Stakeholder Theory Essay Example Pdf - Free Essay Example

Sample details Pages: 8 Words: 2373 Downloads: 4 Date added: 2017/06/26 Category Business Essay Type Essay any type Did you like this example? Introduction Since renowned economist Friedman (1970) expressed his strong convictions on the need for social responsibility in business, there has been much development in the theory and practical application of social responsible initiatives (McWilliams, Seigel Wright, 2006). A whole movement has developed to cover a range of ethical practice which is now labelled under the umbrella of Corporate Social Responsibility (CSR). Many executives today face a dilemma between feeling compelled to invest in CSR initiatives whilst maintaining the cost controls so a necessary to maximise shareholder value. Don’t waste time! Our writers will create an original "Stakeholder Theory Essay Example Pdf" essay for you Create order This essay first reviews the ideas of Freidman (1970), then the development of alternative theory is outlined, and the shareholder and stakeholder paradox is defined. The motives and actions of CSR policy at the international oil company British Petroleum (BP) are analysed and then related to the shareholder and stakeholder paradox. The nature and context of Freidmans views Friedman (1970) wrote his infamous article in the New York Times Magazine as an explanation of what is known as the agency theory by scholars of CSR (McWilliams, Siegel Wright, 2006). Agency Theory suggests that its not the role of executives in society to make decisions on social welfare of citizens. Since that time there has been a substantial growth in the definition and practical application of CSR policy and many have developed alternative views to Freidman (Crane and Matten, 2007). Freeman (1984) presented the concept of stakeholder theory that managers should consider the interests of all stakeholders other than the shareholders in a corporation. Importantly, Freemans ideas suggested that considering the needs of stakeholders is essential to a firms long-term success and not a benevolent additional add-on. Stakeholder theory was developed further by Donaldson and Preston (1995) who stressed the ethical nature of CSR as well as the potential for increased financial performan ce that satisfies the interest of shareholders who invest in a business. Since then there has been a proliferation and transformation of CSR focus by scholars and businesspeople alike with an alignment between CSR practice and objectives in many corporations (Crane, 2013). In developed nations, large firms generally conduct CSR agendas or they feel they risk losing competitive advantage. Today in many markets, a strong CSR focus is a consumer expectation especially in cultures where the behaviour and role of corporations is closely monitored by media and pressure groups. Some businesses have even made the CSR theme central to their core mission, for example The Body Shop and Ben and Jerrys. However many still have concerns about CSR initiatives in the corporate world and they would support Freidmans view. Recently, Johnson (2015) suggested that CSR is an indulgence by executives in rich companies who complete to show who is most ethical and caring. Friedman (1970) was dismissive of any attempts by executives to introduce initiatives that could be described as corporate social responsibility. He suggested that not only would CSR be harmful to shareholders who would suffer less returns on their investment, but there would be wider negative connotations for society has a whole as the executive would actually be administering a judgement that should be left to other agencies such as government. Friedman (1970) states in his capacity as a corporate executive, the manager is the agent of the individuals who own the corporation or establish the eleemosynary institution, and his primary responsibility is to them (Friedman, 1970, p.32). The only part of the article which we might interpret as a reflection of a stakeholder approach is when Friedman (1970) mentions it might be in the interest of a corporation that is a major employer in a local community to provide resources to that area or help improve local government. By doing so the business might attract more des irable workers, it may reduce the wage bill or have more loyal workers which ultimately would reduce costs and aid financial performance. However generally Friedman (1970) does not provide any notion that consumers may product differentiate on the grounds of the presence of CSR activity in a business which is an essential common tenant underpinning justification by managers today for promoting social responsibility. Friedman (1970) presented one end of the spectrum concerning the balance of focus between shareholder and stakeholder issues. The paradox managers face is the amount of focus they should give to the interests of various stakeholders through CSR initiatives whilst still securing shareholder interest and value. The shareholder and stakeholder paradox Those who promote stakeholder theory suggest that there are a range of benefits for a business adopting a strong CSR agenda that ultimately lead to an increased financial performance (Orlitzky, 2006). A business has the opportunity to increase organisational reputation by exercising CSR Policy which can develop consumer preference and loyalty. Businesses with CSR initiatives may be able to charge higher prices as consumers are prepared to pay extra where they believe they are helping others in need (Auger et al, 2003). For example, clearly labelled ethically sourced Fairtrade products found in British supermarkets such as coffee are available with a premium price. CSR policy can provide advantages when a business needs to raise capital as some investors and institutions are more willing to lend to firms with a strong ethical stance and at lower rates of interest (Spicer, 1978). Another prominent idea is that corporations with a high CSR agenda will benefit from better performing em ployees who increase their commitment and productivity as they respond to being part of an ethical mission (Greening Turban, 2000). By consistent adherence to legislation such as contract, employment and environmental law, a business can avoid negative media coverage to catastrophic loss of reputation or even criminal misconduct charges (Wood Jones, 1995). Corporations today see CSR expenditure as a way of generating revenues which improve financial performance (McWilliams, Siegel Wright, 2006). Direct costs can be attributed to CSR practice which have the potential to reduce profits and therefore the dividends to available to shareholders in the short-term (Frynas, 2009). Improving employee remuneration to provide a living wage has been adopted by many firms as late in the UK as socially responsible action but clearly incurs a direct expense (Living Wage Foundation, 2015). Ethically sourced suppliers tend to be more costly especially for example when eco-friendly production t echniques are introduced. Introducing a more proactive recycling policy or pollution abatement policy above minimum legal requirements needs more resources and capital expenditure. Furthermore, there could be opportunity costs incurred where resources devoted to CSR practice are diverted away from other potentially beneficial projects in a business such as research and development activity, operational expansion or marketing campaigns. Business can only really take advantage of product differentiation if advertising reveals to potential consumers their CSR policy and practice so further expenditure is required for this purpose (McWilliams, Siegel Wright, 2006). Businesses that invest in CSR practices will have higher costs than those firms in the same industry that do not; executives have to make strategic decisions of the level of inputs they will commit to such activities. The vast majority of large corporations such as Multinational Corporations (MNCs) have considerable inves tments in CSR agendas and have whole departments dedicated to such activity (Crane, 2013). MNCs in the international oil industry are particularly renowned for having substantial CSR initiatives. Executives at multinationals(MNCs) such as British Petroleum(BP) constantly have to address the shareholder and stakeholder paradox in terms of balancing the needs of cost control so as to compensate shareholders fully whilst upholding the companys organisational reputation through supporting a range of costly CSR initiatives. Corporate Social Responsibility at BP as a reflection of the paradox in the oil industry. BP is recognised as a corporate leader in its commitment and innovation to CSR initiatives (Frynas, 2009). In BPs annual report, the opening statement stresses its CSR focus We aim to create long-term value for shareholders by helping to meet growing demand for energy in a safe and responsible way. We strive to be a world-class operator, a responsible corporate citizen and a good employer (BP, 2014).The highly visible effects of operations in the oil industry and a series of historical catastrophic events such as oil spills and local community devastation have made the ethical behaviour of companies like BP subject to close scrutiny. The very nature of the oil exploration, refinery and consumption raises ethical concerns due to the significant environmental and social impacts they create within the many countries they operate. Governments have introduced substantial legislation to protect their citizens and the environment; however international oil companies often choose to invest beyond legal minimum requirements which incur extra direct costs (Spence, 2010). Private organisations such as the media and pressure groups like Greenpeace constantly monitor oil companies and can considerably affect consumer purchase decisions. BP has historically allocated substantial resources to CSR initiatives to limit negative impacts on the environment, to address the social impact on local communities they operate within and to manage the difficulties that can be created from a sudden inflow of oil revenues into economies in the developing world (Frynas, 2009). BP is a public listed company on the London and New York Stock Exchanges that attracts investors who expect regular dividends with satisfaction yields and capital gains in shares in the long-term. BPs annual report outlines its current CSR focus into three areas: operational safety, environment and society, and employee welfare (BP 2014). It estimates that its annual environmental expenditure alone for 2014 was $ 2.216 billion for activity such as oil spill and clean-up costs, pollution abatement and environment restoration. BPs annual dividend per share in 2014 was $0.39 and totalled $6.1 billion for all investors. Clearly CSR expenditure is significant in relation to investor returns. However, much CSR expenditure is necessary to meet minimum legal requirements and therefore cannot be considered totally as a strategic planning choice. In April 2010 in the Gulf of Mexico a major oil spill incident took place around a BP ocean drilling operation subsequently called the Deepwater Horizon accident that significantly affected shareholder value and returns (BP, 2014). After an onsite explosion where 11 workers lost their lives, an estimated 200 million gallons of crude oil flowed into the ocean causing widespread onshore and offshore catastrophic environmental and social destruction. The U.S. Federal Government ruling in September 2014 finally held BP accountable for the incident imposing a f ine of $18.5 billion which is still being appealed by BP. Also the incident caused many US consumers to boycott BP products and services which significantly decreased sales in the short-term. Other private litigations have been settled costing billions of dollars. As at 31 December 2015, BP has set aside $43.5 as a total pre-tax cost for the Deepwater Horizon accident (BP, 2014). The incident caused severe financial implications for BP shareholders; the share price dropped 55% immediately after the incident and still has not recovered to the pre-incidents levels. Dividends were suspended for the first 3 quarters of 2010. Incidents such as Deepwater Horizon damage organisation reputation and incur direct costs which deeply affect shareholder value. Part of the reasoning for substantial investment in CSR initiatives by multinationals is to mitigate such incidents and make sure they are minimalised by appropriate due care (Spence 2011). BP is dependent on the support of international f inancial markets and its international reputation for co-operation with its essential stakeholders and expansion of its operations (Frynas, 2009). Developing a strong corporate image is important for BP if it is to reach its long-term goals. BP executives have the paradoxical challenge of balancing the needs of shareholders with imperative CSR related expenditure. Conclusion Friedman (1970) expressed a view on Corporate Social Responsibility that still divides opinion and facilitates discussion today. However there have been considerable changes in the acceptance of CSR policy in recent years and many executives in corporations have embraced stakeholder theory with the need to understand and respond to the interests of various stakeholders such as consumers, employees and suppliers. The presence of CSR policy can provide benefits such as increasing an organisations reputation to encourage consumer loyalty, avoiding any unwarranted outside interference or improving employee commitment and productivity. Managers today explain their considerable CSR agendas leads to improving shareholder value through the variety of factors from which improve revenues which more than compensate for any costs incurred. Like many a major international oil companies, BP has embraced CSR culture at considerable expense as it understands it is vital to its long-term success. L ike other public limited companies, BP is committed to shareholders through implementing a series of CSR practices to ensure the businesses reputation remains favourable with all its stakeholders and allows the company to generate sustainable returns. Bibliography Auger, P., Burke, P., Devinnet, T.M. Louviere, J.J. (2003) What will Consumers Pay for Social Product Features. Journal of Business Ethics. 43(3). pp. 281-304. BP (2014). Annual Report and Form 20-F 2014. [Online] Available from: https://www.bp.com/annualreport Crane, A. (2013) Corporate social responsibility: in a global context. In: Crane, A. Matten, D. Spence, (eds). Corporate Social Responsibility: Readings and Cases in a Global Context 2nd ED. New York: Routledge. Crane, A. Matten, D. (2007) Corporate Social Responsibility as a Field of Scholarship. London: Sage. Donaldson, T. Preston, L. E. (1995) The Stakeholder Theory of the Corporation: Concepts, Evidence and Implications. Academy of Management Review. 20. pp. 65-91. Freeman, R.E. (1984) Strategic Management: A Stakeholder Perspective. Englewood Cliffs, NJ: Prentice Hall. Friedman, M. (1970) The Social Responsibility of Business is to Increase its Profits. New York Times Magazine. 13th September. Fr ynas, J.G. (2013) Corporate Social Responsibility in the Oil and Gas Sector. Journal of World Energy Law Business. 2(3). pp. 178-195. Greening, D.W. Turban, D.B. (2000) Corporate Social Performance as a Competitive Advantage in Attracting a Quality Workforce. Business and Society. 39. pp. 254-280. Johnson, L. (2015) Want to help society? Just make a profit and you will. The Sunday Times. 13th September. Living Wage Foundation (2015). [Online] Available from: https://www.livingwage.org.uk McWilliams, A., Siegel, D.S. Wright, P.M. (2006) Corporate Social Responsibility: Strategic Implications. Journal of Management Studies. 4 (1). pp. 1-18 Orlitsky, M. (2006) Links between Corporate Social Responsibility and Corporate Financial Performance: Theoretical and Empirical Determinants. In: Allouche, J. (ed). Corporate Social Responsibility Volume 2. Basingstoke, Hants: Palgrave Macmillan. Spence, D.B. (2010) Corporate Social Responsibility: The Importance of Reputationa l Risk. Chicago-Kent Law Review. 86(4). pp. 58-85. Spicer, B.H. (1978) Investors, Corporate Social Performance and Information Disclosure: An Empirical Study. Accounting Review. 53. pp. 94-111. Wood, D.L. Jones, R. (1995) Stakeholder Mismatching: A Theoretical Problem in Empirical Research on Corporate Social Performance. Academy of Management Journal. 22(4). pp. 691-718.

Sexism And Its Implications On Gender Roles - 1900 Words

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Sia Singapore Airline Free Essays

string(65) " is where the two manufacturers can differentiate there product\." Executive Summary The report provides an overview of the company and its environment. The paper identifies various resources and capabilities available to the company. The various strategies that Singapore Airlines utilise and how they affect the airlines performance. We will write a custom essay sample on Sia Singapore Airline or any similar topic only for you Order Now Key issues have been identified that threaten Singapore Airlines current market. The often complicated Government regulations and global laws that affect the airline industry have been defined and explained. Current industry issues and trends that affect Singapore Airlines have been researched, a number of recommendations have been provided, as a possible solution. Overview of Singapore Airlines Singapore Airlines (SIA) first flights began in 1947 partnered with Malaysian Airlines, each funded by there governments. The two airlines mainly serviced South East Asia. Singapore separated from Malaysia in 1965 to become the republic of Singapore. The two governments therefore decided to go there own ways and set up there own airlines. In 1972 Singapore Airlines was launched. The domestic market was basically non existent due to Singapore being a small country geographically. Singapore Airlines had to immediately pursue an international presence and started planning flight routes, airport resources, and government acceptance into foreign destinations etc. SIA also had to establish themselves as a genuine competitor and market the airline internationally to potential customers and future stakeholders. Today, SIA has more than 10,000 employees and 95 aircrafts. The airline now serves 89 destinations around the world including Asia, Europe, North America, Middle East, Australasia, and Africa. ( www. airlines. priceline. om) SIA is situated at Changi Airport along with subsidiaries Silkair and Tiger Airlines. ‘In 2004, Changi Airport received a record 30,400,000 passengers, a year-on-year growth of 23. 1% in passenger traffic. Similarly, a record 1,780,000 tonnes of cargo was moved, representing a year-on-year increase of 10. 2% in airfreight volume’. (http://en. wikipedia. org). Changi Airport is classed as â€Å"the hub of Asia†, Changi provides stopovers, refuelling, and passenger exchange for all the international airlines travelling from one side of the world to the other. Changi Airport is also expanding to accommodate for there cut price airline and new Airbuses arriving in 2006. Analysis of Singapore Airlines Environment In analysing the environment, the important external influences that effect performance and decisions of Singapore airlines have been detailed in this section. The airline industry has been strongly controlled by agreements and policies. Airlines couldn’t just fly to any destination or country without appropriate authorisation. Most countries have there own national airline that are generally government backed and hold a big influence on there operation. The governments also implement policies and regulations to control foreign airline access to there airports. Some countries now have deregulated there national airline industry to reduce the amount of government control, and make access to airports/services more open for negotiation. Countries that have employed this action are the United States, Australia, European Union and Japan. The deregulation of the Airline industry opens doors for more entrants to the market and increased competition. Singapore Airlines is still owned by the Singapore government and is still affected by such controls. The Singapore government has signed an agreement with the United States called â€Å"Open Skies† that gives both countries unrestricted flight access to each others countries. The open skies phenomenon is gathering momentum and more and more countries are signing up. Singapore Airlines is currently in negotiations with Australia, to reach an agreement regarding open skies access down under. Basically the countries that gain open skies agreements are able to expand on existing business. The airline industry is highly competitive industry and the rival airlines are always taking advantage of any opportunity to gain more destinations. Statistics show Asia’s population is steadily increasing every year and this contributes to the increase in flights. Asia is recognised as the hotspot for air travel at present and into the future. Asia-Pacific intercontinental flights are up 7% and there has been growth of 8% intra-regional services (www. oag. com). This interest in the area has seen new cut price airlines emerge to cater for the demand. SIA has established its own low price airline Tiger Airlines to satisfy demand. Other environmental factors influencing SIA and the airline industry are rising fuel prices. The price rise in fuel causes a cost increase in the running of flights, therefore a rise in ticket prices. SIA have just passed a decision to put a US$10 surcharge on ticket prices to accommodate the fuel rise. Terrorism has caused massive economic losses for airline industry and also bankruptcy. Terrorism strikes happen at any time without warning and destinations around the world that are directly affected by terrorism attacks see a dramatic stop in airline flights. The airlines cannot predict these attacks from happening and have to build such occurrences into there risk management policies. Review of the Industry Structure In analysing the industry structure this report uses Porters 5 Forces. The five forces look at the Threat of New Entrants, Power of Suppliers, Power of Buyers, Availability of Substitutes, and Competitive Rivalry. Threat of New Entrants: The international airline industry has high barriers to entry for a number of reasons, firstly there are quite high costs involved in setting up an industry. As mentioned previously, gaining flight access to foreign countries and obtaining airport space is another hurdle that stands in the way of new entrants. The current airlines dominating the industry are constantly working on maximising cost efficiency, and performance to discourage any new entrants and to try force out existing poor operators. The Domestic industry is more attractive to new entrants as it doesn’t have as much complications as the international side and lower barriers to entry. Power of Suppliers: The aircraft suppliers of the airline industry are dominated by two suppliers Boeing and Airbus. The aircrafts engines are standardised so both aircraft manufacturers have similar engines. Boeing and Airbus both outsource there parts for there planes and generally use the same suppliers. The body frames and interiors is where the two manufacturers can differentiate there product. You read "Sia Singapore Airline" in category "Papers" Due to the standardisation of engines the switching costs of suppliers is reduced and airlines. (De Melo, 2000) Power of Buyers: The power of buyers is low in the airline industry as switching costs are high. Most airlines are similar inside; it’s more the service that sets them apart. Most airlines follow each other on prices and cause buyers to pay there price, on the other hand new entrants my cause price competition and therefore a buyers market. (www. fool. com). Availability of Substitutes: The substitutes that could threaten the airline are cars, boats and trains. These substitutes are not that much of a threat to aeroplane travel. Airlines are generally is used to cover large distances in a short period of time, and was establish to fill a demand that the other forms of travel couldn’t accommodate as effectively. Alternate measures of transport are more of a personal choice not a direct parallel substitute. (www. fool. com). Competitive Rivalry: The airline industry is highly competitive and price wars are a common occurrence. There is constant fighting for territory and expansion. Major players in the industry concentrate on lowering there costs and improving service to deter new entrants. What Key resources available to Singapore Airlines? Singapore Airlines is a well establish international airline with strong profitable track record. The company has a government ownership and also private stakeholders. The airline has always been profitable and the funds reinvested back into the company, to build on capital. The table below shows that last 3 years financials and even in the case of the S. A. R. S breakout in 2004 they still posted a profit. [pic] Aside from just financial capital, Singapore Airlines has many other resources listed below: †¢ Changi airport the home of Singapore Airlines is one of the largest freight handling facilities in the world, and is the most popular hub in Asia. †¢ Singapore has a resource of about 95 aircrafts that now are brought internally and not leased; the aircrafts are generally replaced every 4-5 years. †¢ Singapore Airlines has built a mass of 89 international flight destinations. †¢ The airline has built a human resource training facility. †¢ Changi Airport hosts SIA state of art engineering company that services there planes and other international airlines. SIA also has one of the largest flight kitchens in the world situated at Changi. †¢ SIA belongs to the Star Alliance where other airlines join resources together to increase coverage around the world. Star alliance covers 790 airports in 138 countries. †¢ Finally the brand attribute, is probably there most powerful resource. â€Å"Singapore Girl you’re a great way to fly† Has been strongly nurtured over the last 32 years to be the most recognised brand and icon in the airline industry, Singapore Airline has many capabilities that support there resources, these are: †¢ Latest technological and communication products linking there global network. †¢ Huge investment in human resources, this provides highly skilled workers and management. †¢ Expansive destination coverage due to Star Alliance. State of the art freight facilities that link with the port shipping authority What it takes to be successful in the Airline Industry and What strategies are used by Singapore Airlines? Singapore Airlines is basically the trend setter of the airline industry. SIA has employed many innovative strategies since it began. These strategies have been supported and str engthen over the years, and have led to the success, the company enjoys today. To be successful in the airline industry you have to employ superior efficiency, quality, innovation and customer responsiveness. SIA has exercised a quality/service differentiation strategy to become one of the leaders in the passenger airline industry. ‘Singapore Airlines has carefully built a financial and fixed cost infrastructure which allows them to continue investing to support the brand while challenging the competition on costs’. (www. venturerepublic. com) More recently Singapore Airlines became a member with the star alliance, which helps the company maintain economies of scale by code sharing, where SIA can offer services on another airline under its own flight codes and offer more destinations. By building solid capital the airline now enables them to purchase aircrafts and equipment internally without the need for leases and interest. This has enable SIA to have the latest aircrafts and renew them every 5 years. By having a new fleet the company is able to be more efficient with regards to fuel economy, maintenance, and have less downtime. (www. venturerepublic. com). Another benefit of owning aircrafts outright gives flexibility if there is a dramatic decline in the economy, SIA has the freedom of not being locked into long leases and aircrafts can be disposed of, if need be. Therefore they can handle the ups and downs of the economy, more so than competitors. (www. venturerepublic. com). Singapore Airlines have always concentrated on being innovative, as mentioned above they replace there airlines every 4-5 years taking advantage of new technology. The company has always the first to introduce new innovative ideas for example hot meals, free alcoholic and non-alcoholic drinks, Hot towels, personal entertainment systems, and video on demand. SIA will also be the first to own the new Airbus Super jumbo A-380 in 2006. www. allaboutbranding. com) SIA is committed to providing a world class quality and service, the airline allocates a substantial amount of time and money into there staff training and education. The company has 4 training facilities with various programs that exercise classroom, work experience and simulation strategies. (www. trainersdirect. com) SIA has more concentration on staff training than any other airline. Singapore Airlines employees have to complete a 4 month training course before they are even allowed to serve a customer. On average in 1997 Singapore Airlines spent $5600 per staff per year on training. The emphasis on staff training is so they can provide the best quality service. (www. trainersdirect. com) The branding of SIA is based on quality. SIA have the strongest brand name in the airline industry. â€Å"Singapore girl you’re a great way to fly† has been there brand of quality for the last 32 years. ‘The icon has become so strong that Madame Tussaud’s Museum in London started to display the Singapore Girl in 1994 as the first commercial figure ever’. (www. venturerepublic. com). The airline provides the best on flight cuisine including fine wines, and cocktails. Complimentary gifts are received on each level of passenger class. SIA have maintained a policy that once a passenger pays for there ticket there is no more to pay. (www. venturerepublic. com). Some airlines in tough economic times have started to charge for in-flight drinks and entertainment where SIA haven’t. This commitment to quality has won the airline numerous international awards and differentiated themselves from other airlines. Some issues facing Singapore Airlines The Airline has purchased a number of the new Airbus Super jumbo A-380, which could be a bit premature due to the fact they are still in negotiations with the Australian government over open skies. The Australian government holds the key to Singapore gaining open skies agreements, if an agreement is reached Singapore will be able expand and benefit from long haul flights between Australia and United States. On the flip side the introduction of the new airbuses into the industry will cause less demand on Singapore as a stop-over, refuelling hub. Airlines that adopt the new airbuses will be able to bypass previous stopovers and enjoy cost savings. As explained earlier there has been a dramatic increase in demand for inter-Asia flights. Rival players have noticed the increase in demand and have implemented there own low cost airlines. E. g. Australia’s Jet Star. Recommendations and Justifications Singapore Airlines conduct a very professional business they have a strong brand, strong human resources and management, advanced facilities and a proven track record as being one of the top airlines for the last 20 years. I recommend: The airline pursue â€Å"open skies† agreements to expand there destinations. †¢ Establish the long haul routes with the new Airbus technology before rival airlines purchase the aircrafts. †¢ Keep strong emphasis on the brand name and quality of service. †¢ Utilise some of the success factor from SIA on the new low-cost airline to compete with new rival competitors establish ing themselves in the Asian market. †¢ Promote Changi Airports engineering and freight facilities to the new inter-Asian airlines as long haul flights maybe bypassing Singapore’s Changi Airport in the future. Stay with the competitive advantage outlined above, using the differentiation strategy. †¢ Maintain the innovation and complimentary products. †¢ Help support the Star Alliance to improve customer satisfaction. It is very hard to recommend a lot of strategies for Singapore airlines to undertake, as they have been leaders in the industry for so long and have developed award winning strategies that have made them very successful. This report has been constructed from a wide array of research that has complemented Singapore Airlines various approaches to conducting business. How to cite Sia Singapore Airline, Papers

The Great Gatsby and the American Dream Essay Example For Students

The Great Gatsby and the American Dream Essay Introduction F. Scott Fitzgerald’s novel, â€Å"The Great Gatsby†, is one of the few novels he wrote in 1925. The novel takes place during the 1920’s following the 1st World War. It is written about a young man named Nick, from the east he moved to the west to learn about the bond business. He ends up moving next to a mysterious man named Gatsby who ends up giving him the lesion of his life. After love circles with Gatsby and his cousin Daisy, lastly Jordan and gossip resulting with killings end up discussed over his experience resulting going back east. Through reading the book, it shows how the experience of selfness and World War 1 made the high social optimistic over their lives. It showed how they wanted to forget the past and build themselves back into their social class. Also, by the experience of Daisy and Jordan treatment from the men in the stories allows the reader to see how time still hasn’t changed how relationships work with men. This novel is a great novel to give an example on how reality is to people even the high class. Through the discussion of the passage, poem and scholarly article will show how the path towards the American Dream can turn into a negative or positive outcome in a person’s life. Theme When Mr. Fitzgerald wrote â€Å"The Great Gatsby,† he described the actions of the human society. In a certain way, not only did he describe and critic the high class but also the lower class, which ended up critiquing the American Dream. The American Dream was a idea give to believe that a human being should pursue being happy, wealthy, and loved which has cause any human being to go in search for this idea. All that is end up being found is the fact of having the illusion of having more material is to be happy than being happy by valuing what you already have. Gatsby would be a great example of not valuing his materials. He had everything he wanted – except Daisy of course – but he never used or appreciated the materials he was surrounded by. â€Å"You know, old sport, I’ve never used that pool all summer,† said Gatsby. He didn’t value anything but Daisy since the reason for everything he did was for her. It only leaves to question to whether he really loved her or wanted her wealth or maybe just even the accomplishment of having her.

Everything You Ever Wanted To Know About Edi Essays - E-commerce

Everything You Ever Wanted To Know About Edi Introduction First of all what is EDI? Well EDI, or Electronic Data Interchange, is the transfer of business documents such as sales invoices, purchase orders, price quotations, etc. using a pre-established format in a paperless electronic environment. Usually this transfer occurs over VANs, Value Added Networks, but it is becoming increasingly popular over the Internet because of cost savings and ease of use. EDI has been around for approximately 30 years. The true genesis of EDI occurred in the mid-1960s, as an early attempt at implementing the fictional paperless office by companies in transportation, grocery and retail industry segments. Although EDI never eliminated paper documents, it decreased the number of times such documents were handled by people. Reduced handling resulted in fewer errors and faster transfers (Millman, 83). EDI technology is rapidly changing the way business is conducted throughout the world. Firms that use EDI are more efficient and responsive to the needs of customers and partners and in many cases have jumped out ahead of the competition. Many businesses are already using EDI with suppliers and customers, and if your firm wants to do business with companies involved in Government Dealings EDI must be part of your business no later than January 1, 1999. In May of this year, the major industrial groups in charge of standards setting for EDI, have united behind a set of standards that will allow for seamless web-based forms using extensible markup language, similar to HTML, thereby increasing the accessibility of EDI for small businesses on the Internet (Campbell, 28). An example of an application for EDI is filing tax returns with the Internal Revenue Service. The IRS offers several options for filing your tax return, one of which is filing electronically and receiving your refund by electronic funds transfer or direct deposit. The forms used are available in tax preparation software, which can be downloaded off the Internet or purchased by retail. The forms are filled out directly on a PC then transmitted to another computer, which acts as a midpoint to the IRS. The IRS receives your forms and can issue a refund without ever having to reprocess the data. By using this method you save yourself and the IRS time and money (Campbell, 28). How EDI Works Table came from Information Technology for Management by Turban, McLean and Wetherbe page 244. Information, such as purchase orders for medical supplies, flows from the hospital's information system into an EDI station, which consist of a PC, an EDI translator and a modem. From there, the information moves to a VAN (Value Added Network). The Van transfers the formatted information to the vendor, where the vendor side EDI translator converts it to a desired format (Turban, 244). An EDI translator does the conversion of data into standard format. An example of such formatting is shown below. Table came from Information Technology for Management by Turban, McLean and Wetherbe page 243. An average hospital generates about 15,000 purchase orders each year at a processing cost of about $70 per order. The health Industry Business Communication Council estimates that EDI can reduce this cost to $4 per order, potential yearly savings of $840,000 per hospital. The required investment ranges between $8,000 and $15,000. This includes the purchase of a PC with an EDI translator, a modem, and a link to the mainframe-based information system. The hospital can have two or three ordering points. These are connected to a value-added network (VAN), which connects the hospitals to its suppliers. (See figure on previous page) The system can also connect to other hospitals, or to centralized joint purchasing agencies. (Turban, 244). Benefits of EDI There are numerous benefits associated with the adoption of EDI. Probably the most important and largest benefit is efficiency. By utilizing EDI businesses are able to streamline their whole supply chain process. Whether it is upstream to suppliers or downstream to customers, EDI eliminates repetitive tasks such as entering data multiple times and cuts costs of printing hard copies and transportation costs. EDI also allows you to send and receive large amounts of data quickly to or from anywhere in the world. Anywhere that there is access to the Internet there is access to EDI. For example a

Advance vs. Advanced

Advance vs. Advanced Advance vs. Advanced Advance vs. Advanced By Maeve Maddox A reader has asked for a post on the incorrect use of advanced in the sense of advance. Both words are used with an assortment of meanings. This post will focus on only two: advance (adjective): provided or carried out in advance; prior. advanced (adjective): far on or ahead. The adjective advance is properly used in the following expressions: advance booking advance ticket sales advance publicity advance notice advance warning The adjective advanced is properly used in the following contexts: The king, who was advanced in years, busied himself with works of charity. (The king was old.) By the mid-5th century, it had become more common for  advanced thinkers  to reject traditional explanations of the world of nature. (The thinking of these people was more like that of thinkers farther on in history than that of 5th century contemporaries.) George is taking advanced classes in English and history this year. (The classes are more challenging [i.e., farther ahead] than regular classes in those subjects.) Junior’s vocabulary is more advanced than that of other six-year-olds. (Junior knows more words than most other children his age.) Here are some typical examples of the way in which advanced is used incorrectly in place of advance: ‘Divergent’ Heats up With Advanced Ticket Sales–headline, Variety. Correct: â€Å"Advance Ticket Sales† Advanced Ticket Sales for Seth Rogen’s ‘Neighbors’ Soar –headline, Hollywood Reporter. Correct: â€Å"Advance Ticket Sales† Hardy Considering Advanced Warning Flooding System –KAIT television station. Correct: â€Å"Advance Warning Flooding System.† Note: in the story that follows the headline, the system is referred to as â€Å"an early warning flooding system.† Clapper had advanced warning of data collection question –Daily Kos Correct: â€Å"advance warning† Most reservations are then confirmed with a 50% advanced deposit. – A vacation resort. Correct: â€Å"advance deposit† Give us at least 2 months advanced notice, full refund, less a $40 administrative fee. –A vacation resort. Correct: â€Å"advance notice† If you’re not sure if the word should be advance or advanced, test the meaning by substituting prior. If prior makes sense, advance is probably the word that fits the context. On the other hand, you can just use prior. Want to improve your English in five minutes a day? Get a subscription and start receiving our writing tips and exercises daily! Keep learning! Browse the Misused Words category, check our popular posts, or choose a related post below:Fly, Flew, (has) FlownFlied?Homonyms, Homophones, Homographs and Heteronyms7 Proofreading Steps

Corporate Development Strategies Essay Example | Topics and Well Written Essays - 5000 words

Corporate Development Strategies - Essay Example This paper focuses on one of the chains, particularly the Four Seasons Hotel in Hong Kong. It also gave a view of how the Hong Kong branch carries on with its business and gave out its services. An analysis of its corporate strategies was also made to show what the company does to attain success, or failure, for that matter. It will also make recommendations as to the corporate development strategies that could best enhance the business status and improve the weaknesses found that would only hinder the Four Seasons Hotel Hong Kong’s growth and further success. This is done with the use of various tools for analysis such as SWOT, PEST and 7Ps. Table of Contents CHAPTER 1 INTRODUCTION 1.1: Introduction & Background†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦..4 1.2: Purpose of Study†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦...5 1.3: Corporate Strategy †¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦5 CHAPTER 2 INTERNAL ANALYSIS 2.1: Current Strategic Marketing Decisions (7P) †¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦6 2.2: Strengths †¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦..10 2.3: Weaknesses †¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦..11 CHAPTER 3 EXTERNAL ANALYSIS 3.1: PEST Analysis – Hospitality Industry Environment †¦...12 3.2: Competitive Environment and S&W ..†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦.†¦17 3.3: Opportunities †¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦18 3.4: Threats †¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦.†¦.20 CHAPTER 4 FOCUS AREAS 4.1: Effect of U S Dollar Drop and RMB Rise†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦21 4.2: Effect of inflation †¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦22 CHAPTER 5 RECOMMENDATIONS 5.1: Recommended Decisions †¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦22 CHAPTER 6 CONCLUSION †¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦..25 CHAPTER 1 INTRODUCTION 1.1: Four Seasons Hotel, Hong Kong: Introduction & Background Isadore Sharp, better known as â€Å"Issy† is the founder of Four Seasons Hotel

Islamic Center Proposal Essay Example | Topics and Well Written Essays - 1500 words

Islamic Center Proposal - Essay Example These assertions are false and truly unfair to the religion since the true followers rebuke and are strongly against such acts that plague the society. The people that orchestrate these acts are uninformed and misled people that believe that they are doing the work of God while they are doing exactly the opposite. It is therefore important to spread the teachings and information of the religion to other places all over the world to ensure that people associate the Islamic religion with the principles and teachings that they have instead of drawing from the false information that is asserted by the radical groups looking to destabilize the world. The Twin Cities is one of the major urban areas in America and is home to many people that have come from different parts of the world. America is accommodating and therefore the number of Muslims in the region are many thereby a Muslim Center is necessary. This is to ensure that the children and also the Muslims have a place for prayer and there is proper development of the children in the proper Islamic teachings. This will ensure that the number of people that have access to the Mosque and the Islamic teachings has increased significantly in the State. A Muslim Center is a place of worship and development and therefore the Center will be accessible to all people that are willing to learn and develop as well as for prayers. Islamic religion does not shut the doors to the Mosque or the praying hall since the people can pray at any time during the day or night. It will therefore be open to all people and the people around where the mosque is located will be encouraged to go to the m osque and engage with others in the Center. This will create an environment where people will have grown a culture where they know each other and therefore the fear of people for being Muslim will be eradicated. The Center will be built with an aim of developing different talents and enhancing community

The NGO Activism via Official Website, a Case Study of WWF, Save the Dissertation

The NGO Activism via Official Website, a Case Study of WWF, Save the Children, and Greenpeace - Dissertation Example Greenpeace†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦.48 4.4. Use of Web Technology by WWF, Save the Children, and Greenpeace: A Comparative Study†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦.51 4.5. Brief Overview on Other NGOs using the Internet Technology†¦...53 4.6. An Overall Analytical View†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦..56 5. Conclusion†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦.60 6. References†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦.63 ACKNOWLEDGEMENT I am thankful to all m y faculty members, colleagues and institution for giving me an opportunity to study the use of the web technology and the significance of the official websites of the three selected NGOs- WWF, Save the Children, and Greenpeace. I am also especially thankful to my supervisor, _______ ________ for the timely advice, feedbacks and tips which aided me in improving upon my work and remain punctual in the agreed scheduled deliveries of dissertation chapters. ABSTRACT The use of web technology has overcome serious difficulties in the modern business world and the manner in which organizations tend to market their products or services. The present study focuses on the use of the official websites by the non-governmental organizations in reaching out to common masses of people, marketing their activities and trying to get them involved in their activities. The focus is primarily on three NGOs- World Wildlife Fund (WWF), Save the Children, and Greenpeace. A detailed study and analysis on the contents of the official websites of these three NGOs have clearly revealed the importance of the web technology in the enhanced performances of the... The modern times can be called the age of the Internet. More and more uses of the internet can now be found to influence the activities of different organizations and their marketing processes in the business world. This includes the activities of the NGOs as well. In the present times, NGOs are involved in virtual activism, where the digital media of the NGO websites are given credentials for helping and training people. Moreover, any positive change which results in the betterment of society is embraced by the population of the world as a whole. The goal is reached only â€Å"Where tireless striving stretches its arms towards perfection† (Tagore, 1996, p. 27). When this proactive approach is adopted via the website of any NGO; people of the society respond to it positively, and support the causes. The vital consideration is whether the NGOs are using the Internet facility with ingenuity to augment their success. The use of websites can be realized to be in use since a long time. However, the use has been made effective in the recent times when the users of the web technology have realized that with internet they could enhance their activities and gain more profits and success. Thus in the recent times, every business organization might be observed having their own website. This is primarily because the world has now become more competitive and every organization tends to focus on factors that might put them into a higher position among the population of the world.

Stryker Corporation Business Analysis

Stryker Corporation Business Analysis Introduction The purpose of this project is to analyze an established company. The report will provide brief background of the company and its culture, critical analysis of a venture and its key people, core business model and business opportunities. The reader will be able to see the analysis of the most recent entrepreneurial thing that company did and major issues within the organization. In conclusion there will be a methodical critic from an entrepreneurial prospective provided that leads to the possible solutions for future. Company Description Stryker Corporation is a medical technology business that develops and manufactures medical implants, surgical technologies, emergency medical and patient handling equipment as well as execution beds of the death penalized people. They make their best effort by cooperating with their customers to run effective healthcare method and bring healthy lives back to the patients. They do not just make a product, but they also provide service to help people. Stryker is broadly based all round the world and is divided into numerous decentralized operational units, each performing as a detached entity: Stryker Biotech, Stryker Canada, Stryker Communications, Stryker Craniomaxillofacial, Stryker Development, Stryker Endoscopy, Stryker Imaging, Stryker Japan, Stryker Latin America, Stryker MedSurg, Stryker Orthopaedics and Stryker Spine. Venture is built on sustainability, creating a long-term contribution in responsible manner to patients, suppliers and buyers, communities, corporate governance and stakeholders. Its products, locations and service contributions are diverse; hence there are different types of motions within medical business that fully outline their social responsible behavior. Stryker was founded by Dr. Homer Stryker in 1941, an orthopedic doctor that investigated and designed new mechanisms. His inventions led Stryker to slowly integrate into the business and starting to gain capital Stryker was at the level of a small but well-built company. One invention after another and Stryker capitalized more assets that gave a lift to expansion and in 1964 the name of the company was changed to Stryker Corporation. Characteristics of the business opportunities In the middle of 19th century it was relatively easy to enter medical industry due to minimal amount of competition, thus nowadays analyzing Five Forces Approach it is barely impossible to do so, regarding the fact that rivalry among existing firms is too high. Company started operating in 1940s, before the beginning of World War 2, in their pre-mature stage of development Stryker has had a big boom in their demand. Dr. Homer Stryker was in the right place, at the right time. Concerning ventures clearly defined opportunity, it can be stated that Stryker was never eager to gain a pot, he was interested in improving peoples lives, thus taking risks. It can be clearly seen from a quote made by Ronda Stryker, Dr.Homers granddaughter: My grandpa was innovative and took risks. He was always trying to improve what he had and cared more about helping people than he cared about the money he made (Stryker, 2009). In the last century it was a great opportunity to start medical business that was weakly developed and unexamined, taking into consideration the fact that you would be willing to spend a lot of your capital on Research and development to progress. Core business model Next part describes Strykers core business model by using the business model canvas which clearly states the main points which should be included in a Business Model. Key Partners: The main partners of Stryker Corp. are mainly the employees since they are the ones selling the products. The company attaches a major importance to the close relationship between employees and clients. The main objectives for the employees is to understand the clients needs and to provide them with what they want, but also since the employee is so closely related to the guest he is also the one being innovative by suggesting new ideas in order to totally fulfill clients demand. The clients represent key partners as well. They are mainly independent hospitals and surgery centers. Stryker Corp. works with these healthcare centers in order for them to help patients in the most efficient way. Competitors are also among the key partners. There are major and smaller competitors. Of course Stryker Corp. has an advantage since it was one of the first movers in this industry and it is always focusing on improving quality, service and innovation. Stryker Corp. has very strong established network with its suppliers. Company pays a lot of attention on maintaining these relationships in order to ensure smooth running of business. Key Activities: The main activity of Stryker Corp. is sales of medical equipment such as hospital beds, operating room devices and medical devices. The company has a very strong sales force since their employees work on commission, which highly motivates them to perform better. Stryker Corp. states that their sales approach is focusing on personal relationships with individual decision makers. The company also attaches an importance on marketing and Research and development activities, since the main aim of the business is to always be innovative and to come up with new products and communicate those products effectively to their customers. In order to do so, Stryker has participated in advertisement campaigns over the past few years. Company also provides its customers with a very detailed website. Another key activity is maintaining close relationship between the employee and the customer that helps them retain most of these customers and make sure that the world of healthcare is aware of what Stryker Corp. is providing. Key resources: Here, once again, the main resource of the company is its employees. For Stryker Corp. it is important to hire people who share the same vision as to improve patients lives as well as clinical efficiency and effectiveness. The company makes sure to provide them with a safe working environment, strong benefits, services compensation and personal growth opportunities. Stryker has received the Gallup workplace Award which ranks them at the top working places on the world (Stryker, 2009). Another key resource for the company is its knowledge and innovation. Over the past year Stryker Corp. has spent a considerable amount into research and development in order to always come up with the latest technology and the most performing products. Other key resources are assets of the company, its technology, products and capital resources. One of the most important resources is the brand of the venture. All of the resources are required to deliver the value proposition to the target group. Value Proposition: Stryker Corp. focuses on having the highest quality standards in order to offer the best products to its customers. The following are the factors that Stryker relies on: product quality, performance criteria and price. Company wants to offer the top products in the and also the service that goes with it. In order to do so, employees receive special training programs that help them understand clients needs and demands and how to be able to fulfill them is the most efficient way. The design of products has to be made to reduce risks, enhance health and safety, but also to able the doctors to work faster and be more efficient. As mentioned above for Stryker Corp. value of its product is one of the main factors they focus on. Customer Relationship: Compared to other companies, Stryker Corp. has a very close relationship with their customers. This is done to understand them better and to be able to offer them what they are looking for. By having such a close relation clients feel special and they become loyal to the company. As the CEO, Mr. Macmillan mentioned, We dont just make products, we make products and we provide services that help people (Stryker, 2009). In this industry the relation between customers and business is of a high importance, since together they can create more advanced products which will contribute in healthy lives of millions of people worldwide. Customer Segments: Stryker Corp.s target market is known to be the medical professionals and healthcare providers that represent a very high scale demand. That is why the company is operating all around the world to stay the number one provider of medical and healthcare devices. Channels: Stryker operates through twelve manufacturing and distributions divisions with over 15,000 employees in 120 countries. Stryker has a decentralized system, with its headquarters in the U.S. and several offices around the world, which allows the company to make faster decisions about products and strategies. There is a direct communication between the company, suppliers and customers to make sure to provide them with fast and efficient services. Revenue Streams: Stryker Corp.s main revenues are from its sales of medical devices. As mentioned before, the company is divided into several departments the one with the highest revenue being orthopedics. The company itself had sales of 6.7 billion dollars in 2008, with an annual sales growth of 21%. Stryker is traded on the NYSE, it is one of the fortune 400 companies in the world and top 50 Company in the Business Week. Cost Structure: The main costs of Stryker Corp. are mainly allocated in the Research and development segment. Company decided to invest mainly in this segment since it always wants to be the leading healthcare provider and it is highly important to keep up with the technology and to always try to improve the healthcare system. Innovation, risk-taking and pro-activity of the venture and its key people Stryker Corp. is committed to the product quality and highly values innovation. Innovation is the essence of companys dedication to their clients. Research and development teams are working closely with the customers in order to understand their needs better and improve the products. The important part of innovation process is the feedback from people that is conducted periodically. The Stryker Global Technology Center is a core division that is working to boost the innovation to reduce costs while increasing quality. The key person in this area is Ray Umber, Ph.D., business development manager at Stryker. He came up with several innovative ideas that led Stryker to the top place in certain industry segments and now he giving others an opportunity to learn from his experience through training and practice (Stryker , 2009). From the time when the company was established it is obvious that risk-taking is a big part of all operations. Initial risks are connected directly to the risky nature of the industry. One of the most recent examples of risk-taking was the decision to change the vision of the company after many years of operating. There are also risks associated with decisions of expanding the business through acquisitions, joint ventures and partnerships. Over the time line of Stryker Corp. it is evident how pro-active the venture is. Acquisitions play a big role in companys expansion. Stryker Corp. strategically grows into related industries to increase its products offering and get access to new resources and technologies. Over last year company acquired numerous ventures that are important investments for future success. This is also a high risk, since acquisitions require big amount of capital expenditures. Based on the financial situation in the world due to the 2008 crisis, such decisions can be seen as risky. However, Stryker orients on long-term strategy where these acquisitions are important. Proactive programs are also taking place on the smaller level inside the company. Last year, Stryker Corp. presented the program Proactive Distributor Selling that gives managers the opportunity and capacity to better develop, manage, and coach distributor relationships to maximize sales training results (n.a., 2009). Proactive approach is seen throughout all divisions of the company, from supply chains, manufacturing to sales. Company is adapting changes all the time with a goal of improving operations and value of the business. The present CEO of Stryker Corp., Stephen MacMillan is a perfect example of a proactive leader. He leads the company through a change time, explains the reasons and future moves, motivates people to adapt and react to these changes. Traits and characteristics associated of the companys key people There are three key people throughout the history of Stryker Corp.: three CEOs who led the company to the success and who had different traits and characteristics, which makes them successful entrepreneurs. First person who deserves an acknowledgement is the first CEO, Dr. Homer Stryker. He was the one who started the company being driven by his passion and interest in improving patients care. He was a very innovative person, many of his ideas became standards in the industry of medical equipment nowadays. During his work as a surgeon he encountered few problems and difficulties that he saw as opportunities for improvement. One of the main reasons of his success and success of his product was the fact that he was doing what he liked, what he was passionate about. He believed that his inventions will change the medical practice in a better way. He knew how to look at his business from customers perspective, therefore his products were always a match of their needs. Due to his achievements Stryker Corp. grew and became an international producer of medical equipment and surgical products. Second remarkable person is John Brown. His time as the CEO of a company was notable by quite different achievements than his predecessor. John Brown was a risk-taker, he made decisions to decentralize the company after many years being centralized. He saw big future for Stryker Corp. and this step was necessary at the time. He was a good planner who knew how to motivate people by giving them empowerment and responsibilities. Under his management members of the sales team got possibilities to get involved into creation of innovative products due to their good knowledge of customers. His 20% forever rule led the company to the new heights. John Brown built up the competitive advantage for Stryker Corp. that still serves the company. He had an ability to foresee, to manage company wisely, he kept the company going towards success. One of the key people in the company today and the example of successful entrepreneur is Stephen MacMillan, the present CEO of Stryker Corp. He wants to move the company further and expand its operating field. He is passionate about raising the level and often exceeds his own ambitious goals. As well as John Brown he took a risky decision of changing the vision of the company. This is a fundamental change that takes a lot of hard work to ensure success. For Stephen MacMillan, its all about coaching his team to stay ahead of the pack (Much, 2006). He has a great ability to motivate people, to manage companys resources wisely, plan everything one step ahead. He creates a positive image for Stryker Corp., gets involved in companys affairs and builds solid reputation for himself and company as a whole. Companys culture, values, vision and mission Stryker Corp. is the global leader in medical technology industry with the long history of success and strongly established culture. Success of the venture lays in discipline, stamina, ability to recognize the opportunities in the market, move quickly and adapt to current changes. Furthermore, culture differs from company to company and it is usually established naturally. Every time when people come together with the shared purpose culture is created. Stryker Corp.s culture was changing throughout the past, different set of values and incentives were created for employees, with aim to increase the overall financial performance of the company and bring back the benefits to patients, shareholders, community and its employees. Today they are focused on innovation, improving the quality of the products in order to build up trust and integrity. According to their mission statement: What matters most to us and to our customers is quality innovation and cost. Those are three areas how we are delivering for today and investing in future (Stryker, 2009). Companys strong financial and leadership position put the expectation for its products even higher and according to that company has to find the way to exceed customer expectations. Moreover, one of the core values and components in the Stryker Corp.s culture is sustainability. Organization believes in making differences by partnering with their customers and providing them effective healthcare system in order to improve health of their patients. It has built up strong believes and attitudes with their employees that present the essence for their future expansion. According to Striker Corp. they do not just make products our technologies, solutions and services are focused on improving the peoples life (Stryker, 2009). They strive to develop and manufacture products that could sustain the environment and its resou rces. With being sustainable in such a demanding and vigilant industry where the space to make mistake is highly minimized, companys sustainable commitment and responsibility is placed on the highest level. One of the key values is being Social Responsible Corporation in everything what business does. Venture acts as corporate citizen with strong commitment to the patient care by producing the safe products, high quality instrumentation and implants, seeking to minimize the negative effect on the environment, supporting the humanitarian missions and improving quality of life for patients. Building up the trust with customers and patients is everything what social responsibility is. Moreover, vision statement that presents the power tool to retain people with constant shared values was changing in the past with Stryker Corp. as well. Today Stryker Corp. emphasizes on ethics and their vision is: producing products which improve the lives of patients, providing employees with a challenging and rewarding work environment, supporting the communities in which we operate, and generating exceptional returns for our shareholders (Stryker , 2009). Stryker Corp. is not just profit oriented as it used to be before. Now the essential part of its success is the fact that company became more efficient and sociable responsible. Stryker is everything what entrepreneurship is. It was found by Dr. Homer Stryker and his innovative idea that enabled Stryker to be become what it is today, the leader in medical technology. Stryker Corp. involves sense of innovation and constant risk taking that is associated on the daily basis since it is operating in a very sensible environment. Evaluation of failures Stryker Corp. is a strong believer in ethics and bringing the special spirit within its people to compete, make changes and win over the long term. Because of their strong reputation in such sensitive industry, where one mistake or product defect could leave undesired consequences on their image and brand, failures are not tolerated. Taking the case of Surgical Navigation System, where there was a reasonable probability that a product could cause health problems or even create consequences leading to death, Stryker Corp. recalled the product and stopped its usage. This gave the company bad publicity, but it responded fast by pulling out all products from the market and arranging repair for all of them. Very important fact is that in this case Stryker Corp. assumed its responsibility and closely cooperated with public, special control agencies and auditors. After this company became even more cautious and increased safety and security measurements in order to minimize the risks and pr event negative impacts that can decrease their performance in a demanding and competitive market. Recent entrepreneurial thing Apart from the fundamental change of the companys vision that was discussed earlier, one of the main changes, which happened within Stryker Corp. in 2009, was that the Stryker legend, John W. Brown, retired from the board of directors. As mentioned previously he was one of the biggest influences towards the growth of the company. With his retirement the company decided to hire two more directors to replace his position in the board. One of the new members, Mr. Howard Lance is a former chairman, President and CEO of Harris Corporation, which based its operations mainly on telecommunications. The reason for this recruitment was to use his experience and knowledge within the Hong Kong market, where he has lived and worked since Strykers 2010 goal was to expand in the Chinese market. The second gentleman, Mr. Srikant Datar is a former professor of Harvard Business School, who already brings new perspectives towards the team, especially towards the emerging markets. However, mainly his responsibility will lie in bringing new entrepreneurial ideas towards the bio-tech field of the company. The reason this recruitment is the most entrepreneurial thing the company did in the past year is because it will bring a new perspective and help the company grow stronger in the years ahead. Since the company is currently facing consequences of the economic crisis something entrepreneurial had to be organized in order for the company to differentiate from the competition and persuade to their goal of being number one in the medical industry. Idea of hiring a former telecommunication CEO might not seem much related to the medical industry, but from an entrepreneurial side of view it brings new ideas and risks, which will lead the company towards growth. Major problem in the venture The major problem area not for Stryker Corp. only, but also for majority of organizations around the world, is the crisis. Looking at previous years, Stryker has always had a significant growth rate, even in 2007 and 2008. In 2009, however, it changed. Stryker only managed a growth rate of 0.1% in sales and 4% in earnings per share. As Mr. MacMillan states in the 2009 annual report, Clearly, this is not the kind of revenue and earnings growth our shareholders have historically expected from us, and we will never be satisfied with delivering results like these (Stryker, 2009), indicating that these numbers are not up to the satisfaction level in order to meet their goals. On the other hand he also states that 2009 felt more like a boxing match. We went toe-to-toe with a volatile global economy, rolled with some marketplace punches, moved quickly and battled back (Stryker, 2009). Here he is describing how tough the year was for the company in terms of keeping it up to the level expecte d by the shareholders. The crisis itself is the major problem. But within the crisis, sub-problems are found such as the fact that it leaves the market place in an unstable condition, where customers are afraid to buy products. The most common solution is to produce more effectively and lower the costs. Stryker Corp. did just that. The problem was that the quality decreased. The FDA (Food Drug Administration) has through the years become stricter in regulating the medical industry and this affected Stryker Corp. by receiving three warning letters upon their quality on products. The complaints mainly address their biotech and hip implant sector. Company was also accused for falsified hospital documentation, which is not just a quality problem, but becomes a PR problem. Competition is also a major indicator in the problem of reducing your costs. The medical industry is highly competitive industry, especially when it comes to innovations that increase quality and safety. Innovations, on the other hand, requi re big capital expenditures. To stay competitive Stryker Corp. had to further invest in this sector. The last problem in the year 2009 is that Stryker Corp. has some elements of a decentralized company (recent organization is hybrid between centralized and decentralized structure), which makes it difficult to carry out the same plan towards fighting the crisis in all operating countries. Possible solution and evaluation The next step in the problem analysis is to identify possible solutions towards the problem in order to achieve better results in 2010. The suggestions are listed below: Keep the operations as they are, since the market will grow by itself in 2010. Increase expenses on improving the quality Decrease production costs in order to decrease price Fully centralize the company Invest more in innovations to improve competitive advantage Hire a consultant, who can ensure the quality of the products being produced Increase PR spending to increase the companys image In order to find best-match solution, all of them need to be evaluated. The first point can be good, if their market analyst is correct. On the other hand, the market is unpredictable in most cases, therefore, the company would undertake a risk by following this statement of growth. Thus, first option is not a valid solution to the problem. Second possible solution based on the fact that quality was the major sub-problem that arose from the crisis and it is vital to ensure both PR and customer loyalty. Therefore, this option should be considered. Next alternative outlines a theory that is a must do to any companys future success. Decreasing production cost should always be a big part in order to achieve economies of scale, but decreasing that should not be a reason for decreasing the price, because once the recession will come to an end, the company will benefit more from not having changed the price. Solution number 4 is an absolute no-go solution. A major change such a centralizing the company in the times of crisis will just bring more trouble and confusion then there is already. In addition, if the communication is strong, the decision making towards changes in the market will be perceived much faster in a decentralized company or hybrid. Alternative number 5 is probably not the best solution in this case. In the times of crisis there is no need to further increase spending on innovations and most likely that competitors will not do it either since every company is trying to manage their expenses wisely. However, it does not mean that innovation segment must be neglected since it is one of the key elements in this industry. The most reasonable solution is number 6 in terms of sustaining the quality of the products produced and redistributed. It is always helpful to have someone from outside the company to give opinions upon the products and basic operations. Last alternative would also not contribute towards the major challenge of fighting the crisis, since it would mean more expenditure, which indirectly contributes to growth. To finalize upon the options analyzed above, the recommendation for Stryker Corp. would be to hire a consultant and continuously try to decrease costs. The consultant would ensure higher quality and ultimately increase in companys image since fewer customers would have complaints upon the products. In addition, with consultants help, reduced number or no warning letters from the FDA can be achieved. In order to come back to the growth expected by shareholders, our recommendation is to continuously decrease costs and thereby achieve economies of scale. Conclusion Stryker Corp. is a major company in the worlds medical device industry and not an individual business anymore, as it is seen from entrepreneurial perspective. However, its key people and their activities are remarkable from this point of view. This venture has an organized structure, clear goals and objectives that drive company towards continuous growth. Based on evaluation of core business model and major problems that Stryker Corp. has today, there are still many business opportunities that can be undertaken and recommendations provided will contribute in the future success.

Yeats’ Second Coming and Cummings’ what if a much of a which of a wind

The End of the World in Yeats’ Second Coming and Cummings’ what if a much of a which of a wind Hellfire and brimstone, a massive environmental disaster, a third World War; how will the world end? This issue can stop conversations, or start hour long arguments; it can start a religion, or cause people to renounce their faith. The answer to the ubiquitous question of how the world will eventually end is a paradox; to know the answer means that the final hour has come. Both E.E. Cummings and William Butler Yeats express their premonitions about when and why this awesome event may occur. Both prophetize about the horrific destruction of the world in their poems, "what if a much of a which of a wind" and "The Second Coming"; however, Cummings and Yeats disagree on the final cause of this destruction. While both utilize graphic imagery, stark contrast, and unique syntax to warn their readers about the evils of mankind, Cummings predicts society's irresponsible use of technology will engender the world's end, while Yeats believes that men themselves, the "worst full of passionate int ensity," will ultimately cause the downfall of civilization. Cummings' use of intense and somewhat disturbing imagery in his poem "what if a much of a which of a wind" urges readers to realize the extent of the devastation caused by catastrophic, preventable, destruction. The first stanza of the poem, describing images such as the sun "bloodying the leaves", evokes terror in the reader. The thought of the sun, usually associated with warmth and love, destroying something that it has helped to develop, directly parallels technology's current role in society. Technology, usually thought of as beneficial to mankind, slowly destroys the society that it ... ...thinkers since the beginning of time. E.E. Cummings and William Butler Yeats felt compelled to express their thoughts as to the imminent destruction of mankind. However, what they were unaware of at the the time that they wrote their prophetic poems, was how frighteningly true their predictions almost came. Yeats commentary regarding the leaders of the world and their "passionate intensity" prophetized the Holocaust of World War II and the autocracies created by Hitler and Stalin, while the masses "lacking all conviction" sat and watched with passive indifference. E.E. Cummings' description of man's misuse of technology, was exemplified by the dropping of the atomic bombs on Hiroshima and Nagasaki. These poets sounded an alarm that was ignored; hopefully we are now prepared to heed their warnings so that their dire predictions will not prove to be ultimately true.

Communication in Nursing Essay

Since the dawn of time man has been evolving in the ways we think and interact with each other. What was appropriate a generation ago might not be appropriate today. As nurses we know very intimate details of our patients’ lives, those details can blur the line between a friendly relationship and a professional relationship. Even though you feel you know the patient like you know your best friend you still have to treat them with the utmost respect, and dignity. Social communication is something we do on a daily basis whether it is with a patient or acquaintance, we refer to it as small talk. In contrast Therapeutic communication skills are very specific and goal oriented, they aren’t skills one is born with, these skills take time to perfect and build on. What is communication? The Townsend text defines it as â€Å"an interactive process of transmitting information between two or more entities†. In any communication there are â€Å"preexisting conditions† that affect the intended message and the way it is received, some examples include values, attitudes, beliefs, social status and environment in which the communication takes places (Townsend, 2010). A large part of communication is nonverbal communication, how you present yourself and your body language goes a long way in getting your point across. 70-90 percent of all effective communication is nonverbal (Townsend, 2010). A nurse-patient relationship can have multiple types of communication including non-therapeutic, social, and therapeutic. If a nurse errs and uses non-therapeutic communication such as rejecting, giving reassurance, or probing, negative outcomes occur. Non-therapeutic techniques discourage further expression of feelings and ideas and provoke negative responses or behaviors in others (Potter, Perry, Stockert & Hall, 2009) On the other hand therapeutic communication techniques such as; using silence, accepting and offering self, encourage feelings and ideas and convey acceptance and respect (Potter, Perry, Stockert & Hall, 2009). Social communication can be used as small talk on a limited basis. To understand social communication and therapeutic communication we must first define both. social communication can be defined as everyday communication that occurs as the nurse greets the patient and passes the time of day with what is referred to as small talk (Shives, 2008) saying things like â€Å"how is your day? † or â€Å"how are you pets? † are basic statements that aren’t goal specific. Social communication can elicit a negative response from the patient, if that occurs the nurse would â€Å"shift gears† and start a conversation using therapeutic communication techniques. An example would be: Nurse: â€Å"Hey how are you doing? The weather outside is beautiful today† Patient: â€Å"I don’t care about the weather, I hate it here, I don’t belong here, and I want to go home now! † To remedy this, the next sentence the nurse could use is: Nurse: â€Å"Oh, I see, what would u like to talk about today? † That statement gives the patient a broad opening which â€Å"allows the patient to take initiative in introducing the topic and it emphasizes the importance of the client’s role in the interaction† (Townsend, 2010) Therapeutic communication on the other hand is defined as a process in which the nurse consciously influences a patient or helps the patient to a better understanding through verbal or nonverbal communication. Therapeutic communication involves the use of specific strategies that encourage the patient to express feelings and ideas and that convey acceptance and respect (Mosby 2009). In the text Basic concepts of psychiatric-mental health nursing the author uses a very helpful table to compare and contrast therapeutic and social communication, some examples given are: * In social communication a personal or intimate relationship occurs and the identification of needs may not occur. Whereas in therapeutic communication a personal but not intimate relationship occurs. Needs are identified by the patient with the help of the nurse if necessary. * Personal goals may or may not be discussed and constructive or destructive dependencies may occur, in contrast to therapeutic communication where personal goals are set by the patient and constructive dependency, interdependency, and independence are promoted. * In social communication a variety of resources may be used during socialization, but in therapeutic communication specialized professional skills are used while employing nursing interventions. In conclusion we see that communication in nursing is being developed as an entirely separate skill, as profession nurses we have the responsibility to ourselves and our patients to understand what is being said and to get the point across in a precise and efficient manner. By comparing and contrasting the two communication styles we see they are vastly different. When using social communication the nurse wouldn’t be unprofessional, but it is up to the nurse to determine the correct time, place, and situation for which each style is appropriate.

High Luxury Fashion Management Essay

High Luxury Fashion Management Essay High Luxury Fashion Management Essay High Luxury Fashion Management Essay This paper compares two high-end fashion stores based on various aspects. The fashion stores chosen are Saks Fifth Avenue and Bergdorf Goodman. For better comparison, a shoe brand and a handbag brand have to be chosen and compared respectively. The shoe brand chosen is Valentino sneakers. Both Saks and Bergdorf offer Valentino sneakers in their stores. However, Bergdorf offers more floor space to the shoe brand compared to Saks. For the type of counter space employed, both stores are the same. Each store uses the shoe-in-glass design of counter space. Given the higher amount of floor space given to Valentino sneakers by Bergdorf, the store offers more types of the sneakers than Saks. In fact, Bergdorf offers all the available types of Valentino sneakers . The materials and fabrications used in both stores more or less depend on the brand of shoes. The standard materials used include soft leather, synthetic leather, and canvas. There are more types of shoes in Bergdorf than Saks. To be specific, Bergdorf offers all types of low-top sneakers as opposed to Saks. Saks mostly offers rockrunner sneakers. While Saks favors bright colors of sneakers such as white and gray, Bergdorf offers sneakers of all colors in equal amounts. The prices of the shoes are similar in both stores. However, each store seems to have a different price structure depending on demand for a specific type of shoes. The low-top sneakers are the most favored given that they are light and comfortable to wear in the city. In summary, Saks and Bergdorf are direct competitors as far as sneakers are concerned. They offer similar products to the same group of people. However, Valentino sneakers are more demanded in Bergdorf as evidenced by the bigger space provided to the bra nd. As for the handbags, Bottega Veneta handbags were chosen for comparison purposes. Bottega Veneta is a premium brand offering a wide range of fashion items. When comparing the two stores, it was found that Bergdorf Goodman offers 142 types of handbags compared to only 50 by Saks Fifth Avenue. Bergdorf, therefore, gives more space to the handbag brands. Like in the case with the shoes, Bottega Veneta handbags in both stores are put behind clear glass to be easily viewed by customers. Bergdorf presented all the major product presentation styles including giving of offers on certain handbags. The only type of offer given in Saks was that of buying three bags at the price of two. The bags found in Bergdorf are made of faux fur, leather and suede, linen, polyester fabrics and their blends, rayon, silk, tapestry, velvet, and velveteen. Saks did not have bags made of rayon and velvet. Bergdorf offered, among many other styles, A-shaped woven tote bags and small pillow woven cross body bags. Saks focused more on hobo bags. Both stores, however, focused on the major feminine colors such as pink, beige, blue and black in their various versions. The color emphasis did not make a big difference between the stores. The price structure was based more on the manufacturer (or designer) than on a particular store. However, given that both stores offered products to the upper class, the prices were relatively higher than bags of other brands offered in other stores. Both Saks and Bergdorf offer high-quality products and customer services. They also ship goods to locations outside the United States. They both record high levels of customer demand given that New York has the highest concentration of high-class people. Besides the differences in the amount of floor space given to each premium brand, both stores have almost similar methods of presentation of their products. Having visited the two stores, it was concluded that Bergdorf had a bigger selection of both Bottega Veneta Handbags and Valentino sneaker shoes as compared to Saks. However, Saks had better customer service. First of all, Bergdorf Goodman has a bigger store in general in New York. Thus, it can afford to give more space to both Bottega Veneta Handbags and Valentino sneaker shoes. Besides, the two brands are among the most sought after in the luxury fashion realm. Though not based on facts, Bergdorf can be said to be making more from its sales of Bottega Handbags and Valentino sneakers. Of the two items selected, the most demanded items in both stores are Bottega Veneta handbags. The handbags are favored for their high quality and unique design. In both stores there were more loyal and return customers in regard to handbags as com pared to Valentino sneakers The presentation of the two products, as stated above, is almost similar. Bottega Veneta handbags and Valentino sneakers are placed in glass stands. An interested customer can ask to touch the products as a way of deciding whether he/she wants to buy them or not. Besides, some highly-priced handbags had offers attached to them to encourage customers to buy them. During a conversation, a department manager stated that Valentino low-top sneakers were highly favored for various reasons. First of all, they were fairly priced. Secondly, they were light as city life requires brisk walking. Thirdly, they lasted long and could be used for various purposes such as jogging and days out with families. The reason why Saks is considered to have better customer service was that while at the store, a sales associate approached the author asking if she could be of any help. The author took that opportunity to gauge the real quality of customer service in the store. First of all, there were no signs of discrimination against customers in the store as far as their appearance was concerned. In some other luxury stores, prejudgment is made based on the customers` appearance; if a customer is poorly dressed, it could be assumed that he/she is not be able to afford items being sold. Saks (as well as Bergdorf) had none of that. The sales associate in Saks asked questions and answered mine in the politest manner possible. The author endeavored to ask about the types of celebrities who frequented the store regularly. The sales associate stated that they served some famous people including hip hop musicians like Jay-Z and J Cole. They also serve movie actors and actresses the most recent of whic h were Idris Elba and Kate Beckinsale starring at the Pacific Rim and Underworld respectively. Given the chance to improve the two stores, the author would majorly increase the campaign advertisements to have a bigger customer base. However, these advertisements should be made cautiously given that premium fashion brands are cheapened whenever they are advertised too much. Besides, it is advisable that the two stores expand their international reach given that rich people have no problem spending a lot of money as long as the product is of high quality. Saks should also endeavor in offering more products either by replacing the poorly-performing brands or opening more stores to offer all the products available. In conclusion, both Bergdorf Goodman and Saks Fifth Avenue are among the best fashion stores around the world. Valentino Garavani was born on May, 11th 1932 in Voghera, Italy. Fashion design was his passion from a young age. He studied it until he started his personal line of clothes in 1959 in Rome. A few years later, thanks to his distinctive talent he became one of the most recognized cloth designers in the world. He became the most favorite designer of many women around the world. One of his most famous customers was Jacqueline Kennedy, the wife of the 35th president of the United States (John Fitzgerald Kennedy). Others include Elizabeth Taylor, Marie-Helene de Rothschild, Queen Paola of Belgium, Begum Aga Khan, and Audrey Hepburn. One of Valentino’s early influencers was his aunt Rosa under whom he worked. Besides her, Valentino worked under several other local designers before his formal training in Paris (Chambre Syndicale de la Couture Parisienne and Ecole des Beaux-Arts). His had an apprenticeship with Guy Laroche and Jean Desses before he embarked on a personal career. Howev er, Valentino`s first choice for an apprenticeship was Jacques Fath and then Balenciaga. He attested to have learned a lot from his masters as observed from his borrowing of a few ideas from his teachers. Valentino is famous for a distinctive shade of red color known as â€Å"Valentino Red†. Valentino left Jean Desses under controversial circumstances and endeavored to make a name for himself in 1959 in Rome. A part of his success is attributed to his first partner Giancarlo Giammetti. Giametti was an architecture student who helped Valentino build his brand and distinctive â€Å"Valentino Red†. Valentino gained popularity after having participated in a show in Florence in the Pitti Palace. The show made him famous among the rich and the famous. He quickly became the summit of Italian fashion design. When Valentino moved to New York in the 1970s, he had effectively expanded into the American market following his high profile clients in America. Before his retirement, Valentino had various names under his original house. They included Valentino R.E.D., Valentino Roma, Valentino and Valentino Garavani. All names represent a part of his line of wares serving a specific mark et. Currently, Valentino is interested in shoes, bags and belts. As a result, Valentino is a household name. Valentino’s life is very interesting. Now aged 82, Valentino met his wife in 1950 but separated from her in 1972. However, they remained close and maintain homes in various countries including France, Spain and Switzerland. Valentino and Giammetti have filed their homes with art given that it is their ultimate passion. In 1998, Giammetti and Valentino announced their retirement from the fashion industry. They did this by selling off their company for around $300to HdP, an Italian conglomerate. Four years later, HdP sold the company to Marzotto Apparel. The changes in ownership were overseen by Valentino himself since his advice is considered invaluable. As a special way to say goodbye to the fashion industry, Valentino organized a final haute couture in Paris at the Musee Rodin in January 2007. It featured such household names as Eva Herzigova, Claudia Schiffer, and Naomi Campbell. All in all, Valentino’s lines of clothes and shoes have become a household name among the rich and the famous all around the world. Italy is famous for luxury. To make a name in such a market in the same way as Valentino did requires talent and dedication.