Monday, September 30, 2019

Macroeconomics Question Paper

Question 1 . Using a market-clearing model to analyze the demand for haircuts is ______ because the price of a haircut usually changes ______. Answer Selected Answer: unrealistic; infrequently Correct Answer: unrealistic; infrequently . Question 2 . Which of the following is not the correct combination for a U. S. president and an important economic issue of his administration? Answer Selected Answer: President Clinton, inflation Correct Answer: President Clinton, inflation . Question 3 . Macroeconomic models are used to explain how ______ variables influence ______ variables.Answer Selected Answer: exogenous; endogenous Correct Answer: exogenous; endogenous . Question 4 . The total income of everyone in the economy adjusted for the level of prices is called: Answer Selected Answer: real GDP. Correct Answer: real GDP. . Question 5 . A period of falling prices is called: Answer Selected Answer: a recession. Correct Answer: deflation. . Question 6 . The inflation rate is a measure of h ow fast: Answer Selected Answer: prices in the economy are rising. Correct Answer: prices in the economy are rising. . Question 7 . Exogenous variables are:Answer Selected Answer: fixed at the moment they enter the model. Correct Answer: fixed at the moment they enter the model. . Question 8 . In the relationship expressed in functional form, Y = G(K, L), Y stands for real GDP, K stands for the amount of capital in the economy, and L stands for the amount of labor in the economy. In this case G( ): Answer Selected Answer: is the function telling how the variables in the parenthesis determine real GDP. Correct Answer: is the function telling how the variables in the parenthesis determine real GDP. . Question 9 .The inflation rate in the United States averaged about: Answer Selected Answer: zero between 1900 and 1950. Correct Answer: zero between 1900 and 1950. . Question 10 . Endogenous variables are: Answer Selected Answer: determined within the model. Correct Answer: determined wit hin the model. . Question 11 . The best measure of the economic satisfaction of the members of a society is: Answer Selected Answer: real GDP. Correct Answer: real GDP. . Question 12 . In 2010 in the United States, the approximate percentage of GDP that was spent on consumption was: Answer Selected Answer: 7 percent. Correct Answer: 67 percent. . Question 13 . The national income accounts identity, for an open economy, is: Answer Selected Answer: Y = C + I + G + NX. Correct Answer: Y = C + I + G + NX. . Question 14 . If nominal GDP grew by 5 percent and real GDP grew by 3 percent, then the GDP deflator grew by approximately ______ percent. Answer Selected Answer: 2 Correct Answer: 2 . Question 15 . If the number employed increases while the number unemployed does not change, the unemployment rate: Answer Selected Answer: will not change. Correct Answer: will decrease. . Question 16 .As a percentage of GNP, depreciation (also called the consumption of fixed capital) amounts to approx imately: Answer Selected Answer: 10 percent. Correct Answer: 10 percent. . Question 17 . Prices of items included in the CPI are: Answer Selected Answer: weighted according to quantity of the item purchased by the typical household. Correct Answer: weighted according to quantity of the item purchased by the typical household. . Question 18 . Real GDP means the value of goods and services is measured in ______ prices. Answer Selected Answer: constant Correct Answer: constant . Question 19 .If nominal GDP increased by 5 percent and the GDP deflator increased by 3 percent, then real GDP ______ by ______ percent. Answer Selected Answer: increased; 2 Correct Answer: increased; 2 . Question 20 . Nominal GDP is measured in _____ dollars _____ time. Answer Selected Answer: current; per unit of Correct Answer: current; per unit of . Question 21 . Exhibit: Saving, Investment, and the Interest Rate 2 Reference: Ref 3-2 (Exhibit: Saving, Investment, and the Interest Rate 2) The economy begins i n equilibrium at Point E, representing the real interest rate, r1, at which saving, S1, equals desired investment, I1.What will be the new equilibrium combination of real interest rate, saving, and investment if there is a tax law change that makes investment projects less profitable and decreases the demand for investment goods (but does not change the amount of taxes collected in the economy)? Answer Selected Answer: Point C Correct Answer: Point A . Question 22 . National saving refers to: Answer Selected Answer: income minus consumption minus government spending. Correct Answer: income minus consumption minus government spending. . Question 23 .According to the neoclassical theory of distribution, if firms are competitive and subject to constant returns to scale, total income in the economy is distributed: Answer Selected Answer: between the labor and capital used in production, according to their marginal productivities. Correct Answer: between the labor and capital used in pro duction, according to their marginal productivities. . Question 24 . According to the model developed in Chapter 3, when government spending increases but taxes are not raised, interest rates: Answer Selected Answer: increase. Correct Answer: increase. . Question 25 .When there is a fixed supply of loanable funds, an increase in investment demand results in a(n): Answer Selected Answer: higher interest rate. Correct Answer: higher interest rate. . Question 26 . Assume that the production function is Cobb–Douglas with parameter ? = 0. 3. In the neoclassical model, if the labor force increases by 10 percent, then output: Answer Selected Answer: increases by about 7 percent. Correct Answer: increases by about 7 percent. . Question 27 . In the classical model with fixed income, if households want to save more than firms want to invest, then: Answer Selected Answer: he interest rate falls. Correct Answer: the interest rate falls. . Question 28 . Assume that equilibrium GDP (Y) is 5,000. Consumption is given by the equation C = 500 + 0. 6Y. Investment (I) is given by the equation I = 2,000 – 100r, where r is the real interest rate in percent. No government exists. In this case, the equilibrium real interest rate is: Answer Selected Answer: 5 percent. Correct Answer: 5 percent. . Question 29 . In the classical model with fixed income, if the demand for goods and services is greater than the supply, the interest rate will: Answer Selected Answer: increase.Correct Answer: increase. . Question 30 . Exhibit: Saving, Investment, and the Interest Rate 1 Reference: Ref 3-1 (Exhibit: Saving, Investment, and the Interest Rate 1) The economy begins in equilibrium at Point E, representing the real interest rate, r1, at which saving, S1, equals desired investment, I1. What will be the new equilibrium combination of real interest rate, saving, and investment if the government raises taxes, holding other factors constant? Answer Selected Answer: Point B Correct Answe r: Point B . Question 31 . Assume that the consumption function is given by C = 200 + 0. (Y – T), the tax function is given by T = 100 + t1Y, and Y = 50K0. 5L0. 5, where K = 100 and L = 100. If t1 increases from 0. 2 to 0. 25, then consumption decreases by: Answer Selected Answer: 175. Correct Answer: 175. . Question 32 . Assume that the investment function is given by I = 1,000 – 30r, where r is the real rate of interest (in percent). Assume further that the nominal rate of interest is 10 percent and the inflation rate is 2 percent. According to the investment function, investment will be: Answer Selected Answer: 760. Correct Answer: 760. .Saturday, November 10, 2012 12:07:36 PM EST .

Sunday, September 29, 2019

Managing Profitable Customer Relationship

Chapter 1 Marketing: Managing Profitable Customer Relationships GENERAL CONTENT: Multiple-Choice Questions 1. Central to any definition of marketing is _____. a. demand management b. transactions c. customer relationships d. making a sale e. making a profit (Answer: c; p. 5; Easy) 2. All of the following are accurate descriptions of modern marketing today, except which one? a. Marketing is creation of value for customers. b. Marketing is customer satisfaction at a profit. c. Selling and advertising are synonymous with marketing. d. Marketing involves building and managing profitable customer relationships. e. None of the above statements is true. (Answer: c; p. 5; Easy)3. Like NASCAR, successful companies recognize a crucial dimension of an outstanding marketing company to be _____. a. a strong customer focus b. a relentless pursuit of customer needs c. customer relationships built by everyone in the organization d. all of the above e. none of the above (Answer: d; p. 5; Moderate)4. _____ is defined as a social and managerial process by which individuals and organizations obtain what they need and want through value creation. a. Selling b. Advertising c. Barter d. Marketing e. None of the above is correct. Answer: d; p. 5; Challenging)5. Society and culture sh ape the basic form of human needs called _____. a. needs b. wants c. demands d. value e. an exchange (Answer: b; p. 6; Moderate)6. When backed by buying power, wants become _____. a. social needs b. demands c. physical needs d. self-esteem needs e. exchanges (Answer: b; p. 6; Easy)7. The fundamental reason America’s most admired firms, including Southwest Airlines and Harley-Davidson, conduct extensive research is to _____. a. maximize profits b. increase market share c. increase sales d. understand customers’ needs, wants, and demands e. undermine competitors Answer: d; p. 6; Moderate)8. _____ refers to sellers being preoccupied with their own products and losing sight of underlying consumer needs. a. Selling myopia b. Marketing c. Selling d. Marketing myopia e. Share of customer (Answer: d; p. 7; Moderate)9. American brand icons, including Harley-Davidson, Coca-Cola, and Nike, create deep brand meanings for consumers and do not suffer from _____. a. short-term losses b. long-term losses c. competitive threats d. marketing myopia e. planning problems (Answer: d; p. 7; Moderate)10. _____ are key building blocks for developing and managing customer relationships. a.Consumer expectations and customer satisfaction b. Customer choices and product offers c. Product performance and customer value d. Customer value and customer satisfaction e. Strategic plans (Answer: d; p. 8; Challenging)11. NASCAR’s primary obsession is to deliver a special _____ to every customer. a. assortment of products b. book store c. experience d. set of recommendations e. car (Answer: c; p. 7; Moderate)12. All of the following phrases reflect the marketing concept, except which one? a. We don’t have a Marketing Department, we have a Customer Department. b. We make it happen for you. c. We stay close to customers. d. Putting profits ahead of customer needs is critical to the health of the firm. e. Customers are important. (Answer: d; p. 11; Easy)13. An example of a(n) _____ is when a customer pays Circuit City $250 and receives a television set in return. a. exchange b. transaction c. market d. segment e. scam (Answer: b; p. 9; Easy)14. _____ is the set of actual and potential buyers of a product. a. A market b. An audience c. A group d. A segment e. An exchange (Answer: a; p. 8; Moderate)15. Which of the following phrases reflects the marketing concept? a. The supplier is king. b. Marketing should be viewed as hunting and not gardening. . This is what I make, won’t you please buy it? d. This is what I want, won’t you please make it? e. None of the above. (Answer: d; p. 11; Challenging)16. The art and science of choosing target markets and building profitable relationships with them is called _____. a. marketing management b. positioning c. segmentation d. selling e. managing the marketing effort (Answer: a; p. 9; Moderate)17. _____ is(are) the set of benefits a company promises to deliver its consumers to satisfy their needs. a. A money-back guarantee b. Low prices c. Good customer service d. A value proposition e. An attribute (Answer: d; p. 9; Moderate)18. All of the following phrases reflect a firm’s value proposition, except which one? a. Altoids is positioned as â€Å"the curiously strong mint. † b. Porsche promises driving performance and excitement. c. Cheer laundry detergent promises powerful cleaning at all temperatures. d. All of the above are correct. e. None of the above is correct. (Answer: d; p. 9; Moderate)19. The _____ is a useful philosophy in situations when the product’s cost is too high and marketers look for ways to bring it down. a. selling concept b. product concept c. production concept d. marketing concept e. A and D (Answer: c; p. 10; Challenging)20. Henry Ford’s philosophy was to perfect the Model-T so that its cost could be reduced further for increased consumer affordability. This reflects the _____. a. product concept b. marketing concept c. marke ting mix d. production concept e. selling concept (Answer: d; p. 10; Moderate)21. To avoid traffic gridlock in large metro areas, _____ is undertaken to encourage commuters to carpool and use mass transit. a. target marketing b. market segmentation c. demarketing d. marketing e. the production concept (Answer: c; p. 9; Challenging)22. Selecting which segments to serve is called _____. a. market segmentation b. positioning c. customization . target marketing e. managing the marketing effort (Answer: d; p. 9; Moderate)23. When Wal-Mart profitably targets buyers who value savings, it is an example of _____. a. convenience b. value pricing c. market segmentation d. target marketing e. value packing (Answer: d; p. 9; Easy)24. All of the following phrases reflect the definition of target marketing, except which one? a. Disney targets persons in all stages of the life cycle. b. Porsche profitably targets affluent professionals. c. Dollar Stores profitably target families with modest means. d. The Book of the Month Club customizes offers based on a member’s previous selections. . Charlie Cheese Pizza Factory targets children. (Answer: a; p. 9; Moderate)25. â€Å"Build a better mousetrap and the world will beat a path to your door† reflects the _____. a. production concept b. marketing concept c. selling concept d. product concept e. target marketing (Answer: d; p. 10; Challenging)26. Which operating philosophy is practiced by the American Red Cross to solicit blood donations? a. The marketing concept. b. The product concept. c. The production concept. d. The selling concept. e. None of the above. (Answer: d; p. 10; Challenging)27. Firms follow the _____ when they face overcapacity. a. product concept b. elling concept c. production concept d. marketing concept e. A and C (Answer: b; p. 10; Challenging)28. Railroads were once operated based on the thinking that users wanted trains rather than transportation, overlooking the challenge of other modes of tra nsportation. This reflects the _____. a. product concept b. production concept c. selling concept d. marketing concept e. none of the above (Answer: a; p. 10; Moderate)29. According to the authors of your text, _____ is viewed not as â€Å"hunting,† but as â€Å"gardening. † That is, a firm has to find the right products for its customers. a. selling b. production c. marketing d. retailing e. dvertising (Answer: c; p. 11; Moderate)30. The _____ starts with the factory, focusing on the company’s existing products; it calls for heavy selling and promotion to obtain profitable sales. a. marketing concept b. production concept c. product concept d. selling concept e. company advertising (Answer: d; p. 10; Moderate)31. According to the authors of your text, fast-food restaurants offer tasty and convenient food at affordable prices; they contribute to a national obesity epidemic that harms consumer health and causes environmental problems in the long run. This stateme nt reflects that they often overlook the _____ business philosophy. . marketing concept b. product concept c. production concept d. societal marketing concept e. new-idea (Answer: d; p. 11; Moderate)32. The set of marketing tools a firm uses to implement its marketing strategy is called the _____. a. promotion mix b. product mix c. marketing mix d. TQM e. marketing effort (Answer: c; p. 13; Moderate)33. _____ is defined as the customer’s evaluation of the difference between all the benefits and all the costs of a marketing offer relative to those of competing offers. a. Customer relationship management b. Customer satisfaction c. TQM d. Customer perceived value e. Marketing myopia (Answer: d; p. 4; Easy)34. Building, keeping, and growing profitable value-laden relationships with all customers of a company is called _____. a. customer lifetime value b. customer perceived value c. customer relationship management d. database marketing e. societal marketing (Answer: c; p. 14; Ea sy)35. Delivering superior customer value and customer satisfaction are the two keys to building lasting _____. a. customer satisfaction b. customer databases c. market share d. customer relationships e. profits (Answer: d; p. 14; Moderate)36. All of the statements below reflect the definition of customer-perceived value, except which one? . Alex brought home his Lexus for $45,000; he luxuriated in the handling and smell of the leather interior. b. FedEx offers reliable package delivery at a reasonable price. c. The benefits of undergraduate tuition at state schools are judged to be reasonable and fair in comparison to competing private schools. d. The benefits of diet soft drinks are judged to be reasonable and fair in comparison to other types of soft drinks. e. All of the above are correct. (Answer: e; p. 14; Moderate)37. FedEx offers its customers fast and reliable package delivery. When FedEx customers weigh these aforementioned benefits against the monetary and psychic costs o f using the service, they are acting upon _____. a. loyalty b. relationship marketing c. perceived customer value d. social relationships e. a societal marketing campaign (Answer: c; p. 14; Challenging)38. Airlines offer frequent flier marketing programs to build value and satisfaction into the customer relationship. Using this approach, airlines add _____ to the customer relationship. a. social benefits b. structural benefits c. financial benefits d. excitement e. add-ons (Answer: c; p. 15; Challenging)39.Many banks are leading the way in using customer profitability analysis to weed out losing customers and target winning ones for pampering. This is called _____. a. customer relationship management b. positioning c. database marketing d. selective relationship management e. prospecting (Answer: d; p. 16; Challenging)40. Through _____, many companies today are strengthening their connections to partners all along the channel, from raw materials to components to final products that are carried to final buyers. a. supply chain management b. direct marketing c. partnership relationship marketing d. customized marketing e. deviated marketing Answer: a; p. 19; Easy)41. Pooling resources with other firms in order to succeed beyond managing the supply chain illustrates the _____ partnership. a. management contracting b. licensing c. supply chain management d. strategic alliance e. exporting (Answer: d; p. 19; Challenging)42. Stew Leonard, owner/operator of supermarkets, reacts adversely to losing a single customer sale. He feels that this amounts to losing the entire stream of future purchases that a customer is likely to make if he/she remains in the area. This is an illustration of _____. a. share of customer b. market share c. profitability d. customer lifetime value . market share maintenance (Answer: d; p. 20; Challenging)43. Amazon. com leverages relationships with its 35 million customers by offering them music, videos, gifts, toys, consumer electronics, and office products, among other product items. Based on previous purchase history, the company recommends related CDs, books, or videos that might be of interest. This helps Amazon. com capture a greater _____. a. market share b. customer lifetime value c. share of customer d. profitability e. customer base (Answer: c; p. 21; Challenging)44. _____ is the total combined customer lifetime values of all the company’s customers. . Share of customer b. Customer lifetime value c. Customer equity d. Profitability e. Share of market (Answer: c; p. 21; Challenging)45. Current sales and market share reflect a firm’s past performance while _____ reflects the future. a. customer lifetime value b. share of customer c. profitability d. customer equity e. growth rate (Answer: d; p. 21; Moderate)46. Banks classify customers into one of four relationship groups, according to their potential profitability and projected loyalty. JPMorgan Chase Bank wishes to examine its database and identif y customers who are profitable but not loyal. According to the authors of the text, it plans to use promotional blitzes to attract the group called _____. a. barnacles b. true friends c. strangers d. butterflies e. fools (Answer: d; p. 23; Challenging)47. The ultimate aim of customer relationship management is to produce _____. a. customer equity b. market share c. sales volume d. a reliable database e. profits (Answer: a; p. 21; Moderate)48. Which of the following statements about how the Internet is impacting lives everywhere is most accurate? a. Companies are cautiously using the Internet to build closer relationships with customers and marketing partners alike. . The Internet is still in its infancy with few consumers buying products/services online. c. The Internet allows anytime, anywhere connections to information, entertainment, and communication. d. If consumer e-commerce looks promising, business-to-business e-commerce is just plain declining. e. A and B (Answer: c; p. 26; Easy)49. The rapid pace of _____ has allowed companies to greatly expand their geographical market coverage, purchasing, and manufacturing. a. technology b. change c. travel d. globalization e. none of the above (Answer: d; p. 26; Moderate)50. Perhaps the most dramatic new technology today is _____. a. Microsoft Windows XP b. AOL c. the Internet d. all of the above e. none of the above (Answer: c; p. 26; Easy)51. Ben & Jerry’s challenges all stakeholders, including employees, top management, and even ice cream scoopers in their stores, to include concern for individual and community welfare in their day-to-day decisions. Actions by companies to do well by doing good reflects _____. a. ethics b. social responsibility c. profit marketing d. marketing e. myopia (Answer: b; p. 28; Moderate)52. When a church targets different demographic groups to increase attendance, it is an example of _____. a. for-profit marketing b. ot-for-profit marketing c. mindless marketing d. ethics in marketing e. societal marketing (Answer: b; p. 28; Moderate)53. The goal of customer relationship management is to produce _____. a. revenues b. profits c. customer equity d. a database of customers e. all of the above (Answer: c; p. 21; Moderate)54. To create customer value and build strong customer relationships, marketers know they cannot go it alone. Hence, in order to succeed in the long run, they practice _____. a. partner relationship management b. database marketing c. designing attractive websites d. customer equity e. all of the above (Answer: a; p. 19; Challenging)55. The success of a firm hinges upon the performance of the entire _____. a. marketing department’s effort b. supply chain c. product mix offerings d. organizational structure e. industry (Answer: b; p. 19; Moderate)56. The authors of your text classify customers into one of four relationship groups, according to their profitability and projected loyalty. _____ characterize the group with the highest pro fit potential and strong loyalty. a. Barnacles b. Strangers c. Butterflies d. True believers e. Best friends (Answer: d; p. 23; Easy)57. _____ is the act of obtaining a desired object from someone by offering something in return. . A transaction b. Exchanging c. Bribing d. Valuing e. Donating (Answer: b; p. 8; Easy)58. In the case of excess demand, _____ may be required to reduce the number of customers or to shift demand temporarily or permanently. a. marketing b. demarketing c. value marketing d. surplusing e. all of the above (Answer: b; p. 9; Easy)59. The _____ concept holds that achieving organizational goals depends on knowing the needs and wants of target markets and delivering the desired satisfaction better than competitors do. a. product b. production c. selling d. equity e. marketing (Answer: e; p. 11; Easy)60.The _____ concept holds that firms must strive to deliver value to customers in a way that maintains or improves both the consumer’s and society’s wel l being. a. marketing b. selling c. product d. societal marketing e. equity (Answer: d; p. 11; Easy)61. The _____ of a Taco Bell customer exceeds $12,000. a. market share b. CRM c. customer lifetime value d. share of stomach e. salary (Answer: c; p. 21; Moderate)62. For which of the following reasons are marketers everywhere using the Internet? a. To build closer relationships. b. To access new marketspaces. c. To attract new customers. d. To show off their technological skills. . A, B, and C (Answer: e; p. 26; Easy)63. You have learned at work that today’s successful companies at all levels have one thing in common: they are strongly customer focused and heavily committed to _____. a. obtaining the best CEOs b. increasing wealth to stockholders c. marketing d. employee motivation e. earning profits (Answer: c; p. 5; Moderate)64. The twofold goal of marketing is to attract new customers by promising superior value and to _____. a. keep and grow current customers by delivering satisfaction b. keep and grow current customers by delivering competitive pricing c. eep and grow current customers by delivering friendly service d. keep and grow current customers by delivering vast product assortment e. all of the above (Answer: a; p. 5; Moderate)65. You have learned from experience as well as from this course that the most basic concept underlying marketing is that of _____. a. selling and advertising b. customer satisfaction c. retaining customers d. human needs e. fulfilling consumer wants (Answer: d; p. 6; Easy)66. As a new assistant marketing manager trainee, you learn in an orientation meeting that _____ are the form human needs take as they are shaped by culture and individual personality. . wants b. demands c. self-concepts d. desires e. icons (Answer: a; p. 6; Easy)67. What do companies call a set of benefits that they promise to consumers to satisfy their needs? a. marketing offer b. value proposition c. demand satisfaction d. need proposition e. evoke d set (Answer: b; p. 9; Moderate)68. Most firms practice the selling concept when they face _____. a. a crisis b. a recession c. fierce competition d. overcapacity e. marketing myopia (Answer: d; p. 10; Moderate)69. Herb Kelleher of Southwest Airlines used the marketing concept in his successful organization.His perspective of having a customer department uses a(n) _____ perspective. a. outside-in b. external c. inside-out d. modern e. traditional (Answer: a; p. 11; Challenging)70. Customer-driven marketing usually works well when _____ and when customers _____. a. a clear need exists; are easy to identify b. customers know what they want; can afford it c. a firm can deliver the goods desired; are thoroughly researched d. a clear need exists; know what they want e. a want exists; cannot afford it (Answer: d; p. 11; Challenging)71. The societal marketing concept seeks to establish a balance between consumer short-run wants and consumer _____. . short-run costs and profits b. short-ru n ethics c. long-run welfare d. health e. value propositions (Answer: c; p. 12; Moderate)72. _____ is an important concept when we realize that losing a customer means losing more than a single sale. It means losing the entire stream of purchases that the customer would make over a lifetime of patronage. a. Heuristics b. Net profit c. Customer lifetime value d. Relationship marketing e. Market share (Answer: c; p. 20; Moderate)73. Customers buy from stores and firms that offer the highest _____. a. value for the dollar b. customer perceived value c. level of customer satisfaction . company image e. A and C (Answer: b; p. 14; Challenging)74. Is the following statement true? Clearly, the more loyal the firm’s customers, the higher the firm’s customer equity. a. No. b. Yes. c. Maybe. d. Cannot tell accurately. e. Only if the value proposition is understood. (Answer: b; p. 21; Easy)75. Many not-for-profit organizations are facing huge operating deficits that they must cove r by more aggressive _____. a. volunteer service b. customer service c. advertising d. donor marketing e. social marketing campaigns (Answer: d; p. 29; Moderate) True/False76. Selling is managing profitable customer relationships. Answer: False; p. 5; Moderate)77. Product, price, place, and promotion make up the elements of a firm’s marketing mix. (Answer: True; p. 13; Easy)78. The twofold goal of marketing is to attract new customers by promising superior value and to keep and grow current customers by delivering satisfaction. (Answer: True; p. 5; Challenging)79. Human needs are shaped by culture and individual personality. (Answer: False; p. 6; Moderate)80. When backed by buying power, wants become demands. (Answer: True; p. 6; Moderate)81. When backed by buying power, needs become demands. (Answer: False; p. 6; Moderate)82. Marketing offers are limited to physical products. (Answer: False; p. 7; Moderate)83. Marketing offers include products, services, information, or expe riences offered to a market to satisfy a need or want. (Answer: False; p. 7; Moderate)84. When sellers focus on existing needs and lose sight of underlying customer wants, they suffer from marketing myopia. (Answer: False; p. 7; Challenging)85. An exchange is the core concept of marketing, whereas a transaction is marketing’s unit of measurement. (Answer: True; p. 8; Moderate)86. Marketers of products, services, and ideas only practice marketing, whereas buyers do not. Answer: False; p. 8; Moderate)87. Who is our target market and what’s our value proposition are two important questions underlying marketing strategy. (Answer: True; p. 9; Moderate)88. Market segmentation is the process of seeking fewer customers and reduced demand for profit maximization only. (Answer: False; p. 9; Challenging)89. Demarketing is a marketing philosophy focused upon product differentiation and positioning. (Answer: False; p. 9; Moderate)90. The production concept and product concept are t wo philosophies that can both lead to marketing myopia. (Answer: True; p. 10; Challenging)91. When railroad companies thought that users wanted trains rather than transportation and overlooked the growing challenge of other modes of transportation they were following the selling concept. (Answer: False; p. 10; Moderate)92. Most firms follow the production concept when they face overcapacity. (Answer: False; p. 10; Challenging)93. The societal marketing concept calls on marketers to balance consumer wants and desires, company profits, and society’s interest. (Answer: True; p. 12; Moderate)94. Customer Relationship Management (CRM) is nothing more than a customer data management activity. (Answer: False; p. 14; Moderate)95. Delivering superior customer value and customer satisfaction are the two keys to building lasting customer relationships. (Answer: True; p. 14; Moderate)96. Customer value is defined as the customer’s evaluation of the perceived difference between all the benefits and all the costs of a marketing offer relative to those of competing offers. (Answer: True; p. 14; Moderate)97. Customer-perceived value depends on the product’s perceived performance relative to a buyer’s expectations. (Answer: False; p. 14; Moderate)98. The simplest definition of modern marketing is managing profitable customer relationships. (Answer: True; p. 5; Easy)99.The difference between human needs and wants is that needs are states of felt deprivation. (Answer: True; p. 6; Easy)100. Smart marketers look beyond the attributes of the products and services they sell. They create brand experiences for consumers. (Answer: True; p. 7; Moderate)101. Marketing management is interested in serving all customers in every way to remain competitive in today’s markets. (Answer: False; p. 9; Moderate)102. At times it becomes necessary to reduce demand for some products and services. When the government tries to reduce smoking of tobacco products, it ad ds more tax to the products and is practicing demarketing. Answer: True; p. 9; Easy)103. Amy’s law office has developed a new format and wording for wills. The staff believes they offer the most in quality, performance, and innovative features. Her law office is practicing the production concept. (Answer: False; p. 10; Moderate)104. The selling concept holds that consumers will not buy enough of the firm’s products unless it undertakes a large-scale selling and promotion effort. (Answer: True; p. 10; Easy)105. The major difference between customer-driving marketing and customer-driven marketing is that the former considers only existing needs. Answer: False; p. 11; Easy) Essay106. Explain the five marketplace concepts. The core marketplace concepts are: needs, wants, and demands; marketing offers; value and satisfaction; exchanges, transactions, and relationships; and markets. Addressing customer needs and want is at the very heart of the marketing concept. The four el ements of the marketing mix help firms meet the challenges of value creation, customer satisfaction, and to establish meaningful and profitable relationships. (p. 6; Moderate)107. Explain how marketers create brand experiences beyond selling products/services. Strategic thinking underlies creating meaningful and purposeful experiences and relationships for customers. In creating brand experiences, marketers have successfully demonstrated that to differentiate their offer from their competitors, they have to connect with their customers at various levels. (p. 7; Moderate)108. Compare the selling and marketing concepts under which organizations carry out their marketing strategies. List the key components of each philosophy. The selling concept reflects an inside-out philosophy and the marketing concept takes an outside-in perspective. The selling concept is practiced when firms face overcapacity. When consumers do not buy enough products on their own, companies coerce them into buyin g more by undertaking a large-scale selling and promotion effort. The marketing concept, on the other hand, is a three-pronged philosophy based upon: satisfaction of customer needs and wants, integration of resources both within and outside the firm,, and profit maximization. (p. 10; Easy)109. What is the societal marketing concept? Explain. According to this concept, firms today and in the future will survive if they take underlying consumer needs and society’s well being into account over the long term. In setting their marketing strategies, marketers today need to balance company profits, consumer wants, and society’s interests. From day one, when marketing decisions are made, firms need to put people and society before profits. (p. 11; Easy)110. One of the major developments in marketing can be summed up on one buzzword: relationships. Define customer relationship management and its associated strategies for building long-term relationships. Customer Relationship M anagement (CRM) is the process of building and maintaining profitable customer relationships by delivering superior customer value and satisfaction.Companies develop customer relationships with target markets at multiple levels. The most basic form of a relationship for mass-marketed products/services is through a Web site, sales promotion offer, or a 1-800 customer-response number. At the other end of the spectrum, companies like Amazon. com create full partnerships with key customers. Other marketers work closely with retailers, for example. Some marketers use tools such as financial benefits like rewards based on frequency of purchase. Other tools include social benefits, like offering key customers the opportunity to network and create communities.Another approach adds structural ties to the aforementioned financial and social benefits. Hence, to retain current customers and remain profitable, companies today are going beyond transactional marketing to customer relationship mana gement. The key is to create and sustain relationships for the long term. (p. 14; Moderate)111. The aim of customer relationship management is to create not just customer satisfaction, but customer delight. Explain. Customer satisfaction cannot be taken for granted. Because brand loyalty is dependent upon strong customer satisfaction, companies strive to retain current customers.Losing a customer once might mean losing the customer for life. Firms like Taco Bell and Home Depot, for example, look at a stream of purchases a customer is likely to make over his/her lifetime. Therefore each sale is critical to the long-term success of a relationship. Because the ultimate aim of customer lifetime value is to create share of customer, firms today create customer delight by over delivering and creating emotional relationships with key customers. (p. 15; Moderate)112. Define customer equity. Customer equity is the sum of the lifetime values of all the company’s customers. Customer equ ity is dependent upon customer loyalty by a firm’s profitable customers. Because customer equity is a reflection of a company’s future, companies must manage it carefully. (p. 21; Easy)113. Explain how the Internet has transformed the way in which we do business today. The Internet links individuals and businesses of all types to each other. â€Å"Bricks and Mortar† companies of the past are now â€Å"clicks and mortar† companies today. Manufacturing firms today are linked to their suppliers and customers to build closer relationships. The Internet allows firms access to exciting new marketspaces. The Internet has spawned an entirely new breed of â€Å"click only† companies—the so-called â€Å"dot-coms. † The post-Internet frenzy of the late 1990s has introduced companies that are both savvy and face promising futures. (p. 26; Easy)114. Describe the impact of globalization on marketing today. Marketers everywhere have been surrounded by global competition for over two decades now. Regional trade agreements, such as NAFTA, have transformed competition and economic cooperation today. Geographical and cultural distances, in addition, have shrunk with the advent of technology, the Internet and new product introduction. Domestic firms in countries such as India have had to contend and compete with U. S. multinational firms for market share, revenues, and profits. Firms worldwide are sourcing their products from different corners of the globe. (p. 26; Moderate)115. Analyze the major challenges facing marketers heading into the new â€Å"connected† millennium. Marketers must connect faster and better with customers. The latest technologies must be used to ensure delivery of time-based competition. Web sites and e-commerce must be fine-tuned to connect with more carefully selected customers.Many companies are connecting directly with customers to customize their mix of products and services. Partnership relations hip and supply chain management must be built with strategic alliances to make those domestic and global challenges. (p. 28; Moderate)APPLICATION CONTENT: Multiple-Choice Questions116. Shawn McCork has an interesting job. He is involved in getting, keeping, and growing customers through creating, delivering, and communicating superior customer value. What is Shawn’s job? a. General manager. b. Supervisor. c. Marketing manager. d. Sales manager. e. Top manager. (Answer: c; p. ; Challenging)117. The marketing manager at Sunshine Car Washes is holding a training session for new employees. She stresses that perhaps the most important concept of modern marketing is _____. a. customer relationship management b. e-mail advertising c. a quality Web site d. properly trained sales people e. low prices (Answer: a; p. 9; Moderate)118. Greg Williams now has the buying power to purchase the computer system he has wanted for the last six months. Greg’s want now has become a _____. a. need b. necessity c. demand d. satisfier e. none of the above (Answer: c; p. 7; Easy)119. After surveying all 3,500 customers by e-mail, Best Value Stores learned that its customers favor high quality, performance, and innovative features. Best Value’s customers were surveyed about _____. a. product concept b. production concept c. customer satisfaction d. marketing concept e. promotion concept (Answer: a; p. 10; Challenging)120. Jolene’s firm believes that consumers will not buy enough of the firm’s products unless the firm undertakes a large-scale selling and promotion effort. Jolene’s firm is practicing the _____. a. production concept b. marketing concept c. selling concept d. relationship concept . social advertising campaign (Answer: c; p. 10; Easy)121. Jonathan Nash works in sales for a telemarketing firm. His firm uses the selling concept, which take a(n) _____ approach. a. outside-in b. myopic c. inside-out d. marketing concept e. customer servi ce (Answer: c; p. 11; Easy)122. Marie Ortiz enjoys her work at Futuristic Designs, Inc. Her organization understands customer needs even better than customers themselves do and creates products and services that will meet existing and latent needs, now and in the future. Marie’s firm practices _____ marketing. a. customer-driven b. customer-driving c. elationship d. donor e. none of the above (Answer: b; p. 11; Challenging)123. You find yourself in a new job. Your marketing manager is heavily involved in the process of building and maintaining profitable customer relationships by delivering superior customer value and satisfaction. Your manager is concerned with which one of the following? a. Database management. b. Web site hits. c. Relationship management. d. Donor marketing. e. Customer relationship management. (Answer: e; p. 14; Moderate)124. Tommy Gray attempts to deliver customer satisfaction every day in his Audio Expressions installation business. He is a smart operat or who knows that the key to this goal is to match _____ with _____. a. customer expectations; competitive prices b. company performance; competition c. customer expectations; company performance d. company performance; unique products e. relationship building; promotional tools (Answer: c; p. 14; Moderate)125. You have just read a report that alarms you. According to the American Customer Satisfaction Index, which of the following conditions exists relative to overall customer satisfaction with U. S. manufacturing and service industries? a. It has increased slightly. b. It has increased very much. c. It has remained steady. d. It has decreased slightly. e. It has decreased dramatically. (Answer: d; p. 20; Easy)126. Shania works hard with her Internet customers to create an emotional relationship for her customers with the products and services that she and her staff sell. She and her staff have created _____ by going beyond the expected. a. customer delight b. customer satisfaction c. customer equity d. customer value e. customer loyalty (Answer: a; p. 14; Challenging)127. Karrie Romanov wants to capture the full essence of customer relationship management. Which of the following will Karrie take into consideration? a. Own the customers for life. b. Capture their lifetime value. c. Building overall customer equity. d. All of the above. e. None of the above. (Answer: d; p. 14; Moderate)128. Some firms find themselves in markets with many low-margin customers. As assistant marketing director, what type of relationship would you develop with these customers? a. Full partnerships. b. Basic relationships. c. Relationship marketing. d. Key customer marketing. e. Lifetime value. (Answer: b; p. 15; Moderate)129. You have just read a report in a leading business magazine. It stated that the major marketing developments as we enter the new millennium can be summed up in what single theme? a. Relationship marketing. b. Connecting. c. Partnering. d. Networking. e. Custom er equity. (Answer: b; p. 23; Challenging)130. You have just been told by your supervisor at work that a new economy has emerged. What is the technology behind this new force? a. The Internet. b. Web sites. c. Voice mail. d. Cell phones. e. Simultaneous engineering. (Answer: a; p. 26; Easy)131. Pete Sanchez has just realized something that he needs to tell his marketing manager at work. Pete knows that today few firms still practice rue _____. a. production orientation b. sales orientation c. mass marketing d. quality orientation e. marketing segmenting (Answer: c; p. 16; Moderate)132. Suzie Chan strengthens her company’s connections with partners all along the supply chain. What type of management is she using? a. Outside partnering. b. Supplier connecting. c. Mentoring. d. Supply chain. e. Channeling. (Answer: d; p. 19; Easy)133. ABC Corporation realizes that they need partners to go beyond supply chain management. What do we call this association? a. Strategic alliances. b . strategic planning. c. Partnering. d. Mutual reciprocity. e. Reengineering. Answer: a; p. 19; Moderate)134. Sally purchased Brand X lotion. In analyzing the product’s perceived performance against her expectations, Sally was measuring her level of _____. a. customer perceived value b. customer satisfaction c. exchange d. demand e. customer lifetime value (Answer: b; p. 14; Moderate)135. Members of the sales team at Dekko International visit only prospective customers who purchase a minimum of $50,000 of insulated wire per year. Dekko is using _____. a. selective relationship management b. a frequency marketing program c. a club marketing program d. demarketing e. a value proposition (Answer: a; p. 6; Easy) Short Answer136. What is the twofold goal of marketing? The twofold goal of marketing is to attract new customers by promising superior value and to keep and grow current customers by delivering satisfaction. (p. 5; Easy)137. Culture and individual personality shape human needs into wants. What transforms wants into demands? Wants become demands when backed by purchasing power. (p. 6; Moderate)138. How might a seller avoid marketing myopia? Sellers should consider the particular benefits and experiences produced by their products, not just pay attention to the specific products they offer. (p. 7; Moderate)139. How might a manufacturer of tents and camping equipment, for example, create brand experiences for consumers? Such manufacturers might produce tents, sleeping bags, cooking equipment, and so forth that allow consumers to benefit from the numerous products available to campers. (p. 7; Easy)140. The main elements of a modern marketing system relies on profitable relationships all along the way. Considering this, what might Wal-Mart rely on in order to offer low prices? Wal-Mart must rely on suppliers that will provide merchandise at low costs. (p. 8; Moderate)141. How might a marketer define its value proposition? In considering its value propos ition, a marketer will look at how the firm can best serve the customers and how it can differentiate itself in the marketplace. (p. 9; Easy)142. When demand for Beanie Babies was at its highest, manufacturers purposefully maintained strong demand by limiting supply that drove price up. Explain how such manufacturers were not carrying out the production concept. The production concept holds that consumers favor products that are available and affordable. With this concept, manufacturers work to increase production and improve manufacturing efficiency. (p. 10; Challenging)143. Company X carries a vast surplus of office supplies; thus, the company follows the selling concept. Explain how customer relationships may be lost in the process. The company’s aim is to sell the supplies rather than make what the market wants; such a strategy creates sales transactions but not long-term relationships. (p. 10; Challenging)144. Many companies, such as Southwest Airlines, take an outside-i n perspective. How do such companies address their customers’ desires? Outside-in companies are customer driven; they find the right products for their customers rather than the right customers for their products. (p. 11; Moderate)145. A nineteenth-century street vendor in London sang, â€Å"Who will buy my fresh, red roses? † Did the vendor take an outside-in or inside-out perspective? Explain. The vendor’s approach was inside-out. The roses were picked and available. The vendor’s job was then to attract willing buyers. (p. 11; Challenging)146. When a vendor has product available and needs to find customers who are willing to buy, is a production concept, product concept, or selling concept being practiced? Explain. A selling concept is used when the vendor has available product and needs to find customers who are willing to buy. (p. 10; Moderate)147. Explain why electronics and pharmaceuticals manufacturers may use customer-driving marketing. In such in dustries, consumers do not know exactly what new products are available; therefore, consumers rely on such firms to tell them what they need. (p. 11; Moderate)148. Company ABC implements its marketing strategy through a well-defined marketing mix. What elements are being addressed in the marketing mix? Company ABC has created a marketing offer (product), determined a selling price, decided how to distribute (place) the offer, and communicated with the target customer about the offer (promotion). (p. 13; Easy)149. Explain how storing customer information in a database might better prepare Saturn in customer relationship management (CRM). Managing detailed information about customers may allow Saturn to design new models around customer demographics and desires for specific features. These â€Å"touchpoints† can be the key to long-term customer loyalty. (p. 14; Moderate)150. What determines whether sellers create basic relationships or full partnerships with customers? A compan y with many low-margin customers develops basic relationships; a company with just a few high-margin customers relies on full partnerships. (p. 15; Challenging)151. Explain how a supermarket owner might consider customer lifetime value when a disgruntled customer leaves the store dissatisfied. The owner may view the situation as a $50,000 loss if, for example, each customer spends about $100 per week, shops 50 weeks per year, and remains in the area for about 10 years. Customer lifetime value includes the long-term value of the customer. (p. 20; Easy)152. How can a marketer increase â€Å"share of customer†? The marketer can offer greater variety to customers; in addition, the marketer can train employees to cross-sell and up-sell in order to market more products and services to existing customers. p. 21; Easy)153. In classifying customers into relationship groups, explain what marketers can expect from â€Å"butterflies. † â€Å"Butterflies† are profitable but not loyal. Marketers should enjoy â€Å"butterflies† â€Å"for the moment† because they soon flutter off. Marketers should create profitable and satisfying transactions with â€Å"butterflies,† then cease investing in them until the next time around. (p. 23; Moderate)154. If a firm practices â€Å"caring capitalism† in its social responsibility efforts, as does Ben & Jerry’s and Saturn, where does the firm place its focus? Such firms distinguish themselves by being more civic-minded and caring; they may build social responsibility into their company value and mission statements. (p. 28; Challenging)155. How is marketing being applied in the not-for-profit sector? Firms in the not-for-profit sector use marketing to enhance their images, to encourage donor marketing to attract memberships and donors, and to design social marketing campaigns to encourage specific causes. (p. 28; Moderate) Scenario Carol Veldt, owner of Seagull Terrace, watched her inv estment grow from a small, seaside motel to a thriving year-round resort in just a few years.Atop a bluff overlooking the Maine coast, Seagull Terrace had attracted thousands of visits during the summer months, but then faced a tremendous downturn in business during the winter months. â€Å"But, given the industry in the nearby towns, very little year-round competition, and our close proximity to Portland,† Carol added, â€Å"I couldn’t understand why seasonality had to hit Seagull Terrace so hard! † So Carol spent her first winter devising a new marketing plan. She put together a promotional package designed to attract business travelers year-round.Carol’s plan, then, involved a seasonal promotional gimmick—to be implemented from late winter to late spring—that would attract the large summer crowd. Her idea worked! During her second winter, Carol greeted numerous business travelers—both satisfied repeat guests as well as new guests w ho had been snagged by her promotional appeals. â€Å"We still have a long way to go,† Carol Veldt admitted. â€Å"Our delicatessen offers delicious entrees, but we’d like to expand that. We provide health club privileges off-site, but we’d like to eventually provide our own. These are goals I hope to achieve in a few years.Our first project, however, included a renovation of our guest rooms and I’m quite proud of the results. † Carol then added, â€Å"Actually there are so many possibilities! With an indoor pool area, I will eventually offer weekend get-aways throughout winter. †156. Based on the marketing process, what are Carol Veldt’s strengths? Carol was able to understand her customers’ needs and wants. She was able to deliver superior value through her marketing program, which created customer delight. (p. 6; Easy)157. What is included in the marketing offering at Seagull Terrace? Seagull Terrace provides activities and amenities that make a night’s stay more satisfying; these various activities and amenities are sought by two targeted groups— seasonal visitors and year-round business travelers. (p. 7; Moderate)158. How is Carol Veldt attempting to create brand experiences for her visitors? Carol is attempting to include numerous services and amenities for her visitors. Eventually, everything the visitors want or need will be offered at Seagull Terrace. (p. 7; Moderate)159. How has Carol Veldt taken on the role of marketing manager? Carol is attempting to find, attract, keep, and grow target customers by creating, delivering, and communicating superior customer value. (p. 8; Moderate)160. Define the target market at Seagull Terrace. Two types of guest are being lured: seasonal visitors during the summer and year-round business travelers. (p. 9; Easy)161. In what ways might Carol Veldt be implementing the product concept? Carol understands that guests will favor services that offer the most in quality and innovative features; Carol’s strategy currently focuses on making continuous improvements. (p. 10; Challenging)162. In what ways might Carol Veldt be implementing the selling concept? Carol understands that the success of Seagull Terrace, as she views it, requires a large-scale promotional effort. (p. 10; Challenging)163. How might the marketing mix at Seagull Terrace differ between its two target markets? Business travelers may be offered a discount business rate; obviously, the promotional tactic will differ for these guests. Summer guests may pay higher rates, but the beauty of Maine’s coast and the beach, as well as Seagull Terrace’s variety of services, will be the main attractions. (p. 3; Easy)164. How will Carol Veldt guarantee customer satisfaction? Carol will attempt to create services and amenities that exceed buyer expectations. (p. 14; Easy)165. Explain how Carol Veldt is engaging in partner relationship management. Explain how t his could be enhanced. Guests at Seagull Terrace currently receive health club privileges at a nearby health facility. Guests during the summer could receive sailboat rentals through such arrangements; year-round business travelers could be given meal discounts at local restaurants, dry cleaning services, and so forth. (p. 19; Challenging)

Saturday, September 28, 2019

Strategic Marketing Management Assignment Example | Topics and Well Written Essays - 1250 words

Strategic Marketing Management - Assignment Example The market segment of OBC is undergraduate courses, post graduate courses, executive MBA programs and other career based courses. OBC can penetrate more into this segment by adding the number of seats for each of their courses. Through this, they will be able to increase the headcount of their students. Product Development: Product development is another option for OBC. This consists of introducing new products in the existing markets. OBC currently offers postgraduate courses in Strategic Management, Leadership, Business English Language and General Business Management. Additionally OBC can introduce Post Graduate course in Finance Specialization. Though finance is offered as a specialization option in the general management course, a specialized course like the strategic management and leadership will help OBC to attract new category of students. Market Development: The third option available for OBC is market development. In the market development stage, OBC has the option to sell its existing courses to the new markets. One way to do this is to attract students from overseas either through direct admissions or through overseas study centres. Diversification: Diversification is the next option for the company as per the Ansoff Matrix. This involves venturing entirely into a new product offering. As far as OBC is concerned, the primary offering is management education. Diversification does not seem to be a viable option for OBC as it is specialized only in educational sector. Based on the above analysis it can be said that the possible growth opportunity for OBC are market development and product development. These are the two strategies that can add value to the organization. The best option for market development for OBC is developing countries. Developing countries like India, China, Brazil, etc. are spending more for overseas education in the recent days. This is one opportunity that OBC can utilize. OBC

Friday, September 27, 2019

An Economic Point of View on Price Gauging Essay - 1

An Economic Point of View on Price Gauging - Essay Example The obvious answer that struck this reader was that it should not be allowed to price gauge a customer. Yet, one of the points of view that the author presented was that price gauging should be allowed to exist so that the economic market can quickly reach a point of equilibrium. Although I do not agree with this, the fact is that the science behind such a point of view is inarguable. However, the point is not whether the free market is the best way to solve all of the world’s problems, the issue revolves around how would be the more â€Å"just† way to allocate the resources we as a society have during a national emergency or a crisis in which price gauging would be very commonplace. As such, it is the belief of this author that even though the free market has helped the nation develop an economy that is the strongest the world has yet seen, the fact remains that the federal government has a responsibility to its most vulnerable citizens to continue to implement rules and regulations that help to protect them against the predatory nature of price gauging. Regardless of what individual economists or economic theorists might put forward, the practice in and of itself is not reconcilable with a free and open society as the United States has claimed to have built (Sandel 5). Finally, approaching such a topic from merely an economic point of view misses out on a great deal of the layers of meaning and ideas of â€Å"right and wrong†/†good and bad† that exist within the example that was given.  

Thursday, September 26, 2019

Quality Management in Business Assignment Example | Topics and Well Written Essays - 750 words

Quality Management in Business - Assignment Example . 1.3. The different approaches to quality management include the use of six sigma and Lean. Six is a quality management tool that ensures quality is maintained through reduced production variations. Lean is a quality management that ensures quality through control of resources and reduction of wastes to meet customer needs and wants (Williams, 2004). 1.4. The primary similarities between the two include the following. Both originated from Japan, utilized in project management and make use analytical tools. The other major similarity of both controls processes is to improve customer satisfaction. Improvement of the manufacturing process and project management are also other similarities(Charantimath, 2006). . The differences in both methods are as follows. While sigma six bases on zero defects, Lean focuses on waste removal. While sigma six focuses on the reduction of variations and improvement of processes, Lean is based on improving the flow of the process. The stages involved in six sigma are, define, measure, analyze, improve and control. On the other hand, the steps involved in sigma six are understanding customer value, value stream, analysis, flow, pull and perfection. While six sigma focuses on saving money, Lean focuses on the principles of reducing lead time. Six sigma aims at achieving business goals in order to improve financial performance while Lean reduces inventory through increased productivity and customer satisfaction. Six Sigma doesn’t involve everybody nor improve customer satisfaction without a systemized view. Lean works through reduced flexibility, and supply chain congestion that is not applicable to all industries. 3.1. Quality management can be measured through customer feedback. Customer feedback is measured by customer complaints, damage control actions taken to products, number of reworks done for a product, written off inventory and

Wednesday, September 25, 2019

Qualitative Research Essay Example | Topics and Well Written Essays - 500 words

Qualitative Research - Essay Example Students who go to teach abroad have experience and deal better with diversity issues and hence when it comes to employment, employers prefer these students as they can be able to handle students better as students are not the same. The interview has yielded three different coding after undergoing in depth analysis of the themes mentioned above. The first is that teaching abroad leads to a re-evaluation of an individual’s personal values having experienced the lifestyle of other people different from what one is used to. The second is that this experience of different cultures eventually leads to acculturation and this marks the end of stereotypes against people and communities. Lastly, there is the issue of the student having a broader perspective not only on the issues of teaching but about life in general as they get to live another life totally different from theirs and get to understand what life is really about as well as know the importance of not taking things for

Tuesday, September 24, 2019

Experimental Designs I Statistics Project Example | Topics and Well Written Essays - 750 words

Experimental Designs I - Statistics Project Example 4. It sets the rate of alpha error to the experiment error rate, which is usually 0.05. This is divided by comparisons in totality to type 1 error control if there is a consideration of multiple comparisons. In case, the bonferroni test is applied, there will be a print out of multiple comparison tables by SPSS providing mean differences in dependent variables among groups. The importance of these differences is also given showing 0.05 to be the differences significant level. 6. Post hoc comparisons are performed when a researcher is finding out differences, which is not limited to an individual’s theory (Gonzalez, 2008). Many tests that are carried out under post hoc apply the q statistics. If group means comparisons are chosen because of their large size, there is a variability increase expected. This must be compensated by the researcher through application of more tests, or else there will be occurrences of type 1 errors. 8. Repeated measures ANOVA is more powerful because every factor controls itself. In these designs, differences in individual subjects do not interfere with treatment group differences (Kulinskaya & Dollinger, 2007). SS stands for variation; df means the degree of freedom; MS is the variance that is arrived at by SS/df, and F is the ratio test got by dividing between MS by within MS. In the table above, the MS of within-group is less than between groups which shows that the grouping has no effect. The grouping has been done in three categories, that is, df within groups being (3-1) =2. There are 4 people in every group, therefore, df within groups is the group number multiplied by one less the number of each group: 3*2= 6. These are denominator’s and numerator’s df. From the F table with 0.0 5significance level, 5.14 is the critical value. As the F value that has been computed is less, it can be concluded that grouping variables have no effect on dependent variable. SS stands

Monday, September 23, 2019

Introductory financial accounting Essay Example | Topics and Well Written Essays - 1250 words

Introductory financial accounting - Essay Example storical cost basis of presenting the information is more consistent and reliable way of presenting the information as compared to recording the information at fair value. This is mostly due to the implausible assumptions behind the computation of fair values by the organizations. Current financial crisis has highlighted once again the issues related with the use of market to market and convergence of accounting standards. It is widely accepted that one of the key reasons for the financial crisis was mark to market accounting under which banks were forced to write down the values of their assets and hence book the losses in their accounts. Mark- to Market value process therefore has the capability to create financial instability. (Enria, 2004). However, despite such arguments against the mark to market and convergence of accounting standards there are still important benefits or advantages which can be driven from the use of mark- to market accounting as well as the convergence of international accounting standards.( Ebling, 2001). The use of fair value accounting not only improves the characteristics of the financial accounting reporting but it also allow investors to have better insight into the overall affairs of the firm.( Chisnall,2001). This report will therefore attempt to discuss the advantages of international convergence of accounting standards, assessing the impact of mark-to market on the profit and loss, balance sheet amounts as well as gross margins of Wesfarmers Ltd. Further advantages and disadvantages of the use of historical cost as well as the market value will be discussed. As discussed above that one of the key debates at the international level involve the convergence of financial reporting standards and developed a mutually agreed conceptual framework for financial reporting at global level. This is also due to the fact that organizations are increasingly becoming global in nature with business interests in different parts of the

Sunday, September 22, 2019

Jazz Essay Example | Topics and Well Written Essays - 1250 words - 2

Jazz - Essay Example Miles Davis one of the most famous jazz players worked on the modern jazz musical concepts that have helped to grow this genre to a next level. The very first jazz melody â€Å"Agitation† gives the listener a very exotic feeling by using his trumpet. It combines the different aspects from the musical perspectives. The song follows quick transitions with specific background sounds. The background music keeps the flow of the music steady and continuous. The trumpet is used throughout the music owing to its main emphasis on the intensity to the certain point it shows. Miles Davis improvisation in this specific type of Jazz know as Modal Jazz music has helped specifically to stretch out the harmony of the music into certain parts which makes the it more systematic and helps the music to proceed in an organized manner. Miles Davis stretched out certain improvements in different types of Jazz music, such as bebop, hard bop, cool jazz, modal jazz and jazz fusion. This specific piece from Miles Davis joins in with different instruments to give the feel of the environment producing a story of its sort. This modal jazz requires knowledge of musical nodes beforehand. Miles Davis, the most well-known protagonist of Jazz Music history had been on top of creating creative method for Modal Jazz. The video specifically has piano to create the specific background rhyme to the music that follows throughout the length of the video. Throughout the video there are specific changes in the chords which at times follow a certain transition and after a break follow another set of harmonies. In its historical aspect, this piece shows the jazz music that followed up in the 60’s. Miles Davis, who was a pro trumpeter, performed his music based either solo or like in the video, along with different instruments such as French horn, Tuba, Wood winds. The video reflects on the charismatic methods of attaining the attention by progressive music. This video stretches

Saturday, September 21, 2019

Mary Shelleys Frankenstein Essay Example for Free

Mary Shelleys Frankenstein Essay In Mary Shelleys Frankenstein we are presented with more than just a story (which is how it began) but with a novel that raises deep philosophical questions. The tale of Frankenstein is much more than just a story; it is a cautionary tale which pays attention to moral values by presenting the reader with the character of Frankenstein and his toils. Mary Shelley is able to present us with more than just a horrific story but also with the moral ideas which form its fundamental basis. There are a variety of themes which run through the story of Frankenstein with the theme of friendship, nature, and most importantly responsibility. Victor Frankenstein was obsessed with creating life itself out of nonliving parts. This is shown where he refers to himself in third person saying, â€Å"So much has been done, exclaimed the soul of Frankenstein—more, far more, will I achieve; treading in the steps already marked, I will pioneer a new way, explore unknown powers, and unfold to the world the deepest mysteries of creation† (Shelly 49). Victor is so concentrated on the glory of being able to create a being from dead parts that he becomes consumed in his work and never even considers the affect this could have on society. He completely disregards this affect making this the first responsibility that Frankenstein failed to complete. He searched graveyards for material to fashion a new being, which he shocks into life with electricity. Although his creature was extremely big and being made from many different parts quickly combined together into a being was hideous. Once he had created this monster he states, â€Å"now that I had finished, the beauty of the dream vanished, and breathless horror and disgust filled my heart. Unable to endure the aspect of the being I had created, I rushed out of the room and continued a long time traversing my bed-chamber, unable to compose my mind to sleep†(Shelly 58). Frankenstein took no responsibility over his hideous creation here and instead decides to flee from the room in terror and leave the monster. This shows that he wants no part of what he created at this point so he is trying to escape the responsibility of creating the monster. Although inside he kno ws that he created the monster and anything the monster does will be on Frankenstein’s conscious. This leads to new events in the story that he feels responsible for. Frankenstein felt responsible for his younger brothers death when he realized that the monster he created murdered William. Frankenstein started to feel as if he himself had committed the murder because of his role in the monsters existence. Everything the monster did was Frankensteins fault because he was the creator. Rather than blame the monster for his downfall, Frankenstein blamed himself because he created the monsters life. He did not take actual responsibility for his brother’s death however because he did not want anyone to know about the monster. Frankenstein felt as if he murdered Justine as well as William because she was executed for a crime the monster committed of murdering William. If Frankenstein would have taken responsibility for his actions of creating the monster and told people what actually happened to his brother then Justine would not have been killed for a crime she did not commit. The chain of events that the monster set off with Williams murder began not with the monster, but with Frankensteins desire to create life. When the monster came to Frankenstein to plead his case and tell his story, Frankenstein realized that he had some obligation to the monster because he created it, in the same way that he bore responsibility for the monsters actions. Frankenstein was no longer simply responsible to humanity for the monsters actions, but he was also responsible to the monster for his happiness. Being the creator of a life was more responsibility than Frankenstein planned for when he was so eager to create the monster. The monster called upon Frankenstein to fulfill his obligation of providing for his happiness by creating a female companion to keep him company. Out of his sense of obligation to his creation and out of fear for his family (which the monster threatened to harm if Victor did not make a companion), Frankenstein agreed to make the female monster. His responsibility to his creation carried greater weight than the idea of his responsibility to humanity for the actions of the original monster and the new one he agreed to create. He hadnt yet realized the full weight of responsibility he would bear for the actions of both monsters. Before Frankenstein could marry Elizabeth, he had to complete his obligation to the monster so that he could be completely rid of him and the responsibility for his actions. As a result, Frankenstein postponed the wedding and took a trip to England to work without the danger of being discovered by his family because he had still not told anyone about the monster that he created and actually to responsibility for its actions. His obligation to the monster was not only to ensure the monsters happiness, which Frankenstein felt obliged to do as the monsters creator, but also as a way to protect his family from the monsters vengeance. Before he completed the female monster, Frankenstein realized the weight of responsibility he would bear if together the two monsters destroyed any other human life or reproduced, and the thought was just too much to bear. Rather than deal with the responsibility for two hideous, superhuman creatures, Frankenstein would rather deal with the wrath of one, so he destroyed his work on the female monster. This kept him free from the enormous feeling of responsibility of any actions of the two monsters. Frankenstein was responsible for Henrys death at the hands of the monster, and this grief rendered him ill for a long time. Frankenstein is once again in the position he found himself with William and Justines deaths. He didnt murder Henry, but his friendship with Frankenstein made Henry susceptible to the monsters wrath because he used Henry to get back at Frankenstein. Although the Irish magistrate acquitted him, Frankenstein knew that he was responsible for Henrys death because he had d efied the monsters wishes and the monster repaid him by killing his friend. The monster then did exactly as it said it would if Frankenstein did not create a companion for it and went to kill his fiancà ©e Elizabeth. Frankenstein, feeling responsible for Elizabeths death as well, vowed vengeance on the monster. The only way to absolve his responsibility for the monsters actions was to kill him, so thats what Frankenstein set out to do. He was responsible for the monsters creation and its actions, and he planned to be responsible for the monsters destruction as well which would free his mind from any new struggles. Frankenstein has already lost all of the friends that he was close with and really lost everything he has dreamed of at the hands of the monster. He believes without his friendships he has nothing to live for except the destruction of the monster. Friendship is important throughout the novel because it is the goal of Walton, the narrator, as well as the monster Frankenstein created. Loneliness and isolation are major conflicts throughout â€Å"Fr ankenstein†, and in this novel they motivate the monster to turn to destruction. The first sight of the theme of friendship we see is how Walton longs for a friend to share his excitement over the voyage to the North Pole. He is separated from his sister, whom he may never see again, and he has no one to buoy his courage or steady his heady excitement. Walton writes, â€Å"I have no friend, Margaret: when I am glowing with the enthusiasm of success, there will be none to participate my joy; if I am assailed by disappointment, no one will endeavor to sustain me in dejection†(Shelly 19). Friendless in the cold, white blankness of Archangel, and preparing to sail into the vast and unknown frozen arctic, seems a desolate situation for Walton. He feels the need of someone of his same intelligence that he can share his thoughts with so that the friend could keep Walton positive when he feels as though failure on his journey is near. Without a friend Walton is just a lonely being among others that cannot sustain his need for a friend to help him find a bit of lig ht in the dark days of his voyage to sooth his soul. â€Å"Frankenstein† also uses Natural beauty as well as friendship for a soothing influence on the characters of the novel and it is an important part of the Romantic influence. This appreciation of beauty in a novel so filled with brutality seems an odd contrast, but it is part of what makes this story a Romantic piece. On Frankenstein’s trip back home he was anxious about the changes in his homeland since he had been away for six years, so he spent a few days resting in a small town and letting the landscape of his country ease his worry. â€Å"I remained two days at Lausanne, in this painful state of mind. I contemplated the lake: the waters were placid: all around was calm; and the snowy mountains, ‘the palaces of nature’, were not changed. By degrees the calm and heavenly scene restored me, and I continued my journey toward Geneva† (Shelly 76). The familiar landscapes, which seemed timeless when compared to the span of human life, calmed his worries. Nature makes us feel small and unimportant because we last such a short time in comparison to the mountains, rivers, and trees around us, so whatever we are experiencing must be miniscule as well. Gazing at the calm and relaxing place is helpful to ease the mind of struggles and to calm the mind. In conclusion, the theme of responsibility proves to be the most important in the novel â€Å"Frankenstein†. Although Frankenstein himself does not take responsibility over his action of creating the monster until it has destroyed almost everything he loved. If he had taken this responsibility from the beginning he could have avoided the tragedies that brought him into a depression. The only things that could help him through this terrible time would be friendships or nature. The fact that he lost all of his friendships through the destruction of the monster that he had not taken responsibility for led Frankenstein to have to find peace within nature. Works Cited Shelly, Mary W. Frankenstein. London: Penguin Group, 1992. Print.

Friday, September 20, 2019

Business based analysis of Nestle

Business based analysis of Nestle Nestle, the largest FMSG Company is working all over the world with more than 500 factories in 86 countries making up of most of the continents. Henri Nestle set up Nestle in Switzerland customers are provided with more than 500 products by Nestle. Nestle was entitled by Henri Nestle. The logo of the company consists of his family coat of arms, the nest with a mother bird protecting her young. The symbol of the company is associated with its care and attitude to lifelong nutrition. The Nestle nest bears the meaning of nourishment, security and sense of family that are important to life. Hr activities at Nestle Recruitment: The current report is that innumerable employees are engaged in Nestle,. Nestle hires most of the employees through a method. An opportunity of employment comes when some employees want to resign or there is an urgent need. But in case of these three situations the head of the department must have to obtain consent of the managing Director (MD). The Divisional Head fills up a Recruitment and Budgeted Form if the request is approved. Performance Appraisal: The corresponding manager or supervisor evaluate or Judge the Job performance of an employee by a method like performance appraisal, employee appraisal, and performance review or development discussion. The employees are given importance at their work place as the Nestle Company is absolutely dependent on the quality of its employees performance. The company pays incentives to its employees to encourage them to give better performance. Compensation Benefit: Compensation is a main thing of Nestle Real Rewards package, which forces the top performers to give their best. The philosophy of Nestle is to afford and keep up disciplined compensation programs that keep up a long term relationship with employees at the time of judging their performance. Nestle promise to offer compensation packages including base pay, short and long term incentives and benefits,. Nowadays they are competitive in market. P2. Objective of the Organization HRM The protection of its employees is Nestle first priority because employees are the asset of this company. To maintain the global corporate standard Nestle focuses on the need for safe working environments. Nestle has resolved to provide a safe working environment for all their employees, contractors and visitors and they are trying to implement Health and safety practices and programs at all working places objectives of the organization are We provide a safe work place to owe employees. We lessen risks of our employees and contractors and visitors and take care of their injury or illness. We meet all requirements like health, safety, legislative etc. We establish and monitor new purposes to decrease work related injury or illness. We develop an efficient injury management system which helps the affected employees return to work. We supply information, provide training to employees and contractors to make them aware of their roles and responsibilities in decreasing the risk of work place injury or illness. We are encouraged a safety and Health management from our suppliers and contractors. We discuss on Health and safety matters with employees and other stakeholders. Method of HRM at Nestle: The Nestle group in the area of interpersonal relations and its management style and the corporation values of those areas are stated by the Nestle. Their respect demands specific attitude that is worthy to be highlighted in the present policy. For taking any advice and decision Nestle depends on its employees. So Nestle has a Democratic Leadership Style. If the company is able to attract employees and develop its growth continually, they will easily achieve a long term success. This is a primary duty of all managers. The principle of the Nestle policy is to hire staff with personal attitude and professional skills because it will make them able to consolidate a long term relationship with the company. Hence the potential for professional advancement is an important standard for recruitment. So a clear communication of these principles and values are necessary for beginning the recruitment process. In Nestle people are dealt with respect and faith. There is not intolerance, harassment or discrimination in the management and this principle is applied and maintained at every stage and situation. Nestle management does not work in complexity and they are honest in behaving with customers and employees for excellent communication. The Nestle is improving continuously for their sincerity in work, dialogue and transparency. No effective delegation and improvement of knowledge are possible if all information is not conveyed to those who need to do their work properly. To communicate means not only to inform but to listen and to engage also in dialogue and all employees are given right to communicate with their superiors or co-workers. If there is any difference of opinion or any dispute between employee and the superiors the possibility must be offered for a fair hearing. The HR staff of Nestle will help to remove disharmony impartially and give them opportunity to express their opinion freely. P3. HRM Models The source approach to HRM gives importance on an employee to be resourceful who increases performance by using motivation, communication, leadership to increase commitment and loyalty. The soft model considers that if satisfaction is increased it will be the only way to go about in the management against various estimated methods possibly used in the hard model. Best Practices approach of HRM: The approach, inspired partly by Jeffrey Pfeffer (1998) is based on the idea of a set of best, universal HRM practices as per their situation that adopting them lead to superior organizational performances. Some of the best practices Pfeffer (1998) are employment security, selective hiring, self manager teams, High compensation contingent performances training to afford a skilled and motivated workforce, reduction of status differentials and sharing information. P4. THE OBJECTIVE OF HR/MANPOWER PLANNING: Manpower planning is done to balance and develop the organizations ability to meet its goal by developing Strategies that will contribute its optimum contribution of human resource. The line manager and staff manager take the responsibility of Manpower planning. The line management gives the estimate of manpower requirements and staff manager works on selection and recruitment related to line manager to whom man power is vital. Organizations HR Planning and development: What the employee requires can be understood by an effective mechanism called HR planning. HR planning can manage the changes in the organization like growing decrease in requirements of employees. HR planning implements new recruitment and hold skilled and efficient staff by understanding easily the needs of future Workforce Planning Workforce planning is a process which is designed to foretell what, when how much can bring about in talent management. It is an integrated and forward looking process. It provides action plans to the managers to work in a prescribed way. This process helps the managers to avoid or decrease problems of people to take advantage of talent opportunities and to develop the talent pipeline. It builds a competitive advantage over other firms. Goals of Workforce Planning: Workforce planning cuts down labor costs quickly and does not impact on productivity negatively. It makes the leaders and managers prepared for future openings. It fills up sudden vacancy immediately and keeps up a flexible contingent workforce. It moves talent proactively to increase the return on talent. It has target retention activities on talent. It has target retention activities on key talent. Man Power Planning: According to Steiner, manpower planning is a strategy for the acquisition, utilization, improvement and preservation of an enterprises human resources. It refers to setting up job specifications or the quantitative requirements of jobs determining the number of personnel required and improving sources of manpower. The diagnostic approach: Source: www.wikipedia.org This approach helps to understand why manpower problems cause. It is possible by using the combination of qualitative planning techniques and qualitative techniques. Manpower planning is mixed into the total process of management of the employment relationship by identifying the more complex factors. Organizational structure, job design and work practices can be damaged by the effect of the diagnostic approach. Links between strategy, structure and people can be made by Human Resource planning HRP Forms and develops the rationalized and diagnostic approaches to manpower planning. Training and development of Nestle: It must be admitted that the company culture has learning. All employees try to upgrade their skills and knowledge continuously. So employees are willing to learn to be recruited by Nestle. Training and development is done on-the-job. Every manager has a duty to guide and train employees for their progress. Formal training programs are arranged with purpose of improving pertinent skills and competencies. Besides, these programs perform individual development. As a result one cannot get reward by attending programs. Manager of Nestle measures progress which can be achieved by training programs. The purpose behind this is to motivate employees by providing attractive but realistic career that helps them develop their skills over a long-term period within the area of economic reality and a changing environment. The act of mentor is done by each manager for his employees. Formal assessment of Nestle is done once a year on a standard basis. It gives feedback on past performance and future potential. Other related aspects concerning a staff members performance are provided feedback. P5. Objective Evaluation of the Organization Human resource function has significance with the onset of global competition. Human resource managers and corporate planning managers think more strategically and step by step. How intense competition impacts upon employment stability can be addressed by them. Implementing cost savings policies regarding employment and thinking with executives on the process of supporting corporate activities are not the same things. To stop downside of global competition the human resource managers should be more active and recruit and keep up efficient workforce. Planning should be done from the very beginning to stop bloating of organization. Human resource managers should identify human resource strategies like flexible dynamic employees are attracted, selected and then trained and motivated to be more productive than the competition. Human resource managers are not administrators but strategic partners. None but they can act will to help top management particularly in a climate of economic uncertainty. Inspire of being Human Company Nestle has most of the above mentioned qualities seen in the managers of present time. The role of HR at Nestle is changing for certain factors. The HR managers at Nestle focus on following qualities along with professional skills and practical experience. The HR managers should develop and motivate employees by addressing the issues that help others to improve in their work and their ability. The managers should be curious and broadminded and interested in other culture and lifestyles including continuous learning and sharing knowledge and ideas freely with others. P6. Performance Management: The function of performance management is to ensure the fulfillment of goals in an effective and efficient manner. Moreover, it watches performance of organization and process of production, employees etc. Performance Management at Nestle: Line managers and HR assess formally once in a year and get feedback. Subordinate managers can interrogate for an unfair evaluation. The HR department has enlisted specific key performance indicators. Remuneration structure and promotion criteria consider individual performance. HR staff must help the management in elaborating training programs. Sufficient training programs are developed at the level of every working company that capitalizes on the availability of local regional or global resources of the group. Some training programs improve the language skills of the employees. These programs also try to consolidate corporate cohesion as well as to promote networking throughout the group. They develop and share best practices of the different management disciplines practiced in the group. E-learning programs are alternative to formal training programs. Competency profile mapping: Competencies are accumulated by totalizing success factors important for obtaining good results in a particular job or in a particular company at nestle. Success factors are made up of knowledge, skills and attributes that are stated in case of particular behaviors and are exhibited by efficient performers in those works. Attributes include personal characteristics, features, motives, values or ways of thinking affecting an individuals behavior. Competencies in organization can be divided into two categories- personal functioning competencies that include broad success factors untied to a specific work function or industry. These competencies often notice leadership or emotional intelligence behavior. Functional/Technical competencies involve specific success factors within a given work function at nestle. P7. Critical Analysis of HR PERFORMANCE The performance of an organization must be analyzed for the development. This analysis makes revaluation of existing strategy possible and easy to understand the faults so that organization can rectify them at once. Recruitment, training and development of employees caliber have been done with high standards. HR Management provides best working conditions with suitable growth opportunities. Employees must maintain rules and regulation of the country. HR Management keeps the record of the best performing employees and gives them opportunities for growth. This analysis proves the best performance standard of HR dept. in the present market. It is clear that Nestle emphasizes on personal achievement and the pay structure HR has planned for its employees and the company also mixes practices like Job Enrichment and Job enlargement, to motivate employees and to break the monotony of their Job tasks. An example of Job enlargement is the correspondent who acts both in sales and brand manageme nt department. Abraham Maslows Hierarchy of Needs: In the year 1950 people accepted the theories of motivation by Maslow. These theories state the process of satisfying peoples requirements in the workplace. The theory explains that dissatisfaction can be created by unsatisfied needs. The hierarchy generally appears to be a pyramid with each level consisting of a certain class of needs. According to Maslow bottom needs of the pyramid are basic needs which are concerned with existence their needs must be met before a persons moving to the next level. Physiological needs: Food, shelter and clothing are the three elementary things essential for man to live on this earth. Only the workplace can satisfy these needs. Safety needs: These needs are concerned with physical survival. Some security needs are high standards of health and safety in the workplace. Job security absence of bullying sufficient rest period pension and sick schemes these needs are fulfilled at Sainsburys. Love and belonging: The work together in a group means to give and receive affection and friendship. The working part of a team, social Facilities and working friendship can satisfy the needs in the workplace. The employees at Sainsburys work together and feel part of a team. Self Esteem: In the workplace all the members should respect each other and feel valued. They should have confidence and self respect. Businesses can offer rewards for achievement or promotion. Self Actualization: All people are offered training challenges and opportunities to develop each individual needs. They should achieve their full potential. Performance related pay (PRP) Performance related pay in an extra payment system added to the base pay. The employees get this payment according to the standard of their performance. Besides, this payment is given to a company after considering how it is performing in financial context. Some forms of PRP are strategic pay, flexible pay, and variable pay. Strategic pay is a pay design process starting with business strategy and organizational design. It disputes against an assumption that certain best practices must be mixed with a companys approach to pay. (Lawler 1995) Flexible pay is that kind of payment system where the pay of the employee is tied to the market situation. In this system the pay of an employee depends on customer satisfaction, customer retention and repeat revenue. The employees will be paid according to their skills and experience rather than job based. This will deploy employees to any projects where their particular skill is required. Variable pay is offered to the employees with financial incentives after they whom their favorable behavior to the business strategy of a company. Heery (1996) recommended importantly that the proportion of pay which is contingent on performance should go up as a proportion of total remuneration. Suggestion for Nestle Communication strategy: There must be an effective communication strategy in Nestle and the employees should be educated and trained about the changes occurring in the organization. Through open to use meetings and bulletins can help to do this. Effective Training and Development: Training and development play a huge role in the practices followed by Nestle. It is an inseparable part of the corporate strategies. In house, trainers conduct most of the training programs. External trainers are required for some specialized training programs., All the employee get the scope of going abroad for training and having an idea of global markets. Entrepreneurship strategy: Every employee should be an entrepreneur who can think ideas independently and realize them by using existing resources and support of the organization to build new kind of product and service. Recruit purposefully: The reason of the expected global shortage of workers is that the baby boomers are choosing to act for short time as their retirement savings have been decreased. If the market comes back fully there can be a mass exodus as the boomers leave the workforce. Company making severe staffing cuts and do not keep their HR people connected to potential hires will be caught severely short staffed. Now savvy companies can hire talented people who have been downsized by other organizations. High HR operation cost should be reduced. The decision making process could be enhanced by leverage of real time information for HR decisions.

Thursday, September 19, 2019

Argumentative Essay: Gun Control Violates The Second Amendment of the Constitution :: Second Amendment The Right To Bear Arms

Civilian ownership of firearms has for more than two hundred years been the very cornerstone upon which the liberty of the public has been supported. The very reason that Americans have never suffered a tyranny on the scale of Nazi-Germany has been due to the proliferation of firearms in the hands of the general public. The Second Amendment to the Bill of rights of the United States Constitution states "A well regulated militia being necessary to the security of a free state, the right of the people to keep and bear arms shall not be infringed." In order to understand that right, the modern reader must understand the semantics of the eighteenth century. The term "Well Regulated" meant well trained according to James Madison, the principle author of the Constitution. The term militia, according to the Militia Act of 1792, referred to all able-bodied male citizens. The meaning then of the Second Amendment is made quite clear. It is meant to serve as a chain upon the government to prevent the infringement of government power upon the Civil Liberties of Americans. Further proof of this can be seen in a quote from George Madison. "I ask, Sir, What is the Militia? It is the whole people, except for a few public officials." (George Madison, Three Elliot, Debates at 425-426). R ichard Henry Lee, in his Additional Letters from the Federal Farmer of 1788 stated, "A militia, when properly formed, are in fact the people themselves.and include all men capable of bearing arms." Title Ten section 331 of the U.S. code states "The Militia of the United States consists of all able bodied men at least seventeen years of age." The founding fathers of the United States believed that government is a necessary evil. They wrote the Bill of Rights, as stated earlier, to serve as a chain, which would limit government power over its citizens. Civilian ownership of firearms would, in the founding fathers' view, be the " American Peoples' liberty teeth." (George Washington). This is to say that, despite attempts by some hypothetical future government to impose a tyranny, the American people would be able to resist it without armed force. The same founding fathers had only thrown off the yoke of tyranny during the revolution. They knew full well the value of an armed citizenry in fighting off tyranny. The minutemen assembled at Lexington and Concord to prevent the Royal Fusiliers from seizing the munitions of the militia as General Gage had ordered (Order of General Gage, April 18,1775).