Hotel Report

BM 0970 Introduction to Hospitality & Tourism Executive Summary Introduction Hotel Rendezvous, Singapore Products/Services: They offer worldwide hotel services in countries such as Singapore, Shanghai and many parts of Australia. They are from The Marque Group of Hotels and they have hotels by the name of both Marque and Rendezvous. Hotel Rendezvous in Singapore offers good location too. It is situated in the heart of the civic, cultural and commercial district; Bras Basah Road, just stones throw from the always-crowded Dhoby Ghaut MRT Station. Without a doubt, this is the perfect place to rendezvous for business or pleasure. Competition: Hotels nearby includes the known Concorde Hotel, once known as Le Meridian Hotel, Hotel Fort Canning, Mandarin Orchard, which is a 5* Hotel and Hangout @ Mt. Emily, a themed budget hotel. Unique-selling points: Hotel Rendezvous Singapore has the â€Å"Telepresence† Room. This state-of-the-art facility connects users the world with unparalleled convenience and ease, while reducing corporate travel expenses and increasing productivity and environmental friendliness. The hotel is also the first to offer the facility, thus more business visitors will be attracted to stay in Rendezvous. Furthermore, those who book the facility will get discounts for rooms and also f/b services. Target Market: Business travellers Potential Opportunities & Challenges Of Hotel Rendezvous Challenges include: 1. Some hotels nearby in Orchard Road have better services An example will be Mandarin Orchard Hotel; they have: * Medical clinic in case of emergencies * Baby sitting services for customers who stays in the hotel with their families and need someone to mend their children when the parents are away * Postal services (Immediate mail from the hotel to Singapore Post) 2. Online guest reviews affect the competitiveness of Hotel Rendezvous Websites like Trip Advisor will have both negative and positive comments. While positive comments may encourage first-time travellers to visit Hotel rendezvous, negative comments will deter travellers to enter the hotel, especially the business travellers who want better services. Since, the negative comments will not be removed immediately, thus causing an influence to the choices made by first-time travellers. 3. Shopping centres are located far from hotel Major shopping malls like ION Orchard and Wisma Atria are located far from Bras Basah Road, where transportation is needed. 4. Due to IR, business and leisure tourists may prefer hotels such as Marina Bay Sands for stay in Singapore instead. 5. F1 Night Race The F1 night race occurs in the month of September each year and during this period, it is much more inaccessible to get to Hotel Rendezvous. Major road closures at locations such as Orchard Road and Stamford Road will make it harder for drivers to get to the hotel. Challenges: Since F1 will end in 2011, the hotels surround the F1 track race may experience a significant drop in hotel occupancy rate. Therefore, suggestions such as organising local Singapore track race are recommended. Key Developments & Opportunities 1. Zoukout An annual music, dance and art event hosted at Sentosa Island. Organised by Zouk Club. Tourists all over the world come to Singapore where â€Å"30- 35% of the total turnout come from the region, mainly from Thailand, Malaysia, Indonesia and Hong Kong and also as far off as the United States. †   This year’s Zoukout has guests like David Guetta and Tiesto, who are known worldwide. . Christmas Light Ups The Christmas light ups are done annually on the stretch of Orchard Road, where many tourists can photograph their memories with wonderful lights on the background. 3. Great Singapore Sale Great Singapore Sale is an annual event with extensive discounts to attract global and Singapore shoppers to buy merchand ises from international brands such as Topshop, Nike, and River Island. Foreign shoppers may need an accommodation to stay when they come to Singapore and shop. Since Rendezvous hotel is located near major shopping district, it is an opportunity for the hotel to attract both leisure and business tourists. They can collaborate with GSS such as private sale for Rendezvous hotel’s patrons or discounted room rates if they purchase $500 with 3 combined receipts during this Sale period. Resources available 1. Transportation; Shuttle Services For easier travel, the Rendezvous Singapore Hotel offers an airport shuttle service for guest use. However, the international airport can be reached within minutes by guests driving their own vehicles and the MRT station nearby offers additional transportation options. Airport Airport is air transportation for international tourist to reach Singapore. With airport, it is 20 minutes away to reach hotel rendezvous which give tourists convenience to reach their accommodation faster. It increases the probability for business tourists to choose Rendezvous as their accommodation since it is not far from airport. The 20 minute distance allows better traffic to enter Hotel rendezvous. As such, it is a resource that Hotel Rendezvous can tap on to further establishes its status as a business tourist’s hotel. 2. Land; Minor expansion of the hotel grounds can be done at the fountain lounge (Ref 1. 4), where more space can be given to the Palong Bar, since its size is small. With the expansion, a dancing floor, with a disco theme can be built for guests to have parties or dinner and dance events in future. We have also found out that with the inclusion of a duty free shop in hotels may earn the hotel more revenue with the fees for rental and commissions. An example will be Royal Plaza on Scotts, where DFS Galleria is located in the hotel premises. Many foreigners love to shop at DFS because their products are much cheaper too. Thus, we recommend that Hotel Rendezvous should hire services from DFS Galleria for the land expansion, to cater to guests who ove shopping, at their convenience. 3. Relationship (Networking); The Cathay Cineplexes The Cathay Cineplexes are just stones throw away from Hotel Rendezvous. Guests at the hotel can go there for shopping paradise and movie galore. The Cathay Building has been a distinct landmark since 1939 when it first opened its doors to avid movie-goers. Now a shopping mall infused with fashion and trends, five storeys house retail and dining indulgences while two floors are dedicated to an eight-hall multiplex cinema, including The Picturehouse – Singapore's first arthouse theatre. Guests will be interested to watch movies there, and with winning movies from the Cannes Film Festival, it is a good place for guests to watch it first hand here in Singapore. Recommendation: The Cathay Cineplexes could collaborate together with Hotel Rendezvous to have priority seats for the guests by showing their hotel keys or vouchers issued from the hotel. There should also be a convenience service for advance booking of tickets which allows guests to get their tickets at the reception of Hotel Rendezvous This will allow them to get their tickets at ease, without having to rush between meetings and leisure. The Cathay will then receive better exposure via putting up advertisements such as pamphlets in the hotel to gain reputation among the travellers. Also, collaboration may bring higher revenue since the priority seats is an incentive for them to watch movie in The Cathay. Guests might even recommend the movie theatre to their colleagues who might come to Singapore in future. The Cathay could also provide Hotel Rendezvous complimentary movie passes to be given away to guests. When the guests visit The Cathay Building for the movie, there may be higher chances of them visiting the retail outlets as well. Therefore, it will increase revenue and in turn, they can increase the monthly rental of the shops. 4. Labour (Human Resources); When guests enter the hotel, the first people they are greeted by are the staffs at the hotel lobby. Porters/Bellmen are those who meet and greet customers upon their arrival. Hotel Rendezvous have about 4 porters and security officers on duty on a normal business day. Valet parking is also a special service the hotel offers for guests who drive. The porters also collect and deliver luggage to guests’ hotel rooms once they arrive. In Hotel Rendezvous, receptionists are better called as Guest Reception Officer. . Technology; The hotel needs a good room allocation system. We have researched for best technology supplies and one of which we recommend is Pelican E-Hotel Distribution System. This company provides services such as central reservation and also the Global Distribution System (GDS), which connects with over 600,000 travel agencies worldwide. T his will benefit the hotel through preventing confusions over room allocations. Different guests may want particular rooms such as: * Smoking/Non-smoking rooms * High/Low levels * Queen/2 Single Bed Rooms, etc. We have also found a company, First Data ®, which processes all major credit cards. They can also use the Payment Software solution to process debit/ATM cards, checks, stored value/gift cards, even private label cards and line-of-credit applications. Network for Electronic Transfers (NETS), a Singapore-based payment method can also be used by the hotel to provide smooth transactions for guests. 6. Entrepreneurship; Capitalization through opportunities 1. Attractions and entertainment; Museums Singapore Arts Museum, National Museum, Asian Civilizations Museum are located near Rendezvous Hotel. These museums usually have different exhibitions shown at different periods of the year. An example will be Pompeii: Life in a Roman Town 79CE, at the National Museum of Singapore till January 23rd. Istana The Istana is the official residence of the President where he receives and entertains state guests. The entire domain occupies over 100 acres and is located along the busy Orchard Road. The grounds also contain: * Sri Temasek, also built in 1869, for the Colonial Secretary and was the official residence of the Prime Minister * The Annexe * The Istana Villa (1938) * The Lodge (1974) * The Japanese Gun, presented to Lord  Louis Mountbatten  after the Japanese * surrender in 1945 Marsh  Garden (1970) * Lily  ponds * A nine-hole  golf course * A  burial place  of the  Bencoolen  Muslims, who came to Singapore between 1825 and 1828, located on the southern slopes of the grounds close to the Orchard Road entrance The main purpose of guests to visit Istana is to see the architecture, the facilities, which is only unique to Singapore 2. Destinations; Peranak an Museum The museum explores the culture of Peranakan communities in the former Straits Settlements of Singapore, Malacca and Penang and their links with other communities in Southeast Asia (SEA). It is a boutique museum with one of the finest and most comprehensive collections of Peranakan artefacts in the world. Three floors of permanent galleries illustrate important rituals, practices and the material culture of the Peranakans, as well as how the unique fusion culture is viewed today. The Peranakan Museum provides an enjoyable and educational experience for all, with intricate displays innovatively presented in ten galleries, children’s interactive and special merchandising in two shops. Two temporary exhibition galleries will present a programme of special exhibitions throughout the year. The Peranakan museum is a museum under the Asian Civilisations Museum. Recommendation: Due to the popularity of Mediacorp drama Little Nyonya, the museum may attract Chinese-indo to appreciate the historical artefacts from this museum. In addition, non-Nyonya tourists who want to experience Nyonya culture, they may want to visit this attraction. As such, the hotel may collaborate with the museum with promotional activities like 15% discount off the museum ticket price with any 2 night stay in the hotel. Also, Hotel Rendezvous may collaborate with Singapore Tourism Board (STB) to showcase their promotions and activities regarding Peranakan Museum through STB website. With STB a reliable source for travellers, not only the collaboration will expose Hotel Rendezvous to leisure travellers, and also gain higher reputation among business travellers. For STB, this collaboration will fulfil their mission: We develop and champion tourism, so as to build the sector into a key driver of economic growth for Singapore by the increase in popularity of Hotel Rendezvous and the need to experience Peranakan culture. The Battle Box The Battle Box provides tours to tourists and also local residents of Singapore. For a price of S$5 for children and S$8 for adults, visitors can attend a guided tour of the location. It is the latest military operations complex in Singapore and was the hub of the Malaya Command Head quarters during World War II. They use the specially arranged audio and video effect, high quality animatronics and crafted figurines; they bring back February 15th 1942 to guests, when Singapore fell to the Japanese. So, this destination allows guests of Hotel Rendezvous to get to know the history of Singapore better while they are here. Killing two birds with one stone, they get to do work and know Singapore. In-hotel Resources Meeting rooms and Events Venues * Six functions rooms which can accommodate from 10 to 240 people and a Telepresence Suite * A total  880 square metres of banquet space * A superb selection of food ; beverage packages * The latest in audio visual ; web technology * Special accommodation rates Technical Equipment The latest in audio visual ; web technology is conveniently available upon request. We will be pleased to discuss with you any special presentation requirements you may have, whatever your requests, we will help make your event a success. Value Promise (Fig 1. 1) This service is available free of charge. The hotel promises value to their customers and thus, more of them will go back to the hotel more than once. Business Benefits (Fig 1. 2) This service costs less than a full breakfast meal; $29. 50 Lowest Price Guarantee (Fig 1. 3) Customers are assured that they get the lowest rate they can find in the nearest vicinity. They will even get claims if they find a lower room rate somewhere else with the equivalent facilities/services. Conclusion The top three resources that are significant to the success is labour, technology and travel agencies. Firstly, labour is important in the business. Workers like the receptionist might be the first person the customers will meet when they reach the hotel. If the workers do not treat their work seriously, customer might have a bad impression of the hotel. However, if the workers give a pleasant first impression to the customer, customer might visit the hotel again or recommend the hotel to their friends and family. This will increase the hotel revenue. Secondly, having better technology than other hotel will enable customer to enjoy better benefits that they can’t enjoy in other hotel. An example will be, customers will choose a hotel with wireless than a hotel which doesn’t have as wireless enable customer to surf the net easily. Better technology will also mean that the workers can serve the customer better as the waiting time will be shorter. An example will be customer checking-in to the hotel. Customer will than doesn’t have to wait for long queue to check-in to the hotel if the computer system is able to locate the customer room easily. Lastly, travel agencies play an important role in the hotel. If many travel agencies are willing to advertise to the customer the hotel, there will be huge increase of customers coming to the hotel, which result to more revenue. Working with travel agencies will greatly helps the hotel to earn more revenue. However, if no travel agency wants to help the hotel to their customers, hotel would have lesser customer than hotel with travel agencies helps.

Franchise vs New Business Essay

Gaining profit is one of the reasons why most people do business. They buy stocks, start their own business, or the most popular now is franchising. However, due to some factors – economy and competition- it is somewhat risky to do so. Hence, in deciding, one should know the pros and cons of each. Deciding whether to invest money on franchise or start a new business requires knowing the different features one can get are worth the cost he/she has to pay for. This may seem to be a debatable issue that is why the organization JAM prepared a debate regarding this issue. There were two groups, each group had discussed and rebutted. It is your own idea (originality), you are the boss and you can implement basic management principles (planning, controlling, etc) are some of the reasons given by those who favor starting a new business. But, we noticed that the most of their answers were being repeated and not elaborated by providing specific examples. An example is the implementation of management principles. It would have been better if they have provided situations in which these can be used since these management principles can still be used in franchising. Furthermore, when they had rebutted the other group, we noticed that they just repeated what the other group had said without elaborating it further. Despite some weak points, there are some good things they had pointed out. They discussed that on starting a new business one can reap the fruit of its own labor. One has control with the business without the franchisors collecting fees. This may seem true since in franchising one cannot change the business. It is as it is. The group of franchising, on the other hand, pointed out that it is less risky since there is an existing business and a protective reputation from the franchisor. One good point that they had discussed was the advantages of franchise. They talked about the continuous support from management, advertising was not costly, and no required feasibility study. However, this strong point is somewhat their weak point for reason that they merely focused on discussing it without opposing the other side. The time was consumed explaining them. In a nutshell, we can say that it went good since we gained idea on the advantages and disadvantages of the two. This will help us a lot in the future on how best to use our money.

Strategic Systems Management Assignment Example | Topics and Well Written Essays - 1500 words

Strategic Systems Management - Assignment Example Mercedes Benz has a very long history of cars manufacturing, being a part of Daimler-Benz company and later belonging to Daimler-Chrysler. Perhaps, Mercedes-Benz is the most well-known automotive brand worldwide. Its rich history and known top-level quality have earned a reputation of luxury cars manufacturer for the company. Mercedes Benz automobiles being prized for prestige and quality often become the choice of the rich and famous. Throughout the history, the goal of Mercedes Benz was providing its customers with more than just cars. Owning a Mercedes Benz was a symbol of belonging to community valuing quality above all. The focus of Mercedes-Benz vehicles is set on high quality and state of the art engineering. Of course it makes them expensive; thus they are made in lower volumes compared to cheaper cars. The company has carefully cultivated an image of superior engineering, quality, and service. Mercedes-Benz is clear leader in the luxury and upper range segment of the market. Recent efforts of the company to move towards lower segments were rather successful: its Smart brand has become a market leader in microcar segment in several European countries. Hence the famous luxury cars manufacturer now tries to make its products popular among low-priced cars to achieve global dominance. The mission statement of Daimler-Chrysler, which Mercedes Benz is currently a part of, indicates efforts towards fulfilling customers' desire for mobile independence (Daimler-Chrysler 2005). Mercedes-Benz is proud of his long 120 years history of car manufacturing, putting its experience and commitment to use in making quality cars. Nevertheless, quality is not the only pillar the company stands upon. The corporate strategy of Mercedes Benz is based on four cornerstones: global presence, strong brands, broad product range, and technology leadership. Invention and innovation put to good use at Mercedes Benz allows a company to set up a high quality standard. Broad product range reflects the company's direction towards dominance rather than being a niche player in luxury cars segment. Its strong brand is often seen as its greatest competitive advantage providing Mercedes Benz cars with a spirit of precision and comfort. Finally, steps taken in the establishment of global presence allow Mercedes Benz to enter new national markets. The great Daimler-Chrysler merger made in 1998 can be seen as an example of establishing global presence of Daimler-Benz. Although the deal was supposed to be a merger of equals, Daimler-Benz quickly took the wheel of the new formed company. "When the dust settled, Daimler was firmly in control of Chrysler, and the shock waves were reverberating on both sides of the Atlantic. An American icon would lose its independence, and a German giant would grow in power and influence." (Stertz and Vlasic, 2000) Another example of expansion is purchasing of Mitsubishi departments serving two purposes: 1) getting closer to a perspective Asian market and 2) using the expertise of Asian car manufacturers in producing small cars. Nevertheless, the sky is not clear for Mercedes Benz. Its recent trends of moving into lower market segments has not gone unnoticed for its luxury cars. "In recent years the brand's reputation once sterling reliability record has been called into question when it was recently ranked rather low in consumer surveys." (Wikipedia 2006) Thus Mercedes-Benz is now

Construction Technology and Innovation Essay Example | Topics and Well Written Essays - 1000 words - 1

Construction Technology and Innovation - Essay Example Unlike modern construction approaches, the traditional building methods are characterized by multiple deliveries, expansive skilled workforce and uncertainties arising from costing and poor performance. The traditional building techniques also involve inter-dependent sub-groups and as such the quality of the final product cannot be assured. The tendering process could further complicate the whole process as learning curve problems are likely to resort. This paper discusses the modern methods of construction that are common in the UK. Modern Construction Methods The House builders Federation of the UK defines MMC as techniques, which entail efficient production management processes to achieve more quality building products. The modern methods of constructions that have become popular include open panels with lining materials, insulation services, windows, doors, internal wall finishes and external claddings. The UK construction industry is also embracing the use of ready-made parts, w hich are then pieced together. Unlike traditional houses, modern houses are built using concrete moulds and steels. A number of techniques have been embraced by those using modern construction methods. One of the popular techniques is the adoption of volumetric approach, which entails construction of three-dimensional modular units (Pan, Gibb & Dainty 2007, p.183). According to Parliamentary Office of Science and Technology (2009, p.3), other common modern methods of construction include the use of floor and roof cassettes, pre-cast concrete foundations, and pre-formed wiring looms. In the recent past, UK MMC developments have been redesigned to look like traditional brick houses. It is assumed that this new approach will continue gaining favour with the UK residents. Industries and educational institutions could also take advantage of these new construction approaches in order to achieve the benefits that are detailed below. According to the UK government, modern building technique s have a host of attendant benefits. Firstly, modern houses are easier to construct and environmentally friendly as they involve less transportation of materials and produce less waste. Secondly, they result to fewer accidents and have less impact on local residents during construction. In addition, the modern housing methods require less labour and are economical as fewer materials are required. Thirdly, the modern methods of construction significantly reduce onsite build time by 50%, and thus reduce labour costs. According to a study that was commissioned by the Office of the deputy Prime Minister, the volumetric approach, reduces on-site build time to 16weeks compared to 39 weeks for brick and block style. Likewise, using open panels reduces on-site building time to 20 weeks compared to 39 weeks for brick-and-block style (National Audit Office 2005). The benefits of the modern construction methods are best highlighted by a report that was commissioned by National Audit Office (20 05, p.7). According to this report, MMC guarantees the UK residents safer houses because most of the materials are produced under controlled environments (Roy, Low & Waller 2005, p.60). This is unlike on-site building techniques where enhancing quality of products becomes very challenging. In addition, customers are able to preview the complete houses before making any purchases. Although modern methods of construction are likely to become popular, their levels of acceptability among the UK residents are

What was the idea, belief, or movement that had the greatest impact on Research Paper

What was the idea, belief, or movement that had the greatest impact on Western civilization from the Enlightenment to the present day - Research Paper Example First, there was a need to make an improvement in technology. An improvement in technology would improve the world to a better place (Perry 12). Secondly, it was a prudent approach to make advances on science. In the ancient times, science was part of the society. Consequentially, the people were using traditional approaches in science, which recorded dismal performance. Thirdly, there was a need to mark an improvement in the social organisations of the day. With a collective bargain on the three issues, the human condition would be improved. This called for reaction from different individuals, governments and organisations that were directly involved in governance. Therefore, concentrating on these issues would yield results. Though it would take time, their efforts were greatly rewarded. Apparently, they were geared towards improving social progress that would improve the lives of people. This would also have an impact on developing economy and improve science and technology applic ation. There are notable ideologies and movements that were influential in steering western civilization in the world. To begin with, the idea of revolution was an influential approach in the western countries. North America was among the first regions to induct revolution in improving the human condition (Spielvogel 18). Many British colonies decided that this was the right time to bring change in various aspects of the country. First, they focused on improving the economy. They noted that the economy was strong pillar that would be influential in improving human condition. As such, they had several ideologies that would improve their economy. As such, they had to make a different approach by employing sophisticated ideas that would develop their economy. In perfecting their economy, some countries like Britain decided to develop great cities. This was particularly successful since they had a large population that would provide the much-needed labour. For instance, a better part of the population was the Britain ascent. However, there were other minorities which included the Dutch, Irish and black slaves (Sherman 17). The large population would provide descent labour to build cities across the nation. With developed cities, the region was able to record an improvement in the economy. In making an even better improvement, the region accepted immigrants from neighbouring regions. This would increase the number of people in need of employment. In return, the economy would gain by utilising the labour provided by the population. One of the ideas that improved the economy of the region was the introduction of taxes. The Britain government felt that the population needed to pay taxes. This was a move to increase the revenue collected by the government. In actual sense, the Britain government felt that all colonies should pay taxes that would run the government (Spielvogel 21). Consequentially, there was opposition from the colonies that felt overburdened by the tax es. Apparently, their grievances and opposition did not deter the government of the day from implementing the tax. This is particularly due to non-representation in the government. This was a milestone to improving the economy as the governments continued to amass revenue. While focusing on these revolutions and change in the economy, there are many regions that benchmarked the ideology. For instance, Canada, Australia and New Zealand made possible changes to mark an improvement in the economy and culture. This collectively improved the western countries to a better social and economic path. There was a belief that improving education and application of science would improve the world, especially the western count

Exploring Services Management Assignment Example | Topics and Well Written Essays - 2000 words

Exploring Services Management - Assignment Example By 2005, the organization had more than 400 Subway stores all within the UK and the company was expanding and aims at attaining 800 stores within the next two years. Within an extensively competitive market, qualitative study indicated that Subway was misinterpret and went to being harassed by non-users. Further to the present  £1.99 ‘Daily Special’, sandwich offer, required to boost tryout and develop frequency, was decaying. Marketing was required to propel modern clients and develop trust (Milford, 2011). The transition that was implemented within the organization, nonetheless, changed and brought tremendous success to the organization that was at the edge of collapsing. A local text turned into a national awareness, offering phenomenal numbers and move forward to international proposition. The real product traded by the firm did not change – rather it was re-branded repositioned, and re-launched. Within the initial local examination, a venture of  £400,000 within 11 weeks produced a boost up of similar store sales of 12% yearly and 12% return on investment. For three consecutive flying and a year later, the trial region income rose to 30% (Liutu, 2010). Such successes are attributed to the Subway chain owner Fred Deluca who opened the initial store in 1965. He went ahead to built a multi-billion dollar franchisee business. Varied with its main competitor McDonald, there are no â€Å"firm possessed stores.† The notion of modernly produced Subs drove the chain to its grade as a real market leader within the largely competitive US market mainly on fast-food industry. In 2006, the company had more than 25,000 stores and the sole proprietor Fred was on a list and positioned 242 out of the 400 richest Americans. The initial store in UK was introduced in 1996, and by 2004, a mean of fifteen fresh stores were launch monthly and existence along Top Street was planned to double within the next two years. Regardless of

Morality Essay Example | Topics and Well Written Essays - 1000 words

Morality - Essay Example The word Morality carries the concept of: moral standards, with respect to behavior; moral responsibility, referring to one’s own conscience; and a moral identity, that is one who can differentiate between his right and wrong actions. Morality defines the boundaries that have been set forth in our society and following them can only lead to harmony and respect within the society. It’s one of the core founding pillars of a sophisticated society as it not only characterizes what is right and wrong but also instills a sense of guilt within individuals. This makes sure that no matter how badly one wants to commit that action, morality takes over and stops one from doing that bad or unfavorable deed. For example, if a pharmaceutical company has decided not to withdraw a medicine from the market that causes severe side effects just because they will endure huge losses if they do so, it can clearly be stated as unethical. As playing with the lives of thousands of innocent peop le is not justified it is thus established as being an immoral act in society. Ethics, also termed as moral philosophy, is a prominent branch of philosophy that caters to questions about morality and its concepts, such as good and evil, right and wrong, virtue and vice, justice and crime, etc. Ethics can be broadly divided into three categories namely: Meta ethics, Normative ethics and Applied ethics. Meta ethics inquires about the roots of our ethical principles and how they came into being in our society. It usually deals with questions related to the role of reason in ethical judgment, the will of God and the issues of universal truths. Normative ethics on the other side takes a more practical task in determining the moral standards that set apart the right from the wrong. This often includes pursuing good habits in general, following duties that are considered favorable and the consequences that others might face because of one’s actions. Lastly, Applied ethics simply inv olves examining specific controversial issues, such as abortion, animal rights, environmental protection, homosexuality, capital punishment and chemical or nuclear wars. Although this branch looks quite simple but it has the highest opposition since opinions differ from person to person. For example, If a country starts discriminating against the immigrants of another country on the basis of race or religion than it is highly unethical of them in this developed world. Since the immigrants hold their rights to live freely there, basing differences on religion or on one’s race is prohibited in the civilized world. It is very important to know that reason is not the root for every answer. Although being rational and reasonable might help to achieve understanding of a certain situation but every situation at hand demands a different perspective. People argue that every right thing can be determined through reason, nevertheless that is not the case. It is futile to reason against something that is already established as a norm unless there is ample evidence that a change is needed. There are a lot of wrong things that need no reason, for instance hurting a human being or animal, using harmful means to acquire money or disrespecting elders. Likewise, there are uncountable right things that need no reason to perform, for instance loving and caring for ones parents, treating others respectfully, caring for human lives, living a healthy life and the

Honeynets implementation Case Study Example | Topics and Well Written Essays - 2000 words

Honeynets implementation - Case Study Example To ascertain the effectiveness of the project in administering the foresaid role, I have done sufficient research about the reliability and convenience of the system in managing the task and have found it much viable and efficient. The research done covered a wide scope including monitoring and getting feedback with those already with the system. I have also done hypothetical hacking techniques and in all the cases, the project has proved beyond hacking. I therefore strongly recommend the project for your institution to cushion form such possible attempts. Best regards. Executive Summery During the month of February, we received a formal communication to design a system security than would be hackers proof since the existing one was frequently being intruded in. It did not provide a resistant guard to hackers. Following this communication, we designed a study to help the company in the following ways; I. Keeping intruders outside the production system in disguise while they think the y are inside the main production system. II. It recognizes any intrusion attempt. This is because any operation found within it can only be from an intruder. III. Cheaper to manage; it can be virtually supported as opposed to those that are physically supported. IV. Recognizing and storing the pattern taken by the intruders to help our experts advance a quick counter response. During the month of February, hackers intruded into the production line system of the company. As a result of the intrusion several information were altered within the production system and the company lost very crucial operational and management data. In this regard, the company is estimated to have lost about $ 150,000. As a result of our in depth feasibility study, we established the following criterion for the system to be adopted; a) Can be virtually supported b) It has significantly low cost of maintenance c) It gives the identity of the hackers d) It is difficult to penetrate by hackers In this regard, we want to confidently appeal for company’s management to ratify the new security system and engage it for the next six month during which they will observe the number of attempted hacking without success in the main system. It is at this time that it will prove inevitable to avoid. Abstract The need to prevent hackers from succeeding in their quest is one of the investments being done by most of the organizations. Organizations do invest in various systems that will ensure that their insider information is not leaked to the unauthorized persons or that the unknown does not manipulate the organization’s data. Various systems have therefore been floated in response to the conduct. The lingering question is the viability of the system employed to succeed in the intended purpose, we made a proposal to your organization in this regard where we intended to implement the Honeynet project. Research was done about this project in terms of how successful it is and the informati on collected is

IIS Networking Infrastructure Design Essay Example | Topics and Well Written Essays - 2750 words

IIS Networking Infrastructure Design - Essay Example gent Imaging Solutions (IIS) is a corporate level organization involved in designing, engineering, manufacturing and distribution of consumer-oriented navigation systems (GPS). The corporate operations of IIS are basically divided into consumer products and military products. The military products division needs isolation and special security classification owing to its top secret nature of operations. The military division of the corporation operates from Fairfax Va, facility whereas the consumer products division is subdivided into Dallas and Shanghai locations. The corporation does not have consolidated network infrastructure due to gradual business expansion and most of the locations have heterogeneous network provisions. Presently, the corporate headquarter is situated in Dallas. This headquarter operates from three separate buildings, along with a prototype manufacturing facility, a warehouse and at-Home Sales Offices. Moreover, a corporate sales, support and distribution offic e in London covers business in European region. London office operations are supported by a warehouse, at-Home Sales Offices and a outsourced Customer Care Centre. Networks have recently got enormous stake in organizational success, rather more accurately we can say, â€Å"Organizations have become highly dependent of their network infrastructure.† (Iniewski, Carl & Daniel, 2008, p.479). The business operations of IIS are presently supported by loosely integrated heterogeneous network infrastructure. Most of the time the operations are conducted in isolation of other business location which are later on required to be incorporated with the main database. Miscellaneous, network connection at different location causes speed and concurrency bottlenecks for corporate environment. Specially, the... The military products division needs isolation and special security classification owing to its top secret nature of operations. The military division of the corporation operates from Fairfax Va, facility whereas the consumer products division is subdivided into Dallas and Shanghai locations. The corporation does not have consolidated network infrastructure due to gradual business expansion and most of the locations have heterogeneous network provisions. Presently, the corporate headquarter is situated in Dallas. This headquarter operates from three separate buildings, along with a prototype manufacturing facility, a warehouse and at-Home Sales Offices. Moreover, a corporate sales, support and distribution office in London covers business in European region. London office operations are supported by a warehouse, at-Home Sales Offices and a outsourced Customer Care Centre. Networks have recently got enormous stake in organizational success, rather more accurately we can say, â€Å"Organizations have become highly dependent of their network infrastructure.† (Iniewski, Carl & Daniel, 2008, p.479). The business operations of IIS are presently supported by loosely integrated heterogeneous network infrastructure. Most of the time the operations are conducted in isolation of other business location which are later on required to be incorporated with the main database. Miscellaneous, network connection at different location causes speed and concurrency bottlenecks for corporate environment. Specially, the company headquarter is not able to get rapid response from distant branch offices and overseas offices which causes managerial and operational complications.

Econometrics Coursework Example | Topics and Well Written Essays - 750 words

Econometrics - Coursework Example The null hypothesis that students whose language is not English are not more eager readers of fiction than those who speak English at home is therefore proved false, against the alternative hypothesis. The alternative hypothesis that the students whose language is not English are more eager readers of fiction than those who speak English at home, is proved to be true. Minimizing the residual value of the sum of square will maximize the value of R2 so that the optimization problem does not provide a coefficient that is less than or greater than zero. The values of R2 increase in the sequence shown below: If there was only one variable for the regression model, it would be logical to use the variable with the greatest coefficient to maximize the power of the model. In this case, for all the models, we use noeng as the variable for maximizing the powers of the models. This is because noeng has the greatest coefficient in all the

The Essence of Food Essay Example for Free

The Essence of Food Essay Food is any substance, usually composed primarily of carbohydrates, fats, water and/or proteins, that can be eaten or drunk by an animal or human for nutrition or pleasure. Items considered food may be sourced from plants, animals or other categories such as fungus or fermented products like alcohol. Although many human cultures sought food items through hunting and gathering, today most cultures use farming, ranching, and fishing, with hunting, foraging and other methods of a local nature included but playing a minor role. Most traditions have a recognizable cuisine, a specific set of cooking traditions, preferences, and practices, the study of which is known as gastronomy. Many cultures have diversified their foods by means of preparation, cooking methods and manufacturing. This also includes a complex food trade which helps the cultures to economically survive by-way-of food, not just by consumption. Many cultures study the dietary analysis of food habits. While humans are omnivores, religion and social constructs such as morality often affect which foods they will consume. Food safety is also a concern with foodborne illness claiming many lives each year. In many languages, food is often used metaphorically or figuratively, as in food for thought. Contents [hide] 1 Food sources 1. 1 Plants 1. 2 Animals 2 Production 3 Preparation 3. 1 Animal slaughter and butchering 3. 2 Cooking 3. 2. 1 Cooking equipment and methods 3. 2. 2 Raw food 3. 3 Restaurants 3. 4 Food manufacture 4 Commercial trade 4. 1 International exports and imports 4. 2 Marketing and retailing 4. 3 Prices 5 Famine and hunger 5. 1 Food aid 6 Safety 6. 1 Allergies 7 Diet 7. 1 Cultural and religious diets 7. 2 Diet deficiencies 7. 3 Moral, ethical, and health conscious diet 8 Nutrition 9 Legal definition 10 See also 11 Notes 12 References Food sources Almost all foods are of plant or animal origin, although there are some exceptions. Foods not coming from animal or plant sources include various edible fungi, such mushrooms. Fungi and ambient bacteria are used in the preparation of fermented and pickled foods such as leavened bread, alcoholic drinks, cheese, pickles, and yogurt. Many cultures eat seaweed, a protist, or blue-green algae (cyanobacteria) such as Spirulina. [1] Additionally, salt is often eaten as a flavoring or preservative, and baking soda is used in food preparation. Both of these are inorganic substances, as is water, an important part of human diet. Plants A variety of foods from plant sources Many plants or plant parts are eaten as food. There are around 2,000 plant species which are cultivated for food, and many have several distinct cultivars. [2] Seeds of plants are a good source of food for animals, including humans because they contain nutrients necessary for the plants initial growth. In fact, the majority of food consumed by human beings are seed-based foods. Edible seeds include cereals (such as maize, wheat, and rice), legumes (such as beans, peas, and lentils), and nuts. Oilseeds are often pressed to produce rich oils, such as sunflower, rapeseed (including canola oil), and sesame. [3] One of the earliest food recipes made from ground chickpeas is called hummus, which can be traced back to Ancient Egypt times. Fruits are the ripened ovaries of plants, including the seeds within. Many plants have evolved fruits that are attractive as a food source to animals, so that animals will eat the fruits and excrete the seeds some distance away. Fruits, therefore, make up a significant part of the diets of most cultures. Some botanical fruits, such as tomatoes, pumpkins and eggplants, are eaten as vegetables. [4] (For more information, see list of fruits. ) Vegetables are a second type of plant matter that is commonly eaten as food. These include root vegetables (such as potatoes and carrots), leaf vegetables (such as spinach and lettuce), stem vegetables (such as bamboo shoots and asparagus), and inflorescence vegetables (such as globe artichokes and broccoli). Many herbs and spices are highly-flavorful vegetables. [5] Animals Various raw meats Main article: Animal source foods Animals can be used as food either directly, or indirectly by the products they produce. Meat is an example of a direct product taken from an animal, which comes from either muscle systems or from organs. Food products produced by animals include milk produced by mammals, which in many cultures is drunk or processed into dairy products such as cheese or butter. In addition birds and other animals lay eggs, which are often eaten, and bees produce honey, a popular sweetener in many cultures. Some cultures consume blood, some in the form of blood sausage, as a thickener for sauces, a cured salted form for times of food scarcity, and others use blood in stews such as civet. [6] Production Tractor and Chaser Bin Main article: Agriculture Food is traditionally obtained through farming, ranching, and fishing, with hunting, foraging and other methods of subsistence locally important. More recently, there has been a growing trend towards more sustainable agricultural practices. This approach, which is partly fueled by consumer demand, encourages biodiversity, local self-reliance and organic farming methods. [7] Major influences on food production are international organizations, (e. g. the World Trade Organization and Common Agricultural Policy), national government policy (or law), and war. [8] Preparation While some food can be eaten raw, many foods undergo some form of preparation for reasons of safety, palatability, or flavor. At the simplest level this may involve washing, cutting, trimming or adding other foods or ingredients, such as spices. It may also involve mixing, heating or cooling, pressure cooking, fermentation, or combination with other food. In a home, most food preparation takes place in a kitchen. Some preparation is done to enhance the taste or aesthetic appeal; other preparation may help to preserve the food; and others may be involved in cultural identity. A meal is made up of food which is prepared to be eaten at a specific time and place. [9] Animal slaughter and butchering Workers and cattle in a slaughterhouse. The preparation of animal-based food will usually involve slaughter, evisceration, hanging, portioning and rendering. In developed countries, this is usually done outside the home in slaughterhouses which are used to process animals en mass for meat production. Many countries regulate their slaughterhouses by law. For example the United States has established the Humane Slaughter Act of 1958, which requires that an animal be stunned before killing. This act, like those in many countries, exempts slaughter in accordance to religious law, such as kosher shechita and dhabiha halal. Strict interpretations of kashrut require the animal to be fully aware when its carotid artery is cut. [10] On the local level a butcher may commonly break down larger animal meat into smaller manageable cuts and pre-wrapped for commercial sale or wrapped to order in butcher paper. In addition fish and seafood may be fabricated into smaller cuts by a fish monger at the local level. However fish butchery may be done on board a fishing vessel and quick-frozen for preservation of quality. [11] Cooking Main article: Cooking Cooking with a Wok in China The term cooking encompasses a vast range of methods, tools and combinations of ingredients to improve the flavor or digestibility of food. Cooking technique, known as culinary art, generally requires the selection, measurement and combining of ingredients in an ordered procedure in an effort to achieve the desired result. Constraints on success include the variability of ingredients, ambient conditions, tools, and the skill of the individual cooking. [12] The diversity of cooking worldwide is a reflection of the myriad nutritional, aesthetic, agricultural, economic, cultural and religious considerations that impact upon it. [13] Cooking requires applying heat to a food which usually, though not always, chemically transforms it, thus changing its flavor, texture, appearance, and nutritional properties. [14] Cooking proper, as opposed to roasting, requires the boiling of water in a container, and was practiced at least since the 10th millennium BC with the introduction of pottery. [15] There is archaeological evidence of roasted foodstuffs at Homo erectus campsites dating from 420,000 years ago. [16] Cooking equipment and methods There are many types of cooking equipment used for cooking. Ovens are one type of cooking equipment which can be used for baking or roasting and offer a dry-heat cooking method. Different cuisines will use different types of ovens, for example Indian culture uses a Tandoor oven is a cylindrical clay oven which operates at a single high temperature,[17] while western kitchens will use variable temperature convection ovens, conventional ovens, toaster ovens in addition to non-radiant heat ovens like the microwave oven. Ovens may be wood-fired, coal-fired, gas, electric, or oil-fired. [18] A stainless steel frying pan. Various types of cook-tops are used as well. They carry the same variations of fuel types as the ovens mentioned above. cook-tops are used to heat vessels placed on top of the heat source, such as a saute pan, sauce pot, frying pan, pressure cooker, etc. These pieces of equipment can use either a moist or dry cooking method and include methods such as steaming, simmering, boiling, and poaching for moist methods; while the dry methods include sauteing, pan frying, or deep-frying. [19] Traditional asado In addition, many cultures use grills for cooking. A grill operates with a radiant heat source from below, usually covered with a metal grid and sometimes a cover. An open bit barbecue in the American south is one example along with the American style outdoor grill fueled by wood, liquid propane or charcoal along with soaked wood chips for smoking. [20] A Mexican style of barbecue is called barbacoa, which involves the cooking of meats and whole sheep over open fire. In Argentina, asado is prepared on a grill held over an open pit or fire made upon the ground, on which a whole animal is grilled or in other cases smaller cuts of the animal. [21] Raw food Many types of sushi ready to be eaten. Certain cultures highlight animal and vegetable foods in their raw state. Sushi in Japan is one such cuisine that features raw sliced fish, either in sashimi, nigiri, or maki styles. [22] Steak tartare and salmon tartare are dishes made from diced or ground raw beef or salmon respectively, mixed with various ingredients and served with baguette, brioche or frites. [23] In Italy, carpaccio is a dish of very thin sliced raw beef, drizzled with a vinaigrette made with olive oil. [24] A popular health food movement known as raw foodism promotes a mostly vegan diet of raw fruits, vegetables and grains prepared in various ways, including juicing, food dehydration, not passing the 118 degree mark, and sprouting. [25] Restaurants Toms Restaurant, a restaurant in New York Many cultures produce food for sale in restaurants for paying customers. These restaurants often have trained chefs who prepare the food, while trained waitstaff serve the customers. The term restaurant is credited to the French from the 19th century, as it relates to the restorative nature of the bouillons that were once served in them. However, the concept pre-dates the naming of these establishments, as evidence suggests commercial food preparation may have existed during the age of the city of Pompeii, as well as an urban sales of prepared foods in China during the Song Dynasty. The coffee shops or cafes of 17th century Europe may also be considered an early version of the restaurant. [26] In 2005 the United States spent $496 billion annually for out-of-home dining. Expenditures by type of out-of-home dining was as follows, 40% in full-service restaurants, 37. 2% in limited service restaurants (fast food), 6. 6% in schools or colleges, 5. 4% in bars and vending machines, 4. 7% in hotels and motels, 4. 0% in recreational places, and 2. 2% in other which includes military bases. [27] Food manufacture Packaged household food items Main article: Food manufacture Packaged foods are manufactured outside the home for purchase. This can be as simple as a butcher preparing meat, or as complex as a modern international food industry. Early food processing techniques were limited by available food preservation, packaging and transportation. This mainly involved salting, curing, curdling, drying, pickling, fermentation and smoking. [28] During the industrialization era in the 19th century, food manufacturing arose. [29] This development took advantage of new mass markets and emerging new technology, such as milling, preservation, packaging and labeling and transportation. It brought the advantages of pre-prepared time saving food to the bulk of ordinary people who did not employ domestic servants. [30] At the start of the 21st century, a two-tier structure has arisen, with a few international food processing giants controlling a wide range of well-known food brands. There also exists a wide array of small local or national food processing companies. [31] Advanced technologies have also come to change food manufacture. Computer-based control systems, sophisticated processing and packaging methods, and logistics and distribution advances, can enhance product quality, improve food safety, and reduce costs. [30] Commercial trade International exports and imports Food imports in 2005 World Bank reported that the EU was the top food importer in 2005 followed at a distance by the USA and Japan. Food is now traded and marketed on a global basis. The variety and availability of food is no longer restricted by the diversity of locally grown food or the limitations of the local growing season. [32] Between 1961 and 1999 there has been a 400% increase in worldwide food exports. [33] Some countries are now economically dependent on food exports, which in some cases account for over 80% of all exports. [34] In 1994 over 100 countries became signatories to the Uruguay Round of the General Agreement on Tariffs and Trade in a dramatic increase in trade liberalization. This included an agreement to reduce subsidies paid to farmers, underpinned by the WTO enforcement of agricultural subsidy, tariffs, import quotas and settlement of trade disputes that cannot be bilaterally resolved. [35] Where trade barriers are raised on the disputed grounds of public health and safety, the WTO refer the dispute to the Codex Alimentarius Commission, which was founded in 1962 by the United Nations Food and Agriculture Organization and the World Health Organization. Trade liberalization has greatly affected world food trade. [36].

The Increase Of Private Labels Of Grocery Products

The Increase Of Private Labels Of Grocery Products How customers make product selection is a vital concern in marketing theory. A vast briefing and a growing stream of models have been developed seeking to throw light on this issue. Implicit in mainly of this work is that consumers are choosing among rival company brands. In todays FMCG markets private brand increasingly competes with manufacturer brands noticeable at very unusual price levels. The increase of private labels of grocery products is a sign of a major change in the product mix offered by seller. Store brand offer consumers with a competitive substitute to national brands. Private brands offer low prices due to their low manufacturing costs, low-cost packaging, nominal advertising and lower overhead costs. For retailers, store brand offer a chance to increase store traffic and build store loyalty. Though private brands are generally priced lower than manufacturer brands, the higher margin earned on these products allow retailers to increase into lower volume categories for which success depends on greater per unit contribution margins. More prominently, the accessibility of proprietary brands not sold elsewhere may support store loyalty and boost store traffic. Once inside the store, the consumer also become a prospect to which to sell the whole grocery basket due to cost of time involved in multi store shopping. Consumers frequently make judgments of product quality on the basis of substitute or indirect indicators. Surrogate measures are product connected sign that consumers think are linked with real objective measures of product quality. Surrogate sign are used in quality assessment because they can be interpreted, assess and review easily when considering a variety of brand alternatives. Therefore, it would seem helpful for store brand managers to understand which substitute variables are in use by households when inform store brand quality and how different groups of consumers diverge in their consumption of such indicators in brand choices. Retailer who sell both private brand and manufacturing brands, which is often accurate for frequently acquire consumer products, is confront with describe his private brand market. It is vital for him to know whether the sales of his private brands are reason for the impulse buying of consumers who switch to his store at the time of purchase or whether his brands customer are loyal to his brand and comprise a particular market segment. In fast moving consumer goods normally get pleasure from very slim profit margins in their product categories. It is therefore very important that the retailer be aware of the impact of the introduction of a store brand on customer demand for both the store brand and manufacturing brands. Retailer have turn out to be more powerful and global, they have gradually more focused on their own brands at the cost of manufacturer brands. Rather than just selling on price, retailers have changed private label into brands. Consequently, such a Johnson Johnson, Nestle, Procter Gamble and Unilever and all other locally and multinational manufacture now compete with their largest retail and wholeseller customers like Metro, Makro, Aghas and Naheed. The development in private labels has huge inference for executive on both sides. So far, brand manufacturers still stick to their outdated assumptions about private labels. Most vital, the lay out actionable approach for opposing against or work together with private label supplier. Private labels enable managers to steer beneficially in this radically altered landscape. Private label market share usually goes up when the economy is distress and downward in stronger economic periods. Manufactures of brand name products can have major influence on the importance of the challenge create by private label goods. It is not easy for managers to look at a competitive risk objectively and in long term situation when day to day performance is suffering. Lot of private label commodities are more complicated than their rivals similar products. Once chosen for less prosperous buyers, private labels have enjoyed growing attractiveness among all consumers. Private brands are, in reality, altering the branding, product development marketplace, and retailing which was already changing in reply to globalization, more rapidly development, and superior consumerism. Private Brands are growing into full fledged alternative, capable of competing productively with these national brands on quality as well as on price (Harding Quelch, 1996) and contributing significantly to profitability, Store discrimination and store loyalty (Lal Corstjens 2000). Sales Volume and market shares of store brands, as well as their appeal to consumers have gradually increasing. A lot of retailers come into view themselves increasingly as active marketers of their own store brands, rather than as iactive distributors ofnational brands. Private brands can help retailers to attract consumers traffic and build loyalty to the store by offering exclusive product lines and quality products. In addition, store brands can help project a lower price reflection for retailers, increase their bargaining influence over manufacturers and producers of major national brands and point to increased control over shelf space. Carrying store brands comes with sevral advantages, one of whic h is the comparatively high gross margin, which can be more than a manufacturers brands. The high margin results from the more proficient marketing effort, lessening of middleman, and economies of scale get hold of distribution. Furthermore, they present worth to customers by offering a mishmash of good quality and superior products and strenghten the retailers name both on the shelves and in customers homes (et al Richardson, 1996 and Fitzell 1992;). The idea of store brands is often used interchangeably with terms such as private label brands or own brands. (cf. DelVecchio, 2001; Dick et al., 1996;Hoch and Banerji, 1993; Raju et al., 2001; Sethuraman and Cole, 1999). The positioning of the brand is a gathering of many different variables, such as the image of the store, quality of the products, price of the products, variety of the products and drive of the retailer to invest in its promotion (Kapferer, 1994 and Davies, 1998;). In most of the cases the private brand is closely linked with the store itself, for example in the case of Makro, Metro, Naheed, Aghas and D-Mart where own brands are sold exclusively. In other cases, the store brand is one of lots of brands available in the store. This situation is distinctive for most retail stores. 2.1. Development of Intention How do retailer attributes influence consumer valuation of store brands? Even though retail stores are facing difficulties in discriminating themselves due to the lack of a apparent core product/service and the need to address the broadest possible range of consumers and purchase situation, (al et Dick 1995). For Suppose that the store image acts as an important sign of store brand quality. Store image is reflected in the stores physical environment (al et Richardson 1996b), Observation related to its commodities, and perceived service quality (Golden Zimmer 1988, Baker et al., 1994).Custmers use these indication to form an overall assessment that will influence their attitude toward the store as a whole, and potentially towards its store brands. This can give explanation why store brands do better than manufacturer branded products in some cases. Consumers buying decisions will thus be subjective by their experiences with the retail environment, the merchandise and the level of ser vice: (al et Semeijn J. / Journal of Retailing and Consumer Services 11 (2004)) A well-recognized and established brand image is one of the most important assets a firm possesses. Brand managers and manufacturers are worried with managing brand equity and capitalizing on the value of a brand image (Aaker, 1991). A product or retail establishment has many relations which combine to form its total intuition. Only some would disagree that consumers form impressions of brands, and that these impressions afterward put forth a major influence on store choice decisions and shopping behaviors. Favorable images of brands surely influence patronage decisions and purchase behaviors, while unfavorable images unfavorably influence such decisions and behaviors. In other words, the images linked with the brands a store carries influence a stores image, which in turn, influences consumers decision-making process and behaviors. As a result, brand image and Store image are inextricably connected to one another. 2.2 Store image The concept of store image first came of interest when Martineau Pierre (1958) explain the qualities of the retail store. Since that declaration, it has usually been recognized that, over time, consumers form opinion and feelings associated with stores, and that these overall imitation strongly influence their shopping and patronage behaviors. Retail store image is an overall intuition of a store as perceived by consumers (Keaveney and Hunt, 1992). One of the normally conventional formal definitions of retail store image is an individuals cognitions and feeling that are contingent from perceptions or memory inputs that are emotionally involved to a particular store and which represent what that store mean to an individual (Jacoby and Mazursky, 1986 Baker et al., 1994; ). In addition to developing explanation of retail store image, researchers have also recognized multiple extent of the concept. Retail image is normally explain as a combination of a stores well-designed qualities and the psychological characteristic consumers link to these. Where as the exact dimensions have varied over the years, the well-known classification of image characteristic have consisted of some combination of functional and psychological characteristic. For example, some of the more common proportions identified by researchers have been linked with: trend, choice, and excellence of merchandise; customer services and sales personnel; and the physical conditions and ambiance of the store (Golden and Zimmer, 1988, Lindquist, 1974-1975; Martineau, 1958;). A strong brand image offers an organization quite a few important strategic advantages. A brand differentiate the goods and services of one seller from those of rival. A powerful brand identity creates a major competitive advantage; a well known brand encourage repeat purchases. Thus, a brand acts as a indicator to consumers concerning the source of the product and defend customers and manufacturers from me-too products that may come out identical. Brand image consists of consumer knowledge and thinking, stored in memory as associations, about brand attributes and the consequences of brand use (Olson and Peter, 1994). These relations are usually organized in some meaningful manner (Aaker, 1991). Brand images are important because they form worth for manufacturers in at least five means (Aaker, 1991). 1st, brand images help consumers retrieve and process information. 2nd, brand images give a basis for discrimination and positioning of a product. 3rd, brand images involve product attributes and customer benefits that give consumers a basis to purchase and use the brand. 4th, brand images create relations that make positive attitudes and approach that are transferred to the brands. 5th, brand images provide the source for product extensions, by creating a sense of fit among the brand and the new product or by giving consumers a basis to buy the new product. The value brand images create for manufacturers are also expected on to the image of retail stores that hold the brands. One way consumers explain retail stores is in terms of their assessments of the brands accepted. (JOURNAL OF PRODUCT BRAND MANAGEMENT, VOL. 6 NO. 6 1997) Store brands are usually owned, controlled, and sold exclusively by particular retailers. The products sold under these brand names are generally developed and packed by retailers rather than manufacturers and are marketed solely through their own stores. The entry of a store brand can aid retailers in a number of ways: First, store-brand entry can strengthen the bargaining position of retailers v/s national brand manufacturers. The retailers channel power is supposed to increase as a result of store-brand entry, which changes the nature of the manufacturer-retailer dealings. Store brands may permit the retailer to negotiate lower wholesale prices on national brands. In addition, retailers can strategically position store brands in the product space to strengthen their bargaining position when negotiating supply terms conditions with manufacturers of national brands. Store-brand entry may increase the importance of the entire category and increase category sales. In fact, store-brand entry may shake up a dormant category. The store brand itself may make profits because of its high unit margin and potentially high volume. Store brands make shopping easier for consumers, and they enhance the stores image and store loyalty by improving store differentiation v/s other retailers. The retailers marketing tactic for store brands should think about manufacturers interest in developing store brands and consumer interest in store brands. Regardless of the potential power of a store-branding marketing strategy, and although its great attractiveness in a variety of sectors, applying a store-brand strategy does not necessarily promise instantaneous success. To a certain extent than viewing development of a store brand as a dependable recipe for success, retailers need to study the brands positioning and financial characteristics in depth to choose how and whether to apply a store-brand strategy. Several characteristic should be measured: The strength of competitiveness in the division. Retailers that work in less competitive markets essentially hold large market shares. Because these retailers get pleasure from regular traffic by consumers, they can offer wide range in leading and non-leading national brands as well as store brands. As a result, it is more likely tha t consumers will believe the private brand to be a good buy. These brands thus help strengthen tie between consumers and the retail chain and increase loyalty to the chain. Economies of scale. Because large retailers can exploit their strength to reduce distribution costs, they can easily ask manufacturers to manufacture a store brand for them at lower cost. The savings achieved permit large retail chains to present quality brands at reasonable prices. The depth of the retailers product mix. Customers at retail chains with low positioning look forward to find a more limited range of brands, ranging from store brands to leading manufacturers brands. Because the majority of consumers in these chains tend to buy non-leading national brands, it is more expected that the store brands will sell and become a regular attribute in the shopping baskets of the chains customers in time. The retailers experience in diverse product categories. Consumers in specialty stores develop only a weak reliance on national brands because they seek exclusive brands rather than the standard brands offrerd in most stores. Against this conditions, the prospects grow for the specialty shop to build up a line of store brands. Price difference. Research demonstrate that when there is a large difference between product prices (national and private) in certain categories, the rivate brand has better prospects for success. As the gap grows smaller, the prospects of store brands similarly reduce . Promotion. Promotion activities by national brand manufacturers, such as concession on their own brands, direct to a loss of status and influence for store brands, mainly among price-sensitive consumers. When distributors strive to fight national brands through alike promotion activities, they may end up deteriorating the private brand and enhancing sales of national brands, as promotions can make consumers recognize the store brand as lower in quality than the national brand. (Ram Herstein and Eugene D. Jaffe are based at the Ruppin Academic Center, Emek Hefer, Israel.). 2.2.1 Price of Store Brand Price and extraordinary promotions have been used to attract customers to a retail store and create an increased level of store traffic (Berden and Lichtenstein, 1989 Krishnan, Monroe and Grewal, 1998). According to the trade publications, retailers use of price promotions to draw attention of customers and the want to maintain margins have always been at odds with each other. The disagreement has become more acute as price promotions have failed to build sales (Grocer Progressive, 1992). In addition, although price discounting can generate traffic in a retail store, such discounting can have negative effects on the brands quality and internal reference prices. Price discounting may even spoil a stores overall image. 2.2.2 Quality There was a distinctive gap in the level of quality between private label and national brand products. Now that gap has narrowed; private-label quality levels are much higher than ever before, and they are more consistent. The distributors that bond for private label manufacture have improved their procurement processes and are more cautious about monitoring quality. For a long time, the critical assumption that a product will best satisfy the customer as long as it has desired benefits was, unexpectedly, completely foreign to store-brand marketers in emerging developed markets. Consumers were hesitant to accept store brands because they did not offer functionality benefits that indicated quality, freshness, high performance, resilience and etc. Only recently have some managers in the best-performing store brand markets learned what the store brand actually means to the customer, and they have consequently improved its functionality and quality. (Launching store brands in emerging markets: resistance crumbles by: Jaffe D. Eugene and Herstein Ram) 2.2.6 Ambiance Is it not enough to offer a well familiar product range at a best price in the right place? A good layout is a matter of customer satisfaction. Of course, there are also viable factors that argue in favor of the significance of a good layout. A good layout provides you with the opportunity of influencing store turnover. The proper shelf layout, the display of the product range or a well-thought out spot for special offers all have a direct outcome on turnover. So a good layout may very well create a boom in a stores turnover. Each store has its own best explanation for logistics problems. This applies mainly to stores with a quick turnover of goods, stores that sell products that are not easy to market or products that take up a large amount of space. One of the major purposes of the layout is certainly to create smooth customer flow all the way through the store. To accomplish this, it is important to create the right balance between fast and smooth (consumer) flow on the one hand a nd provision of space on the other. Creating smooth (consumer) flow is essential in stores that have a high frequency of customer visits. Of course, a good layout has other purposes as well. In accordance with the belief that first impressions count, the layout can either catch the attention of customers or put them off. A layout can provide solutions or it can cause difficulties.

Benefits and Types of Family Therapy

Benefits and Types of Family Therapy If you are looking for love that has no reservation, you have to go to your family. Ideally, a family is bound by selfless love-the kind that will not abandon you in times of need. Your family is a unit with members who will love and support you, no matter what. In reality, however, very few families can stay ideally strong 100 percent of the time. Most families have issues, not because they are weak, but because conflicts are natural. Unfortunately, these conflicts can also weaken family ties through misunderstandings, anger, strained family dynamics, unmet expectations, etc. Avoiding conflict isnt a realistic way to strengthen your family ties, but family therapy is. Differing Views: The Root of All Conflicts Having dissimilar perceptions and takes on various matters is healthy for any family. It can potentially become unhealthy when these different views are conflicting or clashing and the family isnt communicating the way it should. The tricky thing is the bigger a family, the more clashing opinions there are. For instance, a couple with one child may have an easier time making decisions because there are fewer people to consider in the process. If you have an extended family, making rules could be more complicated. A teenager may perceive rules as an attempt to control them. A grandparent supporting either party can be viewed as interfering. Even the parents may not agree on strategies for disciplining their teen. Family love may deter everyone from further complicating the differences, so as not to make them bigger. It can, however, mean keeping their intense emotions bottled up. While this can effectively prevent an immediate confrontation, it doesnt work in the long run. Like a volcano, the brewing conflict can erupt, hurling harsh and painful words. Resolving conflicts with the assistance of an experienced family therapist is a healthier option. The Basics of Family Therapy Despite the differences and clashing views, you would not dream of ripping your family apart. In the face of all aridity and disenchantment your family is still as perennial as grass-loving you without ifs or buts. However, wouldnt you prefer to have a family that is resilient in the face of all your challenges? If you are looking for a way to fortify your family ties, you cant go wrong with family therapy. According to the Mayo Clinic, Family therapy is a type of psychological counseling (psychotherapy), which EFTA says is a well-established and evidence-based approach alongside other psychotherapeutic modalities. It is a type of therapy that assists families in improving their communication and interaction systems for the purpose of resolving their conflicts and reducing their distress. Family therapy is based on the premise that each family is unique with a culture all its own. To successfully address a family issue, treatment cant be limited to the members exhibiting symptoms. To treat only the member who is identified as ill is like treating the symptom of a disease, but not the disease itself, says WebMD. Reaping the Rewards of Family Counseling Family therapy is a productive approach that can serve the interest of not only the affected members, but the whole family. After all, healthy family relationships benefit all the members. So, when one member is struggling with a medical issue or several members are having conflicts because of communication problems, seek out family therapy. It is an effective approach because it is comprehensive and considerate of the respective needs and relationships existing within a family system. It aims to work with families and their strengths, rather than on them. It recognizes the uniqueness of each family and their culture. It also works by bringing the conflicting members together during therapy. In these ways, the whole family is engaged in a productive effort to settle differences and resolve the issues, while fostering continuing support for each other. The Family That Heals Together The enormous love that binds your family can make forgiving possible, but healing is not guaranteed. Often, settling family issues on your own means simply forgiving and forgetting, which is why they can recur and threaten to harm your relationship further. If you want to bring back harmony in the family or fortify your family bonds, the key is to resolve your issues in a healthy manner. You can do this with the help of a family therapist contracted with Carolina Counseling Services in Pinehurst, NC. A professional licensed therapist can facilitate your conflict resolution in a safe and unbiased environment. An impartial setting has the positive effect of encouraging participants to be more agreeable and cooperative, because they perceive the outcome to be objective and fair. To maintain the love that binds your family, dont wait for your issues to snowball-commit to family therapy with a reliable therapist independently contracted with Carolina Counseling Services in Pinehurst, NC, to withstand more vicious and larger storms in the future.

Photography vs. Text Essay -- Art Writing Literature Essays

Photography vs. Text Man's first step on the moon, the Hindenburg Disaster, The Gold Rush of 1849, The Great Depression, and the realities of Vietnam are all in our memory because of one thing: photography. Many may not remember what literature and history books say about the war in Vietnam, but what about the graphic photo of a South Vietnamese Buddhist burning himself alive? Some may not recall the words of news anchor Walter Cronkite as he announced the death of President Kennedy, but may reminisce on what film captured-- first he took off his glasses, next he looked you straight in the eyes and delivered the message in a straightforward and serious matter: "Three shots were fired at President Kennedy's motorcade in downtown Dallas." (qtd. in Bestor) Cronkite remembers it as "the only time (he) ever broke down while on the air." (qtd. in Hayes) An hour and a-half later, According to the World Book Multimedia Encyclopedia, photography froze history as Lyndon B. Johnson made his presidential oath on Air-Force One. Jackie Kennedy watched on with ineffable emotion. ("Kennedy"). Two days later was the assassination of Lee Harvey Oswald, captured by a photographer at the exact moment that Jack Ruby pulled the pistol and shot Oswald point-blank. The picture-- depicting the horror on Oswald's face and Jack Ruby's expression of anger-- won the 1963 Pulitzer Prize for photographic journalism. Edward Steichen said to TIME reporters in 1961 that "photography records the gamut of feelings written on the human face, the beauty of the earth and skies that man has inherited, and the wealth and confusion man has created. It is a major force in explaining man to himself." (Eurlich and DeBruhl 505.) Steichen was a pioneer in ... ...t to lose." (Eurlich and DeBruhl 126) These great pieces of art are primarily so for their ability to freeze time in a split second. No other art form in the world, not even literature, can match that. Works Cited Eurlich, Eugene, and Marshall DeBruhl. The International Thesaurus of Quotations New York: HarperPerrenial, 1996 World Book Multimedia Encyclopedia San Diego: Ivid Communications, 1997 Bestor, Mary Jane. JFK Death: Sunday Was 35th Anniversary News Article 21 Jun. 2000 <http://www.wcco.com/news/stories/news-981123-055109.html> Hayes, Ace R. A Reporter's Lie: Cronkite and the Party Line (Book Review) 22 Jun. 2000 <http://www.radio4all.org/pfp/cronkite.html> Newmann, Renee M. Dyslexia: Explanations from Science Dyslexia & Dyscalculia Support Services of Shiawassee County. 24 Jun. 2000 <http://www.shianet.org/~reneenew/dysl.html>

James Watt :: essays research papers

James Watt was born February 19, 1736 and died on August 19, 1889. As a child he was often sick. This kept James out of school. His mother had to teach him how to read and write. James suffered from severe headaches, so many people thought he was retarded. Little did they know that this child that most people didn’t consider normal would lead America to one of the most important stages The Industrial Revolution. It all started when he traveled to England to become a mechanic. Then he decided to come back to Scotland. This is where he met Joseph Black. Black though him some thing that he found interesting about steam. This got Watt started in thinking about how to make Newcomms steam engine better. So in 1764 he got his first real challenge. He got one of Newcomms machines that could not be repaired. He repaired that machine without any problem. Watt had one problem, he had no idea why someone would be satisfied with a machine like this. James decided to make a practical steam engine, this resulted in cheaper transportation. This was possible because in 1869 Watt came up with the condenser (a chamber for condensing the steam) witch he got patented. During all this commotion Watt decided to get married to his cousin Margaret Miller, who died nine years after there marriage. Although they still had six children together. Watt then decide to marry his second wife Ann MacGreagor, which they went on to have two children. James was able to keep wealthy by teaming up with huge manufactures. They wanted James’s engine to do thing like pump water out of coal mines and putting them in locomotives to transport goods. The final part of the steam engine was a invented in 1790. It was a gauge that make the steam much safer. It read the amount of steam pressure produced in side the tank.

Gothic Elements in House of Leaves Essay -- House of Leaves Essays

Gothic Elements in House of Leaves Mark Z. Danielewski's House of Leaves is a contemporary novel that contains the four characteristics of the Gothic novel: architecture, death and decay, family secrets, and deviant sexuality. It also contains some elements of the American Gothic such as mental instability and drugs and alcohol. Architecture by far, plays the greatest role in the book. The house itself causes the events in the book to unfold. Supposedly built in 1720, it has housed approximately 0.37 owners a year, most of who were traumatized in some way. William (Navy) and Karen Navidson, the current owners of the house, are included in this select group. Though they move into the house as an attempt to repair their marriage, it is what that ultimately drives them apart. The first sign of trouble is the appearance of a long, cold, dark hallway. The house, larger on the inside than it is on the outside, causes Navidson to investigate the house and serves as the catalyst for the destruction that follows. The exploration of the house reveals a series of labyrinth-like hallways, twisting and turning like the convolutions of the brain. The house, a representation of the brain and the human psyche, are even linked to the mind. For example, when Holloway and his men (the people Navidson hires to explore the house) descend the stairs, they expect it to be long and it takes them several days to descend it. When Navidson reaches the stairs, he expects it to be short and it takes only five minutes to descend. The house bends to their expectations. The house is similar to the mind in other ways. It houses inner demons and fears, which can be heard stalking its prey. It also contains a "basement"... ...the bottom of the page. When they were at the top of the stairs the words were at the top. Another example is the section on Holloway. In it there are missing words, missing pieces of words, and even missing sentences. His account has "hollow sections." In fact there are other sections of the book that lack parts. This is another element of the gothic: obscurity. Thus, Mark Z. Danieleski's House of Leaves contains many gothic elements. It has family secrets, sexual deviance, architecture, and death and decay present in the different layers of the story. Just as the story has many layers so does the house. It appears idyllic and serene on the outside, but on the inside is a den of darkness and death. Perhaps as someone in the book has claimed, it is the collective product of every inhabitant's agonies. Whatever the cause of the house, it remains an enigma.

Financial Accounting 3 Summary

CHAPTER 1: FINANCIAL STATEMENTS Financial Statement – the means by which the information accumulated and processed in financial accounting is periodically communicated. General purpose financial statements -PAS1 prescribes to ensure comparability both with the entity’s financial statements of previous periods and with the financial statements of other entities. -statements intended to meet the needs of users who are not in a position to require an entity to prepare reports tailored to their particular information needs. Components of financial statements 1. Statement of financial position 2. Income statement 3. Statement of Comprehensive Income 4. Statement of Changes in Equity 5. Statement of Cash Flows 6. Notes comprising a summary of significant accounting policies and other explanatory information objectives of financial statements -to provide information about the financial position, financial performance and cash flows of an entity that is useful to a wide range of users in making economic decisions. General features of financial statements Going Concern An entity preparing PFRS financial statements is presumed to be a going concern. If management has significant concerns about the entity’s ability to continue as a going concern, the uncertainties must be disclosed. If management concludes that the entity is not a going concern, the financial statements should not be prepared on a going concern basis, in which case PAS1 requires a series of disclosures. Accrual Basis of Accounting PAS1 requires that an entity prepare its financial statements, except for cash flow information, using the accrual basis of accounting. Materiality and Aggregation Each material class of similar items must be presented separately in the financial statements. Dissimilar items may be aggregated only if they are individually immaterial. Offsetting Assets and liabilities, and income and expense, may not offset unless required of permitted by a Standard or an Interpretation. Frequency of Reporting An entity shall present a complete set of financial statements at least annually. Comparative Information PAS 1 requires that comparative information shall be disclosed in respect of the previous period for all amounts reported in the financial statements, both face of financial statements and notes, unless another Standard permits or requires otherwise. Consistency of Presentation The presentation and classification of items in the financial statements shall be retained from one period to the next unless a change is justified either by a change in circumstances of requirement of a new PFRS. Measurement of elements process of determining the monetary amounts at which the elements of FS are recognized and carried in the statement of financial position and income statement. Measurement base on financial attributes 1. Historical cost- amount paid or the face value of the consideration given to acquire assets at the time of acquisition. 2. Current cost- amount that would have to be paid if the same or an equivalent asset was acquired currently. 3. Realizable value- am ount that would currently be obtained by selling the asset in an orderly disposal. 4. Present value- discounted value of the future net cash inflows that the item is expected to generate in the normal course of business. CHAPTER 2: STATEMENT OF FINANCIAL POSITION The Statement of Financial Position Elements Asset An asset is a resource controlled by the entity as a result of the past events and from which future economic benefits are expected to flow the entity. Liability A liability is a present obligation of the entity arising from past events, the settlement of which is expected to result in an outflow from the entity of resources embodying economic benefits. Equity Equity is the residual interest in the assets of the entity after deducting all its liabilities. Statement of Financial Position Presentation An entity must normally present a classified statement of financial position, separating a current and noncurrent assets and liabilities. Only if a presentation based on liquidity provides information that is reliable and more relevant may the current/noncurrent split be omitted. In either case, if an asset (liability) category commingles amounts that will be received (settled) after 12 months, note disclosure is required that eparates the longer-term amounts from the 12-month amounts. An asset shall be classified as current when it satisfies any of the following criteria: * It is expected to be realized in, or is intended for sale or consumption, in the entity’s normal operating cycle; * It is held primarily for the purpose of being traded; * It is expected to be realized within 12 months after the reporting period; or * It is ca sh or a cash equivalent unless restricted from being exchanged or used to settle a liability for at least 12 months after the reporting period. All other assets shall be classified as noncurrent. A liability shall be classified as current when it satisfies any of the following criteria: * It is expected to be settled in the entity’s normal operating cycle; * It is held primarily for the purpose of being traded; * It is expected to be settled within 12 months after the reporting period; or * The entity does not have an unconditional right to defer settlement of the liability for at least 12 months after reporting period. All other liabilities shall be classified as noncurrent. Long-term debt expected to be refinanced under an existing loan facility is noncurrent, even if due within 12 months. If a liability has become payable on demand because an entity has breached an undertaking under a long-term loan agreement on or before the balance sheet date, the liability is current, even if the lender has agreed, after the balance sheet date and before the authorization of the financial statements for issue, not to demand payment as a consequence of the breach. However, the liability is classified as non-current if the lender agreed by the balance sheet date to provide a period of grace ending at least 12 months after the balance sheet date, within which the entity can rectify the breach and during which the lender cannot demand immediate repayment. When an entity presents current and non-current assets and liabilities as separate classifications on the face of the BS, it shall not classify deferred tax assets (liabilities) as current assets. CHAPTER 6: ACCOUNTING CHANGES Changes in accounting estimate A change in accounting estimate is a normal recurring correction or adjustment of an asset or liability which is the natural result of the use of an estimate. Examples of accounting estimate a. Bad debt b. Inventory obsolescence c. Useful life, residual value, and expected pattern of consumption of benefit of depreciable asset. d. Warranty cost e. Fair value of financial assets and financial liabilities Changes in accounting estimates are to be handled currently and prospectively, if necessary. Prospective recognition of the effect of a change in accounting estimate means that the change is applied to transactions, other events and conditions from the date of change in estimate. A change in depreciation method is accounted for as a change in accounting estimate. Accounting policies -are the specific principles, bases, conventions, rules and practices applied by an entity in preparing and presenting financial statements. Changes in accounting policy A change in accounting policy shall be made only when: a. Required by an accounting standard or an interpretation of the standard. b. The change will result in more relevant or reliable information about the financial position, financial performance and cash flows of the entity. Examples of change in accounting policy a. Change in the method of inventory pricing from the FIFO to weighted average method b. Change in the method of accounting for long term construction contract. c. The initial adoption of policy to carry assets at revalued amount d. Change from cost model to fair value model in measuring investment property and property, plant and equipment e. Change to a new policy resulting from the requirement A change in accounting policy required by a standard or an interpretation shall be applied in accordance with the transitional provisions therein. If the standard or interpretation or transitional provisions or if an accounting policy is changed voluntarily, the change shall be applied retrospectively. Retrospective application means that any resulting adjustment from the change in accounting policy shall be reported as an adjustment to the opening balance of retained earnings. The amount of the adjustment is determined as of the beginning of the year. Prospective application means that the new accounting policy is applied to events and transactions occurring after the date of change. Change in reporting entity A change in reporting entity is a change whereby entities change their nature and report their operations in such a way that the financial statements are in effect those of a different reporting entity. CHAPTER 7: INTERIM FINANCIAL REPORTING Interim report is a financial reporting period shorter than one financial year. Components of an interim financial report a. Condensed statement of financial position . Condensed income statement c. Condensed statement of comprehensive income d. Condensed statement of cash flows e. Selected explanatory notes Under PAS 34, paragraph 28, the general rule in preparing interim financial statements is that costs and expenses that clearly benefit more than one interim period are allocated to the interim periods affected. Inventory loss from market decline is reported in the interim period in w hich the decline occurs. Recovery of such loss on the same inventory in later interim period is recognized as gain in the later interim period. However, any gain on reversal of inventory writedown is limited only to the amount of loss previously recognized. The effects of a disposal of segment of business are reported separately in the interim periods in which they occur. PAS 34, paragraph 39, provides that cost incurred unevenly during a financial year shall be anticipated or deferred for interim purposes only if it is also appropriate to anticipate or defer such cost at the end of the financial year. Gains should be recognized in the interim period in which they are realized. The cumulative effect of change in accounting policy is shown in the statement of retained earnings, not in the income statement. CHAPTER 8: OPERATING SEGMENT Under PFRS 8, an entity shall disclose information about an operating segment that meets any of the following quantitative thresholds: 1. The segment revenue, including both sales to external customers and intersegment sales or transfers, is 10% or more of the combined revenue, internal and external, of all operating segments. 2. The segment profit or loss is 10% or more of the greater of the following: a. The combined profit of all operating segments with profit b. The combined loss of all operating segments with loss 3. The assets of the segment are 10% or more of the combined assets of all operating segments. Under PFRS 8, paragraph 13, segment revenue includes sales to external customers and intersegment sales of operating segments engaged solely in manufacturing. Revenue includes both sales to unaffiliated customers and intersegment sales. Under PFRS 8, paragraph 15, the total external revenue attributable to reportable operating segments must be at least 75% of the total entity external revenue. General corporate expenses are not allocated to operating segments as a measure of profit or loss. If the total external revenue attributable to reportable segments constitutes less than 75% of the entity external revenue, additional segments shall be identified even they do not meet the 10% quantitative threshold until 75% of the entity external revenue is included in reportable segments. Moreover, reportable segments that are below the10% threshold can be aggregated as one segment if they have similar economic characteristics and share a majority of the five aggregation criteria as follows: a. Nature of product b. Nature of production process c. Class of customer d. Method of distributing product e. Regulated environment CHAPTER 9: CASH AND ACCRUAL BASIS Method of Accounting. 1. Cash Basis- Income is recognized when received regardless of when earned, and expense is recognized when paid regardless of when incurred. 2. Accrual Basis- Income is recognized when earned regardless of when received, and expenses are recognized when incurred regardless of when paid. Computation of sales under accrual basis Cash Sales XX Sales on account: Trade accounts and notes receivable XX Collection of Trade accounts and notes receivable XX Sales returns, allowances and discounts XX Accounts and notes receivable write off XX Trade notes receivable discounted XX Total XX Less: trade accounts and notes receivable,beg XX Total Sales XX Computation of Purchases under Accrual Basis Cash Purchases XX Purchases on account XX Trade accounts and notes payable,end XX Payment of Trade accts and Notes payable XX Purchases return, discounts & allowances XX Total XX Less: Trade accts and notes payable,beg XX Total purchases XX Income other than sales Income received XX Add: Deferred income- beg XX Accrued income- end XX Total XX Less: Deferred income- endXX Accrued income- begXX XX Income for the current year XX Expenses in general Expenses paid XX Add: prepaid expenses- beg XX Accrued expenses- end XX Total XX Less: Deferred income- endXX Accrued income- beg XX XX Income for the current year XX Prepaid expenses are expenses paid in advance but not yet incurred. These are assets. Accrued expenses are expenses already incurred but not yet paid. These are liabilities. CHAPTER 10: SINGLE ENTRY Single Entry System A system of record keeping in which transactions are not analyzed and recorded in the double entry framework is called a single entry system when the records are said to be incomplete. CHAPTER 11: ERROR CORRECTION Prior Period Errors Prior period errors are omissions from, and misstatements in, an entity’s financial statements for one or more prior periods arising from a failure to use, or misuse of, reliable information that was available and could reasonably be expected to have been obtained and taken into account in preparing those statements. Such error result from mathematical mistakes, mistakes in applying accounting policies, oversights or misinterpretation of facts, and fraud. Prior period error shall be corrected by retrospective restatement, meaning, if comparative statements are presented, the prior year statements are restated to correct the error. Types of Errors a. Statement of financial position errors *affect the statement of financial position and real accounts only, meaning, the improper classification of an asset, liability and capital account. b. Income Statement errors * affect the income statement or nominal accounts only, meaning, the improper classification of revenue and expense account c. Combined statement of financial position and Income statement errors * affect both the statement of financial position and income statement ecause they result in a misstatement of net income If it is impracticable to determine the period specific effect of an error on comparative information for one or more prior periods presented, the entity must restate the opening balances of assets, liabilities, and equity for the earliest period for which retrospective statement is practicable (which may be the current period) Further, if it is impracticable to determine the cumulative effect, at the beginning of the current periods, the ent ity must restate the comparative information to correct the error prospectively from the earliest date practicable. CHAPTER 12: STATEMENT OF CASH FLOW Cash comprises cash on hand and demand deposits. Cash equivalents are short-term, highly liquid investments that are readily convertible to known amounts of cash and which are subject to an insignificant risk of changes in value. Cash flows are inflows and outflows of cash and cash equivalents. Operating Activities are the principal revenue-producing activities of the entity and other activities that are not investing or financing activities. Investing activities are the acquisition and disposal of long-term assets and other investments not included in cash equivalent. Financing activities are activities that result in changes in the size and composition of the contributed equity and borrowings of the entity. *Interest and dividends received and paid may be classified as operating, investing, or financing cash flows, provided that they are classified consistently from period to period. Interest paid – usually operating; alternatively financing Interest received – usually operating; alternatively financing Dividends received – usually operating; alternatively financing Dividends paid – usually financing; alternatively operating FINANCIAL STATEMENT ANALYSIS THE BASIC FINANCIAL STATEMENT ANALYSIS 1. HORIZONTAL OR COMPARATIVE ANALYSIS -represents the differences in absolute amount and in percentage between two periods (i. e. years, quarters, etc. ), two companies, actual and budgeted date, and other bases analyses. Percentage of changes= Amount of change/Base 2. TREND ANALYSIS It extends beyond two years. The purpose of trend analysis is to track down what happened in the past and provide a pattern on what may happen in the coming years. It uses indexes and ratios to simplify the visible complications of numbers contained in financial reports. . THE VERTICAL ANALYSIS (OR COMMON-SIZE ANALYSIS) It gets the proportional component of each of the variables in the financial statements in relation to a chosen base 4. THE FINANCIAL MIX RATIO CLASSIFICATION OF FINANCIAL MIX RATIOS a. Profitability Ratios It measures the ability of the business to generate profit in relation to sales, investments, assets, equities, or common shares outstanding. â⠂¬ ¢RETURN ON SALE = Net Income Net sales †¢GROSS PROFIT RATE = Gross Profit Net Sales †¢RETURN ON TOTAL ASSETS = Net income + Interest expense, net of tax/ average total assets RETURN ON SHE = Net income Ave. SHE b. Growth Ratios -Are indicative of the organization’s potential and attractiveness as an investment option. EARNINGS PER SHARE = Net income – Pref. dividend Ave. common shares outstanding BOOK VALUE PER SHARE = Shareholder’s Equity Ave. shares outstanding c. Liquidity Ratios Liquidity refers to the ability of the business to pay its obligations in cash as they mature. OPERATING TURNOVER = collection period + inventory days INVENTORY TURNOVER = COGS Ave. inventory INVENTORY DAYS = 360/ inventory days RECEIVABLE TURNOVER = Net credit Sales Ave. Trade receivables COLLECTION PERIOD = 360/ ARTO PAYABLE TURNOVER = Net credit purchases Ave. Trade payables PAYABLES DAYS = 360/ payable turnover NET WORKING CAPITAL = Current Assets-Current Liabilities CURRENT RATIO = Current asset/ Current Liabilities QUICK RATIO = Quick Assets/ Current Liabilities d. Leverage Ratios Financial leverage is a measure of risk. DEBT to EQUITY RATIO = total debt Net SHE DEBT to ASSET = Total debt total assets TIME INTEREST EARNED = EBIT interest expense