A Day of Happy Moments

Pleasure is something which satisfies our senses but happiness is something deep seated. It is something which is much nearer to our soul. A hot cup of coffee on a chilly day would surely bring pleasure and not happiness. Now I shall say when I was very happy. Even from my early days, I used to take interest in games. My elder brothers used to take me to the sports and matches. Whenever I saw the victors receiving trophies, I eagerly wished that I must be on the victory stand one day. As I came to the secondary school, I took interest in long distance running. With some boys of my class, I used to take to the track and run. In one of the inter-school competitions I came first in the one kilometer race. This gave me not only satisfaction but also encouraged me to put in more and more effort. I was regularly on the track practicing. I learnt the techniques from my physical instructor. From one kilometer I Learnt slowly to run two kilometers within three minutes. The day when I can do it, is still far-off. Still unceasingly I practice long distance running. The Inter-district Sports Meet of the schools came and I was selected for 1000 meter race. It was a red letter day in my life. The event was announced and along with five others, I was standing on the track. Hundreds of people were looking at us. We were set on the mark and the gun went off. I started steadily and knew that I must have spare energy for the last lap. It was a three round business. In the first two rounds, I kept myself the second or third. In the third round, Picked up speed and was running like a colt, left others far behind and breasted the tape in the record time. The excitement was so much that I was almost unconscious for a few minutes. Then I ran to the victory stand. My joy knew no bounds when my name was announced first and I took the salute. It was the glorious day and I enjoyed boundless happiness.

The Silver Linings Playbook Chapter 34

Letter #5-December 3, 2006 Dear Nikki, The night after the Tennessee Titans destroyed the Eagles on their home turf – a game in which Donovan McNabb tore his ACL, ending his season and maybe even his career – Andre Waters shot himself to death. I realize you don't care about any of this, but Waters was one of my favorite players back when I was a teenager. He was a big part of the Gang Green Defense. People called him Dirty Waters because he was fined so much for hitting too hard. And when I was a kid, Waters was a god to me. Jake says Waters probably killed himself after watching the Eagles play so poorly against the Titans, which was not a funny thing to say at all. My father is not talking to anyone, because he is upset about McNabb's injury, which will most likely ruin the Eagles' chances of making the play-offs. My new favorite player, Hank Baskett, is not getting many balls thrown to him anymore, but he actually threw an interception during a stupid trick play during the Indy Colts' win over the Birds just this past weekend. And of course, there was also your last letter. So I'm thinking this is the part of my movie where things appear as if nothing is going to work out. I have to remind myself that all movie characters go through this sort of dark period before they find their happy ending. It was hard to wait two weeks for your reply. Your letter made me very sad, and in the past twenty-four hours I have written my reply at least a hundred times. I don't know if Tiffany read you the part of my memoir where I described my therapist's office, but he has two leather recliners – one black, one brown. My therapist lets his patients choose which seat they want to sit in just so he can see what type of mood we are in. I've been picking the black one lately. I've read certain parts of your letters to Cliff – that's my therapist's name. He doesn't know about Tiffany's involvement, because I promised her that I would not tell anyone that she has agreed to act as our liaison. When Cliff asked how I was able to make contact with you, I refused to answer. I hope that you don't mind my reading some of your words to my therapist. It's funny. Cliff keeps hinting that I should pursue a relationship with Tiffany. And I know Tiffany is reading this letter to you, so this part will be awkward for everyone involved, but Tiffany will just have to deal with it because this is what being a liaison requires, and I already danced so well, fulfilling my end of the bargain. Cliff says that Tiffany and I have a lot in common at this point and that you and I have very little in common, because we are in very different places. I thought he meant that you were in Maryland and I was in New Jersey, but it turns out he means that I am still fighting to regain my mental health, and you are mentally stable. I asked Cliff why he would want me to pursue a relationship with someone who is as mentally unstable as me, and he said that you were not able to support me in the way I needed to be supported, which is why our marriage failed. I got very mad at Cliff when he said that, especially since I am the one to blame, but he insisted that you allowed me to become the person I was by enabling me – never putting me in my place and allowing me to emotionally abuse you for so long. He says that Tiffany will not allow me to do this and that our friendship is based on a mutual need and a commitment to bettering ourselves through physical fitness and dance. Tiffany and I are great friends, and I appreciate all that she is doing for me now. But she is not you. I still love you, Nikki. And you can't control or alter true love. Mom checked out The Catcher in the Rye from the Collingswood Public Library. I liked Holden Caulfield very much and felt a lot of sympathy for him because he really was a nice guy, always trying to do right by his sister Phoebe, yet always failing, like when he bought that record for Phoebe and broke it before he could give it to her. I also liked how he was always so worried about what the NYC ducks do in winter. Where do they go? But my favorite part was the ending, when Holden takes his sister to the carousel and she rides on the horse and tries to reach for the gold ring. Holden says, â€Å"I was sort of afraid she'd fall off the goddamn horse, but I didn't say anything or do anything. The thing with kids is, if they want to grab for the gold ring, you have to let them do it, and not say anything. If they fall off, they fall off, but it's bad if you say anything to them.† When I read this, I thought about your writing that I was in my second childhood and that I would have to â€Å"leave the basement† someday. But then I thought about how my improving myself and learning how to dance with Tiffany was like reaching for the gold ring, which is you. Nikki, you are my gold ring. So maybe I will fall off the goddamn carousel, but I have to reach for you, right? I want to see you. I want to talk to you face-to-face. Just once. Afterward, if you never want to see me again, I can live with that. Just give me one chance to show you how much I have changed. Just one chance. One face-to-face meeting. Please. Love, Pat

Research Proposal Management Essay

The population of Cameroon is one of diverse backgrounds,with over 260 tribes with each tribe having its own distinct dialect. of which its indigenous population constituting the Youthful and Middle age group. As the first settlers of the territory constituting present-day Cameroon, the Bantus should provide a strong cultural and economic base for the country. Yet throughout this land’s history, the Bantus have always been the segment of the population that has suffered the most. Their exploitation began when the Portuguese â€Å"discovered† Cameron in 1472,later in 1884 came the German annexation of Cameroon: and in 1919: Cameroon was divided between France and Britain: and finally in 1960: was the Independence of French Cameroon, con After Cameroon gained its independence form Britain and France in the 1960’s, the subordination of the indigenous population remained active throughout the years of restucturing and reform. Because the first Bantu-tribes immigrated to Cameroon from North (Nigeria),The English speaking have maintained the lowest level in the socioeconomic hierarchy of Cameroon since after independence. The abuse throughout these five centuries has been manifested through the exploitation of indigenous labor, degradation of Indian culture, lack of political voice, and exclusion from social work programs, leaving indigenous areas without the necessary social and economic infrastructure for their advancement. In Cameroon today, these characteristics plague the areas with a high concentration of indigenous population. The abuse of power and corrupt government practices on behalf of the past and present Cameroonian President coupled with the accepted belief that the Anglophones allowed for two disparate worlds to emerge from Cameroon. One is increasingly modern and industrialized, centered in urban areas in the Center region of Cameroon. It is this vision that leaders of Cameroon actively promote in order to convince the rest of the globe that Cameroon has achieved the status of a Developing or even second World Nation. The other world, hidden from view, is that of the indigenous and peasant population, that lives in abject poverty,misery and oppression. This group suffers from the same marginalization and exploitation that it has endured for the past 50 years. In today’s era of globalization, the situation facing the Anglophone as they are called in Cameroon remains bleak. As Cameroonians moves forward into regional trade agreements, the indigenous must overcome their history and current state of deprivation in hope of advancement. The Cameroonian government has begun to enter the world market through economic liberalization policies initiated in the past two decades. One of the largest was the International Monetary Fund (IMF) and the World Bank. The Cameroon government has began implementing the WTO Agreement on Customs Valuation in July 2001, And the Communaute Economique et Monetaire de l’ Afrique Centrale (CEMAC) which established a free trade region between Cameroon and most countries of the franc zone like Tchad,Central african republic, Congo. Gabon. And Equatorial Guinea. States. Reforms necessary for the implementation of the WTO Agreement have proved to be detrimental to the indigenous population in Cameroon and sectors that were poor prior to the WTO are falling farther behind. Yet the Cameroonian government continues to plow forward, negotiating larger regional trade agreements with its neighbors for the good of the already wealthy sector of the population, leaving the Anglophones open to further marginalization. A practical example of this marginalization is found in the south and northwest regions which are purely English spraking regions The Anglophones in Cameroon, whose social situation is one of the bleakest in all of West Africa. lack basic human rights, a political voice, schools, hospitals, electricity, and clean water. As Cameroon pushes further ahead with its economic reforms, the few programs that had been in place to aid the English speaking have been repealed, and the Anglophones continue to be ignored. Throughout history, these Anglophones have been repealed, and the Anglophones continue to be ignored. Throughout history, these Anglophones have endured poverty, exploitation, and oppression, while attempting to revolt and ignite change. Yet no movement has ever been successful. With the advent of WTO and further global integration, the Anglophones realized their situation would only continue to worsen if they did not begin to fight for change. To cut things short my thesis paper examined both the manifest and latent functions of Social work in the protection of the indigenous population within the Cameroonian society, specifically in the English speaking region. It examined the prospect for the Southern Cameroons National Council (S.C.N.C)Movement to meet with future success; analyzing the role that Social work will play in this movement’s effectiveness. Globalization, with its increasing connectedness and spread of technology could prove to be a beneficial tool in the process of gaining solidarity and support. Or globalization could allow for the gap between the rich and poor on both a national and international level to grow, leaving the poor segments in oblivion. This problem is not limited to Cameroon. As the world economy has become increasingly interdependent, the emergence of trans-national social movements may produce serious consequences for citizens in many nations. If these protest movements gain enough support, every person alive has the potential to be affected in some way. To accomplish this research, I have read and will continue to read many books, magazine, newspaper, and journal articles on the history of Cameroon, the treatment of the indigenous population, liberalization policies that have been implemented, and the S.C.N.C Movement.

The reflection of the case Study Example | Topics and Well Written Essays - 500 words

The reflection of the - Case Study Example This is one of the dilemmas facing Kamen and Segway entering into the market, and what the early investors in Credit Suisse and Perkins were also facing, investing close to $37 million each and for that getting only about seven percent of total equity. That meant they were valuing Segway very highly, while allowing Kamen to hold majority shares of the firm. It was an educated gamble and entails a lot of risk. The risk mitigation measures, such as the undertaking of formal and rigorous market research, were essentially not present in this case. The investors, and Kamen, had to go on faith that Kamen’s intuitions are correct. One can argue that from the perspective of the market, there are many other unknowns too that make the Segway venture more complicated. There are the laws on the use of the Segway in public streets and the way they are to be regulated or not that add to the uncertainty of the success of the product. Moreover, there are unknowns too with regard to whether th ere are going to be oppositions from vested interests who may be adversely affected by the success of the Segway, including the traditional car manufacturers, and even the oil companies, whose sales and profits will be affected by the success of the new machine. One can expect that these vested interests will not take the introduction of the Segway and the threat to their livelihoods sitting down. Of course if the threat is real they have the motivation to block its success, by lobbying for the Segway’s regulation for instance, and making it difficult for the Segway to gain access to roads. These and other vested interests will surely put up a fight. Then too, as the article notes, it is not clear at that point whether the market will warm up to the new vehicle, given that the American love affair with automobiles is deeply entrenched in the culture and is part of the American psyche, immortalized in art, in popular culture, in the movies, and in

Trust Circles and Communication Essay Example | Topics and Well Written Essays - 2000 words

Trust Circles and Communication - Essay Example This dissertation will prompt a debate into the methodologies and systems attached to this trend in terms of effectiveness and practical experience through the analysis that has been carried out by the author. Trust Circles may be defined as the creation of circles within which the students can develop interpersonal skills. These circles are meant to help the children talk and communicate in order to understand and to be better understood. The following are the main elements of trust circles or what is commonly referred to as circle time: (Kidd, 2003) There is use of a "talking object" which the children can identify with. This gives them the comfort level to talk, and creates a sense of discipline so that they do not all talk at once because only the person holding the talking object can talk. The teacher monitors who the object goes to. Communication is key in teaching. This involves two-way communication - from the teachers and from the students. In this regard, trust circles are best utilized in an environment driven by intrinsic motivation so as to develop communicative competencies through methodologies based in competition and cooperation - both of which are interactive in nature. This helps the students rise to challenges and make the best of various situations through appropriate communication methods. (Kidd, 2003) The reason I feel that this framework supports the use of technologies like multimedia through an emphasis on motivation and affective filter hypothesis, revolves around the fact that the trust circles try to promote better means of communication between all kinds of professionals. It provides the requisite standards within which educational administrators, course designers, and teachers, teacher trainers, examining bodies, etc., may design their sessions to accommodate to varied needs. (Kidd, 2003) Further, the framework presents a wide scope within its standards to reach into an individual's latent energy by separating the elements of language competence so as to effectively deal with complexities that arise in learning various things and developing interpersonal skills in the process. This taxonomic nature of the framework of trust circles and circle time also offers a wide scope for a deep analysis of psychological and pedagogical problems. This in turn helps apply the principles of the motivational models in context of the affective filter hypothesis. Therefore, through an emphasis on the communication approach, the Framework creates a separation of the elements that contribute to competency, by playing the role of a social agent in an intercultural environment. (Shekhan, 1995) For a healthy development of these elements, the use of methods like trust circles is justified. This is also a departure of the traditional methods of promoting

Stakeholder Theory Essay Example | Topics and Well Written Essays - 500 words

Stakeholder Theory - Essay Example Stakeholders include shareholders, employees, suppliers, customers, and the communities in which the firm operates-a collection that Freeman terms the "big five." The very purpose of the firm, according to this view, is to serve and coordinate the interests of its various stakeholders. It is the moral obligation of the firm's managers to strike an appropriate balance among the five interests in directing the activities of the firm. This understanding of the firm's purpose and its management's obligations diverges sharply from the understanding advanced in the shareholder theory of the firm. According to shareholder theorists such as Nobel laureate economist Milton Friedman, managers ought to serve the interests of the firm's owners, the shareholders. Social obligations of the firm are limited to making good on contracts, obeying the law, and adhering to ordinary moral expectations. In short, obligations to nonshareholders stand as side constraints on the pursuit of shareholder interests. This is the view that informs American corporate law and that Friedman defends in his 1970 New York Times Magazine essay, "The Social Responsibility of Business Is to Increase Its Profits." (Thomas. J. Donaldson, 1994) Stakeholder theory seeks to overthrow the shareholder orientation of the firm.

National Policy Issue - Immigration Reform Research Paper

National Policy Issue - Immigration Reform - Research Paper Example †¢ The economic recession in the early 1990s led to the public developing a sentiment was against immigration-friendly policies.†¢ The economic recession in the early 90s led to the public developing a sentiment was against immigration-friendly policies.†¢ The Illegal Immigration Reform and Responsibility Act came into effect.IV. Many law makers realized that much had to be done in order to have a comprehensive immigration system.†¢ Their efforts culminated in a comprehensive Reform Act passed 2 years later.  Ã¢â‚¬ ¢ Barack Obama pledged to pursue immigration reform but was unsuccessful in his first term.  V. In 2013, prospects for reform appear to be much higher with a draft legislation that has a number of contentious.  Ã¢â‚¬ ¢ The bill calls for higher border security in the form of greater border patrol agents.  Ã¢â‚¬ ¢ To meet the needs of the agricultural community, a seasonal workers program must be passed.†¢ The path to citizenship involves th e payment of back taxes, legalization fees among others.VI. Recently, a migration crisis has been looming at the border as a number of undocumented children have been arriving in the country.  Ã¢â‚¬ ¢ The president has called it a humanitarian crisis that requires immediate action from Congress.  Ã¢â‚¬ ¢ These children have arrived in tens of thousands and sparked outrage among natives in border towns.†¢ Many are from states like Honduras and other Central American nations and are giving more impetus for legislation in the Senate

Planning and Control (Project Management) Coursework

Planning and Control (Project Management) - Coursework Example After completing the both parts provide a range of possible duration of the equipment installation activity that is the activity can be completed minimum of 13.33 hours and maximum in 15.33 hours. Exercise # 5.1 – Estimating with PERT Beta Distribution Question # 2 Data: The cost for design phase of the software development is as follows: The best case / lowest cost = $35,000, The worst case / highest cost = $60,000, The most typical case / likely cost = $44,000 Part A: Expected Cost = (The best case + 4 * (The most typical case) + the worst case) / 6; Expected Cost = ($35,000 + 4 * ($44,000) + $60,000) / 6; Expected Cost = $45,166.67 Part B: Standard Deviation = (the worst case – the best case) / 6; Standard Deviation = ($60,000 – $35,000) / 6; Standard Deviation = $4,166.67; Part C: The part A of the question presents that the expected cost of the developing software application in the design phase which is equivalent to the $45,166.67. ... After completing the both parts provide a range of possible cost of the design phase that is from $41,000.00/- to $49,333.33/-. Exercise # 5.1 – Estimating with PERT Beta Distribution Question # 3 Data: From the previous records, the following numbers of carpenters are required to complete the job: The best case / fewer number of carpenters = 4 carpenters, The worst case / largest number of carpenters = 9 carpenters, The most typical case / likely number of carpenters = 6 carpenters Part A: Expected number of carpenters = (The best case + 4 * (The most typical case) + the worst case) / 6; Expected number of carpenters = (4 + 4 * (6) + 9) / 6; Expected number of carpenters = 6.17 Part B: Standard Deviation = (the worst case – the best case) / 6; Standard Deviation = (9 – 4) / 6; Standard Deviation = 0.83; Part C: The part A of the question presents the expected number of carpenters required to complete the job and after applying the formula of PERT beta the calcul ated value is 6.17. In the part B of the question the standard deviation of the expected number of carpenters is calculated that is equivalent to 0.83. After subtracting and adding the value of standard deviation from / to the expected number of carpenters, the resulting value would provide us the estimated number of carpenters required to complete the job and the range is from 5.34 to 7 carpenters. Exercise # 5.1 – Estimating with PERT Beta Distribution Question # 4 – Dangers allied with PERT Technique The utilization of PERT technique involves several dangers and risks that include but are not limited to the following: The PERT technique becomes complicated when

Critical literature on impact of training and development on employee review

Critical on impact of training and development on employee job performance - Literature review Example Reference 11 Bibliography 12 Introduction The main purpose of the project is to bring forth a critical analysis of the impact of training and development programs on the performance of employees in organisations. Human Resources have played a major role in the economic development of a number of nations. Nations like Britain, Japan and USA have demonstrated immense economic growth in this regard (Brewster, Mayrhofer & Morley, 2004, p.17). Thus, it implies that nations would attain greater and faster economic development on the grounds that they pay greater attention to train its human resources. The project presents the supporting as well as the opposing views on this subject by using relevant literature. Research Question The present research seeks to find the impact of training and development programs on the performance of employees in organisations. The research question is as follows: Do training and development programs improve job performance of employees in organisations? Literature Review Overview of Training In order to maintain a sustainable economic growth as well as an effective performance, the employees’ contribution towards the goals and objectives of the organisation is required to be optimized. Leading writers have emphasised and recognised the importance and requirement of training as the central role played by the management in organisations. Drucker, (1998), have commented that one of the major contributions expected from the managers is to set the vision for the employees and also enhance their ability to perform (Laing, 2009, p.17). The very first step in the designing of a training and development program includes conducting a needs assessment. It includes assisting the new recruits in the workplace with the necessary skills and responsibilities (Kuther & Morgan, 2009, p.103). It is crucial to identify the need in this regard which can be done in several manners. Generally, it is identified as the gap between the present position and which is needed now and also in future (Miller & Osinski, 2002, p.1). The gaps include discrepancies between what the organisation wants and what actually occurs. It is also determined by the difference between the current and the desired performance of employees. The difference between the present and the desired competencies of employees also gives an estimate about the training needs. Several views were collected pertaining to the identification of the key drivers of the training initiatives like the training quality, inputs, extent of interaction and targets over the last few years. The results revealed that the most important determinants were ‘health and safety’, ‘technical changes’ and ‘customer service’. It implies that organisations were primarily found to be using training and development programs for retaining and motivating employees and also for providing the necessary skills and knowledge to the employees to keep themselves at par with the changes in technology and customer service (Miller & Osinski, 2002, p.1). The Training and Development Process In order to ensure that the new and also the experienced employees have the required knowledge and skills for successful performance of their jobs, organisations undertake investments in training programs. Research reveals that the organisations’ productivity bea rs a direct relation with the amount of investments it makes on employees (Bohlander & Snell, 2009, p.306). Recently, Merrill Lynch completely overhauled its training program towards the financial advisors to ensure they would be in a better position to serve their clients. The program included training of â€Å"Monte Carlo analysis†

Principles of Organisational Behaviour Essay Example | Topics and Well Written Essays - 1500 words

Principles of Organisational Behaviour - Essay Example It is necessary that every employee realizes his or her contribution in the organization’s work and image. Motivation comes from within the person. Motivational factors could be implanted by the management externally; however the employee has to feel the urge himself. Hence it is a process to create the urge and define the path for him or her. Clarity of goals gives idea to the person what he is striving for. The real challenge for a manager lies in defining the path. If the goal is too difficult, it will give the air of impossibility and is discarded by the employee. On the contrary, if it is too lenient then it loses the attraction of challenge. Apart from this the manager needs to have a clear idea about the role every individual plays in the team to align his goals with those of team. A well-defined job description gives a clear idea of specific job roles, responsibilities. Group level – Leadership Leadership in an organization comes at various levels. It starts at one to one level, progresses to team level and then assumes the overall macro level of leading the organization. All the three aspects contribute to an employee’s growth in an organization. Appropriate leadership at appropriate level benefits not only the team but also the development of the organization as well. ... vides direction with the help of well-defined goals and structured path, which is further broken into objectives for departments, further down to teams and eventually to every individual playing as a team member. Hence it is also imperative that leadership at every level must identify future leaders who could take over further responsibilities of delivering the task to the organization. There should be a great stress on identifying leaders and developing them. It is the only way the human resource can be developed and made competent. Hence identifying leadership competencies is as necessary for a manager as to acquire them. Often it is also noticed that there are two leaders in the organization natural leaders and appointed leaders. Natural leaders tend to get better results. Alternatively appointed leaders could be trained to prove themselves but could be lengthy process. Organizational Level: Organizational culture and climate The culture of a group can now be defined as: A pattern of shared basic assumptions that the group learned as it solved its problems of external adaptation and internal integration, that has worked well enough to be considered valid and therefore, to be taught to new members as the correct way to perceive, think, and feel in relation to those problems. (Schein 373-374) (www.soi.org) Organizational climate is the set of characteristics that describe an organization and that distinguishes one organization from other organizations; are relatively enduring over time and influence the behaviour of the  people in the organization  (Forehand & Gilmer, 1964). (http://organizationalclimate.wordpress.com) Although similar, elements of both the concepts have different impact on an employee. Both the definitions state the congeniality in the environment

Organizational Forms Essay Example for Free

Organizational Forms Essay There are several types of organizational forms that a business can choose from. Each form presents pros and cons that may or may not be suitable for a particular business. This report will review characteristics such as: liability, income taxes, longevity or continuity, control, profit retention, location, convenience and burden for each business form and how they differentiate from the different types of organization forms. Sole proprietorship A sole proprietorship is the most common business form. A business is a sole proprietorship if it is not incorporated, meaning that a separate legal entity is not created for it. An advantage of forming a sole proprietorship is that it is the easiest and least expensive business form. a.Liability: A sole proprietorship does not excuse the owner from personal liability. If the business fails, the owner is responsible to the creditors and may lose personal assets. b.Income Taxes: The profits and losses of the business go through the owners’ personal tax return. This can positively or negatively affect the owner depending on what the profit and losses of the business are and what other sources of income the owner may have. c.Longevity or continuity: If the owner dies the company cannot continue on. If the owner decides to leave the company, then the company will also cease to exist. d.Control: In a sole proprietorship the owner has full control of the business. e.Profit retention: The owner receives all profits in a sole proprietorship. f.Location: When a business is a sole proprietorship the owner can move the business to any location. The only fee may be if changing states or county and the business is operating under a trade name, then the owner will have to pay the relatively small fee to operate as a DBA (â€Å"Doing Business As†). g.Convenience or burden: There are not any extra burdens when operating as a sole proprietorship. The owner does not have to meet any special reporting or regulatory requirements. There are not any special tax requirements or restrictions. The business profit and losses are filed with the owner’s regular tax return. General partnership A general partnership is between two or more owners of a business that is not incorporated. a.Liability: Each partner is held personally liable for the debts of the business regard less of fault. b.Income Taxes: Taxes are reported on each partner’s personal income tax return, so any profits made by the company are treated separately from the individuals’ income, but included. c.Longevity or continuity of the organization: A general partnership lacks continuity. If a partner leaves and his or her shares cannot be bought by the remaining partner, then the business must close. If a partner dies, their heir can be paid for the value of their share of partnership, but cannot continue with business. d.Control: In a partnership control is equal between all the partners. This can be difficult when a company has many partners or partners that don’t know each other. If a change is made without consulting with the other partners that can cause friction between the partners, so it may be best to include all partners in all decisions. e.Profit Retention: Profit is distributed equally between all partners and so is any loss. f.Location: A general partnership is fairly easy to setup and move. There are not any special forms that need to be filed with the state or county to form a general partnership. There only has to be at least two people to make up the partnership. g.Convenience or burden: Since there are not any special filings that need to be done for a general partnership, it is very convenient. Limited Partnership A limited partnership is partnership that does not hold the partners personally liable for the business debts. a.Liability: Limited partners are not held personally liable for the business debts. b.Income Taxes: All profits and losses are passed through each partners’ individual income tax return. The company does not pay taxes. c.Longevity or Continuity: Limited partners can freely enter and leave the company. The company can continue if a limited partner leaves. d.Control: In a limited partnership there are limited partners and general partners. The general partners manage the partnership. e.Profit Retention: Profits are distributed to the partners based on their contribution and pass through to the partners, who in turn report the profits on their individual tax return and pay taxes at their individual rate. f.Location: When a LLP is formed or if it moves, then it must comply with state filing requirements. A LLP must file a Certificate of Limited Partnership with the appropriate state agency. g.Convenience or burden: A LLP can be convenient because it attract capital easily, it offers limited liability to partners, easy transferability of partnership, and pass-through taxation. C-corporation A C- corporation or a â€Å"privately held corporation† is a company whose stock is not publicly traded. a.Liability: A business owner is not personally liable for the company debts and is protected from lawsuits and judgments against the business. b.Income Taxes: C-corporations are double taxed. The IRS taxes the company profits and tax any dividends paid to shareholders. c.Longevity or Continuity: Even if the owner leaves or dies, the C-corporation being a separate entity can continue to go on. d.Control: Management is shared between the shareholders. e.Profit Retention: Profits are usually kept within the company and not distributed to shareholders. f.Location: A C-corporation must follow state filing requirements in each state that it wishes to setup in. This can be very costly. g.Convenience or burden: An advantage of a C-Corporation is that it provides the best protection for the owner against the company debts. A disadvantage is that it can be costly to establish. S-corporation S-corporations are a separate entity from the owner. It offers the owner limited liability, but the tax structure benefit of a partnership. a.Liability: The owner an S-corporation is not held personally liable for any debts or judgments incurred by the company. b.Income Taxes: In an S-corporation, the profits and losses of the company are passed through to the owners and shareholders and reported on their personal income tax returns and taxed at their individual rates. The company itself is not taxed. c.Longevity or continuity: Like a C-corporation an S-corporation can continue on, if the owner leaves or dies. d.Control: A board of directors manages the company through officers. e.Profit Retention: Generally in an S-corporation the profits are passed on to the shareholders. f.Location: An S-corporation must follow state filing requirements in any state that it wishes to setup in. g.Convenience or burden: An S-corporation can be convenient, because it provides the owner and shareholders protection from company debt and they save on paying taxes on profit, but it can be costly in setting up. Limited Liability Company A Limited Liability Company is similar to an S-corporation in that it offers the limited liability of a corporation, but the tax structure benefit of a partnership. a.Liability: Owners and shareholders are protected from personal liability for the business debts and judgments. b.Income Taxes: Profits and losses are passed through to the shareholders and filed on their individual income tax returns. c.Longevity and continuity: An LLC can continue if a member leaves, but the LLC must pay the member the value of their interest. d.Control: An LLC is managed by its’ members. e.Profit Retention: Profits are passed on to the members. f.Location: A LLC must follow state filing requirements for any state it wishes to setup in. g.Convenience or burden: LLC offer a very flexible structure. It also has no limitations on the number and kind of owners. It can be very expensive to form and because it is so new, it can be more complex. Bibliography Book: Beatty, J. Samuelson, S. (2007). Business Law and the Legal Environment: Standard Edition, 4e. Mason, OH: Rob Dewey Web site: Perez, W. (2009). Protect Your Business Profits by Incorporating. About.com. Retrieved March 20, 2009, from http://taxes.about.com/od/taxplanning/a/incorporating.htm Corey Pierce, J. (2002-2004). Business Startup: Where to Begin How to Grow. Businessfinance.com. Retrieved March 22, 2009, from http://www.businessfinance.com/books/StartABusiness/StartABusinessWorkbookTOC.htm PART B interoffice memorandum to:Owner subject: Business organization date:8/10/2013 There are many different types of business forms. After reviewing them all, I have come to the conclusion that an S corporation will be the most beneficial to you company. An S-corporation is a separate legal entity and protects the owner and shareholders from personal liability and offers benefits with its tax structure. This memo will address issues that are important to you and the advantages provided to you by forming an S-corporation. You expressed concern regarding your personal liability and whether or not if the company was to be sued- you did not want to possibly lose all of your personal assets. With an S-corporation you are protected from losing your personal assets if a company is sued for negligence by an employee or subcontractor. If the company were to default on debts, your personal assets are protected from creditors. Funding will also be fairly easy to obtain with an S-corporation. With an S-corporation, you will be able to sell stock in the company to increase capital assets to help with you expanding. You will be able to sell as much or as little of your companies’ stock as you wish, once a stock value is determined. An advantage to selling you company’s stock beside the increase in capital is that you are also able to retain control of the company when issuing stock. The profit that your company earns will be distributed to the shareholders, but with an S-corporation, shareholders are only allocated the profit and losses equal to the amount of their investment. The profits and losses are passed through to each shareholder and filed on their individual income tax returns. The company itself is not taxed. Also, with an S-corporation, if you were to pass away, the company would have continuity. The company would not have to dissolve and you. The stock that you own in the company can be transferred to an heir or transferred by the sale of all or a portion of the stock. Based on these findings, I recommend you to form an S-corporation for your company.

World Luxury Goods Industry Essay Example for Free

World Luxury Goods Industry Essay Luxury goods have more than the ordinary and necessary characteristics compared to other products of their category. Their characteristics can be divided into 6 parts Symbolism, Price, Extraordinariness, Rarity, Aesthetics and Quality. The global market size for the industry has been at a growth rate of 9% per annum. This trend has been seen in the market since 1995 till 2000. The luxury market took a hit from 2000 to 2004 when incidents like the September 11 and SARS epidemic took place during those years. The market was at a standstill till 2005 when it caught pace again until the subprime financial crisis. Recent years the growth rate has been at 11% average and this has been happening since 2009. At 2013 the market is sized at Euro 212 billion and has great potential going forward. The 10 % growth estimated for the market in 2013 represents the fourth straight year following the great recession that luxury goods revenues will grow annually by double-digits. Americas region is also projected to benefit from the market, with revenues growing by 13 percent by year’s end and Asia-Pacific sales particularly driven by China India are projected to grow by 18 percent. Growth in Europe is expected to be at 5 percent this year showing that the economic trends in these areas have affected the market for luxury goods. It is estimated that the luxury goods market will grow, in real terms by 4-6% per year between 2013-2015 increasing the market to between â‚ ¬240 and â‚ ¬250 billion by 2015. There has been a shift towards online sales in this segment with this medium continuing to grow faster than the rest of the market, at 28% annual growth for the year and reaching close to 10b Euros, nearly 5% of total luxury sales which larger than the luxury revenues of Germany. In online sales, shoes are the top-performing category. This level of online penetration is when brands have to treat their online channel as a integral part of their competitive strategy, rather than an an extra source of revenue. When we see the different products types in the industry it is seen that the Accessories highlights the best performance over the period 2007-2011 led by the emerging markets customers preferences with respect to luxury accessories. We see a shift in the market trend in apparels where the mens luxury sales increased by 16% in 2011 surpassing sales to woman. Mens luxury goods in 2011 accounted for 40% of the global luxury market up from 35 % in 1995. As you can see in figure above that the accessories and hard luxury goods have seen an increase in segment. In the luxury goods market the Italian brands have increased to gain the largest market share of luxury sales, moving from 21% in 1995 to 24% in 2013 almost equalling French brands market share of 25%. But in a consolidating market, French conglomerates are a driving force, owning 29% of the market compared to 25% in 1995. Key Figures Category Revenues Growth Forecast. 2012 (est) 2012 Leather Goods â‚ ¬33bn 16% Shoes â‚ ¬12 bn 13% Men’s Apparel â‚ ¬26 bn 10% Women’s Apparel â‚ ¬27 bn 9% Fragrances â‚ ¬20 bn 4% Cosmetics â‚ ¬23 bn 5% Jewelry â‚ ¬11 bn 13% Watches â‚ ¬35 bn 14% Total â‚ ¬212bn 10% The different players in this market are different for different product types like in the luxury watches segment it is Rolex, Omega etc, mens and womens apparels segment it is Armani, Burberry etc and leather goods segment it is LVMH, Ralph Lauren etc. Similarly many more in other segments and below are the different luxury goods brand with LVMH leading in revenue terms. Porter’s 5 forces model. THREAT OF NEW ENTRANT: Capital Requirement: The capital requirements for manufacturing, setting up stores and maintaining them are all very high. The break-even for these brands is very high. Their marketing and management costs such as rent, high salaries for craftsmen, heavy promotional activities etc. are very high too. A study indicated that they need to have 400 stores to develop a truly global presence. Brand Loyalty: The brand image associated with luxury brands and the loyalty created through CRM programs and exceptional service levels is very high for existing brands in the market space. However, the industry has been experiencing declining brand loyalty in emerging markets since their purchases are driven by status and show off motives and hence brand switching between brands perceived to have similar status is increasing. Nevertheless it takes considerable amount of time and expenditure to build its brand loyalty. Scale economies: It has been observed that consolidation of brands in the luxury market help in achieving higher economies of scale. Consolidation helps in increasing bargaining power with suppliers, obtaining operating synergies say in advertising etc., better financing options and risk management through diversification in the brand portfolio of the companies. LVMH, PPR (Gucci), Prada Group, Richemont have all undergone consolidation. Exclusive access to suppliers and distributors: Many brands in this segment have acquired their suppliers or have exclusive arrangements to protect their competitive advantage and insulate against rising costs in future. Also the numbers of distribution points are increasing as emerging markets are growing and luxury malls are coming up. For instance, LVMH acquired Leman Cadran and ArteCad SA- watch dial manufacturers and Delos Bottier, French artisan shoemaker. Retaliation from existing Cos- The powerful established brands tend to retaliate against the smaller and newer brands by say preventing them from having access to multi-brand retailers. Therefore we see that the threat of new entrant is high. THREAT OF SUBSTITUTES: Middle price brands: The growing mid ranged, high street brands pose as a possible substitute to the luxury brands. During economic crisis consumers tend to â€Å"trade down. † Counterfeit goods: The manufacturing and sales of counterfeit goods from Countries like China is growing. Quality design: increased internet accessibility and online shopping has made is easy for fast fashion brands to replicate designs and fashion trends of luxury brands within days/weeks of the fashion shows. There are no monetary switching costs to customers. However, there is a loss of prestige which is important to luxury brand buyers. Therefore the threat of substitutes is moderate. BUYER’S BARGAINING POWER: Decreasing buyer concentration: The number of buyers relative to suppliers is increasing. Only 50% of the 1. 6 MN wealthy were as rich 4 years ago. Level of dependency on buyer: The industry is heavily dependent on top-tier customers, mostly on a small super affluent population. Celebrities etc. being early adopters can drive consumption but single buyers cannot determine prices. Switching costs: There are emotional switching costs involved. With introduction of loyalty programs and associated privileges, the switching costs have increased. Possibility of backward integration by customers is very low. So on the whole, the bargaining power of buyers is low. SUPPLIER’S BARGAINING POWER: Number of suppliers: The raw materials are limited and exclusive. There are limited high skilled workers and there is also growing shortage since not many youngsters are willing to learn. For instance, Couture-level embroiderers in France have dropped from 10000 in 1920 to 200 in 2013. Level of Dependency: Some key components and materials are outsourced. For eg: LV outsources its monogram leather, in 2012, Chanel ordered large chuck of leather from a supplier in case they wouldn’t find more. Supply substitutes: Most materials are highly specialized and difficult to substitute. Switching costs to new suppliers are high since the quality is at risk and there is a past coordinating experience which is important. Forward integration possibility is very low since the luxury groups are much more experienced and wealthier than their suppliers. Thus, the bargaining power of suppliers is moderate to high. COMPETITIVE RIVALRY: Competitive structure: The industry has an oligopoly structure since it is dominated by few large independent players. LVMH, Richemont and PPR Gucci are the big three. Demand conditions: The demand is growing and will grow at a relatively high pace as China and Hong Kong markets grow further. Exit Barriers: Some brand exist despite the fact that they do not make any/much profits due to emotional reasons. For instance, Christian Lacroix hasn’t made any profit in 22 years. There are some highly specialised supply chain components that may be very difficult to sell. Chanel has 6 atelier d’arts under it which has no alternative usage. The rivalry among existing competition is high. Luxury Goods-Developed Countries Overview. There is so much talk about China, Brazil and other emerging markets as the future of luxury market while there is some truth to it we cannot ignore the developed markets. The current growth and hot spot for luxury goods is still in the developed countries. American region is the king of luxury spending; it grew at 4% in 2013 compared to 2012. There has been growth in the number of new store opening in tire two cities in these developed countries going to show that companies see potential in the smaller region and there is increase of disposable income in the smaller cities. Visitors from developing countries still prefer to buy luxury goods from the developed countries; this has also led to an increase in the demand of luxury goods in the developed countries. According to Luxury Goods Worldwide Market Study Spring 2013 there are significant regional differences in the luxury market developed countries and all of them have their unique differences. Some of them are: Europe will see 2% growth in the luxury spending in the next few years, with increasing spending by tourists even though there is lower spending by European nationals. Tourist spending is driving half of revenues in Italy, 55% of revenues in the U. K. , and 60% of revenues in France. Japan has experience a decline in luxury spending by 12%. Although in real terms, the consumption has increased as the country has emerged out of stagflation. The Middle East continues to be relatively strong, with a 5% growth. The demand for Luxury goods remain strong in Dubai, while Saudi Arabia is also gaining share to become the region’s second largest luxury market. As these countries are oil rich they like the flamboyance and luxury. Online sales, of Luxury goods have gained popularity in the last few years in the developed countries. They are growing faster than the brick and mortar stores, turning in 28% annual growth for last year and reaching close to 10 billion Euros. In online sales, shoes are the top-performing category. With online penetration high, brands should treat their online channel as an integral part of their overall channel strategy, rather than an just an another source of additional revenue. According to the â€Å"Luxury Goods Worldwide Market Study† finds accessories, including leather goods and shoes, have definitively become the largest segment, growing 4% for 2013 to reach 28% of the total revenues. Apparel is now a quarter of the market, growing at 1%, Apparel was very popular couple of years ago. Perfumes and cosmetics had a 2% growth in 2013. Luxury cars, wine and spirits, hotels, in-home and out-of-home food, home furnishings, and yachts all show growth, with luxury cars, wine and spirits, and hotels outpacing personal luxury goods and leading to an overall 2013 market of â‚ ¬800 billion of affluent spending, up 6% over 2012.compared to 25% in 1995. The luxury goods market in the developed countries is becoming very complex and in some areas is starting to look like the fast-moving consumer goods Industry. Brands have to adapt themselves by bringing in the level of detailed customer insight to standout of the clutter. While this Industry is still showing steady but not extravagant growth, brands need to adjust to a new set of scientific tools in order to keep up with other markets. CAGE Framework for Developed Countries Cultural Luxury Goods Industry in Developed countries over the years have matured and have formed definite distribution channels where most of the time they try cross selling to their existing buyers. However new customers enter the market, they account to an addition of 1%-3% of the total population involved in the luxury goods instry In Developed countries Culture is often considered with income level to follow a trend related to luxury goods. Considering a people with zero income level when shifts to a income level and wants to buy a luxury good his decision is dependent upon the income he is currently earning and the culture he is following in the ratio of 3:2. Administrative Initially as taxes were collected in the form of luxury tax from the customers in developed countries, they were indifferent to it as they had a considerable large amount of disposable income. Over the years as people entered the luxury market they got affected by such high rates. The government how of such countries depend on these taxes as they generate a large amount of revenue. Geographical Most of the developed countries are the manufactures of these luxury goods they tend to be cheaper in these countries. As the demand of the countries is very high they tend to acquire the fixed costs at an early stage, later just trying to recover the variable cost making it cheaper. Most of these developed countries have access to superior products used in manufacturing these products thus making the end products to be easily manufactured and thus slashing the rates, thus inducing more customers to buy the product Economic Differences GDP and per capita income of the developed countries is high compared to other emerging countries. Thus showing they have a higher disposable income and standard of living is high proving that they can afford luxury goods as their basic necessities of life is fulfilled. Luxury Goods-Developing Countries Overview. When we talk about developing economies we will be taking into account Brazil China and look at the luxury goods market in these two economies. Almost half of the luxury goods produced worldwide are sold in the emerging markets with China leading the way. The luxury goods market has seen tremendous growth in China whereas the same growth hasn’t been replicated in India Brazil because of some regulatory issues (high import duties). Looking at China, the GDP has been growing at almost 10% y-o-y which has been increasing the denomination of wealthy Chinese in the country. When you look at the Luxury market, the Asia-pacific region has been the best performer with a growth rate of 25% in 2011 and accounting for about 29% of the worldwide revenues. The growth of this market in China has been tremendous which can also be put down to the fact that many e-commerce players have come in to fray which give the digital consumers a chance to make use of the price advantage. The market has been helped by the fact that there has been a shift in the mentality of the Chinese people wherein they want the real stuff now rather than settling for the counterfeited goods. In addition to this due to the weakening Euro and the increase in the number of upper class citizens the Chinese people have been undertaking more and more overseas trips which in turn has increased the revenues for the Luxury market. Now coming to Brazil, the luxury goods market was about 2. 7 billion dollars in 2012, and the expected growth rate was estimated to be about 15-25% for the next five years which was put down to the fact that it has become the 7th largest economy in the world the purchasing power and the income rate for an average Brazilian is growing. Brazil now has 36 billionaires 165,000 millionaires out of which about 50% are below the age of 35, which will help boost the luxury goods market in the country. Now because of the unique services that are being provided to the consumers in Brazil, also the payment plan by installments and also the fact that a huge number of showrooms are being opened in the country the consumers are willing to buy the luxury goods for which they had to go abroad in the earlier days. STRATEGY – STRUCTURE PERFORMANCE STRATEGY: Strategic approach to product offer and price positioning. Focusing on the E-commerce platform as well in order to cater to the increasing number of digital consumers Opening up of new stores and availability of quality products easily. Focus on the retail chains in order to aid the distribution as this is the highest grossing medium (Omni-channel Retailing). Increase of scale in order to improve margins. Shift towards the accessories sector as this has the highest growth rate amongst the Luxury goods market. Store experience. Real time communication between the brand and the consumer via blogs communities. Off-price outlets. Consolidation. Diversification. STRUCTURE: Oligopoly: Very few luxury groups dominate the market. Large number of small individual brands. Individual brands being introduced by the large market players. Big Three LVMH Richemont PPR Gucci PERFORMANCE: A CAGR of +25% in China for the luxury goods revenues over the period 2008-11. A CAGR of +18. 3% in China for E-commerce buys during the period 2007-10. 31% increase in constant value terms for Brazil, 72% for China 86% for India over the period 2008-13.

Wikinomics: How Mass Collaboration Changes Everything

Wikinomics: How Mass Collaboration Changes Everything MASS COLLABORATION CHANGES EVERYTHING? A Book Report on Wikinomics Executive Summary Tapscott, D. Williams, A.D. (2008) introduced a new concept of Wikinomics in the book WIKINOMICS: HOW MASS COLLABORATION CHANGES EVERYTHING. It was proposed that in the contemporary world, any individual or commercial enterprises cannot realize fast and sustainable innovation on its own. Collaboration with consumers, suppliers and business partners, as well as collaboration within an enterprise or organization is of great importance to its success. Wikinomics envision that in the future all survival enterprises will have to accept rapid globalization and embrace the science and art of mass collaboration. The report is aimed to take a detailed look at the book and discuss why Wikinomics work, how it works and the possibility of it being embraced by all enterprises eventually. At the end of the article, a conclusion is drawn to summarize the research results of this paper. Introduction The boundary of traditional companies is generally thought to be clear and rigid: balance sheet illustrates all properties the ownership of which belongs to a company while the list of members of corporate organizations indicates all employees hired by a company. At the same time, enterprises can manage their boundaries in accordance with expanded production scale and increased organization cost. According to pure theoretical analysis of micro economics, the intersectional point of an enterprise’s production possibility boundary and its organization possibility boundary is the enterprise’s optimal external boundary, where the enterprise’s marginal production revenue equals to its marginal oganization cost. At this point, further expansion of its boundary will lead to situations of losses outweighing gains whereas contraction of its boundary will result in non-maximum profitability. Of course, on the other hand real life situations are much more complex than theor etical analysis – marginal revenue and cost are both theoretical concepts and cannot be accurately measured. Otherwise, operating a calculator at office alone can solve the problem of determining the best size of a company. Meanwhile, due to the diversity of organization forms, organizational costs are not necessarily bound to increase along with the expansion of the organization. Organization forms such as virtual organization, strategic alliance, outsourcing, etc. are gradually being invented throughout enterprises’ development process. The birth of each new organization form can mean a new possibility of organization expansion. But none of these new forms have had the kind of revolutionary influences comparable to that of mass collaboration which involves coordination and collaboration with the mass, partners and even competitors outside an enterprise’s boundary in terms of enterprise production and innovation. This trend has transformed the previously hierarchical, closed workplace into a self-organized, distributed, collaborative human capital network. The new phenomenon is characterized by reporters with the Wired magazine as Crowdsourcing; people in the software industry compared the model to OSB, Open Source of Business; and, Don Tapscott and Anthony Williams, research fellows of New Paradigms think tank, dubbed it â€Å"Wikinomics†. Wikinomics, according to the book Wikinomics: How Mass Collaboration Changes Everything by the two research fellows, is a new economic production paradigm based on mass collaboration and open platforms, which is a new economic production model that features all characteristics of â€Å"mass input, common creation†, including such new phenomena as content generation with user participation, external RD activities of an enterpriseà ¯Ã‚ ¼Ã…’ large scale collaborative production, integration of production and consumption, and establishment of sharing platform etc, The authors use a great number of enterprises cases to prove the superiority of the new economic paradigm. However, mass collaboration, at least has not changed everything or even become a business mainstream with more and more entrepreneurs getting doubtful or simply reject. Gold Mines outside of Enterprises Boundary In the book of Wikinomics, the authors choose to begin by citing a case in the mining industry which is actually very thought provoking. A small sized gold mining company in Canada, whose future is almost entirely dependent on whether the company can dig sufficient more gold at low cost on mineral deposits of which it has ownership. The geologists working for the company cannot accurately locate the gold in the short period of time. Facing this situation, the CEO, Rob McEven made a decision that was very unconventional in mining industry: he launched a gold company challenge contest, publishing all geological information the company already had to the whole world via its website and offering a prize of $575,000 to the contestant who provided the best estimate and mining method. The open source prospection resulted in amazing returns more than 1,000 virtual prospectors from 50 countries participated the challenging match and found 110 target locations on the company’s mineral deposit, 50% of which were not found by the company previously. More than 80% of the new target locations were proved to contain great amount of gold and since the launch of the contest more than 8 million ounces of gold was found. According to McEven’s estimation the contest shortened the time needed for conventional prospecting by two to three years and the value of his company also skyrocketed to $9 billion from merely 100 million. The gold company is not Wikipedia, but an enterprise that is engaged in a extremely closed, conservative industry. Here the authors implied that enterprises in any industries can benefit from Wikinomics. But why Wikinomics can enhance enterprises’ business performance? We can consider the gold company as a highly simplified enterprise model. Prospection cost and cost for unearthing the gold are the only input, while the gold is the output and the condition needed for the company to earn a profit is the two categories of cost cannot exceed the value of the gold to be unearthed. The essence of the challenge contest launched by the gold company is that McEven changed the conventional prospection cost which was uncertain and very hard to control and threatened to bring down the company, to a fix amount of money needed for attracting the best bid from outside. The nature of the company’s success is it reduced its cost significantly by taking advantage of external resources. It seems the â€Å"gold† that made the company rich was lying in its mineral deposits, but actually it was in the â€Å"outside†. Take the Lessons Further If we think deeper about the case of the gold company, prospection fees actually can be considered research and development costs of an enterprise. In an enterprise’s cost structure, fees put into research and development (RD) is similar to venture investment. Whether the RD activities can succeed or not, the company has to pay for all the costs. If RD activities prove successful, the enterprise makes economic profit; if those activities prove failures, then the enterprise’s investment will go waste. Yet in the RD models described by Wikinomics, risks and costs of RD activities are jointly shouldered by the enterprise and external specialists. On one hand, participation of outside resources can bring more ideas in and increase the possibility of success of RD programs; on the other, the gold company’s practice of soliciting the best prospection plan is tantamount to inviting bids that can ensure the success of RD programs; the company only needs to pay for RD programs that are successful while the costs of failed RD programs are spread among all bidders. The rise of benefit, or revenue, and the drop of costs both expand the enterprise’s profitability. Then why bidders outside of the enterprise are willing to shoulder the cost of its failed RD activities? Firstly, the cost spread onto each individual is already trivial; the RD cost invested by each individual may be just like lifting one’s fingers; on the other hand, outside bidders that participate in corpora te RD activities may have a mindset that is similar to that of lottery buyers – though the average benefit expectations maybe negative, they are still excited by the possibility of winning a huge amount of prize. A phenomenon I would like to mention is, actually Wikinomics have had its use in much earlier times, long before the human kind has developed so many dazzling technologies and devices. The listing of criminals as wanted by police authorities, or posting ads that offer some kind of incentive to find a lost relative or something value, are both effective use of Wikinomics. The searching cost is huge to should for a police department and is way beyond what a person or family’s can afford. By doing so, the enormous searching cost will be shouldered by the public and the police authorities or a family trying to locate someone or something will only need to pay a much smaller amount of money as an incentive. We can now see from a series of cases of enterprises cited by the authors of Wikinomics that the nature of the secret of Wikinomics is that an enterprise can make use of resources outside its boundary to increase benefits or reduce cost. However, to utilize resources outside of its boundary, a enterprise must do what the gold company had done, that is, disclosing some internal knowledge of the company such as RD platforms and technical standards. If an enterprise follows the logic of Wikinomics, it will inevitably take on the four characteristics that are central to mass collaboration: openness, peering, sharing and acting globally. Mythology and Reality Though Wikinomics has displayed a extremely attractive prospect for enterprises and many enterprises indeed have obtained the â€Å"gold† outside of their boundaries. Yet in reality, we can see still there is only a very limited proportion of enterprises that have chosen to make a change to their traditional prices of running their businesses within their boundaries. Consumers and producers are considered two categories of people that have little in common; openness is deemed as will eventually cause an enterprise to lose its competitive advantage. And more importantly, those enterprises which do introduce into themselves â€Å"mass collaboration and common creation† are considered miracles, rather than normal cases. The book Wikinomics will very likely be read by enterprises managers and owners as a set of mental gymnastics that can spart inspirations, rather than a research report on the trend of changes and reform of enterprises. To what extent has the new economic paradigm of mass collaboration influenced the trend of business operation model? The open source operating system Linux was deemed by many commercial analyst to be the terminator of Microsoft, however, till this day, Microsoft still holds firmly its considerable share in the operating systems market. Open source softwares are still considered by many as a business model that cannot last long. An IDC report indicates (Internet Data Center), the market share of Linux servers slumped to less than 10% last year from its 45% market share in 2012 (Hertel et al, 2003). Many enterprises which intended to switch to Linux from Unix have also slowed their pace down and begin considering Windows Servers provided by Microsoft. The major concerns of enterprises about open source softwares like Linux are security and subsequent assurance, which have also been the two issues where Microsoft attacks open source softwares. As for innovations made with users’ participation, Apple Inc.’s attitude may be representative of that of the majority of enterprises. The iPod and digital set top box Apple TV were cracked and expanded after they hit market, creating many new functions. The official attitude of Apple is, whatever users do with those devices is their own business, but Apple will not provide quality warranty anymore. â€Å"We will not interfere with these behaviors by users, yet once you cracked your Apple devices, they will not be warranted by us anymore†. Put it in a simple way, Apple’s approach toward these activities is â€Å"no blame, no encouragement†- Apple never wants to offend these fanatic consumers, nor it wants to encourage and lead this trend of users participating in innovation. If the Wikinomics success stories are so attractive, then what makes it hard to be taken as a mainstream choice? â€Å"Better to deal with a familiar demon than to stay with a strange angel† is a belief upheld by many entrepreneurs, which shows their hatred against uncertainties, especially situations over which they feel hard to control. Many business owners are adapt at managing relations with stakeholders and do not fear colliding with parties with whom they have conflict of interests, yet they tend to have a hard time dealing with neutral parties due to the fact the their behaviors are hard to encourage or constrain through benefits. A sharp criticism on Linux and Wikipedia is the negative impact they leave on the legitimate rights of private property owners and enterprises to secure profits. When resources are located inside the boundary of enterprises, calculation of cost and profits are a part of enterprises’ consideration. More importantly, these inside resources bear different rights and obligations from that of outsider resources, for example, enterprises’ employees are restricted by explicit or conventional rules and contracts. The traditional task driven model that is based on instructions and control will make corporate managers feel secure. Wikinomics use the movement style of Tarzan of the Apes as a metaphor of the mindset of this kind of enterprises: only when they hold firmly the next tree branch will they feel safe to loose the tree branch in his hands already. The first step of attracting outside resources to invest and participate in common creation is exactly the same situation as loosing the tree branch in hands while not grasping firmly the next one. Thus this step becomes a great barrier that many enterprises always cannot overcome. Organizational Reform Toward Wikinomics In order to realize Wikinomics, it is required not only to have theoretical books, but also practical action. If we realize that Wikinomics indicates the vague and open enterprise boundaries, then internal organizational structure must first make a change before the business open arms to greet resources outside because the traditional hierarchical system is unfit to this new change. For example, Linux community is not like Microsofts management as to manage the project team. And British Encyclopedia editorial department cannot run like Wikipedia management team. Therefore, traditional company organizations are unable to take advantage of a large number of resources that cannot be commanded. In fact, even like the Linux and Wikipedia, the world well-known open source community is not as boundless and unrestrained as we imagine. Linux’s highest decision-making authority rests in its original inventor Linus Torvalds who is supported by a ten-person core team. Below them is the hu ge and categorized Linux application developer community and community part-time administrators. In Wikipedia, Jimmy Wales manages five full-time employees and there are about 5,000 maintainer who manage the 100 million registered users and more than 200 million entries (Eric Raymond, 1999). Both Linux and Wikipedia or other open source communities have a similar internal organizational structure in terms of the company hierarchy system, like a round periphery diffusion from the core layer. The source of power is not primarily from higher authority, but from the knowledge and contribution of members. And the formation of such organizations can provide great opportunities to run in-depth study about wiki organization. Robert Stevens create the geek squad, showing us how to keep the vitality of a small team in a traditional hierarchical organization and to stimulate bottom-up organization ability to innovate. â€Å"Geek squad† was originally an independent electronic equipment services company. When it achieved its original success, it is acquired by the consumer electronics retail giant Best Buy. At the beginning, many people worried about geek squad would have the infected disease of large enterprises. However, under the support of Best Buy CEOAnderson, Geek squad established a set of internal corporate culture which is totally different from Best Buys. (Durman, P., 2007) Geek squad is actually free in Best-Buys organizational boundaries. It first took a network of self-organization and management model before the overall organization. For those reluctant to fully reach beyond traditional boundary, they can try to develop a small team within the organization in order to bridge some gaps wi th Wikinomics. Outsourcing and Crowd-sourcing Outsourcing, has long been a hot topic in business realm which is the contracting out of a business process to a third-party. The major motivation for outsourcing/off-shoring is to reduce cost and improve efficiency and to give full play to its core competitiveness. As previously mentioned, the phenomenon of mass collaboration is also dubbed Crowd-sourcing. A major difference between outsourcing and crowd-sourcing is, outsourcing stresses high professionalism while crowd-sourcing is exactly the opposite and values individual users’ active participation. Therefore here we see another restrictive factor of mass collaboration, or crowd-sourcing: some tasks require professionals to complete and little meaningful individual participation from the â€Å"crowd† can be realized. Conclusion As we look back at analysis throughout the whole passage, we can see many real life constraints on the practical use of Wikinomics. Many enterprise owners and managers are fearful of uncertainties; enterprises’ internal organization structure is not ready for embracement of Wikinomics’ requirements; and many business processes need to be handled by highly trained professionals. However, the concept of reducing cost and improving efficiency through bringing together the strength of a group of people is right all the time. We may boldly introduce the concept of â€Å"Sub-Wikinomics†, a business management model somewhere between outsourcing and crowd-sourcing. Reference Hertel, G., Niedner, S., Herrmann, S. (2003). Motivation of software developers in Open Source projects: an Internet-based survey of contributors to the Linux kernel. Research policy, 32(7), 1159-1177. Eric Raymond, 1999, â€Å"The Cathedral and the Bazaar,† in the Cathedral and the Bazaar: Musings On Linux and Open Source by an Accidental Revolutionary. Sebastopol CA: O’Reilly Publishing, pp. 30. Peter Schwartz, Peter Leyden, Joel Hyatt, 1999. The Long Boom: A Vision for the Coming Age of Prosperity, Cambridge, MA: Perseus Publishing. O’Farrell, P. N., Hitchens, D. M. W. N. (1988). Alternative theories of small-firm growth: a critical review. Environment and Planning, 20(10), 1365-1383. Durman, P.(2007) Geek Squad Comes to Britain.The Times of London. Fuchs, C. (2008). Don Tapscott Anthony D. Williams: Wikinomics: How Mass Collaboration Changes Everything. International Journal of Communication, 2, 11.

Marks of a leader Essay -- essays papers

Marks of a leader Leadership is the ability to guide, direct, or influence people. A good leader can do all of this while maintaining the approval of the people that he or she is leading. Some people want a leader to take control and others want a leader that is more flexible and will allow them to have a say in what the leader does. Due to this, leadership depends a lot on the people being lead. A good leader needs to know what kind of people they are leading because that should effect how they lead. People do not respond to the same things. For example, my little brother absolutely needs a strict authority figure in order to operate because he will try to take advantage of a more democratic leader. I on the other hand, respond better to the more friendly democratic type of leader because when some one is trying to strictly lead me I get into a rebellious attitude, which hinders my performance, and the ability of my leader to lead. A good leader should show strength and compassion. I cannot even imagine what would happen if an Army General showed even the slightest bit of fear during a battle. The leader needs to hold the group together and keep them strong. A leader needs to do what needs to be done for the welfare of his followers. This is where things get tricky because most of the time the people being lead don’t know what is really the best thing for them. This makes the job of a leader very difficult because they need to decide whether to do...

Merchant of Venice - Portia Outwits Shylock in Act IV Scene I :: Free Merchant of Venice Essays

Merchant of Venice - Portia Outwits Shylock in Act IV Scene I "Portia: Have by some surgeon, Shylock, on your charge To stop his wound, lest he do bleed to death. Shylock: Is it nominated in the bond?" Act 4 Scene 1 lines 255-257 This is the time that Portia traps Shylock into a corner and saves the life of Antonio at the same instance. Portia builds up her defences as Shylock lets his down as he believes that he is going to gain his pound of flesh from Antonio's breast nearest the heart. As soon as Portia enters the court room she applies herself to try to cunningly outwit Shylock. When she initially enters the court room she performs the relevant actions performed in the court and automatically turns to interact with Shylock. She highlights that the course of action and the hearing is that of an odd one but she also begins to gain Shylocks trust by stating that "Portia. . . the Venetian law Cannot impugn you as you do proceed." Act 4 Scene 1 lines 176-177 This is the beginning of her already constructed action plan to bring Shylock down and to also remove as much of his cruel ways from him. As Portia weaves her way into Shylock's trust she, at many points, reassures herself that the proceedings are going as she wants them to be. She asks Shylock on line 181 if he wishes to show mercy to Antonio, but he avidly says that he will show no compassion. Portia then goes onto speak about why Shylock could show mercy and for what reason but with0out pressuring him into this act. He declines the offer. He states that he "Shylock: . . . I crave the law The penalty and the forfeit of my bond." Act 4 Scene 1 lines 204-205 Portia takes this into account and also makes sure that the clerk that should be writing the proceedings is recording the current events. This gives Portia a fall back and also allows her to later reinforce her point that the Jew showed no consideration for the victim and also that he expresses his want for his bond and forfeiture many times over.

Mood of Passage in Snow Falling On Cedars Essay -- essays research pap

In the passage be ginning â€Å"They had picked†¦Ã¢â‚¬  from the novel Snow Falling On Cedars, the author, David Guterson, uses many techniques to give the passage a depressing, and frightening mood. He uses vivid imagery to describe Carl’s dead body. He also uses figurative language, such as metaphors and similes to show the severity of the situation. Finally, his diction shows the reader how reading about a crime scene can seem real if the word choice is right. All the techniques Guterson use help the reader to feel as if they were actually at the scene when Carl’s dead body was found in the ocean.   Ã‚  Ã‚  Ã‚  Ã‚  The words that Guterson uses create vivid images in the reader’s mind thanks to his use of imagery in the passage. For example, when one reads about the â€Å"bubbles of seawater coursing under† Carl’s shirt, and his â€Å"icy but brilliant pink† skin that looked as if the sea had parboiled in the sea, they might be disgusted. The imagery lets readers actually imagine a dead Carl in their mind, which can be very depressing. Death is also a very scary subject for some, so imagining this would even frighten some. If Guterson would have just said that he was dead and the officers pulled him out of the water, it would not have been as effective. The reader might not have even got any mood out of that, but the mood is also determined by other factors.   Ã‚  Ã‚  Ã‚  Ã‚  Figurative language is used abundantly in the passage. Guterson uses metaphors such as Carl’s h...

The Stupidest Angel Chapter 20

Chapter 20 WINGING IT The angel had opened six envelopes of powdered hot-chocolate mix and handpicked out all the minimarshmallows. â€Å"They trap them in these little prisons with the brown powder. You must free them to put them in the cup,† the angel explained, tearing open another packet, pouring the contents into a bowl, picking up the little marshmallows, and dropping them into his mug. â€Å"Kill him while he's counting the marshmallows,† said the Narrator. â€Å"He's a mutant. No angel could be that stupid. Kill him, you crazy bitch, he's the enemy.† â€Å"Nuh-uh,† said Raziel, into his marshmallow foam. Molly looked at him over the rim of her mug. By the candlelight in the kitchen, he certainly was a striking fellow – those sharp features, the lineless face, the hair, and now the chocolate-marshmallow mustache. Not to mention the intermittent glowing in the dark, which had been helpful when she was looking for some matches to light the candles. â€Å"You can hear the voice in my head?† she asked. â€Å"Yes. And in my head.† â€Å"I'm not religious,† Molly said. Under the table, she held the tashi with her free hand, its blade resting across her bare thighs. â€Å"Oh, me either,† said the angel. â€Å"I mean, I'm not religious, so why are you here?† â€Å"Lunatics. We're attracted to them. It has something to do with the mechanics of faith. I don't really understand it. Do you have any more?† He held up the empty cocoa envelope. His mug was overflowing with melted marshmallow foam. â€Å"No, that's the whole box. So you're attracted to me because I'm loony and will believe anything?† â€Å"Yes, I think so. And because no one will believe you. So there's no violation of faith.† â€Å"Right.† â€Å"But you are attractive in other ways, too,† added the angel quickly, as if someone had suddenly smacked him in the head with a sock full of people skills. â€Å"I like your sword and those.† â€Å"My breasts?† It wasn't the first time that someone had said that sort of thing to her, but it was the first time it had come from a messenger of God. â€Å"Yes. Zoe has those. She's an archangel like me. Well, not like me. She has those.† â€Å"Uh-huh. So there are female angels as well?† â€Å"Oh yes. Not always. Everyone was changed after you happened.† â€Å"Me?† â€Å"Man. Mankind. Women. You. Before we were all one kind. But then you happened, and we were divided up and given parts. Some got those, others got other things. I don't know why.† â€Å"So you have parts?† â€Å"Would you like to see?† â€Å"Wings?† Molly asked. She actually wouldn't mind seeing his wings, if he had them. â€Å"No, we all have those. I mean my special parts. Would you like to see?† He stood and reached down the front of his pants. It wasn't the first time she'd had an offer like that, but it was the first time it had come from a messenger of God. â€Å"No, that's okay.† She grabbed his forearm and guided him back into his seat. â€Å"Okay, then. I should go. I have to check on the miracle and then go home.† â€Å"The miracle?† â€Å"A Christmas miracle That's why I'm here. Oh look, you have a scar on one of them » â€Å"He has the attention span of a hummingbird,† the Narrator hissed â€Å"Put him out of his misery â€Å" The angel was pointing to the jagged five-inch scar above Molly's left breast, the one she'd gotten when a stunt went wrong while filming Mechanized Death Warrior Babe VII. The injury that had gotten her fired, the scar that had ended her career as a B-movie action heroine. â€Å"Does it hurt?† asked the angel â€Å"Not anymore,† Molly said â€Å"Can I touch?† It wasn't the first time that someone had asked, but – well, you know. â€Å"Okay,† she said. His fingers were long and fine, his fingernails a little too long for a guy, she thought, but his touch was warm and radiated from her breast through her whole body When he pulled his hand away, he said, â€Å"Better?† She touched where he had touched It was smooth. Completely smooth. The scar was gone. The angel blurred in her vision as tears welled up in her eyes. â€Å"You complete shit bag of sentimental saccharine,† said the Narrator â€Å"Thank you,† Molly said, with a hint of a sniffle â€Å"I didn't know you could –  » â€Å"I'm good with weather,† said the angel. â€Å"Idiot!† the Narrator said â€Å"I have to go now,† said Raziel, rising from his chair â€Å"I have to go to the church to see if the miracle has worked » Molly led him through the living room to the front door. She held the door for him. Even so, the wind whipped his coat around him and she could see the white tips of his wings below. She smiled, laughing and crying at the same time. â€Å"Bye,† the angel said. He walked away into the woods. As Molly closed the door, something dark flew through it. The candles in the living room had blown out, so all she could see was a shadow flying through the house, disappearing into the kitchen. She got the door shut and trod into the kitchen, holding her sword at a low ready. By the candlelight in the kitchen, she could see the shadow over the kitchen window, two eyes shining orange back there in the dark. She picked up a candle from the table and moved toward the window until the shadow cast shadows of its own. It was some kind of animal, hanging from the shutter over the sink, looking like a black towel with a little doggy face. It didn't seem dangerous, just, well, a little goofy. â€Å"Well, this is it I am getting back on my meds tomorrow, if I have to borrow the money from Lena » â€Å"Not so fast,† said the Narrator. â€Å"It'll be so lonely in here when I'm gone. And you'll be back to wearing your normal clothes. Jeans and sweaters, you can't want that.† Ignoring the Narrator, Molly approached the creature on the shutters until she was only two feet away and staring right into its eyes. â€Å"Angels are one thing, but I don't even know what in the hell you are, little guy.† â€Å"Fruit bat,† said Roberto. â€Å"He might be a Spaniard,† said the Narrator. â€Å"Did you hear the accent?† â€Å"I'm going out there,† Theo Crowe said, finding a grip on the Christmas tree. â€Å"He still has one bullet,† said Tucker Case. â€Å"They are going to torch the place. I've got to get out there.† â€Å"To do what? You going to take their matches away?† Lena took Theo by the arm. â€Å"Theo, they'll never get a fire started in this rain and wind. Don't go out there. Ben didn't make it two steps.† â€Å"If I can get to an SUV, I can start running over people,† Theo said. â€Å"Val gave me the keys to her Range Rover.† â€Å"Well, that's not going to work,† said Tuck. â€Å"There's a bunch of them. You might get some of the feeble ones, but the rest will just run into the woods where you can't get to them.† â€Å"Fine. Suggestions? This place will burn like tinder, rain or no rain. If I don't do something we're going to get roasted.† Lena looked at Tuck. â€Å"Maybe Theo's right. If he can drive them into the woods, maybe the rest of us can make a break for the parking lot. They can't get all of us.† â€Å"Fine,† Theo said. â€Å"Divide people up into groups of five and six. Give the strongest member of each group the key to an SUV. Make sure everyone knows where they're going once they get out the door. When you hear the horn on the Range Rover play ‘Shave and a Haircut, it will mean I've done what I can do. Everyone make a break for it.† â€Å"Wow, you came up with that while stoned,† Tuck said. â€Å"I'm impressed.† â€Å"Just get everyone ready. I'm not going out on that roof until I'm sure no one is waiting for me.† â€Å"What if we hear a gunshot? What if they get you before you get to the car?† Theo pulled a key out of his pocket and handed it to Tuck. â€Å"Then it would be your turn, wouldn't it? Val had her spare car key with her, too.† â€Å"Wait a minute. I'm not running out there. You have an excuse, you're stoned, you're a cop, your wife threw you out, and your life is in shreds. Things are going good for me.† â€Å"When Constable Crowe leaves, then can we cut off his head?† asked Joshua Barker. â€Å"Okay, maybe not,† said Tuck. â€Å"I'm going,† Theo said. â€Å"Get everyone ready at the door.† The lanky constable made his way up the Christmas tree. Tuck watched him climb out on the roof, then turned to the others. â€Å"Okay, you guys heard him. Let's break into groups of five and six by the front doors. Nacho, grab the hammer, we're going to have to pull the nails on the reinforcements. Who's driving an SUV?† Everyone but the children raised their hands. â€Å"It won't spark, it's wet,† said Marty in the Morning. He was trying to coax fire out of a drenched disposable lighter. The undead stood around him, looking at the pile of gasoline-sodden debris they'd piled against the side of the chapel. â€Å"I love barbecue,† said Arthur Tannbeau. â€Å"Every Sunday out at the ranch, we used to –  » â€Å"Only in California could one refer to a citrus farm as a ranch,† interrupted Malcolm Cowley. â€Å"As if you and the yahoos would all go out on horseback to round up the tangerines.† â€Å"Didn't anyone find a dry lighter or matches in any of the cars?† Dale Pearson said. â€Å"No one smokes anymore,† said Bess Leander. â€Å"Disgusting filthy habit anyway.† â€Å"Said the woman who still has brain matter on her chin from that fellow in the sweater,† said Malcolm. Bess smiled coyly, most of her gums visible through her receded lips. â€Å"They were so tasty – it was like he'd never used them.† There was a chirp from the front of the chapel and all of them looked. Yellow lights flashed on one of the vehicles up there. â€Å"Someone's making a break for it,† screamed Dale. â€Å"I thought I told you to keep an eye on the roof.† â€Å"I did,† said the one-armed Jimmy Antalvo. â€Å"It's dark. I can't see shit.† As they rushed down the side of the chapel toward the front, they saw a dark shadow slide off the side of the roof to the ground.

Elliot Company Essay

The Elliot Company was established in the early 1950’s and has been a profitable greeting card company. It had always been a pioneer in developing creative means to attract its target group, in spite of which the group’s market share has been limited to merely 4% in the industry. Industry leader Hallmark has the lion’s share of about 41%, American Greetings about 30%, followed by over 300 companies, including   Elliot Company that account for the remaining share. Technological advancements in the telephone industry and the advent of the internet have pushed most greeting card companies against a wall, with flat sales, diminishing margins and a threat of decimation. The way forward is to identify means of generating sales by entering newer markets and the company has identified two markets that remain unexplored for Elliot Company American Hispanic market Overseas English speaking market Problem Statement Elliot Company had never ventured into unchartered territories, and finds both these markets intricate. The American Hispanic market is unique and has different sensitivities than the dominant white and black market that Elliot Company has been catering to. Meeting the needs of the overseas market is even more complicated as the company would need to study several cultures and meet their respective needs. Marketing the product to both these unique markets is the challenge that Elliot Company faces, for which a solution is required. The company cannot enter both the markets at once, and hence an ideal market should be identified that would suit the interests of the company. There are about 30 million Hispanics in America, who predominantly come from Mexico, Cuba and other Spanish dominated countries. The interesting facts about this population are: The Hispanic population has the highest growing population in the country with almost 40% of population growth between the years 1985 to 2010, coming from this community. The Hispanic population can be broadly divided into three groups, the native Spanish people who speak and follow Spanish culture alone; the assimilated Spanish, who cannot be distinguished from the Americans; and the Accultured Spanish, who are about 57% of the Hispanic population. (Arjona, Shah, Tinivelli & Weiss, 1998) The Hispanic community prefer significant influence of their culture in the marketing process, even if the communication occurred in English. Price conscious audience that chooses price over value Just like the Hispanic community, the overseas market has different sensitivities that make it an equally tough opportunity to expand into. Also, there are certain problems the company faces when entering these markets, which are listed below. Existence of multiple cultures in each country Semantic barriers that can prevent communication as anticipated Cultural perceptions about greeting cards, as customers in some countries prefer customized and hand written communication to pre-printed cards. Huge costs of research & development, product and distribution.   List of Critical factors The management if Elliot Company is apprehensive with both the solutions provided by the consultants, as each of them has their own concerns, which are listed above. A study shows that more than eighty percent of greeting cards customers, the world over are women. Hence, whichever strategy adopted by Elliot Company, would need to target the women predominantly. Which group of women, overseas women or Hispanic American women, can be targeted easily is one critical factor of success.   While venturing into foreign markets like UK, Australia, Canada and New Zealand would be good option for the penetration of the company into newer markets, it would expose the company to the competition of each market. While Canada is a market that Elliot Company should find easy to understand with its proximity to the American culture, each of the other markets is complex in their own ways. Hallmark has already made preparations to launch Spanish greeting cards by including several Spanglish messages (The Washington Times, 2002), and would aggressively market its brand when compared to Elliot Company. Hence, which market is less competitive and can easily be penetrated becomes the second critical factor. The third critical factor is the consumer’s buying behavior in both these markets. Hispanic customers have a buying behavior that is strongly influenced by culture and cultural cues, which include importance for family, formality and status. (Haegele, 2000 in Lynn Brandon, Judith C. Forney, 2002) The above three factors can contribute greatly to the success of Elliot greeting cards in this target group, the company can focus the marketing strategy on how to express emotions to its family, how to upkeep formalities and use greeting cards as a status symbol for greeting someone. On the contrary, some of the overseas markets are less liberal and more demanding. The culture of Australia and New Zealand is strongly influenced from the English, and the English culture finds it more appropriate to send a personalized letter than a pre-designed and pre-printed greeting card. The success of the company is dependent on how well it breaks this cultural barrier. Recommended Solution In spite of the advantages of a larger market that the company can cater to when it reaches out to the overseas market, it is recommended that Elliot Company focus on reaching out to the Hispanic American community, by offering customized greeting cards. Justification The biggest factor that justifies the above recommendation is the huge costs involved in establishing a brand and a business overseas, in multiple markets. To reach out to the overseas English market also would require significant investments in research about respective cultures, making the cost of research irrelevant for the decision making process for either decisions. A third of the Hispanic community would identify themselves with the rest of the Americans, and no special campaigns need to be done for them. However, the accultured Hispanics and the native Spanish speakers prefer a brand that they can identify with their ethnic group, to a business that seems very un-ethnic. (Dyer & Ross, 2000) Elliot Company should reach to the Hispanic community with a brand that they can identify with, design greeting cards based on their preferences and deliver the same as per their needs. Mere translations from the exhaustive designs that Elliot owns might not be as helpful, as designing cards that meet the needs of the Hispanic customers. References Luis D. Arjona, Rajesh Shah, Alejandro Tinivelli & Adam Weiss (1998) Marketing to the Hispanic Consumer,   Journal Title: The McKinsey Quarterly. Volume: 1. Issue: 3. Publication Year: 1998. Page Number: 106+ Lynn Brandon, Judith C. Forney (2002), Influences on Female Purchase Motivations and Product Satisfaction: a Comparison of Casual and Formal Lifestyles and Anglo and Hispanic Ethnicity, Journal Title: Journal of Family and Consumer Sciences. Volume: 94. Issue: 1. Publication Year: 2002. Page Number: 54+ Linda M. Dyer, Christopher A. Ross (2000), Ethnic Enterprises and Their Clientele, Journal Title: Journal of Small Business Management. Volume: 38. Issue: 2, Page Number: 48 ‘Spanglish’ Speakers Mix Home Languages; Popular Trend Seen as Obstacle. Newspaper Title: The Washington Times. Publication Date: November 21, 2002. Page Number: A01