Procter Gamble Company

Introduction Procter Gamble [PG] is a public limited company that was established in 1837 in Cincinnati, Ohio, US. The firm operates in the consumer goods industry and has managed to venture into the global market. The firm operates five main segments, which include Family Care and Baby Care, Health Care, Grooming, Beauty, Home Care and Fabric Care.Advertising We will write a custom report sample on Procter Gamble Company specifically for you for only $16.05 $11/page Learn More The firm has over 121,000 employees (PG 2013). In the course of its operation, PG has managed to develop a strong market position both in the local and the international market. The firm’s success can be explained by the effective management and marketing practices that have been integrated. Moreover, the firm has adopted optimal business models, which ensure that its products are aligned with the prevailing customer needs and wants. Consequently, its products have gained substantial market acceptability (PG 2013). Vision and mission statement PG intends to position itself as the global leader with regard to consumer products and services. Moreover, the firm is committed towards providing customers with high quality products and services. Values and principles The firm has adopted a number of values and principle. Some of its core values and principles include trust, leadership and integrity. Objectives PG is focused towards achieving the following objectives To develop a strong customer base and ensure that its brands achieve market leadership. To transform its existing businesses into market leaders. To regain market leadership and growth momentum in Western Europe region. In addition to meeting the customers’ needs, PG is focused towards delivering high value to shareholders’ by maximising their wealth. Over the 175 years it has been in existence, PG has managed to survive challenging economic situations such as economic downturns and other changes emanating from the external and internal business environments. The firm cannot rule out the likelihood of such occurrences in the future considering the fact that it does not operate in isolation. Consequently, the firm may experience challenges in its quest to achieve the aforementioned objectives.Advertising Looking for report on business economics? Let's see if we can help you! Get your first paper with 15% OFF Learn More Aim This report is aimed at conducting a comprehensive situational analysis of PG. This is achieved by evaluating the challenges that the firm faces and the strategies that the management team should integrate in order to enhance the firm’s competitiveness and future success. The report mainly focuses on the strategies that the firm can adopt in order to develop a high competitive advantage. Situational analysis Businesses operate in an environment that is characterised by a high rate of dynamism. One of the elements tha t characterise the modern business environment is hyper-competition. Lancaster (2005) is of the opinion that it imperative for firms’ management teams to continuously monitor the external business environment in order to adjust their firms’ competitive strategies. Ferrell Hartline (2013) are of the opinion that â€Å"a thorough situation analysis empowers the marketing manager because it encourages both analysis and synthesis of information† (p.56). Firms do have control of the external business environment. Therefore, failure to understand the external business environment may adversely affect the organisations’ competitiveness. To understand the external business environment, it is imperative for PG’s management team to take into account the cultural, economic, social, political, legal and demographic variables. This can be achieved by integrating the PESTLE and the SWOT models as illustrated below (Hiebing Cooper 2004). PESTLE Analysis Poli tical -The firm participates in political processes in its pursuit to touch the consumers’ lives. Consequently, the firm contributes in shaping public policy. -The firm is committed towards ensuring that it complies with the set state and federal laws such as the Open Government Act, and the Lobbying Disclosure Act. -The US is characterised by a high level of political stability. Consequently, PG is able to operate effectively and efficiently. -The US government has increased its effort in curbing the proliferation of counterfeit products by integrating comprehensive intellectual property laws. This has played a critical role in guarding innovation. Economic -The US is experiencing an increment in the level of its Gross Domestic Product and the National Income. This will increase the consumers’ purchasing power. -Despite the increase in consumer purchasing power, PG is experiencing pressure to reduce the price of its products. Jopson (2013) emphasises that it is impe rative for PG to provide customers with products that are affordable. -The recent economic recession has led to a significant change in the consumers’ behaviour. Bohlen, Carlotti and Mihas (2010) opine that â€Å"consumers in the US are learning to live without expensive product† (para. 1). -The firm faces a challenge in the international market arising fluctuation in the exchange rate and the rate of inflation. -Some of the developing markets that the firm markets its products, especially Africa are characterised by a low per capita income (Hattingh et al. 2012). Social -Environmental conscious consumers; consumers are increasingly becoming conscious of the environment. Consequently, it is imperative for businesses to operate in an environmental sustainable manner by avoiding pollution. PG has adopted the concept of corporate social responsibility. -Health and safety consciousness;consumers are increasingly becoming conscious of their health and safety. In the cours e of its operation, PG is committed towards improving the consumers’ nutrition and hygiene. Thus, the likelihood of PG increasing its sale revenue with regard to health and beauty products is high. Moreover, PG has teamed up with UNICEF in its quest to improve the health of babies (PG2012). -Cultural diversity; the high rate of globalisation has led to transformation with regard to the workforce, which is becoming culturally diverse. Consequently, it is imperative for organisations to adopt effective human resource management practices. PG has appreciated the concept of diversity by embracing cultural differences (Cooper 2000). Technological -The consumer packaged goods industry is experiencing a significant change arising from technological innovation. Some of these changes relates to emergence of e-commerce. -The high rate of technological innovation presents a major challenge to PG. The firm has to continuously invest in research and development in order to be successful . According to Cisco (2012), â€Å"continuous product innovation is the lifeblood of the consumer product goods industry† (p.1). Legal Environmental Climate change; The high rate of climate change has led to enactment of strict carbon tax in an effort to ensure that organisations are responsible of the carbon dioxide emitted. PG is conscious of the environment in which it operates. Environmental laws and regulations; the UK government has enacted strict rules and regulations that are aimed at protecting the environment. The laws advocate for effective waste management. SWOT and TOWs matrix SWOT Matrix Strengths Research and development;The firm strongly focuses on research and development. Market leadership; the firm has developed global market leadership with regard to detergents, beauty and health care products. Acquisitions;the firm has the capacity to acquire other firms in the consumer goods industry. Effective brand management; PG have integrated an effecti ve brand management strategy, which has enhanced its market position and brand portfolio. The firm has over 25 brands. Strong human capital base; the firm has established a strong human resource, which enhances its competitiveness. Weaknesses The firm’s competitiveness is hindered by high cost of production. The firm faces a challenge in meeting the consumers’ needs and wants as a result of different culture. Unable to protect the company’s innovative products. High product prices compared to competing products (Jopson 2013). The firm mainly focuses on high-end markets, which limits its market reach. It is difficult for the firm to achieve growth especially in mature product categories. High product recalls; PG is experiencing an increment in product recalls. Most of the firm’s products are targeted for female consumers. Loss of market; the firm is losing market at an alarming rate, which is affecting its market leadership. Counterfeit products;PG has no t been able to eliminate counterfeit products sold under its brand name. Opportunities -Market growth; the firm can attain market leadership by exploiting emerging markets such as India and China.The firm should target the middle class consumers. -New market opportunity; the firm can exploit new market segments for example by developing beauty and health products targeted for men. -Tapping new markets;the firm can increase its sales revenue by penetrating urban areas. -Adopting eco-friendly strategies; PG can increase its market leadership by going green. Strength-Opportunity Strategy The firm should consider expanding its operation in the emerging and developing markets by developing new products. PG should consider developing new products by investing in research and development. Weakness-Opportunity strategy -The firm should consider outsourcing some of its services in order to lower the cost of production. This will improve the competitiveness of its products. -The firm shou ld invest in IPR in order to protect its products from being counterfeited -PG should focus on expanding its market to low-income consumers. – The firm has to continuously ensure that it monitors market changes so as to attain adjust its market trends. -PG should target new consumer groups such as men in order to increase its sales revenue. Threats Intense competition; PG is experiencing intense competition especially from Colgate-Palmolive and Unilever hence leading to a decline in PG market share (Jopson 2013). Substitute products; the firm is experiencing an increment in the number of substitute products, which are retailed at a price that is lower than that of PG. Private labels;growth of private labels presents a major threat to the firm’s competitiveness and global market share. Economic recession; change in consumer behaviour as a result of the 2008/2009 economic recession. Increase in the cost of raw materials Strength-Threat strategy -The firm should ensure that its products are aligned with the consumers’ needs and wants. -PG should invest in continuous product improvement in order to improve their competitiveness – Weakness-Threat strategy -The firm should invest in cost-effective operational strategies in order to improve the quality and competitiveness of its products. Core competencies According Boone (Kurtz Boone 2013), core competencies are critical in an organisation’s marketing practises because they enable an organisation to optimally position itself. P G’s success is based on a number of core competencies, which include. Source: (PG 2013)Advertising We will write a custom report sample on Procter Gamble Company specifically for you for only $16.05 $11/page Learn More Porters’ five forces According Stonehouse and Snowdon (2007), the five forces model enables a firm’s management team to determine the attractiveness of a particular market and hence the potential of attaining its desired level of profitability. The degree of industry attractiveness varies from one industry to another. The Porter’s model is comprised of five main dimensions, which include the threat of new entrant, buyer and seller bargaining power, degree of rivalry and threat of substitute. Below is an analysis of the Porter’s five forces with specific reference to PG Group. Degree of rivalry-High The firm operates in an environment that is characterised by a high degree of rivalry (PG 2013). Yannapoulos (2011) is of the opinion that â€Å"competition forces companies to constantly engage in offensive and defensive marketing strategies† (p.1). The rivalry emanates from the regional, local and global firms that have established operations in the industry. PG competes against organisations that deal with private labels and branded products. The firm’s main competitors include Colgate-Palmolive, Revlon, Kimberly-Clark Johnson Johnson and Unilever. The large number of competitors gives consumers a wide range of options to select from (Drummond Ensor 2009). Consumers select products on the basis of their price, quality, and the strength of the brand amongst other factors. PG Group is experiencing an increment in competition emanating from non-branded products, which are sold at a lower price. Thus, low-income consumers can afford diverse health and wellness products (Rehtmeyer 2010). Threat of new entrants-moderate According to Rehtmeyer (2010), the consumer goods industry is characterised by a low threat of entry. New entrants do not have the capability to rival big and well established entities such as PG, which are adequately capitalised. Another factor that acts as a barrier to entry relates to the high cost of research and development that the firms are required to undertake (Rehtmeyer 2010). New entrants must ensure that their products are effectively differentiated. The industry is in its mature stage thu s making it less attractive to new entrants (Doole Lowe 2012).Advertising Looking for report on business economics? Let's see if we can help you! Get your first paper with 15% OFF Learn More Threat of substitute-Low to moderate The consumer goods industry is characterised by a low threat of substitute products. According to Rehtmeyer (2010), most firms in the industry deal with necessities, which do not have perfect substitutes. Supplier bargaining power- low PG derives its competitiveness from partnerships and joint venture. Consequently, the firm is able to invest in research and development (Rehtmeyer 2010). Moreover, the firm has the capacity to control its suppliers because of its large size. Consequently, the firm sets standards, which suppliers are required to adhere to in the course of supplying the raw materials (Serena 2013). Buyer bargaining power-moderate PG mainly depend on Wal-Mart and other business affiliates in its quest to generate revenue. It is estimated that 15% of the firm’s sales originate from Wal-Mart. Organisational consumers such as Wal-Mart have a relatively low buyer bargaining power compared individual consumers who have the option o f selecting competing products. Therefore, the industry’s has a moderate buyer bargaining power. Source: (Rehtmeyer 2010) Market commoditisation and innovation According to Ferrell and Hartline (2013), the consumer goods industry is increasingly becoming commoditised. Most of the products offered by competing firms are similar. For example, the products have similar features and they have minimal price differences. Ferrell and Hartline (2013) postulates that â€Å"commoditisation is a consequence of mature industries where slowing innovation, extensive product assortment, excess supply and frugal consumers force margins to the floor† (p.2). According to the company’s Chief Executive Officer, Mr. Lafley, it is imperative for the firm to review its product differentiation strategy. This will ensure that the firm’s products remain unique and relevant to the consumers (Jopson 2013). Commoditisation of an industry presents a major challenge to industry playe rs. This arises from the fact that the competing firms have to ensure that they adopt effective differentiation strategies in order to be competitive. The consumer goods industry in the US is experiencing a high rate of commoditisation as a result of its lucrative nature, which is increasing the intensity of competition. More firms are venturing into the industry in an effort to exploit the industry’s profitability. Consequently, it has become difficult for firm’s such as PG to successfully differential itself (Pulendran, Speed Widing 2002). In order to survive in such an industry, it is imperative for industry players such as PG to formulate strategies that will attract and retain customers. This calls for organisations to be innovative. One of the ways through which the firms can achieve this is by investing in value-added strategies. The firm’s management team should conduct a comprehensive consumer market research in order to determine what the consumersâ⠂¬â„¢ needs and wants. Secondly, the firm’s research and development department should be adequately innovative in order to develop products that are customised. Such a strategy will improve the effectiveness and efficiency with which the firm addresses the customers’ value. Such an analysis will enable PG respond to the consumers’ unarticulated needs hence improving their level of loyalty. Customising its products will also enhance the firm’s capacity to survive in a market that is mature. Alternatively, PG can also consider integrating the concept of targeted extension, which entails adding value to the firm’s core products and marketing them to specific market segments in order to meet the desired market needs (Wierenga 2008). Developing competitive advantage In order to remain competitive, it is imperative for P G Group to consider improving its competitive advantage. According to Davidson and Keegan (2004) â€Å"competitive advantage is achie ved whenever your company does something better than competitors† (p. 167). Thus, it is fundamental for PG to develop it competitive advantage in order to survive in the long term. PG can develop its competitiveness by adopting the strategies proposed by the Ansoff Matrix. The advantages of these strategies are discussed herein. Market development PG should consider investing in market development strategies. According to McDonald, Brian Ward (2007), market development strategies entail marketing existing products to new markets. This entails identifying a new customer group to whom a firm markets its product to. PG mainly markets its products to female consumers. However, it is imperative for the firm’s management team to consider marketing its products to men. Moreover, the firm can achieve market development by identifying potential markets that it can enter. To achieve this, PG should focus on entering the emerging and developing markets. Consequently, the firm sho uld abolish its centralised operational strategy (Jopson 2013). Some of the markets that the firm should consider include Brazil, China, Russia and India. Prior to entering new markets, PG should conduct a comprehensive market research in order to determine the prevailing market potential. According to Jopson (2013), consumers in the developing economies are increasing consumption of household and personal consumer products despite the poor economic performance. PG should also ensure that it develops a comprehensive understanding of the target markets’ culture, and consumption behaviour. This will improve the likelihood of its products gaining sufficient market penetration. Product diversification Currently, PG specialises in five main market segments, which include Family Care and Baby Care, Health Care, Grooming, Beauty, Home Care and Fabric Care. It is essential for the firm’s management team to consider diversifying its product portfolio. This will improve the like lihood of the firm attracting a new customer group. In its product diversification strategy, PG should focus on Fast-Moving-Consumer Goods [FMCG]. This will minimise the need of the firm to develop new capabilities and resources. Currently, the firm specialises in producing high-end products. To increase its customer base, it is imperative for the firm’s management team to consider targeting low-income consumers. This will enable the firm increase its sales revenue. Furthermore, product diversification will caution the firm against macro-environmental changes hence enhancing its financial sustainability. Product development Firms in the consumer goods industry are experiencing a challenge arising from change in consumer behaviour. The consumers’ product tastes and preferences are changing at an alarming rate. According to Wright (2006), firms that specialise in production of consumer goods are experiencing an increment in pressure to ensure that their products are inno vative and are aligned to their needs and wants. Wright (2006) further opines that â€Å"failure to address the consumers’ needs and wants may lead to loss of sales and to a complete demise of an organisation† (p.14). To survive in such an environment, it is imperative for the firms’ management team to increase its investment in research and development. The research and development will enable PG to undertake continuous and new product development. In its product development efforts, the firm should consider enhancing the content of its products. Furthermore, PG should improve its product packaging. According to Wright (2006), product packaging plays a critical role in enhancing the attractiveness of a product, which is a quintessential element in an organisation’s effort to build its brand. Investment in new and continuous product innovation will contribute towards improvement in the firm’s ability to attract and retain customers. According to Jo pson (2013), it is important for the firm to ensure that the new products are successfully launched in the market. Previously, PG has experienced botched product launches, for example the Pamper Dry Max. Furthermore, the firm experienced a challenge in its quest to launch the Tide Pods laundry (Jopson 2013). Market penetration McDonald, Brian Ward (2007) posit that market penetration entails marketing an existing product or service to an existing market. One of the strategies that the firm can adopt in its quest to achieve sufficient market penetration entails targeting the competitors’ customers. Adopting market penetration strategies will contribute towards improvement in the firm’s market share. Despite these benefits, there are a number of challenges associated with market penetration. First, targeting the competitors’ customers will increase the degree of rivalry between PG and its competitors, which might culminate in price wars hence leading to a decline in the industry’s profitability. Conclusion and recommendations The report shows PG operates in an environment that is very dynamic. Despite the challenges faced, PG has managed to survive the transformations emanating from the external business environment. One of the challenges faced by the firm relates to increment in the intensity of competition. Some of its main competitors include Kimberly-Clark, Colgate Palmolive and Johnson Johnson. Most of the industry players have adopted aggressive operational and competitive strategies such as continuous product improvement and new product development in an effort to meet the consumers’ needs. Consequently, the industry has become commoditised. Moreover, the industry’s transformation also emanates from the change in consumer behaviour. To survive in such an industry, it is essential for PG’s management team adopt effective growth strategies. Some of the strategies that the firm should consider are outlined b elow. The firm should consider expanding its market by venturing into the developing and emerging markets. Some of the markets that the firm should focus include Russia, Brazil, India and China. Market expansion will enable the firm maximise its sales revenue. Moreover, the firm will be able to achieve economies of scale. PG should also consider integrating the concept of product diversification. However, the firm should focus on fast-moving consumer goods in order to successfully exploit its capabilities and core competences. This strategy will enable PG to attract new customer groups. It is also important for the firm to consider developing products and services that are aligned with the consumers’ needs and wants. The firm can achieve this by conducting a comprehensive consumer market research. As a result, the firm will be able to deliver high value to consumers. Moreover, PG will be able to differentiate its products. Reference List Bohlen, B, Carlotti, S Mihas, L 201 0, How the recession has changed US consumer behaviour, http://www.forbes.com/2010/01/04/consumer-spending-recession-leadership-managing-mckinsey.html CISCO: Intelligent innovation in the consumer packaged goods industry; faster, cheaper, local 2012, https://www.google.com/url?sa=trct=jq=esrc=ssource=webcd=8cad=rjaved=0CGMQFjAHurl=http%3A%2F%2Fwww.cisco.com%2Fweb%2Fstrategy%2Fdocs%2Fretail%2Fcisco_cpg_white_paper.pdfei=eGSbUuL4H-nV4QSm6oD4CQusg=AFQjCNHP3BVE2twU5iW3SuOcov5H1hs2awsig2=qYZTNOcEuFhkJZSY8VDLfgbvm=bv.57155469,d.bGE Cooper, L 2000, ‘Strategic marketing planning for radically new products’, Journal of Marketing, vol. 64 no.1, pp.1-16. Davidson, H Keegan, W 2004, Offensive marketing; an action guide to gaining competitive advantage, Routledge, New York. Doole, I Lowe, R 2012, CIM coursebook 08/09; strategic marketing decision, Routledge, New York. Drummond, G Ensor, J 2009, Introduction to marketing concepts, Routledge, New York. Ferrell, O Hartline, M 2013, Marketing strategy; text and cases, Cengage, Mason, Ohio. Hiebing, R Cooper, S 2004, The one day marketing plan; organising and completing a plan that works, McGraw-Hill, New York. Hattingh, D, Russo, B, Basorun, A Wamelen, A 2012, The rise of the African consumer, https://www.google.com/url?sa=trct=jq=esrc=ssource=webcd=1cad=rjaved=0CCwQFjAAurl=http%3A%2F%2Fwww.mckinsey.com%2F~%2Fmedia%2FMcKinsey%2520Offices%2FSouth%2520Africa%2FPDFs%2FRise_of_the_African_consumer.ashxei=I1GbUrHOGMTWtQaVyoHQCAusg=AFQjCNFCtnAqIkryOKv_OhPFkP6rDcl4KAsig2=N3gsbTWEF8-ad-jr3by14gbvm=bv.57155469,d.Yms Jopson, B 2013, Procter and Gamble; time to freshen up, http://www.ft.com/intl/cms/s/0/e1782cc4-e95a-11e2-9f11-00144feabdc0.html#axzz2mKQuXw9S Kurtz, D Boone, L 2013, Boone and Kurtz contemporary marketing, Cengage, Mason, Ohio. Lancaster, G 2005, Management of marketing, Routledge, New York. McDonald, M, Smith, B Ward, K 2007, Marketing due diligence; reconnecting strategy to share price, Butterworth, Boston. PG: Core strengths 2013, http://www.forbes.com/2010/01/04/consumer-spending-recession-leadership-managing-mckinsey.html PG: Pampers and UNICEF; working together for healthy babies 2013, http://www.pg.com/en_UK/sustainability/social-responsibility/pampers-and-unicef.shtml PG: Supplier engagement 2013, http://www.pg.com/en_US/sustainability/operations_suppliers/supplier_engagement.shtml Pulendran, S, Speed, R Widing, R 2002, ‘Marketing planning, market orientation and business performance’, European Journal of Marketing, vol. 37 no. 3, pp. 476-497. Rehtmeyer, J 2010, The Procter and Gamble company, M.J Neeley School of Business, New York. Serena, N 2013, PG, big companies pinch suppliers on payments, http://online.wsj.com/news/articles/SB10001424127887324010704578418361635041842 Stonehouse, G Snowdon, B 2007, ‘Competitive advantage revisited’, Journal of Management Inquiry, vol. 16, pp. 256-275. Wierenga, B 2008, Handbook of marketing models, RSM Erasmus University, Rotterdam. Wright, R 2006, Consumer behaviour, Cengage Learning, New York. Yannopoulos, P 2011, ‘Defensive and offensive strategies for market success’, International Journal of Business and Social Science, vol. 2, no. 13, pp. 1-12. This report on Procter Gamble Company was written and submitted by user Lexie Pate to help you with your own studies. You are free to use it for research and reference purposes in order to write your own paper; however, you must cite it accordingly. You can donate your paper here.

Communication Essay Sample - Improves Your Essay with a Writing Activity

Communication Essay Sample - Improves Your Essay with a Writing ActivityIf you are serious about writing a good communication essay, then read this communication essay sample. I have included it here because it will help you start working on the essay itself.The first step in developing a powerful communication essay is to take the time to focus on the most important points that you want to emphasize. You can do this by planning out your entire essay as a series of sections. It will help if you write down all of the things that you would like to discuss and then work backwards from there. A great example of this is the layout for my last communication essay sample.Part 1 starts off with a discussion of what you want to say in this section. It could include anything from 'You get tired of going to the same party every night,' to 'Your relationship with your best friend has changed for the better.' Part 2 is where you will mention what you want to do after you finish your essay. This c ould include anything from trying to find the romance in your life to having a great time at a new school or competition.The last part of the essay contains a look at the ending. You can include something to do with your conclusion, whether it is funny or uplifting. You should be able to put in enough content to make your reader think. If you are writing about a common situation, then a common ending might include something like, 'He threw me an emotional football,' or 'I didn't need any help.'The final steps in writing your essay are to expand on what you learned in Part One. That means expanding on the details you discussed in Part Two. The big goal here is to make sure that your reader gets a feel for the message you are trying to deliver. By making it easier for them to understand the message, you will increase the odds that they will actually get it.Writing a good communication essay can be a lot of fun. It is going to take a little time and effort, but once you get the hang of it, you will be surprised at how easy it is. There are also some techniques you can use that will allow you to produce a higher quality essay in less time. I've included one of these below.Keep this in mind when you are writing a good communication essay. As soon as you feel comfortable with the format and the way you are going to use your information, write up a rough draft. Use that draft to develop and improve your essay into a better product. The more confident you are with your essay, the more likely you are to finish it on time.

Free Essays on Folktale

THE WHITE SATIN GOWN This tail has been repeated throughout the mid west for several hundred years. A young man invited a young woman to a formal dance. But the woman was very poor, and she could not afford to buy the evening gown she needed for the dance. The young woman’s mother suggested that she rent a dress instead of buying one. So she went to a pawnshop not far from where she lived. There she found a white satin evening gown in her size. The gown fit perfect, and did not cost very much to rent. When she arrived at the dance with her friend wearing the gown she had rented, she looked very elegant, and she danced over and over again and was having a wonderful time. But then she began to feel dizzy and faint, and she asked her friend to take her home. When she got home, she laid down on her bed. The next morning her mother found her dead. The doctor could not understand what could have killed her. So the doctor had the coroner do an autopsy. The coroner found that embalming fluid had poisoned her. The embalming fluid had stopped her blood from flowing. Ther e were traces of the fluid on her dress. The coroner decided the fluid had entered her skin when she perspired while she was dancing. The pawnbroker said he bought the dress from an undertaker’s helper. The dress was used in a funeral for another young woman, and the helper had stolen it just before she was buried. This story originated in ancient Greece, it is a retelling of the story of Hercules and the Centaur Nessus when the centaur insulted Deianira while crossing the river Hercules shot the centaur and with his blood Deianira anoints a splendid robe for Hercules but when he puts the robe on he is killed.... Free Essays on Folktale Free Essays on Folktale THE WHITE SATIN GOWN This tail has been repeated throughout the mid west for several hundred years. A young man invited a young woman to a formal dance. But the woman was very poor, and she could not afford to buy the evening gown she needed for the dance. The young woman’s mother suggested that she rent a dress instead of buying one. So she went to a pawnshop not far from where she lived. There she found a white satin evening gown in her size. The gown fit perfect, and did not cost very much to rent. When she arrived at the dance with her friend wearing the gown she had rented, she looked very elegant, and she danced over and over again and was having a wonderful time. But then she began to feel dizzy and faint, and she asked her friend to take her home. When she got home, she laid down on her bed. The next morning her mother found her dead. The doctor could not understand what could have killed her. So the doctor had the coroner do an autopsy. The coroner found that embalming fluid had poisoned her. The embalming fluid had stopped her blood from flowing. Ther e were traces of the fluid on her dress. The coroner decided the fluid had entered her skin when she perspired while she was dancing. The pawnbroker said he bought the dress from an undertaker’s helper. The dress was used in a funeral for another young woman, and the helper had stolen it just before she was buried. This story originated in ancient Greece, it is a retelling of the story of Hercules and the Centaur Nessus when the centaur insulted Deianira while crossing the river Hercules shot the centaur and with his blood Deianira anoints a splendid robe for Hercules but when he puts the robe on he is killed.... Free Essays on Folktale Folktales A folktale is a fictional story about animals or human beings that help teach lessons. (Dundes). They trace back many years as an oral tradition from many cultures. There are many variations of folktales and are passed from generation to generation to teach morals. (Coffin) Folktales were created through the early stages of civilization. (Dundes). They used it as a source of entertainment. Folktales were originally an oral tradition until the twelfth century. After that, they began to be written. They were passed from person to person through migration. (www.falcon.jmu.edu). Tales in written and oral tradition reflect an incessant interchange of material and ideas, and many forms of narratives have come into being understood by varieties of cultures. (Coffin) Folktale is the general term for any numerous varieties or a traditional narrative. (www.falcon.jmu.edu) . They depict the relationships between people expressed in fantasist and symbolic term. (www.feri.com). They have no set date or time. They are many fables with animals and humans as main characters. (Dundes). They can be put in many terms such as songs, tall tales, games, and riddles. (www.feri.com) There are many different types of folktales. Among them are humorous tales. These tales offer examples of outrageous human stupidity. Cumulative tales add on a type of story in which there is minimum plot and maximum repetition and rhythm. The most common type of folktale is the animal tale. In these tales, characters are humanized animals who demonstrate some simple lessons about human nature. (Duncan). But when the animal take is told with an acknowledged moral purpose, it becomes a fable. (Coffin) The telling of folktales appears to be cultural, universal, and common to primitive and complex societies alike. (www.infoplease.com). Studying folktales helps us to reach across time and space to arrive at an understanding of our ancestors that would not be found...

Market leadership strategies. Netflix, Walt Disney, Wal-Mart, Apple Essay

Market leadership strategies. Netflix, Walt Disney, Wal-Mart, Apple and Toyota - Essay Example A company that was able to achieve market leadership following a valued discipline was Toyota Corporation. Toyota was able to beat its US counterparts in the 80’s and 90’s by providing a superior product through operation excellence.The company makes car models of higher quality, better performance, greater fuel efficiency, and better overall value than the competition. The Toyota cars throughout the years have become very popular because they retain better resale value than other car auto makers. Toyota gained a brand value that accumulated over the years. In the 21st century other companies including some American firms like GM have caught up to Toyota in terms of innovation, but Toyota still offers superior value than most companies in the auto industry. In 2010 Toyota continued to be the market leader in global sales with 8.418 million units sold which represents an 8% sales increase in comparison with the previous year (Takahashi, 2011). Takahashi, Y. (2011). Toyot a Global Sales up 8%. Wall Street Journal. Retrieved July 7, 2011 from http://online.wsj.com/article/SB10001424052748703398504576101190281234486.html 2. A firm that was able to achieve market leadership using a generic strategy is Wal-Mart Corporation. Wal-Mart is the market leader in the retail industry due to the fact that the company used a generic strategy focusing on cost leadership. Wal-Mart offers the best prices across the board in the retail industry. ... It becomes difficult for such a corporation to maintain a consistent corporate culture when the firm has multiple companies. The marketing efforts of the firm cannot be standardized because these firms serve different markets. A company that has been very successful at running multiple companies is Walt Disney. Walt Disney has diversified into different sectors including the movie industry, toy market place, vacation properties, and its traditional theme park operation. The US theme parks are run differently than the Japanese Disney theme Park operation. Despite the challenges of running multiple companies Disney has been a very successful enterprise. 4. Apple has always enjoyed a great brand value due to the superb products the company manufactures. The firm created a reputation in the computer industry in regards to producing the best computer systems in the industry. Steve Jobs and his managerial staff had the foresight and vision to make Apple a firm that produced some of the mos t innovative technological products in the world. Two of the mark key products the firm created which revolutionized the music and cellular industry were the iPod and the iPhone. The iPhone has become the industry standard in the smartphone segment. 5. Netflix is a firm that realized that the video industry reached its declining stage based on the traditional system of offering movie rental out of a video store. The firm created a new innovative system to rent video to movie watcher. Their $7.99 monthly price for unlimited video rental using the power of the internet to drive the system simply revolutionized the industry. The company became the

Is The World Flat Essay Example | Topics and Well Written Essays - 2500 words

Is The World Flat - Essay Example This essay stresses that in the Information Age, information becomes power. There is a transfer of information in the world, from Western locations, such as the United States of America and the European Union, to Asian ones like China and India. Most notably, China has been a much preferred place to outsource because of the low cost of labour. Because of this, the many countries are gaining power in the global market, but this does not necessarily create a level playing field. As mentioned in the previous paragraph, China is preferred because it has lower cost of labour. Thomas Friedman mentioned that â€Å"entrepreneurs and CEOs were responding to the flattening of the world.† However, by moving to China, it is not necessarily the flattening of the world that they are thinking about but simply practicality in the face of economic crisis. There must be some misunderstanding when people say the world is becoming flatter to mean that everyone has equal opportunity for work or in come. The previous illustration should have dispelled that mistaken notion. Companies will more often than not choose and develop three inexperienced but cheap labourers than pay more for one experienced person to do the same job. This paper makes a conclusion that health care and education should be improved. Health care ensures that employees can continue working and education ensures that people can find creative-type jobs in the future, if ever governments decide to ship grunt-type jobs out of the country.

Critically Assess the Uses and Limitations of Financial Statements Essay Example for Free

Critically Assess the Uses and Limitations of Financial Statements Essay Critically assess the uses and limitations of financial statements The definition for a financial statement is a written report which quantitatively describes the financial health of a company. (www. investorwords. com) It consists of a balance sheet, income statements and a cash flow statement. This essay will critically asses the uses and limitations of each of these types of financial statements for a business. A balance sheet shows the financial condition of a business at a specific date (Langemeier Klinefelter 2008). It shows what is owned by the business, what is owed and the owner’s share (net worth) of the business. The balance sheet has three main uses. Firstly, it is used for reporting purposes as part of a limited company’s annual accounts. These must be shown to Companies House, HM Revenue and Customs and any shareholders unless agreed otherwise. It is also used to let potential investor’s or lenders asses the worth of a business at any given time. This way they can judge whether they think they should be investing money into the business according to how solvent the business is, how liquid its assets are, how the business is financed and how much capital is being used. Finally they can be used by the business itself to analyse how to improve its management. There are a few limitations of a balance sheet as some values of current assets are estimated (www. businesslink. gov. uk); therefore the balance sheet does not reflect a 100% accurate financial position of a business. Also, the fixed assets in the balance sheet have taken the depreciation of the asset into consideration and so the true value is not shown. Finally, intangible assets such as goodwill cannot be measured and are therefore estimated figures too and may be very inaccurate thus causing the whole balance sheet to be incorrect. Therefore a balance sheet is useful in many ways as long as whoever is interpreting the figures takes into consideration that a few of the figures are not accurate. An income statement, also known as a profit and loss account, measures the profits or losses a business has made over a certain period of time (money-zine. com). If a business wishes to expand and needs a bank loan they will need to produce their profit and loss accounts for the previous three years so the bank can see whether they will be able to repay the loan. These must be accurate records or it will be taken into account as fraud. There are many advantages of keeping accurate and up to date records. Firstly, it gives a business the information it needs to be managed and help it grow. If a business can see where its strong or weak points are then it can find ways to improve for example by cutting down on expenses. It also enables a business to produce their income statement quickly if required and filling in their tax return easier and quicker which in turn reduces the risk of interest for late tax payments. These financial statements are usually available to the public which means competitors can see how each other are doing, however very few people understand them when all transactions are recorded in larger companies. There are also some limitations of income statements one being that its data does not tell the user anything about what may happen in the future or factors that may affect future growth of the company. It is simply limited to accounting data. The second limitation is that not all businesses use an acceptable accounting method. An example from www. money-zine. com states that â€Å"if a business decides to accelerate depreciation then they hurt short-term net income and earnings (depreciation expense is larger). If they use straight line depreciation, net income in earlier years will be higher but it will be lower in the future (all things being equal)†. The final type of financial statement is a cash flow statement. It records the inflow and outflow of cash over a period of time. The cash flow statement allows investors to understand how a companys operations are running, where its money is coming from, and how it is being spent. According Hertenstein Article 26 there are three main people that want to see a business’s cash flow statements. Firstly stockholders want to know if the business is generating enough cash to pay dividends. Secondly suppliers want to know if their customers will be able to pay if offered credit. Thirdly investors want to evaluate future growth potential. These types of financial accounts are cheap to maintain because you do not have to be a trained accountant to produce them as they are not a complicated as the other types of financial accounts. Though the cash flow statement is a very useful tool of financial analysis, it has its own limitations which must be kept in mind at the time of its use. The main limitation is that the cash flow statement only records cash transactions and so ignores the basic accounting concept of accruals and tems bought on credit and therefore are not suitable for judging the profitability of a business. Also cash flow statements are prepared using historical information which is in the past. Therefore it does not asses what may happen in the future to a business’s accounts. In conclusion, there are many uses for financial statements as they provide a solid picture of a business’s performance when compared to each other, and the users can easily spot flaws in the entity’s financial position and manage these accordingly. However their limitations must be considered when analysing the data as they only supply the reader with past and present quantitative data and do not address any of the qualitative economic variables such as the morale of the employees or the quality of the management team. There is currently no way of measuring these intangible assets, even though a business’s human resources are some of its most valuable assets.

Megachurches and Theologies of Consumption :: Religion Christian

Last weekend, while attending Lexington, KY’s Southland Christian Church, I received an invitation to attend a â€Å"Poor Man’s After-Tax Dinner.† Located on a 115-acre plot that occupies a stretch of the rapidly disappearing farmland between Lexington and Jessamine County, Southland will host the gala, which includes a catered meal and a performance by the Dale Adams Band. On the church’s website, an announcement for the event asks, â€Å"Did you have to pay when you filed taxes? This month’s Gathering is designed to help you to forget your IRS woes.†[1] The After-Tax Dinner will minister to those still reeling from the April 15th deadline, and, with any luck, it will foster solidarity among Southland’s flock, the majority of whom are members of the tax bracket whose wallets ache most severely after just having rendered unto Caesar the money that belongs to him. Southland Christian Church, one of several worship centers in the United States that has earned the moniker â€Å"Six Flags over Jesus,† is Lexington’s largest megachurch. With a weekly attendance of 8,000 people and an operating budget that supports a staff of over eighty members, Southland far exceeds most U.S. congregations in terms of financial resources and social clout. In recent years, popular and scholarly studies have attempted to situate the megachurch movement within a broad cultural context. Although the majority of these analyses dispute the precise definition of a megachurch, most distinguish these multiplex sanctuaries from smaller worship communities by using the same criteria—i.e. weekly attendance, campus acreage, annual budget, etc.—that megachurches themselves draw on to represent their own success. [2] However, the essence of a megachurch is not its large buildings, but rather the theology of consumption that informs it s programming.[3] In this way, a megachurch ethos has infiltrated even the smallest congregations in the United States and has helped to solidify Christianity’s inextricable connection to consumer capitalism. To those who see megachurches as symptomatic of a flawed Christianity, market-minded church growth confounds one of the faith’s oldest dualities, the contradiction of living in the world without conforming to its ways, as Paul puts it in Romans 12. Megachurches at once reject â€Å"the world† and participate in it by seeking to win the lost and wow the consumer at the same time.