Essay --

There are several different definitions of macro environment depending on what aspect we are referring. Macro environment could be defined as anything outside of business such as the economy, technology, and the power of natural and artificial. These factors are often uncontrollable. In Macro environment, many factors will affect the decision-making in any organization. To overcome and analyze these factors organization can categories it in to PESTLE model. The macro-environmental or external factors of KFC can be identified by using PESTLE analysis, which stands for economic, technology, legal and political, social - demographics and natural – environmental a) Economic: Economic factors represent the wider economy; it includes economic growth rates, levels of employment and unemployment, costs of raw materials such meat, petrol, energy, herbs, and steel, interest rates and monetary policies, exchange rates and inflation rates. These may also vary from one country to another. Hence, the economic factor depends on all these factors and upon a country as well. Thus, in a way the influences of economic factor are major and could be said as one of the most profound influences upon any industry. Industries, which depend on selling products, which are not a necessity, but rather depending on luxury, would rarely be able to profit b) Technology: What amount to technology is a question that depends upon two key factors firstly the adaptation capacity of an industry and secondly on availability of recent innovation. If we wish to place it in a vast arena, it involves changes in information and mobile technology, changes in internet and e-commerce or even mobile commerce and it include materials development and new methods of manufa... ...Its basic economy principle that corporations would usually have certain target groups, thus any that takes place within this group would in turn affect the corporation significantly. e) Natural- Environment: This factor usually involves availability of natural Resources and procedures or policy with regards to management of waste and etc. While this factor is not a key issue in all form of business, it plays a major function or role when it comes to mass production industries which lie heavily upon availability of raw materials. A prominent example would be uranium mining; if the area of mining has, ceases in availability of such material then the existence of the mining company would be placed to halt. The remnants of multiple tin mining factories could be seen all over Malaysia, which is due to decreased availability of the raw material.

Advanced Organizational Behavior

Change can not be avoided because of the competition that is there today in the world of business. Businesses cannot survive without changing their strategies, products, policies, etc. according to the time and situation. However, changing anything about an organization requires a lot of planning.This is why it is necessary that a systemized method is followed when a change is being implemented as this decreases the chances of making faulty decisions. This paper aims to present a change model that I believe is ideal for every type of organization and will surely produce the positive outcomes of change.DiscussionA change model is a systemized process of implementing change in a business. Change is very crucial for every type of organization because this facilitates the organization into making better decisions.Therefore, we need a step-by-step process which leaves no room for errors or misjudgments in the entire sensitive process of implementing change. There is not a fixed ‘cha nge model’ since the nature of changes that take place also differ. This is the reason why different change models are use by organizations and they handle it differently.The change model developed in this paper consists of nine steps. This model has been selected as my change agent because this model takes into consideration each and every step of the change process from accepting the need for change to document the process and conclusions. It is very detailed and discusses every aspect of the change process which leaves a very low chance of making faulty judgments at any stage.The management and leadership can support the change model discussed by trusting the team selected for the change process with all necessary decision making. It could delegate the team members with maximum work. The input on the part of management could include ensuring that the team does not ignore any values of the organization in the entire change process by monitoring every step.The input on part of the employees and the staff which would support the change model involves them to be ready to accept the changes in operations that would be the result of the change process. It can be supportive during the entire change process by being less resistant to change and innovation. They must be motivated and must trust the process carried out by the change process team. The eight steps change model is as following.Accepting that there is a Need for ChangeThe first step to effectively implement a change is to always accept the fact that there is a need for change. This step involves creating awareness of the need for change among anyone and everyone related to the change that is occurring (Change Management Learning Center, 2008). This step helps build the energy needed to do something. It makes an organization realize the need to take action and motivates it to be strong.This strength and motivation is very necessary as change is a big step and every member of the organization must b e able to handle it. Usually various groups within an organization are not willing to accept change because this means switching from the everyday routine. This step also makes all those who are not willing to accept change ready for implementation of change.This step is the fuel needed to ignite the process of implementing change (Koberg and Bagnall, 2003). There is not much action involved in the step of accepting that there is a need for change. The organization must inform everyone related to this about the need to change and that something needs to be done about it. The organization at this point must ask itself what change is needed and why?Creating a Guiding CoalitionOnce the need for change has been accepted, the organization must move to the next step of creating a team that will guide the entire organization towards achieving this goal (Kotter, 1996).There must a team that is responsible for this as such a team would plan the process of change and ensure that the organizat ion is moving towards its goals and everything is going as it was planned initially. The organization must ensure that the people selected for the team are ideal for the situation.These people must be committed to the change process and must have the right skills necessary for the process. This team will develop the entire change process from planning to evaluation therefore whatever the team members decide will determine the fate of the company. The team members must have the skills to carry out this process in the most efficient and careful manner.Defining the NeedOnce the need for change has been realized within the organization and a team has been selected which be responsible for implementing the change within the organization, the need for change must be defined. This process is absolutely necessary because in order to effectively deal with a situation, one needs to have full knowledge about what exactly one is dealing with.Without knowing this, the team responsible for implem enting the change will never be able to approach the change with the most effective strategy. Consequently, the third step is defining the problem. This step involves identifying what needs to be change and why? It must also recognize what will be accomplished once the change is executed and everyone’s role in the entire process.Generating a Range of ApproachesThe next step involves coming up with a range of strategies that can be used to work out change. It is not sensible to concentrate on only one approach as this could lead to flawed judgments. The change process team must consider all the possible approaches before it decides on which one is the most effective as this will increase the probability of the team selecting the most effective strategy. In this step, a range of possible solutions must be generated and all of them will be considered.Selecting the Appropriate ApproachAfter all the approaches have been generated, each approach’s pros and cons will be evalu ated separately. This evaluation will help the organization prioritize the solutions according to their effectiveness. The organization will consider each one approach and will look into the cost benefit analysis of each one. It will consider how each approach will help them and what will be its drawbacks.Once this is done, whichever approach seems the most effective will be selected by the team. The criteria necessary for an approach to be appropriate largely depends on the situation, but generally, the approach must be practical, manageable, long term and of course relevant to the situation. The selected approach will then be applied to implement the change process.Implementing the ApproachThis step is the most important step in the entire problem solving process because this is actually where the change is implemented. The fact that implementing change is very sensitive has already been established and this is why this step of implementing the approach is very crucial.As a result , the change process team needs to be patient during this step which is applying the solution. A sensible approach to implementation could be to plan the approach in extensive detail before hand in order to avoid any kind of mess ups.Collecting Data Regarding the Implementation ResultThe next step is to collect data related to the implementation of the change approach. This data depends on the situation but in a case where the change was made in the marketing strategy, the data would be change in sales as a result of that change.Another example of data collected at this stage would be if the production process was changed, the data would be regarding the change in productivity as a result of the approach of the result used. This data will be used by the organization in the following steps.

Understanding the Financial Statements

Submitted By:Salina Thapa Rana Magar (12077697)Sona Limbu (12078108)FINC20018 Managerial FinanceProfessor: Angelique McInnesCentral Queensland UniversityBrisbane Campus Term 1 201821st April 2018Table of ContentsQuestion No. 1: Understanding the Financial Statements (Chapter 3) Answer:Part 1:Financial Statement shows the total financial functioning of the firm. Any business entities can easily assume the financial status of the company by using the financial statement of the company. At the end of specific period, each business prepares Profit and Loss Account (Income Statement), Statement of Financial Position (Balance Sheet), Statement of Cash Flows (Cash flow statement) and Statement of Changes in Equity. Cash flow statement is one of the major financial statement which records all the amount that a business is receiving from its business transactions as well as the amount that it disburses. The cash flow statement is prepared to find out how business is generating cash and how effectively they are utilizing their cash resources in productive sector. Cash flow statement if managed properly would help the firm to skip cash crisis in the business. As a result, business can assure the availability of cash to cover the due expenses. Cash flow statement depicts the position of economic status of the companyThe main objective of preparing cash flow is:To find out the sources and areas of cash incoming and cash outgoing respectively.To allocate the situation on which business might be in the position of cash insufficiency or cash surplus.Cash flow statement is prepared to predict future cash inflows or outflows. To deliver information regarding the capability of firm to pay its liabilities or taxes.To evaluate whether the firm is on the right track or not by measuring the overall financial records of the company at specific time.To deliver information for making capital budgeting decisions. To evaluate the overall performance of the firm by making comparison between their actual performance and future predictions of cash flow. Part 2Cash flow statement shows the mobility cash in three different areas of business activities: Operating activitiesFinancing activitiesInvesting activitiesCash flow statement provides the answer to the following questions:What are the primary sources of cash incoming?What are the basic operating activities of a firm to generate cash? How does the firm manage their extra funds if the business faces shortages?What are the main investment areas of business?What is the reason behind increase or decrease in cash flow?Part 3a) Calculation of Quality of Earnings RatioThe quality of earnings ratio for two firms i.e. Woodside Petroleum Ltd and Origin Energy for the latest three years is calculated as follows:Woodside Petroleum Ltd (WPL.AX)2017 2016 2015Quality of Earning Ratio = Cash flow from operationsNet Profit = 2,400,0001,024,000 = 2.3438 = 2,587,000868,000= 2.9804 = 2,475,00026,000 = 95. 1923Origin Energy (ORG.AX)2017 2016 2015Quality of Earning Ratio = Cash flow from operationsNet Profit = 1,289,000-2,226,000 = – 0.5791 = 1,404,000-628,000= – 2.2357 = 1,833,000-658,000 = -2.7857b)c) Capital Acquisition RatioThe capital acquisition ratio for both firms i.e. Woodside Petroleum Ltd and Origin Energy for the latest three years is calculated in the following tables:Woodside Petroleum Ltd (WPL.AX)2017 2016 2015 Cash Acquisition Ratio= Cash flow from operationsCash paid forcapital expenditure= 2,400,0001,390,000 = 1.7266 = 2,587,0001,860,000= 1.3909 = 2,475,0001,819,000 = 1.3606Origin Energy (ORG.AX)2017 2016 2015Cash AcquisitionRatio= Cash flow from operationsCash paid forcapital expenditure = 1,289,000-419,000 = – 3.0764 = 1,404,000-572,000= – 2.4545 = 1,833,000-1,484,000 = -1.2352 d)After comparing Woodside Petroleum Ltd and Origin Energy's ability to utilize the operating cash flow to finance their capital expenditure, we came to the conclusion that †¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦.Question No. 2: The Income Statement (Chapter 3)Answer: a.CQU Oil LimitedIncome StatementFor the year ended†¦.Sales $ 2,500,000Cost of Goods Sold (700,000)Gross Profit 1,800,000Operating Expenses Cash Operating Expenses 150,000 Depreciation Expenses 150,000 Total Operating Expenses (300,000)Operating Profit 1,500,000Interest Expenses (200,000)Profit Before Tax 1300,000Tax (390,000)Net Profit 910,000b. From the above income statement, we can see that CQU Oil's taxable Income and Tax Payable for the year are $ 1300,000 and $ 390,000 respectively. d.Question No. 3: Financial Analysis (Chapter 4)Calculation of Financial RatiosThe financial ratios for both firms i.e. West farmers Ltd and Woolworths Ltd for the most recent year i.e. 2017 are calculated as follows:West farmers Ltd (WES) Woolworths Ltd (WOW)1. Liquidity RatioCurrent Ratio = Current AssetsCurrent Liabilities = 9667 / 10417 = 0.928002303 = 0.9280 times Current Ratio = Current AssetsCurrent Liabilities. = 6994.2 / 15921.6 = 0.43929 = 0.4393 timesQuick Ratio= Current Assets –InventoryCurrent Liabilities = (9667 -6530) / 10417 = 3137 / 10417 = 0.3012 times Quick Ratio= Current Assets –InventoryCurrent Liabilities = (6994.2 – 4080.4) / 15921.6 = 2913.80 / 15921.6 = 0.1830 timesInventory Ratio=Cost of Goods SoldInventoryInventory Ratio=Cost of Goods SoldInventory = 39739.7 / 4080.4 = 9.7392 times2. Capital Structure RatioDebt Ratio = Total LiabilitiesTotal Assets = 16174 / 40115 = 0.4032 = 40.32% Debt Ratio = Total LiabilitiesTotal Assets= 13039.7 / 22915.8 = 0.5690= 56.90%Interest Coverage Ratio =EBITInterest Expense = 4402 / 213 = 20.6667 Interest Coverage Ratio =EBITInterest Expense3. Asset Management Efficiency RatioTotal Asset Turnover =SalesTotal Assets = 68444 / 40115 = 1.7062 times Total Asset Turnover =SalesTotal Assets= 55475 / 22915.8 = 2.4208 timesFixed AssetTurnover=SalesNet Property, plan & Equipment = 68444 / 9440 = 7.2504 times Fixed AssetTurnover=SalesNet Property, plan & Equipment = 55475 / 8437.5 = 6.5748 times4. Probability RatioGross Profit Margin= Gross ProfitSales= Gross Profit Margin= Gross ProfitSales = 15928.9 / 55475 = 0.2871 = 28.71%Operating Profit Margin =EBITSales = 4402 / 68444 = 0.0643 = 6.4315% Operating Profit Margin =EBITSales = 2326 / 55475 = 0.0419 = 4.19 %Net Profit Margin=Net ProfitSales = 2873 / 68444 = 0.04197 = 4.1976% Net Profit Margin=Net ProfitSales = 1482 / 55475 = 0.0267 = 2.67%Return on Assets=Operating Profit or EBITTotal Assets = 4402 / 40115 = 0.1097 = 10.97% Return on Assets=Operating Profit or EBITTotal Assets = 2326 / 22915. 8 = 0.1015 = 10.15%Evaluation of Relative Performance of Two Firms in terms of:Liquidity West farmers Ltd (WES) Woolworths Ltd (WOW)Current Ratio 0.9280 times 0.4393 timesQuick Ratio 0.3012 times 0.1830 timesInventory Ratio 9.7392 timesLiquidity Ratio shows the financial status of the company. From the above calculation, we can interpret that West Farmers Limited is more liquid than Woolworths based on its Current Ratio and Quick Ratio. West Farmers had $0.9280 current assets and $0.3012 cash and accounts receivable for every $1 of current liabilities. Whereas Woolworths had $0.1830 current assets and $0.1830 cash and account receivable to pay $1 current liabilities.ii) Asset Management EfficiencyWest farmers Ltd (WES) Woolworths Ltd (WOW)Total Asset Turnover 1.7062 times 2.4208 timesFixed Asset Turnover 7.2504 times 6.5748 timesiii) Financing Practices (Capital Structure)West farmers Ltd (WES) Woolworths Ltd (WOW)Debt Ratio 40.32% 56.90%Interest Coverage Ratio 20.6667 iv) ProfitabilityWest farmers Ltd (WES) Woolworths Ltd (WOW)Gross Profit Margin 28.71%Operating Profit Margin 6.4315% 4.19%Net Profit Margin 4.1976% 2.67%Return on Assets 10.97% 10.15%†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Calculation of Current Price-Earnings Ratio and Market-to-book Ratio:West farmers Ltd (WES) Woolworths Ltd (WOW)Market Value RatiosPrice Earnings Ratio = Market Price Per ShareEarnings Per SharePrice Earnings Ratio = Market Price Per ShareEarnings Per ShareMarket to Book Ratio =Market Price Per ShareBook Value Per ShareMarket to Book Ratio =Market Price Per ShareBook Value Per ShareQuestion no. 4: Time Value of Money (Chapter 5)Solution:Present Value (PV) =$20,000 Time (n) = 40 yearsInterest Rate (i) = 10 % per annum = 0.10 Future Value (FV)=?Timeline i=10% p.a FV=? 0 1 2 3†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦ n= 40 years PV=$20,000FV= PV (1+i)n = 20,000(1+0.10)40 = 20,000Ãâ€"45.25925557 = $ 905,185.1114From the above calculation, Emily's investment from her retirement plan will grow to $905,185.1114 after 40 years at 12% annual interest. b)Timeline i=6% p.a FV=$14,000 0 1 2 n= 3 years PMT=?Deposit on Car (PV)= $14,000No of years (n) = 3 years Annual Interest (i)= 6% =0.06Annuity Payment (PMT)=?We have,FV = PMT (1+i)n-1i14000 = PMT 1+0.06)3-10.06 PMT = 140003.1836PMT = $ 4397.5374To cover the cost of deposit on a new car, Emily needs to keep aside $4397.5374 from her bonus this year. Now, If Annual Interest on Saving (i)=10%=0.10PMT=?FVn = PMT (1+i)n-1i14000 = PMT1+0.10)3-10.10PMT = 140003.31PMT = $4229.6073If the annual rate of interest grows to 10%, then the amount of payment will decrease to $4229.6073.c)At the age 60 years, value of Trust Fund (FV)=?Time (n) = 60-30=30 yearsInterest rate =7%= 0.07Timeline i=7% p.a FV=? 0 1 2 3†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦ n= 30 years PV=$50,000 FV = PV ((1+i)n = 50,000 (1+0.07)30 = 50,000 Ãâ€"7.612255043 = $ 380,612.7521When Emily turn 60 years, the value of her trust fund will grow to $380,612.7521 at the rateOf 7% government bond. d)Compounding and discounting have inverse relationship. Compounding method is the way of calculating the future value of money with the given current value of investment at certain compound rate. Whereas Discounting method is used to find out the Present Value of future cash flow using discounting rate. Mathematically,In Compounding Method,Future valuein year nFVn= Present Value(PV) Ãâ€"1+ Annual interest rate (i)number of years nIn Discounting Method,Present ValuePV = Future Value in year nFVn 11+ Annual Interest Rate (i)Number of years (n)e)Question no 5: Risk and Return (Chapter 7)a.Given:Share A Share BProbability Return Probability Return0.3 11% 0.2 -5%0.4 15% 0.3 6%0.3 19% 0.3 14%0.2 22% For Share AExpected rateof returnE(r)=rate of return 1 r1Ãâ€"probabilityof return 1Pr(r1)+rate of return 2 r2Ãâ€"probabilityof return 2Pr(r2) +rate of return 3r3Ãâ€"probabilityof return 3Prr3)= 0.3 Ãâ€" 0.11 + 0.4 Ãâ€" 0.15 + 0.3 Ãâ€"0.19= 0.033 + 0.06 + 0.057= 0.15= 15%Variance in rate of return?2 = rate of return 1 r1-expected rate of returnEr2Ãâ€"probabilityof return 1Pr(r1) + rate of return 1 r1-expected rate of returnEr2Ãâ€"probabilityof return 1Pr(r1) + rate of return 3r3-expected rate of returnE(r)2Ãâ€"probabilityof return 3Pr(r3) = [(0.11 – 0.15)2 Ãâ€" 0.3] + [(0.15 – 0.15)2 Ãâ€" 0.4] + [(0.19 – 0.15)2 Ãâ€" 0.3] = 0.00048 + 0 + 0.00048 = 0.00096 Standard Deviation = Variance =0.00096 = 0.030983867 = 3.0984%For Share BExpected rateof returnE(r)=rate of return 1 r1Ãâ€"probabilityof return 1Pr(r1)+rate of return 2 r2Ãâ€"probabilityof return 2Pr(r2) +rate of return 3r3Ãâ€"probabilityof return 3Prr3)+rate of return 4r4Ãâ€"probabilityof return 4Pr(r4)= 0.2 Ãâ€" (-0.05) + 0.3 Ãâ€" 0.06 + 0.3 Ãâ€"0.14 + 0.2 Ãâ€" 0.22= (-0.01) + 0.018 + 0.042 + 0.044= 0.094= 9.4% Now, Variance in rate of return?2 = rate of return 1 r1-expected rate of returnEr2Ãâ€"probabilityof return 1Pr(r1) + rate of return 1 r1-expected rate of returnEr2Ãâ€"probabilityof return 1Pr(r1) + rate of return 3r3-expected rate of returnE(r)2Ãâ€"probabilityof return 3Pr(r3) + rate of return 4r4-expected rate of returnE(r)2Ãâ€"probabilityof return 4Prr4) = [(-0.05 – 0.094)2 Ãâ€" 0.2] + [(0.06 – 0.094)2 Ãâ€" 0.3] + [(0.14 – 0.094)2 Ãâ€" 0.3] + [(0.22 – 0.094)2 Ãâ€" 0.3] = 0.0041472 + 0.0003468 + 0.0006348 + 0.0031752 = 0.008304Standard Deviation = Variance = 0.008304 = 0.091126286 = 9.1126% b)Shareholders or investors of the company always assume to gain certain profit from the investment they made on their business. Such expectation is referred to as Expected Rate of Return. Whereas Realized Rate of Return is the actual amount of profit or loss that that face from their investment in certain duration of time. c) d. Question No 6: Risk and Return (Chapter 8)Answer:Part 1Systematic Risk and Unsystematic RiskSystematic risk refers to those risks that are associated with the overall market or industry (Vasigh, Fleming ; Mackay, 2010) and cannot be diversified away while unsystematic risk refers to those risk that are associated with the single investment or small class of investment and can be diversified away (Swedroe ; Hempen, 2007). Investment beta is the measure of change in investments' return to the change in return of the market portfolio. Johnson (2014) also stated that investment's beta measures the volatility of share relative to volatility of market. Thus, investment's beta helps to measure the systematic risk of an investment. Therefore, it is very useful in the investment decision. For example: if we want to know the systematic risk of particular investments, we can calculate beta and know the volatility and go for that investments with low volatility. In terms of unsystematic risk, it is calculated by deducting the beta scaled by the market volatility from the volatility of the single stock. Part 2Beta of a Portfolio and Betas of the Individual Investments in the PortfolioPart 3Security Market LineSecurity market line is the graphical representation of Capital Asset Pricing Model (CAPM) i.e. the straight line relationship between expected return and betas that also explains the market price of risk in capital market (Khan, 2004). Return (%)Security Market Liners =rf+rm-rf?rfRisk Beta (?)Figure. Security Market Line. Adapted from â€Å"Investments: An Introduction† by H. B. Mayo, 2013, Boston: Cengage Learning. From the above graph, we can see that risk beta is at the x-axis and expected return on the y-axis. The slope of the security market line is represented by market risk premium which is the difference between expected rate of return on the market portfolio and the risk free rate (i.e.Erm-rf) while the y-intercept of this line represents the risk free interest rate i.e. rf . Part 4Capital Asset Pricing ModelCapital asset pricing model (CAPM) refers to the model that explains the relationship with expected return and the systematic risk of an investment. In a simple word, CAPM is that model which estimates the expected return for any risky assets. According to Mellen (2018), this model helps the business analyst and investor evaluate a suitable rate of return for an investment by giving the general economic, industry and firm's conditions. CAPM helps to inform the investment decision by first of all measuring the fairest price for an investment on the basis of risk, potential return and other factors and then comparing this fair price with the market price.Therefore, this is how the CAPM can be used to inform the investment decision. ReferenceJohnson, R. S. (2014). Equity Markets and Portfolio Analysis. New York: John Wiley ; Sons, Inc.Khan, M. Y., ;Jain, P. K. (2004). Financial Management: Text, Problems and Cases. New Delhi: Tata McGraw Hill Publishing Company Limited.Mayo, H. B. (2013). Investments: An Introduction. Boston: Cengage Learning.Mellen, C. M. (2018). Valuation for M ; A: Building and Measuring Private Company Value. New York: John Wiley ; Sons, Inc.Swedroe, L. E., ;Hempen, J. H. (2007). The only guide to a winning bond strategy you'll ever need: The way smart money preserves wealth today. New York: St. Martin's PressVasigh, B., Fleming, K., ;Mackay, L. (2010). Foundation of Airline Finance: Methodology and Practice. Farnham: Ashgate Publishing, Ltd. Reference

Maximization of Shareholder Wealth Assignment Example | Topics and Well Written Essays - 250 words

Maximization of Shareholder Wealth - Assignment Example The ethical principles on the other hand are presented by most texts on business ethics to function independently and usually contrary to the financial objectives like maximizing the value of common stock. This is evident in most corporations where there exists a tension between the ethical and the financial ideals. For instance, Halbert and Ingulli (1990) highlight the disparity between ethics and maximization of shareholder wealth by the description of a study, which involved around two thousand MBA students. Beginning as relative idealists, they reported the desire of creating quality goods and services, to be able to serve the customers and at the same time give back to the local communities they belonged. By the graduation time, they were rather much oriented to maximizing the shareholders’ values. This disparity is also observed as the conflict of philosophies, which is there between any serious treatment of ethics and wealth maximizing. Maximization of shareholder wealth is strategies, which will ensure highest possible returns. This may even involve the strategies of laying off some of the organization’s employees to achieve this. Some activities, which are good for the society, may compromise the strategy and may be ignored in this process. The customer and the environment may also not be considered in this process that much since; the customer may not be completely comfortable with the

Cultural industries Personal Statement Example | Topics and Well Written Essays - 3250 words

Cultural industries - Personal Statement Example However all theorists tend to agree that the cultural industries have an important influence on our daily lives. Within these texts circulated we find symbols and meanings. Are the cultural industries just there to make money and serve the interests of their owners' Or are we as an audience able to take what we want from them and look at them with a decisive nature. The best contributions to such debates suggest the complete, negotiated and often indirect nature of media influence, but of one thing there can be no doubt: the media do have an influence. We are influenced by informational texts, such as newspapers, broadcast news programs, documentaries and analytical books. We are moreover influenced by entertainment. Films, TV serials, comics, music, video games and so on provide us with recurring representations of the world and thus act as a kinf of reporting. Just in the same way, they crucially influence our privet lives while ruling by our fantasies, emotions and identities. The great amount of time that we spend absorbing texts produced by cultural industries make the latter a powerful factor that affects lives of many people. Knowledge of texts circulation helps to deal with the problem of cultural industries effects on people's lives. ... First, it is important to note that most texts that people consume are under circulation of influential corporations. These corporations work on profit basis and are created to support their interest in getting revenues from their activity. In societies where the cultural industries are big business, cultural industry companies tend to support conditions in which large companies and their political allies ca make money: conditions where there is constant demand for new products, minimal regulation by the state outside of general competition law, relative political and economic stability, workforces that are willing to work hard and for low payment and other conditions that result in big profits for such companies. However, in contemporary societies not all texts exist on such conditions. Many of them are based on non-profit conditions aimed at orienting their audience towards ways of thinking that do not coincide with the interest of capitalism, or of structured domination by men ove r women, or institutional racism. The reasons why such companies exist vary. From one hand, they are partly created for the simple economic reason that cultural companies have to compete with each other, as well as support general conditions of doing business. Competition leads to outrun of one company by another in search of meeting expectations of the audience. From another hand, such companies exist because of social and cultural factors deeply rooted in many societies. When it comes to are and entertainment, the competition is great and the audience is highly demanding and therefore, it is important for cultural industries to follow the rules of doing business in this area and to propose the audience those text that would best fit its requirements, either texts

How are tourism businesses using ICT to improve the tourist experience Essay

How are tourism businesses using ICT to improve the tourist experience - Essay Example 109). This implies that the application of an array of communications- and computer-assisted, and electronic technologies are being used to a greater extent to improve the performance and implementation of business operations in the tourism industry, and to enhance tourist experience. One of the primary functions of ICTs is the processing and speeding up of information flow to and from the customers. In addition to the World Wide Web, other technology devices, such as smartphone and GPS, have boosted the tourist experience (Mamaghani, 2009; Cantoni, Kalbaska, & Inversini, 2009). Homogenisation of communication technologies allows global reception of mobile phones. Tourists use GPS to quickly and conveniently acquire directions and information about present locations. The combination of standard technologies and systems also has given suppliers the opportunity to lessen costs, and enhance the tourist experience. For instance, airline businesses launched mobile check-in by combining th e check-in procedure with the newest mobile phone technologies (Frew, 2000; Kourtit et al., 2011). Customers gain from further ease or convenience and the tourism sector gains from cost efficiency by supplanting employees with kiosks. Other technologies that the tourism sector can use nowadays in order to enhance the tourist experience are the QR Code, augmented reality, MP3 guide, and geolocation marketing. Quick Response (QR) Codes are a kind of barcode that can be seen through QR reading gadgets such as smartphones. QR Code can be used by tourists to access addresses, maps, and locations through their mobile phones (Hall & Williams, 2008). Augmented reality is a latest technology that erases the line separating what is unreal and what is real by improving people’s senses. This technology is guiding tourists and gives them a surreal experience of magnificent tourist destinations (Conrady, 2010, p. 248). MP3 guide provides tourists access to maps, from historic destinations to the most popular attractions. This technology eliminates the need for tour guides, and makes the tourist experience convenient and trouble-free (Conrady, 2010). Geolocation is a process of detecting a physical location using a wireless device. It can detect a person’s longitude and latitude coordinates to identify his/her precise position. The tourism sector may use geolocation marketing to enhance its services by making local information available to its customers. Tourism businesses may concentrate its marketing efforts and advertise to local populations (Yunker, 2010, p. 76). Geolocation marketing is giving the tourism sector the opportunity to show services that are offered in specific locations. ICTs in Tourism Much of the progress in the tourism industry is rooted in technology processes and facilities that businesses buy for their standard activities. Recently, ICT systems have produced numerous process innovations. Processing of accounts, checking in of guests, and bookings has become considerably downsized, and additional facilities for maintenance made operations more versatile and flexible (Zhou, 2004; Ruiz-Molina, Gil-Saura, & Moliner-Velasquez, 2010). Cooper and colleagues (1998 as cited in Page & Connell, 2006, p. 44) have observed that these ICTs are

Health and Spa Tourism Essay Example | Topics and Well Written Essays - 1750 words

Health and Spa Tourism - Essay Example As the study outlines in recent times, there has been great mushrooming of these travel agencies and the tourism industry has flourished at an unprecedented rate. With the competition becoming tougher everyday, it has become important that new strategies and plans incorporating exotic and special themes be introduced. Innovative ideas in attractive packages are being prepared for a select target thus opening a whole new vista of tourism. The exclusivity of the package has special appeal which has popularized the concept of special interest tourism (SIT). This type of tourism goes beyond the usual definition of the word and fulfils the extra demand that the body or the mind or sometimes, both, require. Tourism that caters for a specific target group with focus on one special activity has become very popular among the elite class. This discussion declares that holidays have always held a special charm for the young and the old alike. Krippendorf says ‘travel is: recuperation and regeneration, restoring body and soul’. Vacations to different places have not only provided a way to rejuvenate the mind and the body after the humdrum monotony of the routine life but they have also been a great source of information and knowledge about people and places. Though the pattern of holidays and vacations, has changed over the years, the basic aim of relaxing has remained the most important feature.