Essential Parts of a Business Letter Essay

Essential Parts of a Business Letter 1. Heading The heading is the return address of the sender. Many companies use letterhead paper which displays their address and the logo; if you do not use letterhead paper, write the sender’s address just below the date. 2. Date Include the date that you have written or sent the letter just below the letterhead, or above the sender’s address if you do not have letterhead paper. 3. Inside Address This is the address that you are sending your letter to; make sure it is written as completely as possible, and includes titles and names if these are known. This is displayed on the left hand margin of the page, and positioned so that it shows through the window in an envelope. 4. Salutation Begin the letter with a formal greeting, beginning with the word â€Å"Dear† and including the recipient’s surname. Always use a title for a business letter, unless you are close friends with the recipient. Using Mr. or Ms. along with a last name is a very professional salutation. 5. Body A business letter is rarely hand written, and depending on the style of letter you choose, paragraphs may be indented. Leave a blank line between paragraphs, as well as between the body of the letter and the salutation. A line should also be left between the body of the letter and the close. Write in professional language, avoiding slang, swearing and colloquialism. Keep a friendly tone, even if you are delivering bad news. It is good practice to use the final paragraph to detail any actions that you require the recipients to undertake. 6. Signature Conclude the letter by writing â€Å"Yours Faithfully† if you have begun the letter with ‘Dear Sir’, and â€Å"Yours Sincerely† if the salutation addresses the recipient by name. Below the space for your signature, write your full name and title. You may wish to include direct contact information, such as a telephone number or email address. Never use a postscript – write everything you need to in the body of the letter. Business Letter Styles and Formats Modified Block Style Modified block business letters use a slightly different format from the full block business letters. In the modified block style the return address, date, and the signature line are slightly to the right of the center of the paper. It is recommended you to tab over to the center of the letter and not use Ctrl-E which would distort the block. Figure [ 1 ]. Modified Block Style Semi-Modified Block Style A semi (modified) block style business letter is justified against the left margin with the exception of including the your return address, the reference line, and your closing, signature, and printed name. These are tabbed about one third to the right of the page. Figure [ 2 ]. Semi-Modified Block Style Simplified Style Simplified Style is a form letter that is almost akin to a form of Full Straight but just without any opening and closing greetings. Usually this letter in the go to people who are currently working in that company. Sometimes this simple Form letter writing is very simple without the need to look at neatness and order. The parts of a letter from a simplified style. Figure [ 3 ]. Simplified Style Indented Style Indented Style is a form of a letter in which the letters in go have a paragraph formation line shaped stairs going down. The shape of this Curve usually have a paragraph so that it doesn’t look clean but looks structured primarily in the shape of a Letter addressed in a line any a formations such as the ladder down. The parts of a letter from a indented style. Figure [ 4 ]. Indented Style Hanging Indentation Style Usually the business letters are written on the letter head of the company. In case you have to write your letter in a white paper, please write your address before you start writing your letter. There are few people who suggest writing the sender’s address just below the date. This is also acceptable. There is not strict rule to suggest what is best for you. Let your sense of business judgment rule. Figure [ 5 ]. Hanging Indentation Style Kinds of Business Letters Letter of Intent A letter of intent spells out in detail the circumstances under which an agreement between the writer and the reader would be made. It is not a contract; it merely states the intent to enter an agreement. Sales Letter Written to persuade the recipient to buy a product or service, sales letters are usually a part of a direct-mail marketing campaign and often are accompanied by packets, brochures, illustrations and/or catalogs. Information Request Letter In an information request letter, the writer requests information and explains why he needs it and/or how it will be used. Information Response Letter An information response letter is written in response to a request. Its purpose is to answer questions or provide requested information. It also may promote the business’s products or services. Customer Claim Response Letter In a customer claim response letter, the writer attempts to rectify the complaint spelled out in the customer’s claim letter. It should regain the recipient’s confidence in the business and promote it. Order Request Letter An order request is a letter in which a purchase is authorized. It lists the items being ordered vertically and typically includes the quantity, order number, description and unit price of each item. ——————————————– [ 1 ]. Read more: Essential Parts of Business Letters | eHow.com http://www.ehow.com/list_6684034_essential-parts-business-letters.html#ixzz2HogzmPZI [ 2 ]. http://www.austinschools.org/campus/small/latest_news/keyboarding/directions/BlockStyleFormat.html [ 3 ]. http://wiki.answers.com/Q/Semi-block_styles_of_business_letter [ 4 ]. http://sendy-frandika.blogspot.com/2012/11/format-and-style-bussiness-letter.html [ 5 ]. http://sendy-frandika.blogspot.com/2012/11/format-and-style-bussiness-letter.html [ 6 ]. http://sendy-frandika.blogspot.com/2012/11/format-and-style-bussiness-letter.html [ 7 ]. : Kinds of Business Letters | eHow.com http://www.ehow.com/facts_5101793_kinds-business-letters.html#ixzz2Hooy1G00

Freshwater & resource Essay

Freshwater is a valuable natural resource, but freshwater is only 3% of the total volume of water in the world. Two-thirds of this is found in glaciers and polar ice caps; thus leaves only 1% which can be readily acquired. Humans and other living organism on Earth need water to be able to survive. Freshwater is important in the transportation of nutrients in soil and is necessary for the propagation of plantations that support life for other organisms. Freshwater is a scarce resource; however it is easily contaminated by human activities. Human activities such as mining can contaminate rivers with heavy metals. It can also disrupt the ecological balance that requires the use of freshwater. Farmers who use excessive pesticide can contaminate freshwater supplies. Pesticides sip into the soil and flows to rivers when it rains. This human activities causes health problems, not only to humans but to other organisms as well. In some regions of the world, freshwater is not used efficiently. Irrigations and artificial dams disturb the water ecosystem. Irrigations and artificial dams direct the flow of freshwater to other paths which can harm organism who highly require freshwater. The ecological balance is destroyed which can affect several organisms that is part of the ecosystem. Excessive irrigation also induces desertification. Desertification is the decline of biological and economic activity of the soil. Desertification has been seen places around the world, such as China wherein farmers used irrigation inefficiently. Freshwater is renewable but it should be used in way that nothing is wasted. More and more people over the world are experiencing the lack of freshwater. Creating an effective water management is the only solution for this problem. References Richter, B. (2003). Ecologically sustainable water management: managing river flows for ecological integrity. Ecological Applications , 13 (1), 206-224

Post Facto Research

1. What is the meaning of research? There are various definitions of research. According to John . W. Best, research is a systematic and objective analysis and recording of controlled observations that may lead to the development of generalizations, principles, theories and concepts, resulting in prediction for seeing and possibly ultimate control of events. On the other hand, Clifford Woody defined research as a careful enquiry or examination in seeking facts or principles, a diligent investigation to ascertain something. Furthermore, Mouley defined research as a process of arriving at dependable solution to the problems through the planned and systematic collection, analysis and interpretation of data. According to Martyn Shuttleworth (Oct 3, 2008), in the broadest sense of the word, the definition of research includes any gathering of data, information and facts for the advancement of knowledge. Kothari (2002) described research as a systematic investigation to find solution to a problem. 2. What is the importance of research? Research is very much beneficial to everyone in the society. According to Ayesha Afsar, research is important because it gives direction to deal with a specific problem. Whether the problem is thoroughly solved or not is not the forte of the research work. Accumulating amicable and all the possible solutions hypothetically are in itself considered a commendable achievement. Moreover, as stated by Michelle Lowe, research can help us to explore education and the education process. It can help us to answer questions about learning and teaching. Prince Samuels also added that research is very vital to our everyday decision making. It arms us from wrong information and save time and money. It is important to our success as we take on life's challenges and career decisions making. Furthermore, Joe Gilbert stated that research is important when conducted correctly because it helps us to understand and possibly even solve existing or possible problems in the world. This could be anything from social issues to medical breakthroughs. Governments carry out research all of the time in order to come to conclusions about policies and strategies. They will often choose experts in the particular field to go out and carry out in-depth research to help them out. Without this research and knowledge, it would be difficult to make a change in the world. It would also mean that changes wouldn't be fully considered which could result in bigger problems in the long run. 3. What are the kinds of research? As emphasized by C. R. Kothari, the following are the different kinds of research: Basic Research deals with the formulation of theory; gathering knowledge for knowledge’s sake is ‘pure’ or ‘basic’ research; pure research is â€Å"research made without any idea of application to industrial matters but solely with the view of extending our knowledge of the Laws of Nature. † * Applied {action} Research focuses at finding a solution for immediate problem; helps in discovering a solution for some pressing practical problem; is the application of knowledge from one or more natural scientific fields [pure research] to solving practical problems Descriptive/ex post facto research includes survey facts finding inquires it focuses on two aspects: {a}What has happened? {b}What is happening? * Correlational research attempts to discover or establish the existence of a relationship/ interdependence between two or more aspects of a situation. * Explanatory research attempts to clarify why and how there is a relationship between two or more aspects or a phenomenon. Exploratory research is undertaken to explore an area where a little is known or to investigate the possibilities of undertaking a particular research study {feasibility/ pilot study}. It is the development of hypothesis rather than their testing. Exploratory research often relies on secondary research such as reviewing available literature and/or data, or qualitative approaches such as informal discussions with consumers, employees, management or competitors, and more formal approaches through in-depth interviews, focus groups, projective methods, case studies or pilot studies Historical research is the type of research that examines past events or combinations of events to arrive at an account of what has happened in the past. * Experimental research is defined essentially as research in which the causal (independent) variable(s) can be manipulated in order to change an effect Because of this element of manipulation, researchers in using experimental methods are expected to maintain a good degree of control throughout the period of the study to establish with confidence that cause and effect occurred. (Dr. Anthony G. Picciano) * Constructive research is mainly done by many technological corporates in order to find new/alternative solutions to any particular crisis or problems. For example-renewable energy research or development of the capacity of optical fiber may fall into this category of research. * Empirical research is very impressive observational type of research, where one observes or test on real-life data or analysis the pattern of some specific events in order to identify the nature or the class of trend that specific phenomenon maintains. Based on the test result, researchers try to draw lines in order to predict the result of that type of incidents with certain level of confidence. 4. What are the characteristics of research? According to Ranjit Kumar, the following are the characteristics of research: * Empirical. Research is based on direct experience or observation by the researcher. * Logical. Research is based on valid procedures and principles. * Cyclical. Research is a cyclical process because it starts with a problem and ends with a problem. Analytical. Research utilizes proven analytical procedures in gathering the data, whether historical, descriptive, experimental and case study. * Critical. Research exhibits careful and precise judgment. * Methodical. Research is conducted in a methodical manner without bias using systematic method and procedures. * Replicability. The research design and procedures are replicated or repeated to enable the researcher to arrive at valid and conclusive results.

Marketing And Social Media Essay Example | Topics and Well Written Essays - 1750 words

Marketing And Social Media - Essay Example he social media, because of active integration of technology in the lives of the masses around the world has resulted in the playing of a major catalytic role in regards to the formation of a large number of followers in the virtual world. It can be said that in the today’s date, the social media represents a series of programs that run explicitly by exploiting the functionalities of Web 2.0 (Wankel, 2010, p. 9) Talking in regards to the product lifecycle, it can be said that there are four stages such as introduction, growth, maturity and decline. The social media holds a tremendous value in the first two stages as it is deeply integrated with regards to value communication of the products to the masses. Just because social media is largely diversified in its forms through the presence of various social networking and micro blogging sites likes Facebook, Twitter, LinkedIn etc. it can be said that the marketing power of the social media is tremendously high (Zarrella, 2010, p. 3). Talking more in connection to the power of marketing of the social media and the product life cycle, it can be said that the social media plays a very influential role in regards to the process of introducing new products and services in the markets by simply helping in the process of communicating the values of the products and services to the desired target audience. It also needs to be highlighted that during the course of attaining the growth phase of product development, the social media helps in a great way in manipulating the demand for the products and services by helping the marketers of the respective products and services to maintain a bilateral method of communication with the desired target audience. 2. It is important to mention that in today’s date, the social media has...Talking about the social networking sites, it can be said that the growth of the social networking sites has been largely augmented by the tremendous favoring of the growth prospects of t he United States. Like as witnessed in the case of dotcom bubble of the late 1990’s, the mere presence of the social networking sites in the virtual web space does not help in any way in the process of generating revenue. Every social networking site needs to operate on the basis of a business model, which will help in generating revenue for the online business. It is of significant and utmost importance to mention that the business models that are applicable in the case of social networking sites should not only focus on the process of generating monetary value, but also on the lines value creation, identification of the core competencies of the online business as well as proper value communication to the right target audience. Considerable amount of interest also needs to be given on the lines of creating competitive edge for the online business. It is of considerable importance to mention that an online business is built on four key model components. The first one is the value creation, which distinguishingly addresses the value that will be provided to the customers. The second factor is the issue of target market, which necessarily takes into account the factor of the desired target audience.

Contamination and remediation of soil Assignment

Contamination and remediation of soil - Assignment Example Thermal desorption system The basic process of DHTD system has been illustrated in the figure 1 given below. The soil is dried through heating it directly with the help of a rotary dryer made up from a high temperature alloy. The rotary dryer comprises of a natural-gas-fired burner that has the capability to heat the feed material up to a temperature of about 550oC or 1,022oF. The rate of heating the feed soil by using the rotary dryer is primarily based upon the moisture present in the soil, the size distribution of the soil particles, and the discharge temperature of the soil. The processed-gas is conveyed to the emission control system from the discharge hood that receives the gas from the rotary dryer. The emission control system consists of the dual cyclones, evaporative cooler, thermal oxidizer, bag house, quench, draft fans with dual induction, supply system of sodium hydroxide, acid gas scrubber, stack, and continuous emissions monitoring system. The natural-gas-fired burner of the rotary dryer is basically fitted with the thermal oxidizer that functions between the temperature ranges of 930oC to 1000oC. The gas is cooled down by spraying an air atomized water stream at the top portion of the evaporative cooler. The bag house conveys the gas to a quench chamber and a packed scrubber through the induced draft fans. Then, in order to remove acid gases from the gas, a pH controlled water stream passes again through the scrubber before the stack discharges the gas to the atmosphere. A double tipping valve, steam hood, pug-mill, steam duct, stacking conveyor and shuttle conveyor are used in the construction of a cooling and handling system for the treated soil. The double tipping valve is used to discharge the soil from the rotary dryer to the pug-mill. The pug-mill also, receives the combined dust streams, through a series of screw conveyors, from the bag house and the dual cyclones. Then the soil is cooled and moisturized through spraying water in to the p ug-mill. Subsequently, the shuttle conveyor passes the cooled and moisturized soil discharged from the pug-mill to a stacking conveyor that, in turn, passes it to the stockpile of the treated soil. The steam-duct transfers the stream discharged from the pug-mill in to the evaporative cooler. The stockpiles of 500 ton each hold the treated soil until they are analyzed for complying with the treatment criteria. Figure 1: The Overview of the DHTD System (Troxler et al. 2010)2. Project Schedule The table 1 given below presents the major milestones related to the implementation and licensing of the thermal treatment plant project. Table 1: Project Schedule (Troxler et al. 2010)2. Commissioning Trials The testing sequence proposed for the selected approach at the site included a process comprising of two stages. In the first stage, the plant processes the non-contaminated soil in order to ascertain that all of the electrical, mechanical, and control equipments are working properly. Then, in the second stage, the plant processes the above-average concentration of the contaminated material which takes about 6 to 7 hours. EPA observed, in the preliminary review of the EIS, that the testing sequence should not include a one-step change from ‘0’ to above average concentration of the contaminant material. Demonstrated performance is required by EPA throughout the range of soil contamination. EPA also, suggests that the

Marriage and Love Essay Example | Topics and Well Written Essays - 1000 words

Marriage and Love - Essay Example What is important to note, for purposes of this essay, is that fact that romantic love was associated with marriage and marital fulfillment as a growing trend in an increasingly individualistic world rather than love itself. Love, in short, is more than a romantic or idealistic state of mind; indeed, as pointed out by Duby and Dunnet, love has, throughout history, been associated with such notions as respect, admiration, and a sense of security (1994: 37). The preliminary step, therefore, is to define love as it has been understood historically rather than to rely on unnecessarily inaccurate and narrow definitions as commonly portrayed in the mass media. This essay will argue that love is more comprehensive than lesser notions such as romantic love and that it can therefore function as the basis of a successful and enduring marriage; more specifically, this essay will argue that the media has idealized the notion of love more than is true of the concept itself and that the marital institution, as it has evolved over time, is more than capable of being founded and sustained about this broader concept of love. As an initial matter, there is no question that marriage has been sustained by a variety of different factors and motivations throughout history; these motivations have varied and differed according to cultural contexts, local conditions, and sociological stages of development. Although often portrayed negatively y the western media, arranged marriages have been the historical and cultural norm historically; this is true not only in cultures and countries traditionally associated with arranged marriages, such as in India, but in embryonic western nations and cultures as well. These arranged marriages were frequently motivated by such notions as pooling family wealth, maintaining social status or cementing political alliances, nurturing the continuation of certain religious or ideological communities, or simply continuing well-established cultural or local traditions (Shumway, 2003: 118). The arranged marriage was characterized by an oversight function performed by the older generati on and the opinions or the preferences of the younger generation were subservient. This is not to say that the opinions of the people to be married were wholly irrelevant, though is many cases they were definitely of lesser value, but that the older generation relied upon considerations that were not consistent with modern notions of romantic or erotic love. It cannot be argued, however, that love as it was more generally known was irrelevant to marriage; more particularly, as noted by De Munck, men and women have fallen in love for reasons more compelling than an erotic attraction or a sudden physical or emotional impulse (1998: 78). Those whom would reduce love to the romantic concept exploited by capitalist media companies would do a great disservice to love and marriage, to people's individual judgment and reason, and to the sociological sciences. The marital institution did not become a prisoner of sudden irrational impulses; quite the contrary, as outlined by Wexman By the early twentieth century the emergence of a public sphere fostered the development of a youth culture centered on courtship rituals largely cut off from supervision by the older

False Confessions in Mississippi Essay Example | Topics and Well Written Essays - 500 words

False Confessions in Mississippi - Essay Example Mississippi State has numerous records of individual wrongly convicted because of false confession. One of the clear examples is Bobby R. Dixon who suffered a wrongful conviction in Forrest County in 1980 alongside Larry Ruffin and Phillip Bivens. Bobby confessed to charges of rape and murder and later pled guilty in an attempt to avoid the death penalty, but imprisoned for 30 years.   Investigations found that Bobby was innocent and the real perpetrator captured. Bobby left prison in 2010 on grounds of medical parole and later in the same year he died of cancer (Mississippi Innocence Project). Arthur Johnson is another person wrongfully convicted in 1992 in Sunflower County with charges of rape and burglary. The court sentenced Arthur to 16 years imprisonment though DNA tests conducted in 2007 proved him innocent leading to his release in 2008. Further investigations with a DNA profile led to the identification of a man responsible for the crime that led to the conviction of Arthur. Kennedy Brewer is another victim of false confession that led to wrongful conviction 1995 and charged with rape and murder of girlfriend’s daughter. The court sentenced Kennedy to death through lethal injection, but Dthe NA test carried later on evidence gathered from the scene of crime implicated another person. His exoneration came in February 2008 after serving 12 years imprisonment and being the fifth in death row (Mississippi Innocence Project). Police interrogators have also threatened suspects that about receiving heavier charges if they fail to admit and lighter charges if they confess responsibility for a crime that otherwise they are not. False confessions are admissions to criminal offenses and subsequent narrative of how and why the crime occurred by confessors who in reality are not responsible. False confessions are common in judicial systems, but mostly go unnoticed and unrecorded. The difficulty in noticing false confessions relates to the tendency of police not to keep records of such occurrences, which makes it difficult for researchers and criminal analysts to study their underlying characteristics (Mississippi Innocence Project).

Ehical perspective of business Assignment Example | Topics and Well Written Essays - 1000 words

Ehical perspective of business - Assignment Example Business and individuals therefore when left on its will do whatever it takes to make a profit. It can only be mitigated by introducing ethics to temper its greed and have a sense of responsibility. Unethical practices are just very common particularly in business. Even us, as consumers are part of it without even knowing it. Once classic example is our participation and our encouragement for sweatshops to flourish by our patronage to their products. They employ bondage and child labor with despicable working conditions and they continue to exist because of us. And just when we thought that big businesses are not involved in employing sweatshops, we are very wrong because they are. Worst, they will even distance themselves and deny it when they are caught. I can cite the example of Swedish fast-fashion retailer  Hennes & Mauritz who subcontracted to a sweat shop in Cambodia whose building collapsed that killed many of its workers. Instead of being remorseful, Hennes & Mauritz instead denied approval of their orders to the factory to distance itself from the issue (O’Keeffe and Narin). Another company involved is Asics, a Japanese sneaker company. Asics however took a different approach and instead said that it will conduct an investigation to mitigate public anger of being a party to employing sweatshops (Cheang). These cases illustrate that business is indeed amoral that put ethics in business may seem to be an oxymoron because they contradict each other (Crane and Matten, 2006). This would not have happened without our participation and part of the equation of the blame is on us because we patronize and even seek products that are made from sweatshops. Actions which may be considered unethical such as deception and use of sweatshops may even become permissible as long they can become profitable. And if they are exposed, they will readily deny involvement

Integrated Marketing Commucations for Toyota Motors Essay

Integrated Marketing Commucations for Toyota Motors - Essay Example This article takes special attention to the IMC strategy that Toyota Motor Company has deployed, it impacts and drawbacks. While the company seems to have benefited from effective marketing strategies, it is clear that the company is still facing a great threat from companies that have engaged more effective strategies in pushing their products within different market segments.   Toyota Motor is a Japanese company that has ventured into the international automobile industry since 1937. The company deals with the design of automobile and other vehicles wholesale and automobile parts (Toyota Motor Corporation, 2015). Since its launch, the company has branded itself a medium class company that targets the average class customers. The company’s vision was to produce reliable vehicles and sustainable development of society by employing innovative and high-quality products and services. For the company, marketing has been an important part of its organizational strategies as embedded in its mission statement. The company’s mission has been to provide the best customer experience within the company as one way of winning their loyalty. The company expenditure on marketing is approximately 4% of the total value of the amount that all automobile companies use in media advertisement. The company operates in a competitive market and the sales are considera bly affected. Therefore, the company has already experienced a big challenge in the market as competing companies such as Honda, Nissan and Mazda realize considerable growth.

Strategic Environmental Assessment Essay Example | Topics and Well Written Essays - 750 words

Strategic Environmental Assessment - Essay Example Strategic environment assessment in general is defined as a, systematic and proactive process which helps in evaluating the policies and programs and comes out with the possible consequences on the environment. While assessing the impacts a considerate view is also taken of its economic and social considerations as well. It is worthwhile here to mention that strategic environment assessment (SEA) takes precedence over the EIA i.e. project environmental impact assessment (UNECE, 2003). A number of water tributaries merging into a main stream with the help of an area of land called watershed holds key to the availability of water for the that region. Watershed management calls for maintaining an eye on the quality and quantity of water resources and initiating proactive efforts for preserving these resources for longer durations. It essentially involves planning the efforts, collecting the data from different sources, assessing and evaluating the data, development of requisite strategies and then implementation of the strategies. Watershed management strategies differ from region to region depending upon the topography of the terrain and availability of the resources. If due attention is not accorded to the watershed region, situation may go out of hand in due course. For example, inflows into the Saguling reservoir in Indonesia have been decreasing over a period of time. Due to watershed degradation the dry season flow into the reservoir was found to be around 38 percent of the average annual flow between 1986 and 1991. This percentage went further down to 36 percent between 1992 and 1997 and to 34 percent in 1998 (ADB, 2006). Therefore SEA helps in preparing an early warning system for taking care of the environmental concerns. With an effective environmental policy and legislative framework in place, Thailand has been paying due attention towards its environmental requirements and focusing on environmental and energy concerns at the national and provincial levels. But, the environment management faces a stiff challenge in view of the rapid industrialization in the country. The country is mainly divided into 7 river basins with further sub-division into 25 drainage areas1. In order to manage the watershed region, the river basins and drainage areas have to be kept in good shape so that the charging system of earth is not blocked. Thailand has forestland stretching over 2000 kilometers from north to south with varied climatic conditions and a coastline. The clear and muddy waters too lap productive mudflats (Datamonitor, 2009). The Strategic Environmental Assessment (SEA) is therefore meant to serve as a promotional tool for expanding the adoption of policies towards preserving the watershed areas. Thailand shares three rivers with its neighbors Myanmar, Malaysia and the Lao People's Democratic Republic. The strategic environment assessment calls not only for assessing the status of watershed areas, but it also requires the experts to consider the management of all the relevant stakeholders. Some of the key stakeholders in this venture include landowners, local businesses, Farmers, industries, city officials, environmental activists etc. The diversity of these groups and their interests often creates a situation where it becomes very difficult to carry out the maintenance of the land, vegetation and water resources of the drainage basin. If the strategic policies are

Invictus Response Paper Essay Example | Topics and Well Written Essays - 750 words

Invictus Response Paper - Essay Example I knew a great deal about the man and personally regard him as one of my several role models. Not only did the man spend 27 years in prison for being sentenced as a result of standing up for his people through his political activities and his believes but his resolve was so firm that he later became one of South Africa’s most beloved Presidents in the year 1994. One thing that is undeniable throughout the movie is the open admiration and respect in the hearts of the viewers for Nelson Mendela. His tact, his firm determination for his anti-apartheid cause and his true desire to unify his country wins the hearts of the viewers and dominates every aspect of the film. For me this film is focused stringently on Nelson Mandela and for most of the part I believe it is a great depiction of the man. Invictus spins around a web of celebration for the political leader as a sage. His wisdom and insights surpass not just that of his associates but he is shown as someone who has the ability to be autocratic in the gentlest manner, guiding his country from the midst of a chaos resulting from racial segregation with a firm grasp. This can be seen in the way Mandela not only realizes the reason for his nation’s disunity was apartheid but he decides to step forward and do something about it. Of the numerous qualities of Nelson Mandela, his determination and resolve are key highlighting characteristics that research highlights. Similarly in the movie, despite having a limited knowledge of sport, the viewed the South African rugby team as a tool to unify the country by participating in the 1995 World Cup Championship and gathering all his people under one flag regardless of their differences. It was a wise tactical move, one born not for the intent to entertain but for the underlying genius to move a nation into one. Invictus manages to shift focus from portraying the life of Nelson Mandela not during his years in prison and concluding with his release but depicts th e immediately inspiring struggle of the genius and his breathtaking act of leadership in the course of his first year as President. It shows the ability of the man to unite a scarred, fractious country through sports and as a result become the real champion. Invictus is accurate in showing how the defensive Afrikaner were won over by the Nelson Mandela’s endorsement of what they perceived was their sport, and gradually succumbed to the man’s charm. Furthermore the collaboration which views between Mandela and Pienaar the rugby team captain was a risky move which was a result of remarkable vision and courage. It could have easily be viewed as a symbol of betrayal by the black voters who had elected him and supporting the rugby team could have easily backfired as in the minds of his many supports it seemed to qualify as a symbol of apartheid. Keeping this in mind any average political leader might have simply disbanded the team in order to retain the favor of his support ers. However as seen in Invictus the true genius of the man lied in his ability to fight the odds and recognize that the rugby team which was a symbol of division as well as hatred for the masses could be transformed into an effective instrument of national unity. His thoughts can be accurately seen from a quote in Invictus "The rainbow nation starts here. Reconciliation starts here. Forgiveness starts here" (The guardian, 2010). Nelson Mendela’

Research resources Essay Example for Free

Research resources Essay There are many resources that a student of accounting can refer to enrich his accounting knowledge and arm him/her with useful and practical experience in the accounting field. These materials are available both online and offline both subscribed and unsubscribed. These are online and offline libraries. Questia, an online library of books and journal available at http://www. questia. com/index. jsp, is a site that provides an opportunity to access books, journal and materials for all subjects and topics ranging from arts to science, and from arts to law. These materials are available to an individual upon subscription. They are accessed through the keying of the title or the required article or any phrase in that text. Athens and Amazon. com are other resources that contains rich informative and educative materials. The amazon. com, the site that allows access to useful textbooks and journals is available online at http://www. amazon. com/books-used-books-textbook/b? ie=UTF88node=283155. It is an online company that sells books. Athens is also available online at http://www. athens. ac. uk. Accounting information will be accessed by keying in the relevant topics. The Google scholar too will provide easy access to accounting materials on any trouble-some topic. There are also many textbooks and journals available in the library. New Vistas in Accounting – Vol 1, 2003, a book authored by D. G Prasuna is a textbook that provides a general outline on the major concepts in accounting and their usefulness on understanding the accounting practices and activities. Accountants handbook, volume 1, financial accounting and general topics, 11th edition, edited by D. R. Carmidiael (2007) among other scholars is a conglomeration of witty and remarkable tips on the basics of accounting, the standards an regulations as well the basics of reporting statement. Specific Sources In this research discussion Scofield Barbara (1994) in his article published by the national public accountant, titled:Full Disclosure of Interest Capitalization Decisions, he provides useful insights on the GAAPS standards on interest capitalization, shedding the light on the confusions arising from the requirements in the standards, their appropriateness and their shortcoming. This information is available online at http://www. allbusiness. com/accounting/436577-1html. The IASC foundation education website available at http://www. lasb. org/NR/rdon/yres/189CA297-4D7Epdf has a summary of the IAS regulations. In this case they were specifically touching on borrowing costs then definition and what they generally encompass. www. arthurconsulting. com/financialspecial6. htm, website by the Arthur consulting, Inc on financial analysis, gives useful tips on accounting for the impairment of long lived assets. It gives circumstance and events that are indicators that an asset has impairment as well as the criterion for impairment recognition. An international accounting journal by authors; Street D. L, Nicholas N. B, Gray S. J, titled: Assessing the Acceptability of International Accounting Standards in the U. S. An Empirical Study of the Materiality of U. S GAAP Reconciliations by Non-US companies complying with IASC standards (2000), from this page 22-63 gives a summary of GAAP standards in comparison with other international standards on accounting. It provides information that can help understand accounting standards and practices better. Domestic Accounting Standards,Iinternational Accounting Standards and the Predictability of Earnings (2001), an accounting research journal by Ashbough, Hollis, Pinces and Morton (2001) examines the variations of the various international standards and the accuracy associated with reporting using each standard. Ann Tarca (2004), in the Journal of International Financial Management and Accounting, article titled: International Convergence of Accounting Practices, Choosing between IAS and US GAAP. She samples different reporting by accountants using the different standards: GAPP and IAS and how specific firms prefer one standard over another. William Dorms (2003) in his book Finance and Accounting for Non Financial Managers. He provides all the basics you need to know. He provides an insightful outline of the basics in accounting in the different topics of intermediate accounting focusing especially on financial management and financial statement analysis. Essentials of Managerial Finance: Principle and Practice (1981). It is a large book of 807 pages authored by Steven E. Bolten and Robert Lawrence conn. It gives useful knowledge on the most troublesome on accounting. All the above source although not enough will arm a student with almost all information that he or she requires to gain basic knowledge on principles and practices of accounting. Recommendations A fresh student of intermediate accounting would need to take a glance at reading materials that provide information on the basics of accounting. This will arm him/her with information that will aid in understanding the basic concepts and accounting practices. These books and journals are available on the internet and in our library. Students will need to take detailed notes on these topics they find relevant to their studies. Having a look at the sample and published financial statements by the various firms and multinationals will give a practical hint on the application of this theoretical knowledge and affirm the need for accuracy and consistency in accounting. On specific cases for discussion, a student should ensure that they have conducted enough research for the specific topics. Keying in the title of these topics on the authoritative websites such as Google scholar and Questia will provide vital linkages to a wealth of sources and information. Many students at the introductory stage of accounting have come to me for assistance. I have assisted them by giving them the above information as well as demonstrating to them physically on how to search for information from our library as well as from the electronic journals and libraries. References Scofield Bartara, April 1st 1994. Full disclosure of interest capitalization decisions. The national public accountant. Pg. 1. Accessed on 21/08/07. Available online at http://www/allbusiness. com/accounting/436577. 1html IAS Borrowing Costs. Technical Summary. IASC foundation education. Accessed on 21/08/07. Available online at http://www. iasb. org. NR/rdonlyres/189CA297-4d7E-4826-80bc-3876874AS44/0/1as23pdf Financial analysis, 2002. Accounting for the impairment of long-lived assets. Arthur consulting group, Inc. Accessed on 21/08/07. Available online at http://www. arthurconsulting. com/financialspecial6. htm Ash Baugh, Hollis, Pincees, Morton, Dec. 2001. Domestic accounting standards, international accounting standards, and the predictability of earnings. Journals of accounting research. Blackwell publishing. Financial accounting standards board. Accessed on 21/08/07. Available online at http://www. fash. org.

Advantages And Disadvantages Of Mergers And Acquisitions

Advantages And Disadvantages Of Mergers And Acquisitions Submitted By: Yatendra Kumar Discuss the strategic rationales and motives for American companies wishing to execute mergers outside the American borders. Do you think it is correct for the European Union to restrict mergers between American companies that do business in Europe? (For example, the European Commission vetoed the proposed merger between WorldCom and Sprint, both U.S. companies and it carefully reviewed the merger between AOL and TimeWarner, again both U.S. companies). Make recommendations on whether such mergers in the European Union are a worthwhile investment for American corporations. Introduction Todays business world is of growing economy and globalization, so most of the companies are struggling to achieve the optimal market share possible on both market level i.e. Domestic and International market. Day by day business person works to achieve a most well-known goal i.e. being the best by what you perform as well as getting there as quickly as possible. So firms work effortlessly to beat their rivals they assume various ways to try and do thus. Some of their ways might embody competitive within the market of their core competency. Therefore, it insuring that they need the best knowledge and skills to possess a fighting likelihood against their rivals in that business. In 21st century businesses are the game of growth. Every business want the optimum market share (growth) over their competitors, so companies are trying to get optimum growth by using the most common shortcut i.e. Merger and Acquisition (MA). The growth main motive is financial stability of a business and also the shareholders wealth maximization and main coalitions personal motivations. Mergers and acquisitions (MA) provides a business with a potentially bigger market share and it opens the business up to a more diversified market. In these days it is the most commonly use methods for the growth of companies. Merger and Acquisition (MA) basically makes a business bigger, increase its production and gives it more financial strength to become stronger against their competitor on the same market. Mergers and acquisitions have obtained quality throughout the world within the current economic conditions attributable to globalization, advancements of new technology and augmented competiti ve business world (Leepsa and Mishra, 2012). In the last decade, MA are the dominant means of organizations globalization (Weber, Shenkar and Raveh 1996). Merger particularly could be a growing development that has become an area of the recent business conditions and its apparent to possess affected each nation and trade (Balmer and Dinnie 1999). Concept of Mergers and Acquisition The main idea behind mergers and acquisition is one plus one makes three. The two companies together are more worth full than two classified companies at least thats the concluding behind mergers. Merger is the combination of two or more firms, generally by offering the shareholders of one firms securities in the acquiring firm in exchange for the acquiescence of their shares. Merger is the union of two or more firms in making of a new body or creation of a holding company (European Central Bank, 2000, Gaughan, 2002, Jagersma, 2005). In other words when two firms combine to create a new firm with shared resources and corporate objectives, it is known as merger (Ghobodian, liu and Viney 1999). It involves the mutual resolution of two firms to merge and become one entity and it may be seen as a choice created by two equals. The mutual business through structural and operational benefits secured by the merger will reduce cost and increase the profits, boosting stockholder values for each group of shareholders. In other words, it involves two or more comparatively equal firms, which merge to become one official entity with the goal of making thats value over the sum of its components. During the merger of two firms, the stockholders sometimes have their shares within the previous company changed for an equal amount of shares within the integrated entity. The fundamental principle behind getting an organization is to form shareholders wealth over and higher than that of two firms wealth. The best example of merger is merger between AOL and Time Warner in the year 2000. In 2000 the merger between AOL and Time Warner is one of the biggest deal that later fails. Advantages and disadvantages of Mergers and Acquisition (MA) The advantage and disadvantages of merger and acquisition are depending of the new companies short term and long term strategies and efforts. That is because of the factors likes market environment, Variations in business culture, acquirement costs and changes to financial power surrounding the business captured. So following are the some advantages and disadvantages of merger and acquisition (MA) are: Advantages: Following are the some advantages The most common reason for firms to enter into merger and acquisition is to merge their power and control over the markets. Another advantage is Synergy that is the magic power that allow for increased value efficiencies of the new entity and it takes the shape of returns enrichment and cost savings. Economies of scale is formed by sharing the resources and services (Richard et al, 2007). Union of 2 firms leads in overall cost reduction giving a competitive advantage, that is feasible as a result of raised buying power and longer production runs. Decrease of risk using innovative techniques of managing financial risk. To become competitive, firms have to be compelled to be peak of technological developments and their dealing applications. By MA of a small business with unique technologies, a large company will retain or grow a competitive edge. The biggest advantage is tax benefits. Financial advantages might instigate mergers and corporations will fully build use of tax- shields, increase monetary leverage and utilize alternative tax benefits (Hayn, 1989). Disadvantages: Following are the some difficulties encountered with a merger- Loss of experienced workers aside from workers in leadership positions. This kind of loss inevitably involves loss of business understand and on the other hand that will be worrying to exchange or will exclusively get replaced at nice value. As a result of MA, employees of the small merging firm may require exhaustive re-skilling. Company will face major difficulties thanks to frictions and internal competition that may occur among the staff of the united companies. There is conjointly risk of getting surplus employees in some departments. Merging two firms that are doing similar activities may mean duplication and over capability within the company that may need retrenchments. Increase in costs might result if the right management of modification and also the implementation of the merger and acquisition dealing are delayed. The uncertainty with respect to the approval of the merger by proper assurances. In many events, the return of the share of the company that caused buyouts of other company was less than the return of the sector as a whole. The merger and acquisition (MA) reduces flexibility. If a rival makes revolution and may currently market vital resources those are of superior quality, shift is tough. The change expense is the major distinction between the particular merger worth and also the merchandising value of the firm that can be of larger distinction. Literature Review: This paper deals with the merger and Acquisition of the companies. The combination of two firms is measure additional value than two companies at least thats the concluding behind mergers. This also includes the main strategic rationales and motives for American companies wishing to execute mergers outside the American borders and also is the European Union restriction on the American companies MA with European companies is correct by the help of case study of merger between AOL Time Warner. Strategic rationales and motives for American companies: The main rationales and motives of American companies to merger outside the America are to extend their market, get new source of raw materials and tap in large capital market. The cross-border MA is a widely used and popular strategic means for international companies looking to expand their business reach, widen new production facilities, enlarge new sources of raw resources, and tap into capital markets (Weston, Chung, Hoag, 1990). Deals out of the borders have been many and large during the 1990s (Subramanian et al., 1992), and the deals like that are probable to attain new heights due to globalization trends, decline in unwieldy business regulations and red tape, and by the development of standardized accounting standards by various capital-starved countries (Zuckerman, 1993). Moreover, the main motive is to expend their business or market and develop new sources for raw material. Restriction for Mergers in European Union: In the earlier times, the enforcement rules in European Zone against mergers were totally different. In the starting, the European Community wasnt abundant involved concerning mergers. The founders of European Economic Community believed that division of markets resulted into unskillfully and for them largeness was never a problem or a haul (Bermann et al, 1993). Theyd even thought of regulation as an answer for giant mergers instead of de-concentration. Actually, Mergers were generally accepted and cross-border mergers were most welcome which might facilitate mix the European Union. To the extent that the European Community started taking social control for mergers seriously, it majorly focused upon a drag that mergers would produce abuse of market power (Eleanor, M n.d). Finally, European Commission (EC) law thought of merger as a main growing concern. The EC authorities make certain that, once companies merge, the market balance is maintained and avoid distortion of competition an d formation of dominant position that might be abused. Giant companies ought to take approval from the European Union and deliver them with necessary one. Case study The merger between AOL and Time Warner was declared on 10 January 2000 and it was worth $183 billion. That was the biggest merger in the history of American business world. AOL had about 40% share of online service in the United States and the Time Warner have more than 18% of US media and cable households. The merger is taken into account to be a vertical merger between one amongst the most important web service suppliers and this one amongst the biggest media and entertainment firm. The new company was formed and named as AOL Time Warner and was the fourth biggest company in the US, as evaluated by stock market valuation. After the merger deal, AOL become a subsidiary the Time Warner Company at stage and has operations in Europe, North American countries and Asia. As a web service supplier, AOL on look severely rival from Microsoft, Yahoo and different low price net access suppliers. Thus, the corporate tries to induce advertising and e-commerce growth, thereby separate it by rival (BBC, 2000). Impact of deal on the performance After the official announcement of deal merger between AOL and Time Warner growth rate in revenue has dramatically declined. The profitability suffered a good plunge when the alliance. The potency of the new united firm was terribly poor as determined from the asset turnover ratio. Even the liquidity of the firm suffered once the merger as evident from this ratio. There are several reasons for failure however the foremost vital reason was the unequal size of the companies, wherever AOL was overvalued as a result of web bubble. According to New York share exchange before the deal the share price of AOL is 73 and Time Warne is 90 but after announcement of the merger deal the shareholders dissatisfaction shown on share market of AOL and Time Warner and the shares drop down to 47 and 71 respectively. AOL and Time Warner fail to keep up shareholders satisfaction levels this conjointly one among the rationale to loosing stability of share holders according to the Times magazine (Kane and M argaret, 2003). The market valuation of both the companies AOL and Time Warner were decline from the starting of the merger to end of the deal. AOL has drop down approximately 60 percent and Time Warner around 30 percent of market value once the deal has been closed. The market valuation of both the companies from 2000 to 2011 was dropped down drastically. The AOL market value has dropped from 167$ billion to 107$ billion and the Time Warner 124$ billion to 99$ billion and is the biggest dropped down of any company in American history. Reasons for merger Failures 1+1 = 3 sounds great but in practice or reality every time its not work properly and go awry. Historical trends show that roughly 2 thirds of huge mergers can let down on their own terms, which implies theyre going to lose worth on the stock exchange. The motivations that mainly drive mergers are frequently blemished and efficiencies from economies of scale might prove elusive (Investopedia, 2010). Adoption of the new technology takes time for the normal company. In late twentieth century dramatic changes has occur in web. Migration of recent mode of web service is connected with high barricade and a number of other social and legal problems was encircled around and recently established firms like yahoo, msn etc was giving high edge competition. Economical rate of inflation is high, to create economy stronger American government has modified the policy and taxation rules have throwing a dispute for AOL to beat this things merger with Time Warner became a fruit to the AOL. Public and private policies are one of the reasons for the merger failure. The reasons of merger failure is over valuation of AOL shares has shown a dramatic impact on the deal, where as stake holders are not satisfied and improper communication with consumers damages the trust of user. The mergers fail was a result not only because of the replete of the dot-com bubble but it also the failings by AOL Time Warn er management to ever really integrate the two firms. Conclusion One size does not match all. Several firms think that the most effective way to get ahead is to expand business boundaries through mergers and acquisitions (MA). Mergers produce synergies and economies of scale, increasing operations and cutting prices. Investors will take comfort within the idea that a merger can deliver increased market power. The same thing happens with the Americas biggest merger deal between AOL and Time Warner. They think that merger is helpful for both the companies but it not matched for both of them. Both AOL and Time Warner synergies shows diversification is that the main goal of the firms to extend the revenue and to attain the value gain because of the amendment in mode of technology and increase in the competition for the well established firms. Throughout the phase of merger web bubbles also the main cause for over valuation of shares. In distinction Time Warner was the victim of net bubble. This type merger failure cases shows support the European Comm ission to restrict the American companies to merge with the European companies. European commission has a right to govern the European market and make stable the Euro Zone market. The European commission (EC) is thought of defending domestic companies from foreign rival and they encourage their zone mergers. So the European commission doesnt want any problems like dis-economies of scale, clashes of cultures and reduction of flexibilities by the merger of American companies. So the merger is highly regulated by European Union to avoid major concentration of economic power in euro zone. The merger deals cases like AOL and Time Warner helps the European Commission (EC) to make strict rules to restrict the merger and acquisition (MA) of American companies with the Euro Zone companies. Advantages and Disadvantages of Mergers and Acquisitions Advantages and Disadvantages of Mergers and Acquisitions Mergers and Acquisitions can be described as a step taken by any two organizations to make a more valuable company rather than two separate companies. Although the terms merger and acquisition are used very closely, but they are different. When one company takes over the other, the target company is taken as non-existent and the buyer company takes over the company continues to trade the stocks with its name. Whereas, in case of mergers, two separate firms, mostly of the same size, mutually agree to go forward with an entirely single new company with respect to the operations and owning of the new firm jointly rather than two separate firms. The case is about the merger of British Airways and Iberia making them to catch up on their rival Air Carriers and compete with the low-cost airlines, rising fuel costs, security concerns and costs for customers. However, due to commercial purposes, both the Airways would retain their existing brands. Both the companies look forward to gain from the merger with respect to a greater access across America. For the miracle worker, William M Walsh, who announced the planned merger, after a difficult year for British Airways, due to Icelandic Volcanic Ash Clouds and Cabin Crew strikes, situation has become even more trouble-some with the kind of response British Airways has been receiving from the BASSA (British Airline Stewards and Stewardesses Association), Unite Union, BALPA (British Airline Pilots Association) and their own staff. Though the travel analysts believe that the merger would on a long run prove to be beneficial for travelers or customers, but the concern right now for British Airways is to re-convince the BASSA (British Airline Stewards and Stewardesses Association), Unite Union Leadership who have changed their mind to settle for the new changes taking place. On the other hand, the media and the staff including BALPA (British Airline Pilots Association) are also at unrest due to the new proceedings taking place. Now the problem which Tom McCarthy, the retiring HRM Director of British Airways is trying to resolve is how the British Airways can settle the industrial unrest. As clearly stated, the industrial unrest is caused due to the merger with Iberia, and also the proposed plans of pay-cuts, redundancy, job losses and retaining the best talent pool and change in working conditions. Unite union, after the shareholders meeting, have announced to ballot the choices of cabin crew, whether to or not to take any further industrial action. However, on the other hand, BASSA (British Airline Stewards and Stewardesses Association) is also seeking a ballot for carrying out a strike against the British Airways. If I was asked to determine, how the British Airways could manage the rounds of Industrial Action, my first step would be to call for a meeting with the British Airways Carriers Management, the complete management representatives, representatives from the Unite Union, from BASSA (British Airline Stewards and Stewardesses Association), from BALPA (British Airline Pilots Association) and the staff. Since, this merger was planned, the expected output with respect to revenue is profitable, the concerns of the manpower cannot be ignored. Thus, a consultative meeting with the purpose of Collective Bargaining could be planned and called. Collective Bargaining can be used as a term for voluntary negotiation between the employer, employee or the trade union. The purpose of collective bargaining is to reach at a mutual agreement with respect to the work and the working conditions. Since, the purpose would be to negotiate, the management would point out the benefits of the mergers and the reasons for the decisions that could or would be taken due to the same. The discussion, on the other hand, give a chance to the other side of the employer, to put their view-point forward and also, come up with suggestions that could ease out the unrest amongst the staff and their associations. The steps that could facilitate a better response from the employees, other than a collective meeting for negotiation could be holding department wise meetings, encouragement of written communication, placing of suggestion box at various areas for the employees. As a second step, I would have to draft the expected Human Resource challenges that the British Airways would face due to the industrial unrest caused by the merger. During a merger, the human capital, i.e., the employees are scrutinized other than financial and material assets of any company. The staff, across levels become insure about their job. They fear demotion, decreased salaries and even continued employment. The main Human resource challenge faced is to decide how many employees would be affected and what would be the time line for the same. The issue of taking such decisions requires a good and clear communication that is free from any kind of rumors. In mergers, mostly one or few among the available are taken, either the company proposes downsizing, wherein, the decision is taken to let the personnel go for improving their efficiency or lay-offs, wherein, the termination takes place, either of employees or of positions. The decision for such affair is taken by the dominant company and thus, the HR needs to follow a professional approach towards planning a fair method of lay-off implementation. Another issue is to assimilate the new employee with the old after the merger. The introduction and assigning of team to facilitate team work would have to be done with great planning and care. Also, as discussed earlier, the concern which is faced by the British Airways is the resistance to change by the employees. With a proper channel of communication, suggestion boxes etc, this problem can also be worked out and sort a solution for. For any merger to be successful, it is imperative, that the manpower, the people involved, who drive the business and its growth are capable of creating, innovating and executing things collaboratively. The employees should be able to understand, why such an action is taken by the management and what benefit it would produce for them. They should be able to relate the value , the merger would bring to their daily work life. The challenge here is that the management should not act as an administrator but a coach or profit consultant. The Human Resource department here should focus on easing the merger transition and fitting the pieces as closely as possible. It should initiate in areas other than just administration or payroll but work closely together with the management in recruitment, retention and managing the effects of cultural change. The people may also be resistant to change because they might have to work in a different process, different department, different geographical location other than a different team, management and new members. The HR should take up these issues seriously as it might result in walk-outs also, as in the case of British Airways where BASPA is planning for a strike ballot, where around 10,500 workers may walkout. The possible solutions or potential HR strategic plans should be drafted. The management could give time to the employees to build trust amongst all the new people, the environment and the changes introduced. Both the companies should appoint an integration team, which would include the Human Resource team to meet periodically to plan the changes and execute the same at the acquired firm. The HR team of the dominant company would have to learn about the acquired company, its business and the people working in it. The approach to be followed should be of participative nature and not dominative. Like in British Airways, where it has been clearly agreed by Walsh, that the jobs would be lost, cost cutting would be exercised, and employees may be asked for voluntary redundancy other than pay-cuts for cabin-crew. On the other hand, Iberia also plans to freeze their hiring plans and also request for early retirement of many of its employees. Measure should be take to be taken to address the concerns of the employees, by mean of an open communication, there could be a hot-line for the employees where they may call and and confidential seek answers to their queries , since many employees may not want to put their foot forward in public. The purpose should be to encourage the employees to meet their new counterpart and companions. The Human Resource team should focus and aim at introducing and familiarizing the new teams and new set of people with each other, as these people are insecure and worried about their jobs and future. With British Airways and Iberias merger, the possible areas of conflict and resistance that may arise in the transitional period of replacing old crew with new crew. The transitional period bring with it a lot of anxiety, rejection, self-protectiveness, this was not hoped for response for the new management, defensiveness etc. The employees may not be ready to work with people they do not think they will be able to be friendly with. Since, the feeling and anger of losing their friends, who because of the merger, might have been laid off or downsized. The staff members may not want to work under the new policies and practices laid down by the new management. They may also be resistant to change their location or department of work. During transition, employees may feel displaced, low on energy, may resent to learn new things, may lose focus. People during such time , want their normal days to return as quickly as possible. They at such times have an amplified need for predictability, control and protection. An aggrieved employee would look for visible leader, accessible management Whenever an organization makes a change, its people have to deal with, first an ending or letting go of what was; then a time between the old and the new when the person is a drift called the neutral zone, and then a new beginning or reintegration. (Bridges, 1991). When we talk about a training program, we analyse the need for such a program on the first place. Since, here it is a matter of merger of two companies, where other than many changes, one change is about the working of the new company, its management, its policies and the planned practices. The training programme should be designed to serve the purpose of filling the gap between, what is know, may be through mouth of word, or as a rumor and to let people know the truth or the facts. The training program should be designed to address the issues of the employees concerned. Since, the company formed is new, it would have to address the concerns relating the working style and the management, the people in the management etc. It should focus on introducing the new formulations, rules, regulations, and peole in the company.

Brand Loyalty in purchase of Sports Apparels

Brand Loyalty in purchase of Sports Apparels Purpose The following paper tries to determine whether brand loyalty is a mediator between brand name, product loyalty, price, store environment, promotion, service quality and the intention of a customer to purchase sports apparels. The study presented uses Brand Loyalty to investigate the relationship between brand name, product loyalty, price, store environment, promotion and service quality and consumers intention to purchase. Design/Methodology/Approach A questionnaire was distributed to students of B-schools India in the age group of 18 30 years of age asking about their preferences when purchasing sports apparels. The results of the questionnaire were analyzed using the four step method for mediation analysis Findings Brand Loyalty partially mediates brand name, product loyalty, price, store environment, promotion, service quality and the consumers intention to purchase. Research limitations/Implications The biggest limitation was that the study was confined to the age group of 18-30 years of age. Also it doesnt explore the factors which constitute the independent variables. Future study needs to widen the scope of study by including consumers in the age group of 30 plus. Also it needs to incorporate the factors which influence consumer to recommend the product to others. Practical Implications The managerial implications of the research are immense. It guides mangers to choose the most important factors while opening up a new store as the study establishes that service quality is the most important factor which influences the consumers decision to buy sports apparels Originality/Value This paper is one of the first studies which examines how brand name, product loyalty, price, store environment, promotion and service quality translate into intention to purchase. Paper Type Research Paper Introduction Indians nowadays have developed a fetish for sportswear. This impact can be seen across all age groups; Be it youngsters in the nascent stages of skill-development in the area of interest in the sports domain, athletic adolescents, young men and women with their addiction to gymnasiums or mid-aged and old people who try and look trendy when they go for their daily walks or perform light exercises. This has resulted in a huge demand for sports apparels and it can be seen in the huge variety of sport apparels developed by major brands like Nike, Adidas, Puma etc. A positive trend was observed in Italy in purchase of sportswear in summer/spring. (Dusi, 1999). Though there are very few retailers of sportswear in the market but the competition is very fierce among them. A paper by Wernerfelt in 1991 shows that customers are willing to buy more if the brand name is considered to be superior. (Wenerfelt, 1991) Managers realize that brand retention is a very important factor that decides consumer behavior. They also consider customer retention as a very important factor that actually decides performance of a particular brand (Sasser, 1990). Hence knowledge of brand loyalty is a must for managers. Factors of Brand Loyalty: The independent variables Brand Name ( (Aaker, 1996); (B.D., 2000); (R.W., 1978): Brand name plays a pivotal role in customer retention of advertisements in comparison to a product which is not endorsed by any brand, A brand name may influence a persons buying behavior since hard core followers of a brand purchase all products of a particular brand irrespective of the intrinsic factors. Such dedication to a particular brand is decided by both emotional and physical attributes of the brand name. The complete importance of a brand comes into picture when a choice is to be made between 2 similar products. In such cases the product with a better brand name would be preferred. Product Quality (G.S., 2005), (D.A., 1988), (C., 2000) Consumer may return to a brand repeatedly if it scores high on product quality. The factors which decide the quality can be fitting, size measurement, color, function and performance of merchandise. Fitting is of paramount importance in apparels since they actually define the comfort level of an individual using them. Material once again is important since it defines the durability of the product. Some customers also relate to a particular color. Also how long it takes for the color to fade also determines its quality. Functional attributes like breathable, water-resistance, easy to wash are other parameters which decide the quality of the product. The performance of the merchandise also effect customer psyche since a merchandise having huge sales would make the customer think that the quality of the product must be good to generate such sales. Price ( (B.D., 2000): (Rayner, 1999); (Krishnamurthi, 1991)): Price is another important factor in consumer behavior. If a customer is a hard-core loyalist then he would be willing to pay a premium for the brand in consideration and would be relatively less sensitive to prices. A customer has a perceived value of a product in his mind and a favored brand name enhances this value by leaps and bounds. Hence here the customer is willing to pay more than the expected price if the brand name is preferred. A loyal customer is less price sensitive. Store environment A stores environment, its location and the number of outlets it has also influence the consumers shopping pattern ( (Evans, 1996); (Milliman, 1982); (Grewal, 2002)). If a consumer is satisfied with the variety of products available in a store and the services provided to him then e becomes loyal. Also characteristics of other shoppers, the behavior of salespersons, the displays, the store design, and the advertisements displayed, signs, colors etc. are other factors that affect consumers. Also if the store is attractive from the inside, the shopper would be encouraged to spend more time inside the store and may purchase more which ultimately would affect his loyalty to the brand which owns the store. Perceived store image also has a direct impact on the intention to purchase. Promotion ( (Czernawski, 1999); (Evans, 1996); (Komal)): Promotion forms one of the most important components of the 4 Ps of marketing. It includes advertising, sales promotion and personal selling. Advertising includes print media, electronic media and billboards. The paper by Evans shows that how advertising shapes a key role in determining whether a person becomes loyal to a brand or not. A lot of times advertisements are the first point of contact between a person and the product and hence the image and perception of the product is formed in the mind of the customer through this mode only. Thus good advertisements in any form are a way to attract brand switchers and generate loyalty among them. A research paper by Komal Nagar lays emphasis on the fact that consumer promotions have a positive impact on brand switchers but not on brand loyalists. Service Quality ( (Yonggui)Service quality is a form of personal selling only since it includes direct contact between a salesperson and the customer. A lot of time impulse buying is motivated by salespersons only. If the salespersons are friendly enough then such kind of stores is generally preferred others. If a bonding develops between the salesperson and the customer then it gradually spreads over to customer and the brand/store. Also personalization in the form of personal attention the customers gets at a store significantly influences loyalty. In banks and other financial institutions service quality is the most important factor that determines reputation. Research Background and Hypothesis Price and Brand Loyalty Wakefield and Inman (2003) define price sensitivity as the extent to which individuals perceive and respond to changes or differences in prices for products or services. Further, Jin and Suh, (2005) define Price consciousness or price sensitivity as the degree to which the consumer focuses exclusively on paying low prices. Customers are generally seen to be price sensitive, and sales promotions have a significant effect on their choice behavior (Gazquez-Abad, 2009) characterizing the deal-proneness of consumers by analysis of price sensitivity and brand loyalty: an analysis in the retail environment. Brand loyalty towards clothes in a leading market, sometimes called Generation Y is also significantly influenced by price consciousness It was one of the three variables recognized as having a positive influence on brand loyalty. According to Cadogan and Foster (2000), price is probably the most important consideration for the average consumer. But Consumers with high brand loyalty are willing to pay a premium price for their favored brand, so, their purchase intention is not easily affected by price. Other studies also suggest that Brand loyal customers tend to be less sensitive to price. Further, research suggests that price shows a positive relationship with brand loyalty Price has also increasingly become a major point in consumers judgments of offer value as well as their overall assessment of the retailer In addition, customers have a strong belief in the price and value of their favorite brands and they compare and evaluate prices with alternative brands (Evans, 1996); Consumers satisfaction can also be built by comparing price with perceived costs and values. If the perceived values of the product are greater than cost, it is observed that consumers will purchase that product. Ho: There is no significant and positive relationship between price and brand loyalty on consumer sportswear. Ha: There is a significant and positive relationship between price and brand loyalty on consumer sportswear. Product Quality and Brand Loyalty Quality is relatively tough to define. If Japanese philosophy is to be kept in mind, then quality is zero defects. According to another definition, quality is conformance to requirements (Parasuraman, Zeithaml and Berry 1985). Here a difference needs to be made between perceived and objective quality. Perceived quality has been defined as the consumers judgment about a products overall excellence or superiority. Perceived product quality is a global assessment characterized by a high abstraction level and refers to a specific consumption setting Objective quality refers to the actual technical excellence of the product that can be verified and measured (Monroe and Krishman, 1985). Romano and Vinelli (2001) state that quality must be guaranteed in apparel sector for customers to remain brand loyal. Consumers today are becoming more and more quality conscious. Quality Consciousness is defined as the tendency of consumers to intentionally search and get the highest possible quality products in their purchases (Sporles and Kendall 1986). Brand loyalty towards clothes among a leading market called Generation Y is significantly influenced by quality consciousness. (Ertekin.) Functional attributes in sportswear include quick-dry, breathable, waterproof, odor-resistant, lightweight, and antimicrobial and finally, durability which is the use life of garments. For instance, some consumers wear their sportswear for heavy work and some for leisure and sports, as they need a lot of movement, while durability is an important consideration in purchasing sportswear (D.A., 1988) Perfectionist or quality consciousness is defined as an awareness of and desire for high quality products, and the need to make the best or perfect choice versus buying the first product or brand available. (Sproles, 1986) This indicates that quality characteristics are also related to performance. Also notable is the fact that consumers may repeat purchase a single brand, or switch between different brands depending on the product quality offered. Ho: There is no significant and positive relationship between product quality and brand loyalty on consumer sportswear. Ha: There is a significant and positive relationship between product quality and brand loyalty on consumer sportswear. Store environment Brand Loyalty Retail store perceptions such as store image and familiarity are extensively studied for apparel brands. (Forney, Park and Brandon 2005) Brand reputations and evaluations are built up over time evoke sales as consumers tend to be brand loyal and brand driven under the influence of store attributes such as staff, layout, location atmosphere. Fulberg (2003) adds that using merely music in a store to create attitudinal loyalty for the brands can be possible. Further Omar (1999) emphasized that the store environment was the single most important factor in retail marketing success and store longevity. If consumers find the store to be highly accessible during their shopping trip and are satisfied with the stores assortment and services, these consumers may become loyal afterwards (Evans et al., 1996). The stimuli in the store, such as the characteristic of other shoppers and salespeople, store layout, noises, smells, temperature, shelf space and displays, sign, colors, and merchandise, affect consumers and serve as elements of apparel attributes. (Abraham, 1995) Also background music played in the stores affects attitudes and behavior. The slow-beat musical selection leads to higher sales volume as consumers spend more time and money in a conducive environment. Research also suggests a positive and significant relationship between store environment and sportswear brand loyalty. Ho: There is no significant and positive relationship between store environment and brand loyalty on consumer sportswear. Ha: There is a significant and positive relationship between store environment and brand loyalty on consumer sportswear Brand name Brand Loyalty Famous brand names can disseminate product benefits and lead to higher recall of advertised benefits than non-famous brand names. (Evans, 1996) In case there are a lot of brand names in the market, many of which are unfamiliar, consumers may prefer and trust the major brand names. Also brand personality provides links to the brands emotional and self-expressive benefits for differentiation. This is important for brands which have only minor physical differences and are consumed in a social setting where the brand can create a visible image about the consumer itself. This is an especially valid point for sports apparels industry. Brand name is the creation of an image or the development of a brand identity and is an expensive and time consuming process. Consumers generally tend to perceive the products from an overall perspective, associating with the brand name all the attributes and satisfaction experienced by the purchase and use of the product. Ho: There is no significant and positive relationship between brand name and brand loyalty on consumer sportswear. Ha: There is a significant and positive relationship between brand name and brand loyalty on consumer sportswear. Promotion Brand Loyalty Promotion is a marketing mix component which is a kind of communication with consumers. Promotion includes the use of advertising, sales promotions, personal selling and publicity. Research suggests that if one brand is sufficiently stronger than the other and if advertising is cost effective, then the stronger brand loyalty requires less advertising than weaker brand loyalty, but a larger loyal segment requires more advertising than a smaller loyal segment. Moreover, stronger brand loyalty requires more trade promotion spending under these conditions. (Aggarwal, 1996) According to Rowley (1998), promotion is an important element of a firms marketing strategy. Promotion is used to communicate with customers with respect to product offerings, and it is also a way to encourage purchase or sales of a product or service. Sales promotion tools are used by most organizations in support of advertising and public relations activities, and they are targeted toward consumers as final users. Advertising is known to be a non-personal presentation of information in mass media about a product, brand, company or store. It greatly affects consumers images, beliefs and attitudes towards products and brands, and in turn, influences their brand loyalty (Evans et al., 1996). Ho: There is no significant and positive relationship between promotion and brand loyalty on consumer sportswear. Ha: There is a significant and positive relationship between promotion and brand loyalty on consumer sportswear. Service quality Brand Loyalty Service quality is commonly defined as the service which should correspond to the customers expectations and satisfy their needs and requirements (Gronroos, 1990). Service quality is a kind of personal selling, and involves direct interactions between the salespeople and potential buyers. Consumers shop at specific stores because they like the services being rendered and are assured of certain service privileges. The impact of salespeople-consumer relationships more often than not result in long term orientation of consumers towards the store or brand. Trust in salespeople appears to relate to overall perceptions of the stores service quality, and results in the consumer being totally satisfied with the stores in the end. Additionally, personalization (i.e. reliability, responsiveness, personalization and tangibles) significantly influence consumers experience and evaluation of service, and in turn, affects the brand loyalty of consumers (Mittal, B. and Lassar, W.M., 1996). Gronroos (1990) notes that the quality of a service as perceived by customers has three dimensions attached to it: functional (or process) dimension, technical (or outcome) dimension, and image. Ho: There is no significant and positive relationship between service quality and brand loyalty on consumer sportswear. H1: There is a significant and positive relationship between service quality and brand loyalty on consumer sportswear. Brand Loyalty as a mediator and Intention to purchase Brand loyalty is defined largely as a consumers strong commitment towards a particular brand to the extent where the consumer will be motivated to obtain that brand exclusively on every purchase transaction and is constantly looking out for any marketing activities related to the brand (Baldinger, 1996). Loyalty is one factor that many studies have shown to have a strong influence on purchase decision (Alvarez et al., 2000). Research suggests that brand loyalty is the main variable which influences the purchase decision process of both national and store brands. Loyalty does not only influence the decision of store choice, but also the brand choice and the quantity of products purchased. Studying purchase intentions is very important in the retail segment, including sports apparels. Several studies have reported a positive correlation between purchase intentions and purchase behavior. (David, 1996) Impulse purchase is also very important for a segment such as sportswear. (Armstrong, 2006)revealed that approximately 30% of the total purchase of university athletic teams licensed merchandise was impulsively purchased by the universitys students. Ho: There is no significant and positive relationship between brand loyalty and intention to purchase on consumer sportswear. H1: There is no significant and positive relationship between brand loyalty and intention to purchase on consumer sportswear. The model illustrating the constructs is given below: Methods Measures The constructs were measured with the help of Likert scales. They responses ranged from 1(strongly disagree) to 5(strongly agree), except in the case of intention to purchase scale which ranged from 1(strongly disagree) to 7(strongly agree). Sample The sample was collected using an online questionnaire. A total of 146 people responded to the questionnaire. No personal information of the respondents was collected, apart from their age, as the study focuses on the age group of 18-30. Intention to purchase: Intention to purchase was measured with a three-item scale found in a paper by Baker, Michael J. and Gilbert A. Churchill, Jr. (1977). A sample item is If you needed a sport apparel would you prefer this brand if you saw it in a store longer? Brand name: Brand name was measured with a four-item scale found in a paper by Cadogan, J. W. and Foster, B. D. (2000). A sample item is the prestigious brand name and image attract me to purchase this brand Product Quality: Product quality was measured with a five-item scale found in a paper by Sproles, G.B. and Kendall, E. L. (1986). A sample item is the materials used by the brand of the sportswear are comfortable Price: Price was measured with a two-item scale found in a paper by Cadogan, J. W. and Foster, B. D. (2000). A sample item is the increased price would not hinder my purchase decision Promotion: Promotion was measured with a three-item scale found in a paper by Wong Foong Yee and Yahyah Sidek (2008) A sample item is advertisements of the brands attract me to purchase more frequently. Service quality: Service quality was measured with a four-item scale found in a paper by Mittal, B. and Lassar, W.M. (1996). A sample item is the salespersons of the stores are well trained and knowledgeable Store environment: Store environment was measured with a four-item scale found in a paper by Dhruv Grewal, R. Krishnan, Julie Baker, Norm Borin. A sample item is the brand has good store locations and easy to access Brand loyalty: Brand loyalty was measured with a four-item scale found in a paper by Odin, Yorick, Nathalie N. Odin, and Pierre Valette-Florence (2001). A sample item is the brand name is the first thing I look for when I purchase sports apparels Step 1: It summarizes the results of a regression analysis using intention to purchase as the criterion variable and the six independent variables as predictor. It is clear that the independent variables are significantly related to intention to purchase of sports apparels. The values achieved are R2 = 0.374, F = 13.846, p Service quality and Store environment were most significantly related to intention to purchase. Step 2: It summarizes the results of a regression analysis using brand loyalty as the criterion variable and the six independent variables as predictor. Results signify that independent variables are also significantly related to brand loyalty. The values out of regression are R2 = 0.358, F = 12.913 and p Service quality again was most significantly related to brand loyalty. Step 3: It summarizes the results of a regression analysis using intention to purchase as the criterion variable and brand loyalty and six independent variables as predictor. From the results obtained we can see that all the independent variables and brand loyalty are significantly related to intention to purchase. The values out of regression are R2 = 0.391, F = 12.650 and p Brand loyalty and store environment were more significantly related to intention to purchase than other variables. The values of beta for all the independent variables in step 1 were greater than their values in step 3. This signifies that the relationship, although still significant, is reduced in magnitude. Hence there is a partial mediation effect. Service quality was most significantly related to intention to purchase out of all the six independent variables. Price and promotion, on the other hand, were least significantly related. Discussion and Implications The current study explored the intention to purchase vis a vis Brand Loyalty. Brand name, Product quality, Price, Service Quality, Store environment and promotion as independent variables. The mediator here was Brand Loyalty. The study was unique in the sense that it explored the intention to purchase while considering the factors of brand loyalty. This study provides an effective tool to apparel makers while opening up a new store in the sense that it enables them to exploit the major factors to leverage upon the buyers intention to purchase by focusing more on the factors which affect the Brand Loyalty the most. Among the factors of Brand Loyalty service quality emerged as the single biggest factor which partially mediated by Brand Loyalty influences the customers intention to purchase. The results entail that sales person consumer relation will more often than not result in long term association of the consumer with the brand. Also it is clear from the results obtained that users dont consider promotion as a factor while deciding upon the apparel to purchase as it has the lowest correlation with the consumers intention to purchase. Also price considered as an important factor in previous researches emerged as another factor which is insignificant compared to other variables except for store environment. This can be explained on the basis that the consumers already have an image of the brands. This is enforced by factors like service quality, product quality etc. and the price factor is not given any weightage. There is also a second reason for this. This is that all the brands we included i n the consideration set of the people filling up the survey are priced similar. This is a very important result in the sense that it guides the apparel stores to provide better service. Another important result which emerged was the insignificance of promotion. Promotion here comprises both advertisements plus the discounts given in the form of clearance sales, sweep stakes, coupons etc. This doesnt contribute to consumers long term brand loyalty. Although it can lead to sudden interest in consumers mind regarding the particular brand offering the discount but it certainly doesnt translate into long term brand loyalty. Brand name is another factor which emerges as a strong variable which important influences the consumers intention to purchase. Consumers tend to perceive the products from an overall perspective, associating with the brand name all the attributes and satisfaction experienced by the purchase and use of the product. But it is clear from the research that it cannot be attributed as the single biggest factor which influences the consumers brand loyalty or intention to purchase. Limitations The biggest limitation of the study which stems from the design of the research is the focus on the age group 18 to 30 years of age. We controlled this variable consciously to study the behavior in this age group. But the age group 30+ is a very big chunk of consumers who buy sports apparels. Taking into account their preference is bound to change certain findings in the study presented above. Another important limitation of the study is that the study doesnt explore the factors which make up the independent variables i.e. factors like promotion entail a multitude of factors like advertisements, personal selling, discounts, clearance sales and sweepstakes. All these factors in promotion and many more in factors like store environment, service quality could not be explored. This stemmed from the fact that if we had decided to explore all these factors then the questionnaire would have been very long. Another thing where the study lacks is that it doesnt explore how to retain customers . Although brand loyalty is very important factor in retention of consumers but this is not the only factor. Scope for Future Research There is a lot of scope for improvements and enhancing the results obtained in the research presented. The biggest perhaps is to include the consumers in the age group above 30 years and above. This is because that they form a big chunk as consumers in the sports apparels. The inclusion of consumers in this age group will provide a holistic study of their preferences. Another way forward is to incorporate in the study the factors which influence the consumers to recommend the product to other. Word to word mouth is very important factor especially in the peer group in the age group of 18 30 years of age. Also as stated in the limitations study we could not include the factors which make up the independent variables e.g. exploring which factors influence the most in service quality so that the store owner can concentrate on those factors more in order to provide customer an enriching experience so that long term relationship between consumers and the brand.