products to customers in such a way. * One more promotional strategy is advertising through hoardings and billboards in important public places like railway stations, airports, bus stands, restaurants, etc. * The last IDBI federal ad was released in 2012 and the frequency of the ads were also less. To increase visibility of the products, the company should advertise more frequently so that customers notice their products vis-à  -vis its competitors. * They can also advertise through various radio channels as more and more people are shifting from television to radio channels * The company can also go for celebrity endorsements as customers go for celebrity endorsed brands as they attach some value to the product when it is endorsed by any celebrity. 4. Objectives and importance of the study Product promotion is one of the major necessities for getting a company’s brand in front of the public and attracting new customers. Companies use different promotional strategies for different marketing purposes. The importance of the study lies in studying all promotional and marketing strategies followed by IDBI Federal, how effective are the strategies in  maintaining the existing customer base and attracting new customers, what do customers look for in the advertisements to go for a particular product, and are the promotional strategies effective as compared to other insurance companies. Primary objective * To find out whether the current promotional strategies are effective in attracting customers. * To find out what customers look for in a life insurance advertisement. * To suggest a new concept of promotion for the company depending on people’s awareness about the brand IDBI Federal life insurance co ltd Secondary objective * To find out the level of awareness of the brand IDBI Federal among people * To find out whether the current marketing strategies are sufficient or the company needs to increase promotion in order to capture market. 5. Methodology Primary data: collecting data from people by interviewing them through phone, meeting them through questionnaires, during the time of sales etc. Secondary data: gathering data from internet and television, published articles, books, research reports and other sources. The sample size is 100 and the sampling unit is office going people who have either joined recently or who have been working for quite a few years. The research is carried out in Cuttack, Orissa where the sample is a representative portion of the population of the state. Both open ended and close ended questions are used in the design of the questionnaire so as to know the opinion of customers relating to insurance and awareness about the brand IDBI federal and how they respond to the marketing stimuli adopted by the company. The type of questionnaire used in this project is structured. The questions are listed in a prearranged order and respondents are informed about the purpose of collecting information. The type of sampling is convenient sampling. The methodology adopted for sales was to visit office going people with a  permanent income and explain them about the products of IDBI Federal life insurance co ltd.

To Kill a Mockingbird Letter Essay

June 20, 1935 Mr B. B Underwood chief editor Maycomb tribune newspaper Po Box Maycomb USA Nst290 Dear Mr B. B Underwood, I strongly believe that Tom Robinson was not guilty of the crime and the sentence was untrue and unjust. I am appalled to hear that he was guilty of raping Mayella Ewell when there was no substantial or even any evidence against Tom Robinson. I was at the trial of Tom Robinson and noticed many substantial faults in Mayella Ewell’s story as she proposed in the court. I watched as Atticus examined her testimony and asked why she didn’t put up a better fight and why her screams didn’t bring the many other children in the Ewell’s house running. Additionally, all the physical evidence is against the Ewell’s claims because Mayella’s bruises are on the right side of her face and Tom Robinson can’t use his left arm due to an accident where his hand was torn apart by a cotton gin when he was a boy. Mayella and Bob Ewell are both very obnoxious during the trail and in my opinion don’t seem very trustworthy. Mr Ewell did not called a doctor after learning of Mayella’s injuries. If Tom Robinson had committed the crime, Mr Ewell’s first instinct would to get his daughter checked out. i hope you agree this would be the normal approach of a father concerned about his daughter. Tom’s side of the story is much more just. As I listened to Tom he explained that he always did chores for the Ewell’s and one day Mayella asked him to lift a box down from a dresser. When Tom climbed on a chair, she grabbed his legs, scaring him so much that he jumped down. She then hugged him around the waist and asked him to kiss her. As she struggled, her father, Bob Ewell, appeared at the window, calling Mayella a whore and threatening to kill her. As a result Tom then fled the house. Mr Ewell is likely to have misinterpreted the actual situation. I think Bob Ewell is more likely to have bashed or even molested his daughter than Mr Robinson . Tom is a respectable member of the Maycomb community with a steady job and is a hardworking man meanwhile Bob Ewell is often drunk, mostly unemployed and a member of Maycomb’s poorest family. The prosecution has produced no medical evidence of the crime and has presented only the shaky testimony of two unreliable witnesses, the physical evidence suggests that Bob Ewell, not Tom Robinson, beat Mayella. I believe Mayella is lonely and unhappy. She committed the unmentionable act of lusting after a black man and then concealed her shame by accusing him of rape after being caught. I conclude again that Tom Robinson is not guilty. Mr Robinson was only named guilty because of the colour of his skin and racism on this town of Maycomb. Thank you for your time in considering my opinion. I look forward to you publishing my point of view in the tribune I would appreciate it being published anonymously of the divide of the community. Sincerely, Henry Jenkins 19 Mille road Maycomb USA. June 20, 1935 Mr B. B Underwood chief editor Maycomb tribune newspaper Po Box Maycomb USA Nst290 Dear Mr B. B under wood I attended the court case yesterday and I decidedly believe the sentencing of Tom Robinson was ethical and just. I decisively disapprove the statements and remarks that Atticus made during the trail and feel terrible for the Ewell family in result of their daughter being raped. Why would a good white girl like Mayella be in the slightest attracted to an older black man? We all know that black and white don’t mix. Our history and society is supported by this principle. Blacks are there to serve whites after all. They find themselves in Macomb and the rest of America generally because they are to improve the lives of the white population. I am dismayed at the fabricated story that Tom Robinson proposed to the court. The possibility of no one being home because Mayella gave his younger siblings money to go and buy ice-creams and then tries to flirt and kiss Mr Robinson is just absurd. These events could not happen. To follow up Mr Robinson’s story, Atticus then explains how Bob Ewell beat his own daughter. I believe that this story is just a extensive ridiculous cover up for the horrific rape of Mayella Ewell. I conclude that the sentencing of Tom Robinson was appropriate and just. He deserved every bit of his of the death penalty sentence. He should be frowned upon in the Macomb community. Thank you for reading my letter of opinion. I would greatly appreciate if this letter could be published in the Macomb tribune. Sincerely, Mrs Henry Lafayette Dubose 4 Corbel road Maycomb USA