Using Technology For Managers ( Adm 310-01a ) - 1345 Words

Ethics Bryan E. Cratty Russell Ray BSM767 Appld Technology for Managers (ADM-310-01A) November 23, 2015 I have read and understand the plagiarism policy as outlined in the syllabus and the sections in the Student Catalog relating to the IWU Honesty/Cheating Policy. By affixing this statement to the title page of my paper, I certify that I have not cheated or plagiarized in the process of completing this assignment. If it is found that cheating and/or plagiarism did take place in the writing of this paper, I understand the possible consequences of the act/s, which could include expulsion from Indiana Wesleyan University. Technology plays a huge role in today’s society. We use technology for several different reasons whether it is personal or business. When we have important protective documents, we have to protect them with passwords. Passwords must be strong and complicated, so hackers are not able to access our secure documents. It is very important to have strong password etiquette but should also be easy to remember. Strong passwords contain special characters and numbers. In Shakespeare’s Macbeth, the line â€Å"Tomorrow and tomorrow and tomorrow, creeps in its petty pace† can be used to make a strong password. To use this, you will need to add numbers and special characters. Using tomorrows date you can create a strong password that is easily remembered by using the day as the number and the @ as a special character. For example, you could have the

Monism, Dualism, and Pluralism in American History Essay

It seems readily apparent that monism is without a doubt the very worst way to approach history, Societies and cultures are not one dimensional, but rather are made up of a tapestry of factors. Thus looking at just one aspect gives the historian only a myopic sense of what was going on or what people were thinking at a particular time or place in history. While this is typically thought of as being the consensus history of the great white men, however other schools of historical thought can also be viewed objectively, as being equally narrow in scope. One simply can not expect to garner a panoramic perspective of history by looking at it solely from one perspective. Its illogical to think that a private in Washingtons army saw the war†¦show more content†¦A dualistic view of history is a better way of looking at history, but still excludes any number of factors and perspectives and thus is of somewhat limited use in uncovering the full story of the past as well. Progressive historians of the early 20th century, many of whom were heavily influenced by Marxist theory, were the first to look at American history from a dualist perspective, followed in later years by Marxist, Neo-progessives and the New Left historians. They saw a great deal of division in early American society in sharp contrast to the united front standing behind the patriot elite, which had previously been ingrained by the romanticized visions of earlier nationalistic writers. They emphasized this division in American society which had existed well before the revolution and remained a constant factor in the make up of our nation, indeed it remains that way today. Much of this type of history attempts to look at history from the bottom up, that is from the perspective of the working classes and this carries with it the inherent problem of locating primary sources. While the papers and documents of historically prominent people are almost invariably collected and archived, the same is can not be said for the personal effects of average citizens. Therein lies the main weakness of this type of history, however it opened minds and brought new ideas and visions

Mexican Drug War Free Essays

Since Felipe Calderon became the president of Mexico in December of 2006, more than 30,000 people have died in this nationwide turf war. A large majority of these murders are happening in the states of Chihuahua and Baja, California both of which border the United States. Soon after Calderon took office he launched a military-led war on drugs and that set off conflicts all over the country between rivaling cartels. We will write a custom essay sample on Mexican Drug War or any similar topic only for you Order Now Not only has there been a war between the cartels, there’s an overall threat to all of the citizens of Mexico because nobody is above the hell these savages are unleashing. All across the southwest United States the drug cartels have been smuggling drugs and weapons between countries illegally. Within the last month U. S. and Mexican authorities unearthed a 2200 ft. long tunnel under the border. This tunnel was used to smuggle drugs into San Diego, California where cartel commanders distribute the marijuana throughout the country. Then going back into Tijuana, â€Å"mules† would carry guns back. This tunnel was state-of-the-art with air conditioning, ventilation, and tongue-and-groove boarding to keep the ground level for the safe transportation of the weed. Other than weed; heroin, cocaine, and guns are also transferred between borders. 70,000 U. S. -originated firearms were recovered between 2007 and 2009. Along the two thousand mile long border between the United States and Mexico there are over seven thousand licensed gun dealers on the U. S. side. Just like the drugs moving North, the guns are flowing South in the trunks of cars, under the beds of truck, and sometimes hidden by clothing in the floorboards of cars. The main thing issue with these cartels is that innocent men and women are dying every day for the sake of a dollar. Some of these people that are dying were totally in the clear and had nothing to do with Mexico, they were just vacationing. Two students who attended the University of Texas in El Paso were hiking through the mountains and accidentally crossed over the wrong hill at the wrong time and that cost them their lives. Along with those two students, the US State Department released a statement saying eighty other American travelers had been murdered in Chihuahua alone. Even Mexican citizens are dying for no reason. A group of twenty vacationers from Michoacan, Mexico were visiting Acapulco and a group of armed assailants snatched them up and took them away. The only reason the men’s bodies were found is because two severely beaten men made a video and broadcast it on YouTube in hopes that somebody would find the mass grave. This group of men died all because their kidnappers thought they were henchmen for a rival cartel. The United States being involved in the Mexican Drug War shows all six steps of the government function: Foreign relations and diplomacy to help with military defense while they try to gain control of the country. Developing business strength while controlling the cartel interactions is another part of the government function. Oil is a major natural resource in Mexico, so helping keep it protected also while keeping its use under control. Another thing is the enforcement and regulation of fair and responsible business practice to handle the legalities of NAFTA in check when necessary. Since the United States feels the need to be a global police state, we also help determine and enforce the laws and help citizens gain more rights. And most importantly, provide public goods and services for the well-being of the community as a whole. Things that the National Guard is there to help with, like vaccination programs, disaster relief, and basic healthcare. The primary policy that would have helped our nation and the drug war was California’s Proposition 19. Proposition 19 also known as the Regulate, Control, and Tax Cannabis Act was wanted for the decriminalization of marijuana for specific purposes. Many people argued that it would help with cut off the funding to the violent cartels along with helping out California’s budget shortfall and redirecting law enforcement’s resources to more dangerous crimes. While opponents claimed that it contains gaps and flaws that may have serious unintended consequences on public safety, workplaces, and federal funding. However, even if the proposition had passed, the sale of cannabis would have remained illegal under federal law via the Controlled Substance Act. Being active in the Mexican Drug War hasn’t helped the approval rating of the government much at all. Two things dealing with Mexico and its citizens that aren’t helping the public opinion are the DREAM Act and the US Merida Initiative. The DREAM Act is a bill proposed by the House of Representatives that would give citizenship to immigrants who moved into the United States as a minor, have graduated from high school, and are on good moral standings. And the U. S. Merida Initiative s planned cooperation between the United States, Mexico, and countries in Central America with the aim of combating drug trafficking, transnational organized crime, and money laundering. It may sound good, but the government has funneled more than $1. 4 billion into this initiative. Yet the US Department of Education has to cut spending in half? Our government is obviously overstepping its boundaries, when is it not? For example Homeland Security’s Immigration and Customs Enforcement division (ICE) was created to shore up the borders after September 11th. But forced drugging and warrantless raids weren’t part of the mandate and in May of 2008, the Washington Post reported that there have been more than 250 cases of the government giving deportees psychiatric drugs with no medical excuse or reason. Yet ICE itself disputes that number of cases and says that only 180 out of close to 600,000 were involuntarily sedated. Another way the government is overstepping its boundaries is with the legalization of medical marijuana in California. Not the fact that it’s legal, but what happens to those who need it and use it. Those who are medically permitted to have marijuana and travel within seventy-five miles of the Mexican border have to deal with Border Patrol and their â€Å"Fourth Amendment-free Zone†. That permits warrantless searches to any and all comers in a bid to stop illegal immigration and drug smuggling. Patients and advocacy groups are complaining that the border area checkpoints operated by the Border Patrol are sweeping up patients, detaining them, seizing their medicine, and sometimes arresting them on federal drug possession charges. How to cite Mexican Drug War, Essay examples

Commuters Cycling Behavior Response to Weather Variation

Question: Discuss about the Commuters Cycling Behavior in Response to Weather Variation? Answer: Introduction This report is about business cycle prediction in Sweden. Binary logistic regression method is used in this research paper for all the related statistical analysis. All the variables of interest are chosen with proper care and the significance of selecting each variable is analyzed and judged statistically. Researcher restricts the size of the test at alpha=0.05. In a binary business cycle operation, only 0 and 1 value are taken to predict outcomes. 0 value signifies an expansion in economic activities in a near future time period, 1 value codes the contraction in economic activity. The probabilities are derived from a number of variables that could have an impact on the real economy. Several related references are compiled at the reference list. Interpretation of log likelihoods If the independent variables have a relationship to the dependent variables, the ability to predict the dependent variable accurately will improve, and the log likelihood measure will decrease thereof. The model fitted on quarterly data and the results of predicted and observed values are tabulated under recession and expansion outcomes. Expansion shows 82% and recession shows 75% correct prediction, and the overall correct percentage is obtained 78.9%. Whereas in the case for monthly data, proportion of expansion and recession is 86% and 78.3% correct respectively. Over-all correct percentage is 82.6%. However, the log likelihood value for monthly data is 186.9, which is considerably large than that of quarterly data (68.2). Quarterly data model is thus, a better fit than monthly data model. Note: -2 log likelihood is termed as badness of fit. The value below 100 indicates good fit and value under 20 ensures very good fit (Scott and Varian 2014). Interpretation of classification tables In a binary classification, type I and type II errors are false alarms being positive and negative respectively. Not predicting a recession, which is likely to occur is type I error, and predicting the occurrence of false recession is type II error in this context. Almost 60% of total observations are correctly categorized in quarterly periodicity, and almost 56% of recessionary periods are properly categorized in prediction. The values for monthly periodicity are 76.5% and 75.9% respectively. Quarterly period has a proportional measure of 41% and the monthly period has the same measure of 21.2% in the context of the recessionary periods being false alarms. Monthly data consists of a sample size, which is three times larger than that of quarterly data at the same time span. For any economic decision to predict recession or expansion, researcher needs to know at least the information of past 3 months in advance (Billio et al 2013). Difference in variables between model The variables are used in both quarterly and monthly data models are the same but they differ in lag measures. The differences in selecting the variables in the sensitivity analysis are listed below in a table format. Quarterly data model Monthly data model Europe GDP(3) Confidence (3) Oil(4) Europe GDP(8) OMX(1) Oil(12) Confidence(1) OMX(1) Spread(1) Spread(1) Building(1) All the variables listed in the above table are statistically significant at 5% level. The values in the brackets indicate the time lag for each individual variable. Minimum three months lag is needed. Confidence (1), OMX(1), Spread(1) variable and results in quarterly and building(1), OMX(1) and spread(1) variable for monthly are thus not so statistically reliable (Hamberg and Verstndig 2009). Interpretation of the coefficients The Logit function for the quarterly data can be expressed as, Lq(X) = 2.7- 115spread(1) 4.2OMX(1) + 2.99Oil(4) 55europeGDP(3) 0.05confidence(1) The logit function for the monthly data can be formulated as, Lm(X) = 3.01- 103spread(1) 4.3OMX(1) +2.8 Oil(12) 65europeGDP(8) 0.07confidence(3) 1.73building(1). OMX, spread, confidence, building and Europe GDP variables are expected to have a negative sign. That means, the associated variable if increases, there will be a lower probability of falling into economic recession. Similarly, it can be stated that higher value of the associated variable intrigues higher probability to fall into recession. The Oil variable is likely to have a positive sign. If the price of oil increases, the problem can be depicted as a supply shock and it can be responsible to affect economy negatively. Analyzing the models researcher can claim that all OMX, spread, confidence, building and Europe GDP variables are associated with negative signed coefficients. In both the models, Oil variable is merged with positive valued coefficient. It can be concluded that both the models are fitted according to requirements and they are reliable (Tang and Shen 2014). Interpretation of the coefficients P-values Probability of rejecting the null hypothesis is called the p value of the test. To find the validity of Beta coefficients two types of hypotheses are formulated, they are Ho : beta equals to zero H1 : beta not equals to zero. Generally, the value of alpha is taken as 0.05. If the estimated p value is less than 0.05 or 5%, it provides enough confidence to reject the null hypothesis. In this analysis, not all the estimated p values are only significant at 5% level, they are so in the 10% level too. The null hypothesis that beta=0 can be rejected. In addition, the findings show beta values are not zero. It signifies the variables of interest in the particular study have some predictive powers. Largest beta coefficient suggests it has the greatest effect on the likelihood (Berge 2015). Time lags Time lag has an important implication in the forecasting model. Generally, a lag of 3 is considered as statistically significant. According to the definition, a model fails to predict any further into the fore coming than its terse lag. In this report, the shortest lag implemented is one quarter and one month for the monthly data. This suggests that the models should not be used to forecast any further events ahead than that lag. The Europe GDP figures here are lagged for two months. This fact confirms that a forecast implying a point of turning, which might actually appear at least three months earlier the actual GDP data has been published. Greatest impacts If the regression beta coefficient is positive, the interpretation is that for every 1-unit increase in the predictor variable, the dependent variable will increase by the non-standardized beta coefficient value.Largest beta coefficient suggests it has the greatest effect on the likelihood. From the logit model described above, a logit function can be derived as, P= eL(X)/ (1+eL(X)) Lower value of the logit function ensures less probability of falling into recession. The larger the beta coefficient is, it is likely that there will be more impact on recession. The coefficients with the OMX, spread, confidence, building and Europe GDP variables have negative sign. Proportion of recessionary periods correctly categorized in monthly data model is 75.9%, which is greater than that of quarterly. Monthly data model variables have thus greatest impacts and they are reliable to predict proper recession issue. Dichotomous In this type of analysis researcher tries to predict which variables in both models are likely to depict recession or expansion of the economy. The Europe GDP variable has a negative beta coefficient. Thus, if there is any increase in GDP, it will reduce the likelihood of the recession. OMX, spread, confidence and building variables too have negative beta value, so increase in all these variables will shorten the likelihood of recession. The Oil variable has a positive beta coefficient. Thus, increase in the Oil variable will also increase the likelihood of a recession. The variables in both monthly and quarterly data model are fitted properly with the expected signs. Researcher can justify that the models confirm that the current economy under study, is expansionary (Ahmed, Rose, and Jakob 2016). Report layout The time series predictors found in the in sample analysis are examined in contrast to the actual primary observations for the same time period. The integral model on monthly data explained above has a sample, which is three times larger as the one for the quarterly data model. By using this type of sample, monthly data model predicts almost 83% of the observations properly. In the out of sample prediction, the results from quarterly data can be viewed as weak. Comparatively frail out of sample forecast for quarterly model can be ascribed to the reduction of sample size. Conclusion As a conclusion based on the above discussions, researcher believes that the monthly data model consisting greater number of observations implements really well. The building variable is not significant enough with only (1) time lag. Other reason for the insignificance is building a house is a decision of long term and it should be planned in advance assorted years before the construction takes place in reality. Monthly data model ensures the findings in the main model excluding the building variable are indeed significant. The quarterly model is less sensitive to any changes in the dependent variable. A logistic regression model with the quarterly data set has multiple notable features. The results derived from the model should be considered as a guideline but not an absolute legitimacy (Scott and Varian 2014). References Ahmed, F., Rose, G. and Jakob, C., 2016. Commuters' Cycling Behavior in Response to Weather Variation: Insight from an Extended Theory of Planned Behavior. InTransportation Research Board 95th Annual Meeting(No. 16-5484). Berge, T.J., 2015. Predicting recessions with leading indicators: model averaging and selection over the business cycle.Journal of Forecasting,34(6), pp.455-471. Billio, M., Ferrara, L., Guegan, D. and Mazzi, G.L., 2013. Evaluation of Regime Switching Models for Real Time Business Cycle Analysis of the Euro Area.Journal of Forecasting,32(7), pp.577-586. Hamberg, U. and Verstndig, D., 2009. Applying logistic regression models on business cycle prediction.Unpublished master's thesis, Stockholm School of Economics, Stockholm, Sweden). Retrieved from https://arc. hhs. se/download. aspx. Scott, S.L. and Varian, H.R., 2014. Predicting the present with bayesian structural time series.International Journal of Mathematical Modelling and Numerical Optimisation,5(1-2), pp.4-23. Tang, J. and Shen, L.P., 2014. Application of Business Risk Prediction Model: Based on the Logistic Regression Model.International Journal of Business and Management,9(7), p.139.

Tesco Essay Example

Tesco Essay Executive Summary Starting from a small stall in the east end of London, Tesco today is the largest retailer in the UK with over ? 59 billion sales in 2008. In this dynamic environment, Tesco has managed to stay ahead of its competition through focus on people, both customers and employees. However, in today’s rapidly changing globalised environment, anything could happen. Companies today need to always innovate and reinvent themselves in order to maintain their competitive advantage. The macro environment that Tesco operates in provides both opportunities and threats. Therefore, for sustainable growth and development, Tesco needs to have proper strategic direction that addresses these macro environmental challenges. Though the company has extensive operations worldwide, Tesco’s largest market is still the UK. This report analyses the macro environment that Tesco UK operates in using the PESTEL framework and its interconnectedness to external opportunities and threats. Competitiveness of Tesco UK is analyzed by applying Michael Porter’s five forces model. The paper is further expanded by linking both the PESTEL framework and the 5 forces to understand Tesco’s dynamic macro environment. A stakeholder analysis is carried out in order to understand the expectation of Tesco’s stakeholders. Strategic capabilities of Tesco are explained through the identification of core competencies of the firm. Justification of these competencies explains how Tesco manages to stay ahead of its competitors. Table of Contents 1. Introduction to Tesco Plc6 1. 1. Tesco UK7 2. The Macro Environment Analysis8 2. Political Factors8 2. 2Economical Factors8 2. 3Social/Cultural Factors8 2. 4Technological Factors8 2. 5Environmental Factors8 2. 6Legislative Factor8 2. 7Overall impact of the PESTEL factors8 2. 8Potential opportunities from the external environment8 2. 9Threats from the external environment8 3. Competitive Analysis on Tesco Using Porter’s Five Forces Model8 3. 1. Threat of New Entries8 3. 2. Competitive Rivalry8 3. 3. Substitutes8 3. 4. The Power of Supplier8 3. 5. The Power of Buyer8 3. 6. Summary of the 5 Forces Model8 4. Stakeholder analysis8 . Core Competences8 5. 1Value8 5. 2. Rarity8 5. 3. Inimitability8 1. 4. Non-substitutability8 6. Conclusion8 7. References8 Introduction to Tesco Plc Founded in 1919 by Jack Cohen, Tesco Plc is the largest British based international grocery and general merchandising retail chain, and is the world’s third largest retailer, after Wal-Mart of the US and France’s Carrefour. The Tesco brand first appeared in 1924. The first store was opened in 1929 in London. Tesco floated on the London Stock Exchange in 1947 with a share price of 25p. We will write a custom essay sample on Tesco specifically for you for only $16.38 $13.9/page Order now We will write a custom essay sample on Tesco specifically for you FOR ONLY $16.38 $13.9/page Hire Writer We will write a custom essay sample on Tesco specifically for you FOR ONLY $16.38 $13.9/page Hire Writer During the 1950s and the 1960s Tesco grew organically, and through acquisitions. Most of this early growth was in and around London. The â€Å"pile it high, sell it cheap† strategy of Cohen had left the company â€Å"stagnate† which resulted in his resignation in 1973. In 1977, Tesco launched â€Å"operation checkout† which included price reductions and centralized buying for all stores. The result was a rise in market share of 4% in two months. Today, the company operates over 3000 stores in several countries including the U. S ad Japan with over 440,000 employees. Tesco has diversified their business into other areas such as clothing, consumer electronics, financial services, telecommunication, insurance schemes etc. With their core purpose of â€Å"create value for customers to earn their lifetime loyalty†, the company has been able to build a multibillion-dollar empire. Operating income for 2008 was ? 3. 12billion. (The Guardian 2009). The ability to appeal to all market segments through their own brand products with up market and low price value range has been a key element of their success. The two key values of Tesco are 1. No-one tries harder for customer, and 2. Treat people as we like to be treated With their â€Å"Every little helps† strategy, they regularly ask their customers and staff â€Å"what we can do to make shopping with us and working with us that little bit better† (Tesco. com) 4 Tesco UK Tesco UK is the first and largest operations under Tesco PLC. Tesco UK contributes approximately 70% to the group’s sales and profit. Its business is significant in the UK, with over 285,000 employees and over 2,200 stores. UK business’s growth comes from new space, extensions to existing stores and a multi-format approach. The overall growth in UK was contributed by the sales of non-food, which forms another key part of Tesco strategy. Tesco customized their store formats to satisfy customers needs. It has more than 1960 Express stores offering a range of approximately 7000 quality, great value, and fresh food close to where customers live and work. Tesco opened its first Metro in 1992 catering to the needs of busy customers, bringing Tesco nearer to customer in town and city centre locations. The superstores which began in the 1970s is an ongoing program of extending and refreshing their superstores to improve the overall experience for customers, including introduction of new non-food ranges such as DVDs and books. Since 1977 the one-stop Extra destination store has proved extremely popular and Tesco now have more than 175 Extra stores offering the widest range of food and non-food lines. The 10 Homeplus stores (approx 35000 to 50000 sq ft) are dedicated to non-food, including clothing, with more available through Tesco Direct order and collection points. In addition to array of formats, Tesco continually innovate and invest in new lines to increase choice for their customers, such as, lifestyle ranges like organic, healthy living. Various own brand also enable customers to purchase product to compliment their lifestyle. Value-adding service, such as Tesco nutritional signpost labeling targets to provide customers with the key information they need to help them choose a balanced diet. Tesco innovatively counteract the recession challenge by launching around 500 new ‘discount brands’ products because customers were shopping around for best prices without compromising on quality. The Macro Environment Analysis The Macro environment gives organizations their means of survival as well a source of threat. Understanding the strategic position is concerned with identifying the impact on strategy of the external environment, an organizations strategic capability and the expectations and influences of stakeholders. Organizations exist in the context of a complex political, economic, social, technological, environmental and legal world. The PESTEL framework will be used on Tesco UK to identify how future trends in these environments might impinge on the organization. This analysis aims to provide the broad data from which to identify key drivers of change and understand the interconnectedness of the macro environment. (Johnson, Scholes, Whittingon, 2008). 1. 2. 6 Political Factors Even though, this paper is concerned with the Strategic perspective of Tesco UK, it is important to consider the global political scenario considering Tesco’s scope of operations. The company has over 3000 stores in 13 different markets outside the UK including Europe, North America and Asia. Tesco therefore, is greatly influenced by political and legislative circumstances among these countries as well as European Union (EU). ‘As Tesco grows ever bigger in more countries, it has inevitably faced criticism from consumer activists and environmental groups and also regulators. Brussels recently referred Tescos acquisition of three stores in Slovakia to domestic regulators, claiming the deal could potentially reduce competition in certain areas. ’ (BBC 2006) Another important aspect to consider is the policies and regulations governing monopolies and dominant market shares within the EU. Even though, Tesco is yet to be recognized this way, it is an important factor to note considering it’s scope of operations. In the UK, planning permission is an important political factor. There have been several cases where Tesco’s request to build new stores in the UK have been denied by the Town councils due to oppositions by the public. Therefore, careful analysis of the political factors when opening stores in UK is critical. 7 Economical Factors Considering that Tesco is UK’s largest private sector employer, economic factors such as unemployment rates and purchasing power are important factors to take note of. The recessional period that the world has been experiencing has had quite an impact on western countries such as the US and UK with high job lay off’s etc. Unemployment rate in the UK has increased by 2% when compared with 2008. (National Statistics UK 2009). Unemployment rates affect Tesco in two ways. One is that it reduces demand for products and can affect Tesco’s sales. However, average earnings including bonuses rose by 1. 2 per cent in the year to September 2009 which is an indicator that the UK economy is picking up. The other issue is that with Tesco being the leading private sector employer, it will be under severe pressure on job lay off’s. Tesco’s strategy of catering to many segments of the market has been able to keep them afloat in the rise of the economic recession. According to the research firm TNS WorldPanel, The UK number one, who has reaped the benefit of its double Clubcard points promotion, took 30. 7% of the grocery market in the 12 weeks to 1 November 2009. (Press Association 2009) The recessional period is slowly picking up with UK’s retail sales showing an increase of 2. % as of September 2009 when compared with the previous year which indicates a positive outlook for Tesco. (National Statistics UK 2009). 8 Social/Cultural Factors UK has a population of 61. 4 million and considered an ageing population with a relatively equal split between male and females with 62% representing the workforce. The proportion of people aged 65 and over is projected to increas e from 16 per cent in 2008 to 23 per cent by 2033. (Statistics online). Therefore, Tesco will have to consider this an important aspect of future strategic direction. The increase in employment among older people and females have created a demand for value added products and convenience goods and meals The need for bulk purchasing and one stop shopping has prompted Tesco to have more non food items available for sale. However in recent times, there seems to be a decrease in this trend as more and more people are pinching their pennies in times of recession and reducing the use of such convenience products. While money is tight, women will feel obliged to forgo the price premiums they have been paying for this kind of help and take on the labour themselves. Euromonitor 2009). Therefore moving into house brands with different market segmentation and the focus on own label share of the business mix and supply chain which reduces cost as Tesco has done is an important element of their corporate strategy. According to Eurominitor international, Value rather than cheapness will now count when consumers have to choose between brands when making purchasin g decisions in the year ahead. Hence consumers will reward brands focusing on quality with loyalty. (Euromonitor 2009) Tesco’s focus on retaining customers is evidence to this trend. Another important socio cultural aspect to consider is the migration of eastern Europeans and Asians to the UK. There is a large community of Indians living in the UK. Tesco needs to ensure that they are able to cater to this segment with product differentiation. Consumers in UK are also being more health conscious and therefore increased their use of organic products. Also offering products which has been manufactured in an ethical and socially responsible way is also becoming increasingly important in the UK consumers mind. 9 Technological Factors Technology is an important macro environmental factor that affect any organization. Tesco has been successful at exploiting the widespread phenomena of internet purchasing. Their comprehensive website and online catalogue with easy checking out options have boosted their sales. To retain their competitive advantage it is important for Tesco to always reinvent and re-innovate and to be abreast of the rapid technological changes. Adoption of technologies such as intelligent scales, electronic shelf labeling, self checkout and RFID as helped the company to maintain its competitive advantage. In order to make maximum use of strategic capabilities, Tesco UK has transferred their IT support structure to Bangalore India. 10 Environmental Factors Today, environmental issues play a key role in business. Matters such as global warming and pollution have pressured companies into being more socially responsible towards the environment they operate in. Tesco has been instrumental in supporting carbon reduction and has created a a ? 100 million Sustainable Technology Fund for this purpose. In order to be carbon free, Tesco is revamping their own stores and building new low carbon stores. Their target is to halve carbon emission totally by 50% by the year 2020. Tesco is also encouraging their customers to go green by introducing a new ‘Greener Living’ brand. The range comprises 200 products as diverse as energy-saving light bulbs, paper goods and kitchenware TESCO’s corporate social responsibility exceeds the minimum expectation levels set by the industry. 11 Legislative Factor In 2000, the government introduced legislation that allowed schemes, set up in line with the regulations, to offer employees savings on tax and national insurance contributions when buying and selling shares in the employing company. Tesco has used this legal framework to provide comprehensive share schemes and has had considerable success in retaining their employees as shareholders and potentially reaping the benefits from their increased commitment to the company. (Eurofound 2008) The UKs Competition Commission is to introduce a code of practice for supermarkets in a bid to ensure the fair treatment of suppliers and address issues hindering competition in the market. The commission believed that this food control the buying power of certain supermarkets. (Justfood. com 2009). This affects both Tesco and the industry in general; in terms of higher cost. 12 Overall impact of the PESTEL factors Identifying the PESTEL factors for Tesco, has given insight to the environment they operate in and the interconnectedness of these factors. Identifying these factors are important in creating future strategic direction and growth. The political impact of the EU and the UK is an important factor for this British Retail giant in terms of market growth and monopoly. The present economic crisis has increased unemployment levels which is a negative indication. However recent reports on increased sales and changes in socio cultural patterns are an indication for new prospects for Tesco. 13 Potential opportunities from the external environment The recovery of the economic situation means that there will be increased market potential and increased spending power. This is already in evidence by the increase in sales of Tesco UK in September 2009. The demand for non-food retail items is increasing and is in favour of Tesco. Their health and beauty products are top of the range and there is further potential to grow. The increasing population of Asians and Eastern Europeans is also an opportunity for Tesco to explore this particular market segment. Increased focus on ‘going green’ is beneficial to the company considering their many steps towards this process both in terms of influencing the consumer and improving the processes within the company. The increased use of online purchasing means the reduction of related costs and processes could be more efficient. This would also enable Tesco to provide other services such as banking, delivery etc. 14 Threats from the external environment Consumer behavior patterns are slowly changing towards organic and ethically produced goods. This creates both opportunity as mentioned above as well as threat. More and more research and capital will need to be allocated to sourcing these products. The company has made substantial investments in energy saving projects around the business. The price war between the supermarkets is another cause for concern which will be later discussed under competition. The possibility of increased regulation in terms of pricing is a threat to Tesco and other supermarkets in the industry. Competitive Analysis on Tesco Using Porter’s Five Forces Model Porter’s five forces framework were developed to determine the competitive intensity and market attractiveness of an industry. (Porter, 2001) Market attractiveness refers to whether a company will have the profit potential in an industry. Porter’s five forces structure (as shown below) constitutes of the threat of new entrants, the threat of substitute, the power of suppliers, the power of buyer and competitive rivalry. [pic] 16 Threat of New Entries According to Johnson, Scholes and Whittington (2008), threat of entry depends on the extent and height of barriers to entry such as economic of scales and experience, access to supply or distribution channels, legislation or government action and differentiation. The combination on two factors: Tesco, having 85 years of retail experience since the â€Å"TESCO† brand name started and with the existance of the incumbent retail giants (i. e. Asda, Sainsbury, Mark Spencer) make it difficult for new entrant to penetrate into the UK retailing market. Potential entrants will find that barriers are imposed on them, either explicitly or implicitly, by the conglomerate incumbents. (Tesco Porters Five Force Model , 2008) Tesco, as the largest retailer in UK has control over supply and distribution through customer or supplier loyalty. They have the established loyalty program such as offering loyalty card, point card, advantage card or club card to attract and retain the customers. Besides that, Tesco has direct ownership (vertical integration) for some of the products that they are selling with the brand â€Å"Tesco†. The new entrants will find it challenging to find the new supply and distribution channel as the more common ones had been cornered by Tesco and other giant retailers in UK, who have the advantage of economies of scale. While the new entrants find it easy to enter into UK market, they may face many challenges in the operating environment. Therefore, it can be said that Tesco has a considerately low threat of new entrants in UK. 17 Competitive Rivalry Competitive rivalry refers to the direct competition between organizations that sell the similar products aimed at the same customer group. Johnson, Scholes, Whittington, 2008) Tesco has many direct competitors who do the same business as them, namely the Asda Group Limited, Carrefour S. A, J Sainsbury PLC, Marks and Spencer Group PLC, The Big Food Group PLC and etc. As the number of competitors increases and become roughly equal size, the rivalry become intensified and competitors attempt to gain dominance over others. Though Tesco is presently the largest retailer in UK, many other upcoming retailers mentioned above are trying to gain more market share by dominating the market. Rivalry is also stronger when demand for the product is growing slowly. (Tesco Porters Five Force Model , 2008) With the rivalry intensity, each competitor is tempted to use price cuts to boost unit volume and hence create price war between rivals. Besides that, Tesco’s business and products are also weakly differentiated that customers do not require any cost switching from one retailer to another. The intensity of rivalry in the retailing industry where Tesco belongs to is great. Therefore the threat of competitive rivalry is high for Tesco. 18 Substitutes The accessibility and availability of acceptable substitutes for products that Tesco offers are easy and abundant. For example, Sainsbury can match the low prices that Tesco offers in the market and even equal the quality of products they offer, making the substitute force high in the retailing industry. (Tesco Porters Five Force Model , 2008) This drives Tesco to upgrade the product quality, reduce prices and differentiate their products from its substitute in order not to be affected by the threat. The upcoming trend of online shopping and free delivery also pose a substitute threat for the conventional shopping. Busy working adults can order their groceries or anything they need with just clicks on the PC. E-bay for instance, can offer a wide range of products from all over the world to its customers. However, Tesco had anticipated this new trend and has an online shopping website to cater the needs of this group of people. Hence, Tesco faces low threat on substitutes looking at the fact that Tesco affords to go on the price war since they are the biggest retailer in UK and most of the people still would want to go on the conventional way of shopping. 9 The Power of Supplier The factors increasing supplier power are the converse to those for buyer power and the supplier power is likely to be high where there are concentrated suppliers, high switching cost and supplier competition threat. (Johnson, Scholes, Whittington, 2008) However, this is not the case for Tesco who has the power over the suppliers. Suppliers are clamoring attention from giants like Tesco to buy their products. Suppliers understand that the purchasing volume from Tesco will be enormous if they clinch on any deal with them. With this, giant retailers have the overwhelming advantage to dictate the price and if the suppliers do not give in to the price that they are willing to pay, the suppliers are left only with the small supermarket chains that do not give them huge orders. Besides that, suppliers will have to maintain good services and prices with Tesco to sustain the order. This is due to the fact that switching cost from one supplier to another is low and therefore creating stiff competition among suppliers. With the above explanation, it is clear that Tesco faces low threat from the suppliers as they has much more negotiating power than any others would have. 20 The Power of Buyer Customers are essential for the survival of any business and buyers will normally have strong position when there are only a few concentrated buyers who buy in bulk and low switching cost from one supplier to another is low. (Johnson, Scholes, Whittington, 2008) In the retailing business, the number of customers is very large and they do not purchase in bulk. Therefore, the buyer’s power is not that strong. However, the switching cost for a buyer is virtually none. Buyers have the freedom to choose supermarket that can offer good prices since the things that all supermarket sells are almost the same. Fortunately for Tesco that all competitors have a disciplined approach in price setting, partly due to the government regulations. (Tesco Porters Five Force Model , 2008)The prices may differ, but it would not be a huge difference. Therefore, it will be more economical for customers to buy all the things they need in one place, rather than hopping around for the retailer that sells the cheapest in certain items. With the mentioned reason, it can be said that the threat of buyer is relatively low. 1 Summary of the 5 Forces Model |Porter’s Five Forces |Level | | |High |Low | |Threat of New Entries | |v | |Competitive Rivalry |^ | | |Substitute | |v | |The Power of Buyer | |v | |The Power of Supplier | |v | From the above analysis, Tesco clearly has a strong position in the retail industry in UK. The business is attractive to Tesco in UK and Tesco is enjoying the profit from the business. The only high threat that Tesco faces is the threat of competitive rivalry from the rivals. The following statistic shows the market share of the closest rivals that Tesco has. Supermarket in UK |Market Share | |Tesco |30. 6% | |ASDA |16. 6% | |Sainsburys |16. 3% | |Morrisons |11. % | |Somerfield |5. 4% | |Waitrose |3. 7% | |Iceland |1. 8% | (Source TNS cited by BBC 2006) Though Tesco has the largest market share, other retailers are coming up quickly. Tesco must keep an eye on these rivals so that the threat of substitute will not become high over time. Besides that, the easy entrants to UK also increase the rivalry for Tesco. It is good that Tesco is already well established in UK and the new entrants will require time to build up their experience and network to compete with Tesco. The rivalry forces can also affect the power of buyer. For example, if ASDA does some promotion that can attract the customer, Tesco will lose some of the market share to their rivals. Therefore, it is clear that Porter’s five forces are inter-related to each other and Tesco must always be alert to any of the forces. The macro environment give an impression of the political, economic, sociological, technological, legal and environmental factors that influence Porter’s five forces. The government regulation on the price setting actually had help Tesco to manage the threat of rivalry and substitute. UK is also getting more open in their economy, hence, Tesco is able to source from the cheaper suppliers from other countries and lower the threat from local suppliers. The buyers are now consisting of diversified people and Tesco must take into consideration of the new goods that can be sold to this group of people. This is one of the tactics to reduce threat from buyer and rivalry from other retailers who had catered into this new need. In addition to that, Tesco can make use of the latest information technology to sell their products online to avoid the substitute threat from retailers who do online business. Stakeholder analysis ‘Stakeholders are people or groups with a legitimate interest in a company. Since stakeholders are interested in and affected by the organization’s action, they have a ‘stake’ in what those actions are’ (Williams, C. 2000). Therefore it is important to understand the role stakeholders play in terms of Tesco as a business. Applying the concept of stakeholder mapping provides better understanding to the influence of stakeholders on corporate strategy. This can help to identify potential risk, establish the political background to the area, seek to influence the decision-makers, and provide intelligence about competitors, key themes and area of potential risk. The availability of the source of power determines the extent of power that can be exerted by both internal and external stakeholder group, this includes key position in the hierarchy or the decision-making process e. g. key managers, key role in strategy implementation or important shareholders; control of strategic resources and possession of know-how, or information. At Tesco, a big part of that is listening to the people around them, and making sure they act on their concern. Engagement helps Tesco identify new risks and opportunities to ensure that long-term strategy is sustainable. In some instances working with stakeholders in partnership can help deliver shared goals. Tesco acknowledge that customers need to be able to trust their business and customers will only trust them if they do the right thing by all their stakeholders Key players: Tesco core value defines â€Å"people† as a critical success factor. People includes customer, employees. Customer question time meeting are invaluable to Tesco. Staff hears customers’ views on everything from how they are being served in their stores to Tesco’s role in the community. Employee gives feedback through viewpoint staff survey, staff question time sessions and staff forum process. Tesco core value is â€Å"treat people how we like to be treated†. And its something Tesco applies firmly to their supplier relationships. Tesco loyalty card scheme – â€Å"Clubcard† enables Tesco to better understand their customers and show appreciation to customer for shopping with them. Tesco creative marketing created more than eight million unique coupon variations of Clubcard mailing, to ensure that each Clubcard member receives the kind of offer that is appropriate for them. (Tesco, 2009) Tesco employs more than 285,000 employees in the UK, besides market-leading package of pay and its employees are entitled to fringe benefits such as childcare vouchers and share schemes. (Tesco. com) Tesco shareholders are also key player, the investor relations team regularly meets analysts from the financial institutions which invest in them or represent Tesco shareholders. Keep Satisfied Non-Government Organization (NGO) have less power but bear high interest on the organization, regular meetings with NGO to understand and respond to issues of concern will keep this group satisfied as getting their ‘endorsement’ is critical to the success of a strategy. Keep Informed Rival retail chain and trade magazine also have influencing power to their corporate strategy, therefore need to take them into account. Minimal Effort This group exerts low power and low interest. Core Competences Core competences are defined as the â€Å"skills and abilities by which resources are deployed through an organization’s activities and processes such as to achieve competitive advantage in ways that others cannot imitate or obtain†. (Johnson, Scholes, Whittington, 2008, p. 97) Tesco’s core competence is to create value for customers to earn their lifetime loyalty. Its success depends on people, the people who shop and work with Tesco. If the customers like what Tesco offer, they are more likely to come back and shop again. And if the Tesco team finds what Tesco do rewarding; they are more likely to go that extra mile to help the customers. To achieve and sustain the competitive advantage, Tesco own its strategic capabilities which are valuable to customers, rare, inimitable and non-substitutable. Value No-one tries harder for customers like Tesco does. Tesco regularly ask the customers how to make shopping in Tesco better. Tesco creates value by listening to what the customers have told them, understand and be the first to meet their needs. Therefore, Tesco has created the â€Å"Every Little Helps† strategy which to ensure the aisles are clear, the customers can get what they want with a good price, customers need not to queue and the staff are helpful and great. With the aim of become the â€Å"best value retailer† and customer deserve best value for money, Tesco had worked hard to find ways of keeping the prices down which has resulted in 17% of price reduction between 2000 and 2006. (Tesco 2009) The company has also been successful in creating a great place to work which is â€Å"treat people how we like to be treated†. Staffs are treated with respect, managers who always help, opportunities are provided to get on. The better the staffs are treated, the better services they would provide to the customers. 25 Rarity To win over other competitors means one company must possess a unique and rare capability. Tesco has been so successful in capturing leadership of the market for online grocery shopping by designing and implementing supply systems that effectively link existing shops with Tesco. com web site. (tutor2u, n. d. ) Although online shopping is a feature of competitors such as Wal-Mart and other competitors, Tesco’s ability to design and deliver a â€Å"customer interface† that personalizes online shopping and makes it more efficient has resulted the customers valuing the Tesco. com experience highly. Customer’s confidence has been built up with Tesco’s reliable and efficient delivery infrastructure from product picking, distribution to customer satisfaction handling. 26 Inimitability To create sustainable competitive advantage over time is not so straightforward and it must be competitively unique and difficult for competitors to imitate. (Kotelnikov, n. d. ) Tesco PLC of the United Kingdom has greater market share than its rival ASDA Group PLC in Britain. The market share for groceries is 31 percent for Tesco PLC compared to 16 percent for Wal-Marts Asda chain. The supermarket chain has introduced a loyalty program called Tesco Clubcard that collects detailed market information. (Advameg Inc. , 2008) Tesco pioneered the Clubcard rewards program to gather customer detail information, which it then used to accommodate to specific customer needs and potential desires. When shoppers signed up for the card, their age, gender, and income are automatically provided. Tesco was then able to segment their shoppers based on these factors. As long as the shopper used the card when shopping online or in-store, purchased product information was automatically captured into Tesco database. This enables Tesco to collect data about the spending habits and product choices of the customers allowing Tesco to target goods and services effectively such as grocery delivery services. (Knowmore. org, 2008) Apparently Tesco has done significantly better than competitors in winning customer’s loyalty. 27 Non-substitutability In order to maintain a big market share in this competitive environment, Tesco has to provide value to customer and possess competence which is non-substitutable over time. Hence, Tesco has evolved from merely food supply store (Tesco Express and Tesco Metro) to a wide range of food and non-food provider (Tesco Superstore, Tesco Extra and Tesco Homeplus). In addition to a variety of store formats, Tesco also provides a broad appeal by continually innovating and investing in new lines to increase options for customers. â€Å"From Value to Finest and lifestyle ranges like Organic, Free From, Healthy Living and Wholefoods, our various own brands enable customers to buy products to compliment their lifestyle. Our nutritional signpost labeling aims to provide customers with the key information they need to help them choose a balanced diet. † (Tesco 2009, The recent recession has shown a new challenge to Tesco because although customers tend to shop around more for the best prices when times are hard but it doesnt mean they want to compromise on quality of the shopping trip or on choice. â€Å"That is why last year we made the biggest change to our range in a decade, launching around 500 new products as part of our Discount Brands at Tesco initiative. (Tesco 2009) This new range of products enables customer to match their budget without compromising on quality or choice. This act managed to retain the customer to continue to stay on Tesco. Core Competencies need to be flexible and evolve overtime with adaptation to the environment. As a business evolves and adapts to new circumstances and opportunities, so its core competencies which underpin the success will have to adapt and change . With the capabilities of which are valuable to customers, rare, inimitable and non-substitutable, Tesco manages to sustain as British largest retailer over its competitors. Conclusion Today, companies operate in a dynamic global environment whether they are domestic or international players. In order to stay competitive, companies need to innovate. ‘Innovation requires pressure, necessity and even adversity. The fear of loss often proves more powerful than the hope of gain’. (Porter, 1999,p. 164). In these changing times, Tesco has been able to maintain their position as Britain’s number one retailer through innovative approaches in all aspects of their business, from customers to employees to supply chain management. The dynamic macro environment that Tesco UK operates in provides both opportunities and threats. The present economic situation in UK is an important indicator that would and is affecting Tesco’s operations. Though the country has been experiencing high unemployment rates presently, recent statistics show an improvement in sales figures which is an indication for future growth. Changes in consumer behavior patterns and socio cultural changes such as increased migration will no doubt play an important role in creating strategies to have a sustainable competitive advantage for the company. Through Porters 5 Forces Model, we have gained a better understanding of Tesco’s competition. The biggest threat is the existing rivalry in the UK between the supermarket giants such as Asda, Sainsbury, Safeway, Marks and Spencer ad Tesco. Price competition is still the main form of competition existing within these giants. However, Tesco has understood the importance of their stakeholders, mainly consumers and employees and focused their strategic direction towards creating a loyal consumer and employee base with long term commitment. Constant changes to meet customer demands and high response to consumer feedback are important core competencies of the company. Value for money and being able to cater to all market segments have also been vital in maintain their competitive advantage. With the identification of these competencies and the environment analysis, Tesco now could align their future strategic direction to achieve long term sustainable growth as a responsible leader in the UK retail industry. References Johnson, G. , Scholes, K. , Whittington, R. (2008). Exploring Corporate Strategy. Harlow: Prentice Hall. Kotelnikov, V. Core Competencies: Things You Can Do Better Than Your Competition. Retrieved November 15, 2009, from 1000 Ventures: http://www. 1000ventures. com/business_guide/crosscuttings/core_competencies. html Knowmore. org. (2008, May 21). Tesco PLC. Retrieved November 17, 2009, from Knowmore. org: http://www. knowmore. org/wiki/index. php? title=Tesco_PLC Tesco 2009. Core UK. Retrieved November 17, 2009, from Tesco PLC: http://www. tescoplc. com/plc/about_us/strategy/coreuk/ tutor2u. Strategy Core Competencies. Retrieved November 15, 2009, from Tutor2u: http://tutor2u. net/business/strategy/core_competencies. htm The Press Association, Tesco sees market share growth, 10 November 2009. Retreived on 17 November from http://www. google. com/hostednews/ukpress/article/ALeqM5hBp-Szv5JTubP4tXxSQSQdL3bsMw Office for National Statistics, UK Statistics Authority 2009 retrieved on 19 November 2009 from http://www. statistics. gov. uk/instantfigures. asp Just-Food. com, Sound Bites – The UK Grocery ‘code of practice’ . Russel Michelle, 3 March 2009 retreived from ttp://www. just-food. com/article. aspx? id=105666 The Guardian, UK 21 April 2009. Wearden G. Tesco unveils record profits of ? 3bn. Retrieved on 19 November 2009 from http://www. guardian. co. uk/business/2009/apr/21/tesco-record-profits-supermarket Eurofound 2009, Tesco, UK: Make work pay – make work attractive retrieved on 19 November 2009 from http://www. eurofound. europa. eu/areas/qualityofwork/betterjobs/case s/uk04tesco. htm BBC News Online, Stamp Gavin 25 April 2006 Foreign growth jey to Tesco goals retrieved on 19 November 2009 from http://news. bc. co. uk/2/mobile/business/4781458. stm Tesco corporate responsibility report 2009 retreived on 17 November 2009 from http://www. investis. com/plc/cr09/crr09. pdf Porter, Michael. E. (1999) On Competition. Harvard Business Press Williams, C. (2000). Management, Cincinnati Ohio, South-Western College Publishing Advameg Inc. . (2008, n. d. n. d. ). Abstract. Retrieved November 17, 2009, from Internet FAQ Archives: Online Education: http://www. faqs. org/abstracts/Business-international/No-1-retailer-in-Britain-uses-Clubcard-to-thwart-Wal-Mart. html

Say What You Mean

Say What You Mean Say What You Mean Say What You Mean By Michael One of the most influential teachers of writing was Rudolf Flesch. I encountered him through an out-of-print book called On Business Communications, formerly titled Say What You Mean. Only later did I discover that he also wrote the 1955 educational critique Why Johnny Cant Read. His other titles include The Art of Plain Talk, The Art of Readable Writing, How to Write Better you get the idea. Flesch practiced what he preached: everything Ive read by him was superbly readable, even entertaining. Throughout most of On Business Communications, Flesch fights a battle against business and government communication that is formal for its own sake, neglecting the very purpose of communication, which is to say something. We all tend to write the way we think were expected to write, instead of pondering the best way to meet our readers needs. Flesch fought the common belief that official writing must be boring or stuffy, or else nobody will respect it. The documents of the U.S. Social Security Administration became a little easier to read after they hired Rudolf Flesch as a consultant. Flesch was a pioneer of readability testing. His simple Flesch–Kincaid Readability Tests are still used by educators to assign appropriate grade levels to reading material. The more syllables in a word, the more words in a sentence, the more difficult an article is to read. You can test the readability of any web page against Fleschs formula at Juicy Studio. But readability goes beyond mathematical calculations. How a reader feels about an article influences whether he or she will understand it or even finish reading it. When people open a new book or magazine, they may subconsciously scan it to see if its reader-friendly. Do they see lots of periods? That means short sentences. Lots of white space? That may mean short paragraphs. Do they see exclamation points and question marks? That means that it isnt straight, routine exposition. A potential reader may subconsciously look for personal pronouns. That actually increases readability, because it suggests that the author is writing about people, and people are interesting. Does the book or article contain vocabulary that you wouldnt expect to see, such as the word puppy in a chemistry article? That suggests that it contains metaphors and analogies, which are easier to understand, and not just chemical formulas. Does it contain specific nouns at all? Seeing the word Weimaraner in an article gives me more hope of an interesting read than dog or animal. Flesch taught the importance of personality and personal connection in writing. A reader is not merely a customer, he or she is a human being like yourself, looking for reassurance and connection. We all want to hear, Im sorry about that, I know what you mean, I found the answer to your question, I solved your problem, and Thank you so much! Sentences like those appear all too rarely in business and government writing, and Flesch said there is no good reason why they shouldnt. Flesch had a special gift for helping to simplify legal language and theres a special reason for that. In one instance, he condensed a paragraph of gobbledy-gook into something like, These people have owed you $10,000 for two months. If they dont pay by next month, I think you should sue. Many clients might worry whether writing so simple can still be legally binding. Not to worry. Before he came to the United States, Rudolf Flesch was a lawyer in Vienna. You can find the book on Amazon.com Want to improve your English in five minutes a day? Get a subscription and start receiving our writing tips and exercises daily! Keep learning! Browse the Book Reviews category, check our popular posts, or choose a related post below:12 Signs and Symbols You Should Know50 Idioms About Roads and PathsHow Do You Fare?

Business Ethics and the Role of the Corporation Essay

Business Ethics and the Role of the Corporation - Essay Example For years, questions are raised on compliance of ethical values whereby many that violate laws, regard to have done so due to a loophole in the law. In this case, their defenses majors on strict compliance with laws that ignores ethical issues of fairness and honesty. Experts such as Dr Michael Novak provide insightful thoughts towards this discussion as he explore on business ethics and the role of the corporation. In examining this, I will answer the following questions as I seek to expound on Dr Novak views on business ethics and the role of the corporation. 1. Why does Dr. Novak have two sets of responsibilities for his definition of business ethics In his thought, Dr. Novak has two sets of responsibilities, which explore on the discussion of business ethics, which involves meeting the responsibilities of small businesses and corporations. The main reason why the Dr. Novak has two sets of responsibilities for his definition of business ethics is because they are vital behaviors t hat augment success. Business ethics regards an individual who has mastered habits required to fulfill his or her objectives. In his discussion, Dr Novak affirms that, a business serves the common good of the community it serves. In other words, it an economic association that seeks to satisfy customers with their commodities, increase profit margin, creates jobs opportunities and new wealth, and create a pleasing working environment where substantial work is rewarded to generate economic growth. It is considerable to discern that a business corporation falls under that category of augmenting economic growth, customer and employee satisfaction, and serving the community in honesty. Accordingly Dr Novak states that, a business ethic entails creating and imaging a World based on values of individuals, community, realism, creativity, and virtues of enterprises. In involves respecting individual rights to their own creativity and economic initiative. In this light, it means having a cul ture worth of the benefit of people, the needy, the business and community, and the maker. In a business set up, Dr, Novak regard ethics as the responsibilities of the small business and corporation to promote virtues of enterprise that initiate on creativity and economic initiative. 2. What does Dr. Novak say about the rule of law and its relationship to businesses? In his discussion, Dr. Novak creates notable insights on the rule of law and its relationship to business. He outlines that, the rule of law demands individuals or participants who have mastered habits required for business imperative. The rule of law of business springs its nature towards increasing customer satisfaction with commodities of values; augment a reasonable return on the Business Corporation and economic growth through economic initiatives such as creating job opportunities. This involves promoting ingenuity, invention, and progress through human enterprise, mind, and invention. Still, the statute of the la w majors on economic interests of citizens, establish a sense of community, respecting individuals rights hence, shaping a business culture that fosters virtues. With this in mind, the imperative of the law demands people in business to encourage their employees, shareholders to perceive policy issues and political ideas seriously, retires, and participating to electoral campaigns to vote. Following this, business cannot exist without the rule of law. Its relationship to the business entails the following. When individual rights are respected this would increase employee satisfaction, which increases work performance, and eventually boost economic growth. For success, businesses depend on individuals ready to work as a team. Contracts depend on the fulfillment of respect