Linear Technology Essay

1. Describe Linear Technologies payout policy. Linear Technology announced its first dividend on October 13, 1992 in order to portray Linear Technology as a less risky firm than other technology companies that did not pay dividends and to gain access to new investors interested in earning income in addition to investing in growth. Linear Technology initially planned to begin with a relatively low dividend of $0.05 per share which amounted to a 15% earnings payout ratio – mindful of the fact that investors abhorred firms that reduced or stopped their dividend payment schedule. Beginning more conservatively than their original estimates, Linear Technology began with a $0.00625 dividend per share. Linear Technology has steadily increased it’s dividend per share increasing the payout approximately every four quarters by $0.00125. This pattern was maintained from Q2 1993 to Q3 2000. Beginning in Q4 2000, Linear Technology began increasing its dividend per share by a new pattern of $0.01 increases per four quarters. The current dividend per share is $0.05 during Q3 2003. Its current dividend yield of 1% is relatively higher than the average dividend yield rate for Information Technology firms in the S&P 500, around 0.3%. 2. What are Linear’s financing needs? Should Linear return cash to tis shareholders? What are the tax consequences of keeping cash inside the firm? Linear Technology’s financing needs are to optimize its cash flow, investments, and cash balances in order to maximize its shareholder values. Linear’s cash balance in March 2003 stood at around $1.5 billion, which was being conservatively invested in short-term debt securities. The cash flow from these investments, the interest income, was around $52 million. Due to the tax cuts implemented by the Bush administration, the tax rate on dividends and capital gains were greatly reduced. The dividend tax rate dropped from an approximate 38% and the capital gains tax dropped from an approximate 20%. More important that the magnitude of the tax cuts, however, is that the capital gains tax was equalized with the dividends tax. When the dividends tax is higher than the capital gains tax, the optimal dividend  policy is to pay no dividends. In this situation, the firm will use share repurchases instead in order to take advantage of tax savings. Before the tax cuts, the firm has less incentive to raise funds for dividend payouts due to the higher tax rate on dividends and the negative effect on shareholders. However, with the equalized tax rate of 15%, the firm is no longer discouraged from raising dividends. 3. IF Linear were to pay out its entire cash balance as a special dividend, what would be the effect on value? On the share price? On earnings? On earnings per share? What if Linear repurchased shares instead? Assume a 3% rate of interest. 4. Why do firms pay dividends? Why has the rate of dividend initiations changed over time? Firms pay dividends for several reasons despite the MM proposition that characterizes dividend policy as irrelevant. One main reason for dividend policy is based on the manager’s belief that investors prefer stable dividends with sustained growth. This kind of dividend signals to the investor the firm has reached a steady state growth i.e. a mature market position. A company usually only begins to consider releasing dividends once it has established regular and predictable operations cash flows. However, dividends can also act as a negative signal telling investors that the firm’s growth rate is slowing. Increasing the dividend can, on one hand, signal the manager’s perspective for future growth and optimism over future cash flows; on the other hand, increasing the dividend can also signal a lack of investment opportunities. The use of dividend payouts has steadily decreased over the last 30 years. This trend is in part related to the changes in dividend tax rate , however, I believe the majority of this trend or trends can be attributed to changes in investor preferences. The dividend payout decision is ultimately chosen by a manager, whose main objective is to satisfy shareholder preferences.

Pip’s emotion Essay

Remembering this, the adult Pip says â€Å"I believe they were fat, though at the time I was undersized for my years and not string† This begins to give the reader an image of Pips physical appearance. The fact that he is undersized and weak could be because due to the lack of money in his family he is underfed. This creates sympathy for Pip because the reader can see this poor defenceless little child in this awful situation and as he seems so defenceless the readers are interested to know how or if he will get himself out of this situation. This also helps Dickens to project his reasons for writing great expectations to the reader as he is unhappy with the conditions that Pip and other children in this time period are living in. The fact that Pip is criticizing himself could reflect the way he is treated by other people and is unhappy with himself (which becomes clear later in the story with his longing to become a gentleman). This Quote also shows that this is the voice of the adult Pip as looking back on this scene he is very concerned about his appearance as a boy. This could make the reader wonder if Pop is not poor any longer because as a gentleman appearance would be very important. Yet again Pip’s tone is quite light which helps to give the impression that Pip does get out of this situation safely and that maybe the convict isn’t as bad as he seems. This gives makes it seem that Pip is keeping something from the reader which makes the reader interested and wanting to find out what they don’t know. Pip continues to say â€Å"I earnestly expressed my hope that he wouldn’t and held tighter to the tombstone on which he had put me partly to keep myself upon it and partly to keep myself from crying. † By the explanation it is clear to the reader that this is a past event because it sounds like the words of an adult who is now well educated not those of a young boy who is close to tears. This also shows that the convicts has no consideration for Pips feelings and no respect for him either as he places him on top of a gravestone which could be that of his parents. This lack of care and respect for children is what Dickens is trying to put across and wants changed. This also gives the impression that in contrast to his previous defencelessness appearance pip as a character is quite brave as he is trying to stay calm and not show that he is upset while most children would be in tears. This could be trying to show the audience that you should not judge people by class or appearance which is relevant later on in the story as the convict turns out to be a nice person of lower class while Estella is cruel and snobby because she thinks she is better than Pip because of the class she believes she belongs to. However although the adult Pip seems to be thinking he was brave the first phrase sounds quite light as if pip doesn’t want the reader to think he was weak and is making the tone less serious. This still creates sympathy for Pip because so many terrible things are happening to him. The convict wants to scare Pip into doing what he wants † A boy may lock his door may be warm in bed, may tuck himself up, may draw the clothes over his head, may think himself comfortable and safe, but that young man will softly creep and creep his way to him and tear him open. â€Å"At this point Magwitch is being very manipulative and is scaring Pip into thinking that someone he cant see or hear can see and hear him. His description is so vivid that it may also make the reader feel uneasy as if they too are being watched. Dickens creates tension with the steady build up of short actions that result in him suddenly being killed. He lists every possible thing that Pip may try to do to escape and explaining how they won’t work and that Pip is unable to escape which will leave Pip feeling completely helpless. The fact that he uses Pip’s home as the setting for this grim death which is the one place Pip should feel safe will make Pip feel trapped and that he is in danger wherever he goes. The convict is looking into the mind of a child and has picked the scenario most children fear. This is very cruel which shows how desperate he is but could also show that magwitch has had contact with children as he knows what they fear. This concept is very disturbing and as was evident from previous descriptions Pip’s imagination is already going wild. The length of the detail could be because magwitch has done what he is describing or has seen someone else do it whilst in prison. Pip’s imagination and descriptions create more images of the convict † he looked into my young eyes as if he were eluding the hands of the dead people, stretching up cautiously out of their graves to get a twist upon his ankle and pull him in. † This is pips imagination exaggerating what he sees but still makes the reader picture magwitch as something out of a horror style text. It could be that the look on his face is like he is attempting to escape from the dead and recreates Pips earlier ideas of him coming for the graves. His appearance gives a feel of how much he has been through in the fact that he is covered in mud and starving to death. However the fact that he is not being pulled into the graves proves that he is strong and either not ready or refusing to die making the reader wonder if he has an important part to play later in the story, which he does. Dickens uses sentence structures to show distance â€Å"ours was the marsh country, down by the river, with as the river wound twenty miles from the sea† This creates an instant impression that his home is very far away. The word â€Å"wound† creates the image of distance and the repetition of river creates the feeling of length. Each comma between the descriptions could resemble a new twist or turn to the river. The fact that he is so far away from his home (and society) and the sea, makes him seem very isolated and alone. Not only is he trapped in the graveyard but his home seems to be in the middle of nowhere with no place to escape to this adds to the overall feeling of helplessness that the chapter creates around Pip. The commas themselves make the sentence more difficult to understand which symbolises the feeling of Pip being lost and trapped in this place completely separate from the rest of the world. Dickens uses sentence structures to show Pip’s emotions. Pip tells the reader † at such a time I found out for certain, that this bleak place overgrown with nettles was the churchyard, and that Philip pirrip late of this parish, and also georgianna wife of the above were dead and buried and that Alexander, Bartholomew, Abraham, Tobias and roger, infant children of the aforesaid, were also dead and buried, and that the dark flat wilderness beyond the churchyard intersected with dykes and mounds and gates with scattered cattle feeding on it, was the marshes and that the low leaden line beyond was the river; and that the distant savage lair from which the wind was rushing, was the sea; and the small bundle of shivers growing afraid of it all and beginning to cry was Pip. Here Dickens successfully; by use of sentence structure, captures the voice of the young Pip. † This sentence shows that Pip is getting increasingly upset with everything he is seeing. He is thinking about the deaths of his parents and brothers and beginning to realise how alone he is in the graveyard and in the world because almost his entire family is â€Å"dead and buried†. He seems to be looking around and taking in more and more at once which is shown by the fact that he keeps adding more and more descriptions to the sentence. He repeats the words â€Å"and that† after every semi-colon which effectively shows the voice of the young child as he is using limited vocabulary and making it sound like a list. This quote also how small and insignificant Pip is in his surroundings because it is such a long description until all that is left is pip. He is beginning to scare himself because he uses a metaphor describing the sea as a lair as the wind is rushing from it with such force like a wild animal waiting to attack him. This also shows a Childs imagination and fears and makes the reader want to protect Pip as he is a frightened innocent child. The sentence is extended with commas and semi-colons and everything is listed very quickly which makes Pip sound very panicky and this feeling is mirrored by the fact that the reader gets out of breath when reading it aloud. It shows a build up of all of his emotions and when the sentence ends the reader may get a sense of relief which is like the relief Pip feels when he begins to cry. Everything is described very negatively and Pip begins with the focus on the deaths of his family which shows what a depressing setting this is and makes the reader want to help Pip escape from it all. Dickens uses a long sentence to describe the convict. † A man who had been soaked in water and smothered in mud and lamed by stones, and cut by flints, and stung by nettles and torn by briars, who limped and shivered and glared and growled; and who’s teeth chattered in his head as he seized me by the chin. † Here Pip is getting panicked again which is shown by the fast pace of the list describing magwich’s appearance. This also captures the sense of a young boy through the adult pip because although this also sounds like the speech of a child with the repetition of the word â€Å"and† at the time pip was unlikely to have noticed everything about the convict. Therefore dickens writes as the adult Pip so as to give an effective description of the convict. It also emphasises how much the convict has been through and proves that he must be strong to have survived everything Pip describes and also that he must have a purpose in his life and in the story otherwise why put himself through so much. The alliteration focuses the reader’s attention on the words â€Å"glared and growled† giving an impression that the convict is some kind of wild animal which fits well with the metaphor â€Å"distant savage lair†.

A Permanent Death †Capital Punishment

There are five basic reasons that society uses when imposing punishment that Ive been able to conclude from my readings. I will discuss these societal concepts and show that the death penalty does not serve to further them. As a result William Smith should not be subject to the death penalty and in fact the same should be abolished from our system of punishment. Plagiarism Detection >Deterrence Deterrence is basically defined as the punishment should fit the crime. Under this concept, the individual committing the crime and society are prevented from committing this action again. In the case of the death penalty, an individual kills another human and he is punished for it by death. Punishment is supposed to be a temporary penalization for a wrongful action. Death is far from temporary. One is to learn from ones mistakes. How can the person learn if they are paying for their mistake with their life? In Ernest van den Haags article, The Ultimate Punishment: A Defense he states, The dea th penalty is our harshest punishment. It is irrevocable: it ends the existence of those punished, instead of temporarily imprisoning them. (Haag, 251). By imposing the death penalty the individual does not learn from their mistakes and neither does society.Economy Under this concept, punishment should be economical. As Haag points out, the monetary cost of appealing a capital sentence is excessive. (Haag, 253). Further, actual monetary costs are trumped by the importance of doing justice. (Haag, 253). Additionally there are specific costs associated with keeping an inmate on death row, (i.e. the cost of the specially built prison blocks, the need for maximum security, etc.) and more. These costs clearly out weigh the regular costs incurred to house a regular inmate. Deterrence is clearly not served by imposing the death penalty and society aims for justice are thwarted.Restitution Society demands that the punishment should fix the harm it has done. By sentencing a person to death n o harm has been fixed. You can not bring the murdered person back by taking the prisoners life. Punishment-regardless of the motivation is not intended to revenge, offset, or compensate for the victims suffering or to be measured by it. (Haag, 253).Retribution The community demands that justice be served. Would justice not equally be served and in fact may be better served by life imprisonment? I believe it would be a worse punishment to endure a life sentence in prison. The individual is deprived of his liberty. He will then suffer and live the rest of his or her life within three lonely walls and a set of bars. It gives the individual time to think and wallow in his own guilt.Someone kills another. The State then proceeds to kill him for doing so. This is not punishment but revenge. Revenge is inconsistent with societys demands that justice be served because the punishment has to fit the crime. Justice Brennan has insisted that the death penalty is uncivilized, inhuman, inconsist ent with human dignity and with the dignity of life. (Haag, 254). Brennan speaks of moral imperatives. It is morally wrong for someone to kill someone. If so, then the state is committing a morally wrongful act. As they say, two wrongs dont make a right.Rehabilitation Society desires for its members to reintegrate themselves into society. Punishment includes preparing the person to reenter society and lead a productive life. Without doubt, if you impose the death penalty there is no opportunity for rehabilitation.Overview of the William Alvin Smith case William Alvin Smith robbed and killed the owner of a grocery store in Georgia when he was 20 years old. He turned himself to the police and signed a confession. The local jury condemned Smith to the electric chair but a federal judge ordered a new sentencing hearing for Smith on the grounds that he lacked the ability to understand the significance of waiving his rights to remain silent and to have an attorney present. Smith has the m ental capacity of a ten-year-old.Analysis of the William Alvin Smith Case in Relation to Societys Expectations of Punishment William Smith stands before you guilty but guilty of what? That is the question. I propose to you that the only thing we can condemn William Smith for is being guilty of being a child and acting the way a child would. Let us examine his actions. William Smith in whatever state of mind he was at the time he committed this act fully acknowledged that he did in fact do something wrong. I propose that he did that in exactly the manner that a child would go to a parent and admit their wrongdoing in order to obtain the parents forgiveness or perhaps their help.The State now stands in the role of parent in this case. Let us examine the position the State has taken when dealing with children that have committed violent crimes. I have but one question to ask: Do we kill our children? Let me give you a recent example the teenage girl in New Jersey who knowingly and pre meditatedly murdered her newborn baby at the prom and then went back to the prom dance. Another case comes to mind of the teenagers who conspired and did murder the girlfriends competition. An even better example would be the rash of murders committed in the nation by children in schools. In all these cases these children knowingly committed the heinous crime of murder.Once again I ask you: Do we kill our children? Has the State, exercising its discretion decided to impose the death penalty on any child? In every single case that I have just cited, these children have not been condemned to murder but their ability to comprehend the seriousness of their actions and other factors related to their youth have been taken into account. All have been sentenced to prison terms to be served in a youth facility.Another legal fact comes to mind in that some teenagers that have committed murders have petitioned the Court to treat the minor as an adult. The law allows a juvenile to be treated as an adult if it is determined that the juvenile in fact is a juvenile in age only yet has the mental capacity of an adult and should be treated like one. It stands to reason that there is room in the law for the inverse to apply. Plagiarism Detection >Why should this man die? He can not think, act or feel like a normal 20 year-old man. In this case, we have a situation of a person who has been adjudicated to have the mental capacity of a ten-year-old. How can we then shut our eyes to this basic fact of William Smiths mental capacity and just look at age as the overriding factor to consider when punishing him for his crime?Society demands that the punishment fit the crime. I have outlined above what society expects from punishment and the punishment that the State decides to give out to children in these matters. On both accounts it is clear that society is not served. Can you examine your conscience and decide to give a child, maybe your child, the death penalty? If so, go ahead and sentence William Smith to death and in doing so, thats exactly what you will be doing. You will be deciding lets kill our children.

Spyware Lab Report Example | Topics and Well Written Essays - 2250 words

Spyware - Lab Report Example The sole identity that a person has during any online transfer is his password. In case the password to your bank account has been hacked by a smart hacker, after tracking the data from your computer system, he can transfer millions from your account into his account in just a few seconds. To your nightmare, it does not end here. He can sell the vital information, related to your company’s strategy and stored in your system, to the competitor and since the information has been leaked from your system, it will be only you who end up in a jail after losing all the money. Spywares are programmed to obtain the data stored on our computer, and surreptitiously transfer them to the designated computer systems. This data can then be used for any purpose the hacker likes and after that he can sell it at a suitable cost in the grey market. The extent of Spywares can be estimated from the fact that according to the data reported by Earthlink in mid-20041 itself, computers they scanned averaged 26 instances of Spywares per computer. The next question is how do these softwares get into our systems at the first place? The answer to this is they get through mostly with the help of freewares2. Some of the freewares that are available on the internet contain these Spywares as a package. These freewares even have a notification that a spyware will be installed onto the host computer in the fine prints. But, most people sign the licensing agreement without having a proper look at it. Whenever a user installs any such freeware on his machine, the Spywares keeps on transferring the data which, as per claim in these agreements, is used for the marketing information sought by the company who sell you this freeware. These companies claim to generally track the user behavior with the help of this monitoring activity in which the kind of websites visited, the frequency of visits, number of clicks etc. are collated by the

The Ruth Moore Act Research Paper Example | Topics and Well Written Essays - 2250 words

The Ruth Moore Act - Research Paper Example The bill christened the Ruth Moore Act 2013 or H.R 671 was introduced by Representative Chellie Pingree of Maine and Senator Jon Tester ( D-MT) on February 13, 2013. Following the amendment, the bill H.R 671, would require the Department of Veterans Affairs (VA) to submit a report every year to the congress on the disability benefits claims given for people who are covered under the mental health conditions following allegations of incurred or aggravated by military sexual trauma for the time ranging from 2014 to 2918. The amendment will transform sense to the Congress as to the Veterans Affairs needs to update and improve the rules pertaining to the military sexual trauma (Otto, 2013). It would also require specific reporting to the Congress as well as to the Veteran claimants every month, the first of such coming fifteen months after the date of enactment of the bill following the amendment. The duration of reporting would be as long as the secretary makes the necessary updates, wh ich will improve the veteran’s affairs regulations with regard to military sexual trauma. H.R 671, as amended, extends the prevailing authority of two rounds down to the nearest dollar percentile increment in the rates of particular assistance relating to educational benefits that changes depending on the annual cost-of-living regulations and adjustments. Operational Definition of Terms Military sexual trauma; the term is used on a military veteran, regarding psychological trauma that is following the judgement of a mental health expert, was brought by a physical or mental assault of sexual type, a series of sexual nature, and sexual harassment that occurred to the victim when in active naval, military, and the air force. Covered mental health condition; This refers to the post-traumatic stress disorder, depression, anxiety, and or a mental health diagnosis explained in the modern version of the Diagnostic and Statistical Manual of Mental Disorders which is a journal publishe d by the American Psychiatric Association and determined by the Secretary as regards the military sexual trauma (Ruth Moore, Act of 2013). Covered claims; These are claims seeking for disability compensation submitted to the Secretary following a process of covered mental health condition where the survivor claims to have incurred the disability while on duty and aggravated by military sexual trauma. Ruth Moore- The brainchild Ruth Moore is a former navy officer who joined the disciplined forces in the mid nineteen eighties at the age of eighteen. Having come from a humble background and a family whose financial strength was meagre, she never made it to college. Ruth Moore was sexually assaulted by her immediate supervisor while stationed in the Azores. Things got worse when she reported the matter because, the officer raped her once more as a way of retaliating towards her efforts to get justice. Surprisingly, no charges were brought towards the supervisor instead, the administrato rs discharged her from hospital claiming that she was mentally unwell. It took twenty-three years for Moore to fight for her disability benefits. All through that period, Ruth Moore suffered from a sexually transmitted infectious disease caught from the supervisor. She also went through a depression from what she went through and finally lived in her van. However, in two thousand and nine, a veteran Affairs investigator got a glimpse of her medical records and after perusal discovered that the records had been tampered with by both medical and military officers. The veteran affairs officer went to help her win a seventy percent rating on the disability scale consequently

Human Resource Management in Downsizing Essay Example | Topics and Well Written Essays - 1000 words

Human Resource Management in Downsizing - Essay Example Despite so many rounds of restructuring, announcing another one has blown off the whole motivation towards work into air. Commitment to organizational objectives is crucial to maintain in such conditions. Commitment refers to attachment and loyalty. It represents the identification of an individual with and involvement in the organization. It consists of the following factors; The behavior towards the organization also needs to be managed. The visibility of acts, the extent to which the outcomes are irrevocable and the degree to which the person undertakes the action voluntarily are important features of behavior. Organizations, such as our bank, are facing increased competition and structural change. They are more conscious to get people to identify themselves more closely with the company. To meet these needs, three ways of representing commitments have been identified that are; affective, continuance and normative. Affective commitment deals with the emotional attachments. Continuance commitment is when employee(s) stays with an organization based on his/her perceived cost of staying i.e. the cost of going in search for a new job might be more. Normative commitment refers to the moral commitment of an employee to the organization. Thought all three might look similar, they have very different impacts on the manner the employee refers himself with respect to the organization. We need to inculcate the affective commitment in the employees of our bank to restore productivity and motivation to work effectively for the success of the company. If we are successful in this, we will have a better workforce with less absenteeism; a workforce that is willing to go beyond what is desired out of their job. They are more eager to assist the organization to achieve its goals and objectives. These types of employees tend to show more motivation and organizational citizenship. With the passage of time, the employees have become a part of the bank. They have developed psychological contracts with the bank. This is like forming a relational link; not based on the monetary and/or economic incentives but on their perceived loyalty and socialization within the bank that they have been continuously feeling and practicing over so many years. Whenever going for downsizing i.e. restructuring the organization, effective communication is always beneficial. Applying a vision oriented approach, while downsizing, complimented with good and effective communication will lower the feeling of being deceived by the management. The strategic management of human resource behaviors will avoid the "Survivors" to have a decreasing level of productivity due to their perceived gap between them and the top management group. Organizational overall future success is highly dependant on these survivors and there attitudes towards the company. These employees think that now they cannot count on a longer/continuous commitment from the bank management. These remaining people are a critical

Business enterprise proposition Essay Example | Topics and Well Written Essays - 1250 words

Business enterprise proposition - Essay Example The target customers of the business are young individuals who lie within the age group of 17 to 35 years who are interested in healthy living and falls in middle and upper middle class. The shop will be facing direct competition from Bodychef and indirect competition from Marks and Spencer, Sainsbury and Waitrose. The business requires an initial investment of ?60,000. So finance required by the organization is ?90,000. The company has its competitive advantage as portioning, pricing and delivery. 2. Vision, aims and objectives Vision The business plan looks towards starting a private limited company with the name â€Å"Body and Balance† and establish itself as one of the leading companies in the healthy food industry. A private limited company signifies an organization who can sell their shares privately within a group of friends or family. Private limited company has the word â€Å"Limited† in their name (Johnson and Aldhamland, n.d.; Anon., 2008). The main advantage s that the private limited company enjoys are as follows: They can raise large amount of capital. Liability is limited. Ownership is transferable. They have the flexibility to decide on the proportion of dividends and salary to be paid as compared to the sole traders whose basic accounts are subjected to tax at fixed rate. On the other hand, the private limited companies are also seen to suffer certain disadvantages like they take more time and cost to set up. At the same time the accounts are also complicated (Shakespeare, 2011). Reason for doing this business The main reason for opening a shop in this particular sector is because research has proved that as time is passing more and more people are becoming health conscious and they are getting inclined towards healthy food. Thus this business looks for tapping a hyper growth experienced by the health food industry. Aim The business aims towards attaining 5% market share in one year. Here market share is defined as the share of the market occupied by ‘Body and Balance’ out of the total potential market. The total potential is indicated as the sum total of the annual sales of all the companies operating in the market including the firm itself and the potential customers who have not made the purchase yet (Luther, 2001). Objectives The business will be starting with a small shop that will be strategically located near the local gyms in the Oxford Street area. The future plans of the business have been shown below: 1-5 years: Increase the number of branches to five. 5-10 years: Expanding the business by entering into other markets and developing new products. 10-15 years: Opening new branch at New York. 3. Business description, market environment and competitive advantage Business Description The company ‘Body and Balance’ provides healthy food to their customers that will last for 1 to 3 days. The company will also provide planning services free of cost. They have their own nutritionis t to provide innovative and up-to-date meal plan to the customers. On the requirement of the customers the company also provides supplements like nutrition and vitamins. Special orders can be taken as per the flavour of the customers. Market Environment The business will be operating in the health food market, which in UK is showing a growth of ?2 billion annually (Durisin, 2013). The company will be opening its shop in the close vicinity of the gyms. So they are mainly aiming

Businesses Marketing Essay Example | Topics and Well Written Essays - 3000 words

Businesses Marketing - Essay Example Moreover, he claims that, in order to understand how consumers actually make buying decisions, three scopes have to be identified, which are who makes the buying decision, the types of buying decisions, and the steps in the buying process. This report will examine the importance of marketing to organizations in the twenty-first century. It will focus on one company, namely Mercedes Benz, and first of all show what marketing is. In addition, it will look at how Mercedes Benz uses marketing strategies and techniques. Furthermore, it will consider the reasons why marketing is essential to this organization, and how it has changed its use of marketing and how it might continue to do so in the future. In order to do this, it will be necessary to use marketing models and examples throughout. Also, a history and definition of modern marketing will be given. Next, the functions of marketing will be explained. A description of the marketing process, with particular emphasis on the development of integrated marketing strategies by organizations will also be covered. ... It was around 1960, when marketing mix was first introduced. The concept of the marketing mix primarily revolves around marketing's four Ps, which include price, product, place and promotion (Grnroos, 1994). From then on, this basic marketing mix model remained unchallenged. It even overpowered earlier marketing models Wroe Alderson's organic functionalist approach as well as the system-oriented approaches and parameters theory advocated by Copenhagen school in Europe. Similarly, previous approaches like the commodity, functional geography-related regional and institutional schools, have long been forgotten. For a long time, the use of marketing mix has been concentrated on the simple business to customer market. For over forty years, the management paradigm of marketing mix has indeed dominated most thoughts, practice and research of marketing. As time goes, the concept of the marketing mix and the four Ps had become an irrefutable paradigm used in academic research, which in turn results to validity being taken for granted. In most parts of the marketing and academic world, researchers remain to consider the concept as the epitome of marketing truth even up to the present time. One way of using the marketing mix in generating greater understanding and communications is through the establishment of long lasting customer relationships. For years, there has been a growing interest on the study of customer relationship economics. It has been introduced by Heskett et al. (1994) that understanding the concept of market economies means the achievement of understanding the customers rather than focusing on the development of scale economies. One example cited by Reichheld (1993, p. 65) was the result of his study at MBNA, a US credit card

The Spring and Autumn Period and the Warring States Essay

The Spring and Autumn Period and the Warring States - Essay Example However, the rule presented in the government states had been different as compared to the kingdom system. The organizations based on the government system had been based on the choices presented in the people, although some members who sought the power presented in the society had created tyrannical rule. Kingdoms, on the other hand, had been created based on a succession system that favored the royal groups to dominate the society. The other presentation had been seen in the reaction of the individuals within these societies based on the achieved organizational setting. One of the rich cultures that had been based on the political regions had been realized in Chinese History during the Spring and Autumn Period and the Warring States, which saw famous development in the great nation, although they had presented different governance system with cultural diversity. Spring and Autumn Period The period had been accorded the name following the prediction held in the Lu states where the t radition had been linked to the renowned Confucius. The period held variable developments in the cultural affiliation and reforms in the government that had been linked to the organization of the societal members (Booth, Cox, and Dunne 46). The period saw the abolition of the feudal system and the Zhou Dynasty Kings were accorded insignificant authority. However, their dominance had been felt in a minimal area located in Luoyi. The Kingdom witnessed periods that had contributed to the fall of the authority that they had once presented in the society. With the lost authority, the Kings had lacked the needed power to rule the land and sought comfort from the might in the established lords of the land. The development of the vassal states saw these lords rise to power to dominate the region and the example had been noticed in the forceful fall of Western Zhou Empire. The result led to the rise of vassal states from the fall of the Zhou kingdoms to breed the fall of the clan communities . The development witnessed saw china develop the adoption of a new ore in iron deviating from the bronze period to issue the development needed in the structural mechanism. Iron led to the production of tools and weaponry that were influential to attributing the noticed changes. The clan communities had disintegrated with the introduction of the well-field system. The presentation saw the deviation from bureaucracy, that had been centered on blood lineages (Yan and Bell 224). The centralized government system had been established to replace the earlier feudal system generated in the fallen regime. The changes in the political government saw the fall of the Zhou son weakening the successor and developing tension within the Chinese states. Individual states had been bred from the chaos and political instability that threatened to divide the people. The provision saw the development of states that had the power to contend for the power. These developments saw the adoption of a system that led to the rise of the Warring States Period. After the fall of the Western Zhou, the establishment of the courts within the eastern capital had been marked with minimal dominance of the realized powers. The authority within the vassal states had first

The U.P. Jammers’ Club after Pound for Pound 2010 Essay Example for Free

The U.P. Jammers’ Club after Pound for Pound 2010 Essay U. P Jammers’ Club is an established socio-cultural organization of a well-known university. It was founded on October 8, 1991 and since then, it has brought several musical icons in the music scene. The organization aims to enhance the capabilities and skills of aspiring young musicians and form camaraderie within the group. The organization showcases annual events such as a â€Å"Freshmeat† and Pound for Pound†. The basis of this proposal report is the organization’s event which is entitled â€Å"Pound for Pound†. This activity showcases all the performing bands of the organization and also serves as a yearly evaluation for all of the members of the said group. The performances offer different musicians playing different kinds of genre. The songs are compositions of the bands included in the organization. Although the name of the said organization earned praises and recognition for the past years, the over-all performances of the members and the organization are gradually deteriorating compared to their early glorious days. Its financial status is not stable, few of the members are the only ones who are working for the development of the group, the responsibilities are not well disseminated, and many more. Regarding these problematic details, the purpose of this report is to find out why such things are occurring in the events of the organization. Focusing on a specific event such as the Pound for Pound, this paper will be dealing on finding solutions to the increasing problems of the organization. Beginning from the preparation to the assessment of the event, this will tackle all the necessary information needed for the study. Pound for Pound is an annual event of the U. P Jammers’ Club which is held every late January or early February. After the Freshmeat, which is usually held during the months of July or August, the organization should prepare for the upcoming Pound for Pound for this is considered as their major activity. As early as September, the members are expected to search for sponsors or alliances to help in financing the event. There should be a calendar of activities for members to know when to start working and when to report for the deadlines. Members should already be informed regarding their responsibilities for the event. These are few of the actions done in the past years for Pound for Pound. Unfortunately, the former batch of residences was not able to perform such tasks effectively. What seems to be the problem? The organization has a set of executive committee who is in charge of the planning and decisions. They are the ones who are assigned to designate responsibilities to their own members. If the executive committee is not intact, then all members will not participate well. At that time, there were 30 members in the organization, but seven of them, including the president are dismissed from school because of academic failure and four members filed for inactivity because of financial instability. As a result, only 19 members could work for the organization. Few only have the drive to help the organization. The dilemma seemed to root to the members. This is one of the problems of the organization. There is less manpower and motivation to work as a group. The organization, all-in-all does not have one specific goal. Most of the time, disagreements seem to develop into a more chaotic situation. There are several controversial issues within the group. The organization needs to build a team. Another problem was the delays of every task. Even though there was a prepared plan of activities, most of the time, members tend to delay deadlines because of unfinished tasks. The members adjust time instead of them adjusting with time. The tendency of the delays is to also setback all plans. The postponement of deadlines affected how members work for the organization. Members should realize the importance of professionalism while working. Third problem involves finances and expenses of the said event. The members failed to find sponsors for Pound for Pound. The organization decided to get the event’s budget in the funds of the organization. Wanting to make a good impression, the members decided to get a more expensive sound system for the event. Almost all of the funds went there. The plans of selling merchandised t-shirts, producing publicity materials and earning money were not met because there was inaccuracy in the financial plans. There was only one single plan for the event. Fourth problem involves publicity. This is one of the important parts in conducting event made for the public. Pound for Pound lacked publicity in this year. Few teasers were produced, there were no tarpaulins and the tickets were distributed late. Speaking of tickets, the tickets were more expensive compared to other Pound for Pound events. The public did not want to spend so much making it difficult to sell them. Based upon this situation, Pound for Pound had only few audiences compared to other events done by them. There was discrepancy with the financial records afterwards making it harder to deal with problems regarding finances. Although Pound for Pound made it until the end, it was not very satisfactory. Methodology (Discussions) There are several solutions to this dilemma. First, the organization should work on the internal issues. This is the most important, but most difficult matter to resolve. The U. P Jammers’ Club is considered as a group of individuals. In order to develop a group, one has to understand how a group works. Bruce Tuckman’s four stages of Group Development could help in studying and understanding the group. Tuckman formulated four stages on how to successfully manage a group. The first stage called â€Å"Forming† states the ability of individuals to work with others but avoid such conflicts in a group. People have the desire to be accepted by others so they tend to avoid controversies. Second stage involves â€Å"Storming† wherein more conflicts will arise and individuals will begin to feel their differences and preferences. The third stage â€Å"Norming† is a stage wherein the members of the group are learning to accept each other’s dissimilarities. They begin to become a more cohesive and effective group. â€Å"Performing† is the final stage of Tuckman’s Group Development. Not all groups could arrive to this stage. This is a state where everyone knows each other. Flexibility and Interdependence is developed. Work with team buildings, gatherings and the like to keep the bonding within the members. Know the differences of each other and adjust with them. If there is harmony within the members, working will be easier. Organize. Plan. Act. Organize the members. Know their roles and responsibilities. Be strict with deadlines. Create a plan of activities for the said event and monitor it regularly. Disseminate all the tasks orderly. Let the members know what they have to do and monitor them too. Giving reminders and updates could help in motivating them to work. Think of the possible things that could happen and plan ahead. List all of the possible sponsors and work with it. An event would not be possible if there is not enough budget allotted for it. Use the organization’s resources to help in canvassing equipments needed. Act upon the planned tasks. Encourage members to participate. Give them a little pressure so they could feel responsible for the given tasks. Learn how to prioritize. Most members were said to be inactive because of the failure to meet their academic requirement. Another matter to change is this one. During the past years, good standing is encouraged for members. In this present time, the organization should also monitor this matter. Set limitations. Qualifications The PuRep Agency, a public relations firm, once conducted an event which was similar to Pound for Pound, except, it was better. They were composed of only 5 active members who wanted to create an entertainment for the public. They got bands from the U. P Jammers’ Club and prepared all the necessary operations in less than a month. The agency worked with this event which they called â€Å"Tune up†. They made most of the methods included in this report. This just proves that the proposed methods are effective and possible. Before they even started working, they prepared 3 sets of plans in case problems occur. The agency worked with double effort in looking for sponsors. This means that the organization could look for more major sponsors if they would work on it immediately. All went well and smoothly. Costs (Projected Expenses for the next Pound for Pound) Expenses Amount Team Building 500. 00 Sound System 6000. 00 Venue 3000. 00 Publicity (tarpaulins, t-shirts, teasers, leaflets) 2000. 00 Miscellaneous (transportation, letters, others) 1000. 00 - TOTAL 12500. 00 Schedule Section Month Activity Time August Team Building 1hr activity per week (any convenient day) September Planning 1hr of meeting per week (assigned day) October Release of Sponsorship letter 1 meeting November Look for Sound System and Venue 1st week (canvassing) December Updates 2nd week (2 hrs) Report organizational status Sponsors, Sound System, Venue January Event 4th week (5 hrs) Conclusion This report therefore concludes the solution to U. P Jammers’ Club’s Pound for Pound internal and external dilemma. Group Development is needed to strengthen the credibility of the organization. Plan ahead and act as professional as possible. This proposal would change the way the organization works as a group. Like the PuRep Agency, anything is impossible as long as the group has a single goal. Any organization can succeed as long as they’re united.

Issues of business ethics and social responsibility

Issues of business ethics and social responsibility The achievement of the intentions or set objectives of the business organization requires the establishment of the management structure that ensures proper definition of role and responsibilities to provide the basis for the development of effective selection systems that aid the recruitment and engagement of suitable personnel to occupy positions created within the context of the business enterprise to discharge the assigned roles and responsible forward the achievement of the set goals and objective of the business concern Indeed, the set objectives of the business organization cannot be achieved unless the employees of the business enterprise demonstrate the appropriate ethical behaviours in the execution of assigned duties, ultimately enhancing the corporate image of the business outfit in the environment where it operates. This becomes essential to stralegies developed to stimulated the patronage of the goods and service produced and provided by the business concern According Dr. B. Odusina, Managing Partner of Upman Ltd in a lecture paper delivered titled: Business Ethics and Corporate Governance on 16 June 2001 at a Seminar Organized for Mobil Oil Producing at Ogere Training Centre; There is the need to stress that employees who demonstrate unethical behaviour do not promote the fortunes and the area being of the business organization, and thus, unless such negative behaviours are abandoned it becomes impossible for them to make the desired contribution towards the success of the business enterprise Odusina went further to say that management science, today has made available range of attributes, and traits that form the basis for the development of the appropriate business ethical behaviour that should should characterize the disposition and action of the individuals discussed in the latter part of this seminar paper. THE CONCEPT OF ETHICS What are Ethics? Ethics are mural laws that involve: A high Sense of self Awareness Manage tin: Time Management Life Goals Programming Personal Grooming Consciousness Human Relations Striving for Excellence Self Discipline A High sense of Responsibility and loyalty towards: Ones Own Roles Towards Superiors and Subordinates Towards Company Customers and Suppliers Towards the acquisition and use of other resources Towards ones own family, community and nation Nigeria 3. A high sense of Probity in: (a) Dealing with Confidential matters (b) Handling Companys Finances (c) In very different situations A high sense of Accountability For authority and roles played For resources utilized For the life spent HISRORICAL PERSPECTIVE OF BUSINESS ETHICS We start by looking at some causes in recent years of public concern about organizational behaviour. It would, of course be doing a great injustice to past generations to imagine that only our own taken this topic seriously. The 19th century, while giving rise to some highly undesirable business practices, was notable also for its pioneering work in area such as antislavery child labour reforms, and the development legislative framework to curb abuses in company financing. A society which deniers credit to the ethical pioneers of the past, just because they did not address all of today prominent themes, begins to undermine its own foundation. According to David Munay (1997) the ethics of business and organizational life have acquired a considerably higher public as well as professional profile during the past fifteen years Managers and top captains of industrial concerns now receive numerous invitations to conferences, seminars and workshops on topics such as corporate values, corp orate governance and other ethical aspects of management. The books falls carry an increasing number of specialist titles and no self respecting management text can now omit at least some discussion of organizational values or corporate social responsibility. The 1970s in Nigeria saw a focus on rapid wealth creation because of oil boom; a get -rich -quick syndrome and the widespread ignoring of moral imperatives beyond profit loss and cash flow statements. In Nigeria particularly we are now well into a decade of moral reflection Business if far from being the only spare in which this is happening, but it is particularly noticeable arguably because of the widespread neglect of such matters for so long To some extent, this increased interest may be a consequence of a relatively high number of widely publicized scandals as it includes bank frauds, failed contracts, tax evasing by corporate multinationals, swindles in hard currencies by top government functionaries, scandalous advance fee fraud popularly called 419 that is affecting our image abroad to mention a few About three consecutive times last year 2004, most of our popular dailies reported Nigeria to be the second most corrupt country in the world, after Cameroon. This was on the good authority of Transparency International These and other phenomenal unethical practice are giving the government and private sector operators a serious concern. The recent collapse of Arthur Anderson and other much respected international concerns are a case in point EVEYDAY ETHICS The key business ethics concern is the way that the business conducts itself in its ordinary, every day routline activities The way the firm deals with its staff and its customers, the way it designs and supports its products, the way it awards contract and apportions blameà ¢Ã¢â€š ¬Ã‚ ¦ these are the key determines of whether a business is ethical, and are as important as the way it deals with crises. According to Elaire Sternberg (2000) the events that attract attention major frauds, for example may not represent ethical dilemmas for business: in such cases business people often agree on what is right. The problems that such events pose are real ones, but often concern practical difficulties; how to implement agreed moral standard, how to deal with the villains who sadly exist in business as in elsewhere: Sternberg opined further that the really thorny business ethics issues in contrast, are those where there a genuine disagreement about what is right or wrong. THE TOOLS OF ETHICS VALUES It is useful in this text to recognize that business ethics can refer to several different things most commonly, it refers to ethical conduct in and by business. In this sense, in benefits to business include doing the right typically promotes achievement of business goals. While doing the wrong things hinders the successive pursuit of those goals. To recognize things are the right things however, it is helpful to understand the principles that underlie ethical conduct in business. Accordingly business ethics as the knowledge and study of such principles can also be of value to business. According to sternbery (2000), an ethical decision that clearly sets out the principle of business ethic can help business both to identify and actually resolve business ethics problems. A model is theà ¢Ã¢â€š ¬Ã‚ ¦Ãƒ ¢Ã¢â€š ¬Ã‚ ¦Ãƒ ¢Ã¢â€š ¬Ã‚ ¦Ãƒ ¢Ã¢â€š ¬Ã‚ ¦Ãƒ ¢Ã¢â€š ¬Ã‚ ¦Ãƒ ¢Ã¢â€š ¬Ã‚ ¦equivalent of a map it can help guide business through the ethical issues that it inevitably must handle A model is not, however a panacea just as a Map does not physically smooth out the human. What an ethical decision model can do is extremely valuable. Most fundamentally, I can help to eliminate conceptual issues, it can help a business avoid wasting its resource on spurious problems and unwarranted guilt. An ethical decision model can indicate when and how ethical discussion is appropriate in a business context. When all within the business share a common vocabulary for ethical matter, they can articulate moral standards and moral questions easily By reducing moral muteness and promoting the early detection and resolution of ethical issues, an ethical decision model therefore enables the business to benefit from the vigilance its staff. Accordingly, an ethical decision model can do much to reduce the costs and adverse consequence of ethical problems. By illuminating what is at stake in any situation, and what the alternate course of action might be an ethical decision can indicate what information is relevant and what can be ignored. CULTURAL PERSPECTIVE TO VALUES In a given culture, at a given time, there is broad agreement on major values. Mos people agree on what is good (e.g. the right vole), and what is bad (corruption in government). Not all people or groups of people hold the same value, but the value o of those in majority will affect beliefs and behaviours of society. According to Yalokwu (2002), The action of managers are affected largely by then personal beliefs (Guth and Jaguini, 1965). For examples manager who are motivated by economic value will tend to stress the importance of growth for their companies. Managers who are motivated by social values on the other hand, might be willing to sacrifice some company growth to improve the conditions of service of the employees. But however, values are not only factors, that influence managers decision. The specific situation a manager faces will have great influence on or even dominate how a manager behaves. RIGHTS: Ethical concerns penneate every aspect of business activity Ethical issues arise obviously in connection with core ethical values; when there are question of, for example honesty or justice. They also are potentially at issue whenever action or decision affect other people, either by helping or by harming them. But ethical issues can even arise when other peoples right and interests are not directly at stake. Whenever there is a chose to be made between values or a better and a worse way of doing something or a thing is deemed to be a good one of its kind, an ethical judgment is involved. In this broad sense, most judgments and choices and decision about goals standard, quality and priorities are ethical. Accordingly, most business action and choices, decision and judgments have ethical aspects; they involve specifically ethical values or help or harm people or indicate character, or all of the above. Sternberg (2000) opined that, hiring and firing, choosing suppliers, setting prices establishing objectives, allocating resources, determining dividends; disciplining workers, planning schedules, awarding contracts à ¢Ã¢â€š ¬Ã‚ ¦ all involve ethical choices. Even the most trivial decision and ones that appear to be made on purely technical or economic groups typically have ethical aspects, it is not, just in the fringe areas of do gooding that ethical issue occur, but through out all of business ethic is inescapable in business as in life In order, therefore, to know which ethical issues should concern business as business, and to resolve ethical problems in ways that are appropriate for business a clear understanding of business ethics is essential If it is a companys responsibility to be concerned with advancing the interests of its employees, then it will be essential to consider the issue of stability of employment as it is quit apparent that this constitutes one of the paramount interest of most employees. At the very least, losing his job is likely to cause grave in convenience loan employee: he will go through a period of uncertainty and anxiety, will face a period more or less long without stable income, will incur search cost looking for a new job, and at the end of the day may be forced to move to different locally (Elegilo 1996) A firm seen to be truly committed to do its best to provide stability on employment will be sending a very powerful message to its employees that is really concerned about their welfare. The firm is thereby laving the foundation for a two-may commitment. It is well known that guarantee of the life time employee constitutes one of the bases of the extra ordinary loyally that Jepanese employees traditionally exhibit toward their companies. However, what is clear is that the foundation of employee loyalty, in any cas can easily be destroyed by policies that seem to be based on a consideration of the employees so many cost to be cut. Still, it is important to keep a sense of perspective and make it clear that there is no question of auguring that terminating an employee is intrinsically immoral will not be so if the objective by germinating an employee is something good in itself. As would be the case in situations in which management seeks to preserve on enhance the long term viability of the firm, improve the cost structure of the company or (in the case of an unproductive or disruptive employee) remove cause of lower morale or a potential source of danger to other employees. As a matter of fact, terminating some employees may not be unethical but I source cases a may well be a definite ethical duty We may find it emotionally repugnant to dismiss an employee who has a large family; yet managers are not paid to follow the courses of action that they personality fund congenial, but to protect the common good of the company (Elegilo 1996). When preserving the jobs of some employee becomes incompatible with the health or even the survival of the whole organization as it eventually happened in the case of intel. Then failing to take the necessary measure can easily amount to gross irresponsibility. This will be much more so in the case of individual employees who through presistent misconduct erode the standard of the company Other tools of Ethics: 1. Loyalty Steadfastness in allegiance to the management of the business enterprise. The implies the commitment on the part of the set objectives of the business organization 2. Fairness The avoidance of discriminating tendencies in dealing with people of diverse background, endeavouring to treat all human beings as equal, and then give each person equal opportunities 3. Principled Behaviour: The demonstration of a consistent behaviour in similar situations that makes ones behavour predictable, and ensuring the same decision being made in similar situations 4. Confidentiality Being discreet in dealing with the publics in a manner that makes the employee to refuse to divulge official information even in the face of financial inducernent or inspite of threats to his life. MORAL RULES IN HUMAN RELATIONS AND COMMON MORALITY Human Relations Concept The concept of human relations is so vast and encompassing that it touches every aspect of our lives .it is true that whatever we are are doing involves human relation and in interactions in one form or the other Human relations encompass a body of knowledge through which workers and management get things done through each other. Ack Halloran (1978) defines human relation relations as all the interactions that occur among people, whether they are conflicts or cooperative behaviours. The study of how people in work effectively in groups in order to satisfy both organizational goals and personal Kosson Stan (1978) observes that human relations are concerned with the of the people and their groups. It also learns the what that can be done to anticipate, prevent or resolve conflict among organization members The field of human relations is action -oriented emphasizing the analysis presentation and resolution of behavioural problems within organization. Philosophy of Human Relations Dougleas, McGregor (1960) gave the following as the basis of Human relations:- The loyalty and cooperation of the individual in the organization must be earned, won and described. the individual employee in respect of his status, right, prospects for advancement, and his economic well-being, is inescapably linked with the success of the enterprise by which he is employed. The basic relationship of the individual should not be jeopardized by government or union and management activities Personal policies and practices must be designed implemented in such a manner as to promote and safeguard the rights and well-being of the workers. The organisation stays for the individual and not the individual for their organisation Organisation must to provide for the economic and social security of their employees. The society must be free and ready to safeguard their rights and privileges Steps Managers Should Take in Maintaining Human Relations According to William Scolt (1962) managers can create a good human relations environment if they do the following they should lead as they want to be led They should know their personnel they should be genuinely interested in their subordinate They should be afraid to share responsibilities they should tell their people why thins are to be done They should treat subordinates with dignity and respect They should help the people in performing the tasks assigned to them 8. They should praise their people even in public. Human Relations Effectiveness: Use of words The use of words in human relation is the key to it success. Good words in communication, motivation and leadership is essential in any human relations exercise. Good words can do miracles whereas bad words bad words can pollute the atmosphere. It can also cause enormous pain. Stan, Kossen, (1978) gave the following rules: The least important word is l The two most important words is we The two must important words Thank you The three most important words if you please The four most important works: What is your opinion? The five most important words you did a good job The six most important words: ladmit l made a mistake From the foregoing exposition of moral rules in human relations, it can now well be established that the principle of reciprocity will play a big dual-role of keeping strictly to ethical standards on the part of employee and ensuring that their (employee) welfare is not jeopardized by management. Every partly involved (employer/employee) will see themselves as stakeholder that must ensure the sustenance of achieving corporate goals. No side will feel a sense of insecurity or unfairly treated. Differently put, common morality will now say; Respect begets respects Therefore no party will want to jottion the contractual relationship of ensuring the human success through honesty by employees; on the one hand, and treasuring the human resource (employees) by management by seeing to their welfare on the other hand RE -ESTABLISHING LONG-TERM BETWEEN ORGANIZATIONS AND EMPLOYEES Step one: Re- establish Code and Policies for Sustainability Step Two: Re-establish Justice Step three: Re-establish Fairness Step Four: Re-establish Practices of honesty COMMON MORALITY 1. Dignity * Apologize for immorality delay * Extend personal à ¢Ã¢â€š ¬Ã‚ ¦Ãƒ ¢Ã¢â€š ¬Ã‚ ¦Ãƒ ¢Ã¢â€š ¬Ã‚ ¦Ãƒ ¢Ã¢â€š ¬Ã‚ ¦Ãƒ ¢Ã¢â€š ¬Ã‚ ¦Ãƒ ¢Ã¢â€š ¬Ã‚ ¦Ãƒ ¢Ã¢â€š ¬Ã‚ ¦Ãƒ ¢Ã¢â€š ¬Ã‚ ¦Ãƒ ¢Ã¢â€š ¬Ã‚ ¦Ãƒ ¢Ã¢â€š ¬Ã‚ ¦.. 2. Honesty * Stop the spiral of denials * Implement full and immediate disclosure * Facilitate access and respond openly to all queries 3 Fairness * Ensure compensation is commensurate with loss * Accelerate reconciliation to serve as many as possible, and as quickly as Possible Encode and practice lessons to benefit future transactions 4. Sustainability * Use the humiliation of this experience to lead a worldwide effort to standardize global practices 5. Auditing * Establish formal framework for monitoring ethical orientation * Report ethical progress alongside financial progress * Organize think tank ethical group to supervise compliance 6 Updating * Begin planning for ethical mandate beyond resolution of the Holocust issue * Report progress and plans to the world community, employees and industry association. All of us can give many example of ethical rules. Some which readily come to mind are: One should not tell lies, One should keep ones promises' one should respect ones parents, One should help people in distress etc. Many ethical rules are controversial at least to some extent. Thus, for example, while a large majority of people would agree that in most situation, one should not tell lies, there is far less agreement if one proceeds to ask whether exception is to this rule are allowed in some more or less extreme cases. Assume for instance that a mad man carrying cutlass in his hand, asked you whether your sister is in the house. You reasonably fear that he wants to attack her. Your sister is actually in the house. Does the rule that you should not lie cover this situation? When the proper scope and meaning of an ethical rule is called into question, one should refer it to the more ultimate principle and purpose that justify the rule. Thus for example, in the case of the mad man with cutlass, one could reason that one should fell no lie, because (i) telling lies is a way of harming the people one deceive and (ii), it tends to undermine mutual trust among people. If that were the complete justification of the rule against telling lie, which is not the case), it could follow that the rule did not apply in this case. By telling the madman that your sister is not at home, you would not be harming him in any way. One the contrary, you would be preventing him from doing him from doing something that, once he recovers his sanity, he would greatly regret harming alone, nor would you be undermining trust among people by acting in this way. According to Elegido (1996) the following constitute a reasonably complete list of independent and ultimate principle of business ethics. Principle of Solidarity: We must be concerned with promoting the well being of all human beings, not only our own. In so far as we fail to do so, we undermine our own fulfillment. Principle of Rationality: One should always strive to act intelligently Principle of Fairness or Impartiality: One should apply the same standards in judging ones own actions, those who are dear to one, and those of strangers Principle of Efficiency: In trying to promote human fulfillment good intentions are not enough: one must endeavour to use effective means. Principle of Refrain from willing harm to a human being: One should never choose directly to harm a human being. Principle of Role Responsibility: One does not have responsibility for all the aspects of the well-being of all human beings. Ones special circumstance, roles and commitments give one a priority responsibility for certain aspect of the well being of certain people. ETHICS AND SITUATIONAL FACTIRS IN ETHICAL BEHAVIOURS IN BUSINESS As noted by Gary Edward, President of the Ethics Resource Centre in the U.S, two-thirds of companies seeking ethical programmes came off the front page as a result of serious wrong-doing. This suggests that ethic are largely a tactical response to a serious problem, rather than a strategic commitment to a more enduring opportunity and obligation. From this perspective, most ethical initiatives aim to avoid repeating the mistakes that caused that particular crisis. The Federal Government established various agencies to curb a series of unethical practices in our national life. These include ICPC and EFCC Acts and the rest of it. The aim of these agencies among other reasons include overhauling the national and national image of Nigerians both at home and abroad. But this ethical renewal is one situation where the rifle short or fire brigade approach is clearly not enough. Codes and procedures, targeted to an impropriety may highlight the specific of the problem, and usually assign blame to one individual or a group of people, but without addressing the wider cultural competitive and personal factors that contribute to it. The Nigerian society is originally poverty-driven. Probably because of our low technology/agrarian nature or because of our leadership problem and/or total depending on oil, 90% of the national wealth us being controlled by less than 10% of our people. We operate crude capitalism in which the rich is getting richer and the poor, getting poorer. There is highly level insecurity felt by both the private and public sector workers especially about what tomorrow has in stock for them. It is everybody to himself, God for us all; who ever is slow, may the devil take him. In such circumstance, individual is desperately looking for the opportunity to grab and secure his tomorrow and that of his family. Therefore, a feel of patriotism or national consciousness is secondary in the minds of most Nigerians. Unfortunately or incidentally, we worship those who have been privileged to occupy the seat of power, not minding the fact that these people amassed their wealth by crucked means. We roll out chieftaincy titles, and national honours for the celebrated thieves According to John, Dalta Costa (2000) ethics as a reflex action are never as comprehensive or as motivational as the thinking and commitment applied to ethics as pre-eruption. That so many companies and notable corporate bodies and individuals in Nigerian are repeat offenders is directly due to the narrowness of seeing ethics in relation to a one time problem rather than in the context of the national psyche. Companies hire sonant people but do not leave them only to their wits to manage. Organisations expect strategies to be planted, analyses to precede decisions, and measure, to be put in place to monitor progress and results. Sonant companies, as learning organizations as Shell Petroleum, Mobile Producing to mention a few also invest consistently in training and skills development. An ethical orientation involves the same discipline. In addition to understanding the dynamics, that contributed to an error of ethical judgment, organizations need to explore the keeper tensions and contradictions that may put ethics at risk in future. Just as strategies require a situation analysis, ethics requires a temptation analysis. In other words, any individual or groups of people who are put into positions of responsible accountability must have their red alert threshold tests conducted. Retrogression analysis test or other psycho-analytical tests could be administered on them. Differently put, what moral and legal issues have raised ethical concerns in the past? How are these changing and testing the behaviour of the business organisation and its individual employees? What are new pressure points created by changes in technology or competition or globalization? How do corporate behaviours and policies influence the perception of those ethical conundrums? The process here is one of scanning the horizon with an ethical perspective, of expecting new confusions and temptations and anticipating risk. Central to the exercise is understanding not only the scope and scale of temptation but to the moral strengths and weakness of the business organisation for withstanding and overcoming them. This may involve and audit of past ethical performance an analysis of transgressions or an evaluation of the ethical concerns of the employees. The internent, as an example provides much more intimate access to customers, but it also à ¢Ã¢â€š ¬Ã‚ ¦Ãƒ ¢Ã¢â€š ¬Ã‚ ¦Ãƒ ¢Ã¢â€š ¬Ã‚ ¦. new issues of privacy and respect. So, in using this new medium, are the companys ethical skills maturing in concert with its, technical competence? How well equipped is the company for dealing constructively with new temptation afforded by the new technology? According to Dalla Costa, (2002) a strategic assessment sets the course for what must be done. An ethical assessment investigates the how. As we have learned from total quality and other programmes of corporate renewal, the what and how can no longer be separated. THE CONCEPT OF SOCIAL RESPONSIBILITY People often speak of the responsibilities of the firm of the firm or in a more common phrase, the social responsibility of companies These expressions are often used very loosely and are given different meanings be different speakers. Some people assert that business organizations have responsibilities which go beyond making profits. Often, what they have in mind is that it is proper for companies to support worthy community initiatives like universities, museums, hospitals, to reduce a minimum pollution: going voluntarily beyond the standard, set by the law. To employ the physically handicapped; to refuse to invest in certain places (e.g apartheid south Africa) in order to hasten desirable political objectives: and generally to use their activities in a way which is not calculated to maximize their profits but which will contribute to the common goal/good of the communities in which they operate. Other people reject outright the above position and argue that the only responsibilities of a business company are to obey the law and make profits for its shareholders. Still other think that companies can legitimately concern themselves with some of the causes listed above but not with others. It is not easy to find ones bearing in this jungle of conflicting opinions. It is often said that it is the duty of a companys managers to maximize their companys profits. Now whether or not managers have such duty will be a debatable topic. Fundamentally, maximizing profit does not just mean making an effort to generate greater profit. It means making every efforts to make profits as large as possible, subordinating literally everything (including loyalty, compassion the environment social welfare and other such considerations) to the increase of profits. According to Elegido, there is no argument or at least, there outght not to be, that profit is externally important for all business organizations but before one agrees that firms ought to maximize their profits, one ought to ask whether one agrees that profit is ultimately the only thing that matters in business and that in case of conflict, every other consideration ought way before it. PROF. FRIENDMANS POSITION Prof. Friedman, the famous monetary economist has consistently argued in favour of the thesis that an organistion has only one responsibility: maximizing profits for its shareholders while operating within the limits set by the law. He set out his main arguments for this position in a famous and other quoted articles entitled: The Social Responsibility of Business is to increase its profits. In Friedmans view, it is certainly a responsibility of organizations to respect all the laws which protect the public interest. But going beyond this would amount to having socially responsible executives functioning as redistributors who would take other peoples money and spend it on what these executives themselves defined as the general social interest, as if they were some sort of self appointed tax collectors. It is Friedmans contention that it will be better for everybody if business executives concentrate on maximizing profit for in this way, they will more effectively be led by and invisible hand to promise the good of the society. In fairness to Friedman, it sho

A Simple Definition of Art Essay -- Expository Definition Essays

A Simple Definition of Art Art can be defined in many ways by an individual. One can say that any creative output by a person is considered art. Others contend that art must conform to a societal standard and the basis of the creation should be understood by most intellectual people. For example, some contend that computer-generated images, such as fractals, are not art due to the large role played by a computer. E.O. Wilson states â€Å"the exclusive role of the arts is to intensify aesthetic and emotional response. Works of art communicate feeling directly from mind to mind, with no intent to explain why the impact occurs† (218). A simple definition may be that art is the physical expression of the ideals formed by the mind. The mind creates the emotions and ideals responsible for art. The brain is capable of imagining glorious things, and art is the physical manifestation of these ideals. These ideals are usually intense emotions with aesthetic power (Wilson, 220). Art organizes these emotions in a matter that can easily express the ideals to...

Electoral College System Essays -- Political Science

Analyze criticism of the "Electoral College" system and the alleged advantages and disadvantages of various reform proposals. The Electoral College is a system in which the individual voter does not actually vote directly for the president. When a person votes they are voting for an elector that has pledged their vote or allegiance to the running party. The Framers realized that without widespread communications available at the time and with other varying factors an "each vote counts" or "the popular vote" system would not be practical. Because of this they formed the Electoral College system, Under Article II of the US Constitution, although this system was never called this in the Article. This system has survived for over 200 years, with only two changes to it. These would be Amendment 12, and 23 of US Constitution. Many people have throughout the years said that the Electoral College is antiquated and needs to be changed, where as many others defended the Electoral College system. Some people believe the Electoral College system have many flaws, these can include electing a minority president, faithless Electors, the Electoral College causing a decline in voter turnout, the inequality of votes from large to small states, and the disadvantages for third parties. One large issue is that a president could be elected without the countries popular vote. One way this can happen is if three or more parties run splitting the Electoral votes so no one party can receive the majority of the votes. This has happened in 1824 and almost happened in 1948, and in 1968. If this does happen Amendment 12 states that the U.S. House of Representatives would then select the president from the top three. Another big issue is Electors t... ...at would like the votes to be split between parties. One of the last proposed changes is the "drop two" Electoral votes. In this proposal each states Electoral votes would be equal to their state Representatives. This system would function the same but just remove two Electoral votes from each state. This would still allow small states to over represent but would lessen the effects. Even though the Electoral College system has many flaws, it has worked for well over 200 years. Many people feel that the system is old and needs to be updated but the system was well thought out by the Framers. Ref: http://www.fec.gov/pdf/eleccoll.pdf http://www.archives.gov/federal-register/electoral-college/ http://en.wikipedia.org/wiki/U.S._Electoral_College http://jceb.co.jackson.mo.us/fun_stuff/electoral_college.htm http://www.ksg.harvard.edu/case/3pt/electoral.html#pro

Australia Must Diversify the Economy Essay -- The Australian Economy

The economist describes the definition of a banana republic as â€Å"a country dominated by foreign investment and dependent on a single export commodity† (The Economist. 2014). This definition has some correlation to the Australian economy as over previous year’s Australia has experienced a commodity boom which has dominated and under pinned the nation’s economy. The development of the natural resources industry in Australia has grown the economy and has become the number export for the nation (Figure 1). Australia’s reliance on the commodity industry does not support long term economic stability for the nation, commodity prices are falling as the developing world industries slow down. The Australian government must continue with the development of the commodity industry but must also invest into developing new industries that will ensure the economic growth of the nation continues and to ensure the nation is not dependent on the natural resources of t he country. Figure 1: Composition of Exports 2009(Ian McCauley 2012) In the past the nation has been a significant exporter of agricultural products such as grain and livestock, it was able to make advancements in the manufacturing industry by imposing high tariffs on imported goods. This was until internationally and locally it was not viable to continue with these economic policies and the Australian market was opened up with the lowering of tariffs and the floating of the Australian dollar. While this benefited the economy with free trade agreements, foreign investment and a diversification of the export base it also contributed to the demise of other industries (Sara Cousins 2013). Throughout Australia’s economic history mining and the exports of commodities have been ... ...conomy–well prepared for the challenges ahead. [ONLINE] Available at: http://www.dpmc.gov.au/publications/skills_for_all_australians/chapter2_the_australian_economy_of_the_future.html. [Accessed 04 March 2014]. (The Economist. 2014). The Economist explains: Where did banana republics get their name? |. The Economist explains: Where did banana republics get their name? | The Economist. [ONLINE] Available at: http://www.economist.com/blogs/economist-explains/2013/11/economist-explains-16. [Accessed 28 February 2014]. (Zheng, Bloch 2012) Australia’s Mining Productivity Paradox: Implications for MFP Measurement by Simon Zheng, Harry Bloch: SSRN. 2014. Australia’s Mining Productivity Paradox: Implications for MFP Measurement by Simon Zheng, Harry Bloch: SSRN. [ONLINE] Available at: http://papers.ssrn.com/sol3/papers.cfm?abstract_id=1715235. [Accessed 03 March 2014].

Master Budget Preparation

(Master budget preparation) Sopchoppy Company manufactures a red industrial dye. The company is preparing its 2000 master budget and has presented you with the following information. 1. The December 31, 1999, balance sheet for the company is shown below. SOPCHOPPY COMPANY Balance Sheet December 31, 1999 AssetsLiabilities and Stockholders’ Equity Cash $ 5,080 Notes Payable $ 25,000 Accounts Receivable 26,500 Accounts Payable 2,148 Raw Materials Inventory 800 Dividends Payable 10,000 Finished Goods Inventory 2,104 Total Liabilities $ 37,148 Prepaid Insurance 1,200 Common Stock $100,000Building $300,000 Paid-in Capital 50,000 Accumulated Depreciation (20,000) 280,000 Retained Earnings 128,536 278,536 Total Liabilities and Total Assets $315,684 Stockholders’ Equity $315,684 2. The Accounts Receivable balance at 12/31/99 represents the remaining balances of November and December credit sales. Sales were $70,000 and $65,000, respectively, 3. Estimated sales in gallons of dye for January through May 2000 are shown below. January 8,000February 10,000 March 15,000 April 12,000 May 11,000 Each gallon of dye sells for $12. 4. The collection pattern for accounts receivable is as follows: 70 percent in the month of sale; 20 percent in the first month after the sale; 10 percent in the second month after the sale. Sopchoppy expects no bad debts and no customers are given cash discounts. 5. Each gallon of dye has the following standard quantities and costs for direct materials and direct labor: 1. 2 gallons of direct material (some evaporation occurs during processing) @ $0. 80 per gallon $0. 6 1/2 hour of direct labor @ $6 per hour 3. 00 Variable overhead is applied to the product on a machine-hour basis. It takes 5 hours of machine time to process 1 gallon of dye. The variable overhead rate is $0. 06 per machine hour; VOH consists entirely of utility costs. Total annual fixed overhead is $120,000; it is applied at $1. 00 per gallon based on an expected annual capacity of 120,000 gallons. Fixed overhead per year is composed of the following costs: Salaries $78,000 Utilities 12,000 Insurance—factory 2,400 Depreciation—factory 27,600Fixed overhead is incurred evenly throughout the year. 6. There is no beginning inventory of Work in Process. All work in process is completed in the period in which it is started. Raw Materials Inventory at the beginning of the year consists of 1,000 gallons of direct material at a standard cost of $0. 80 per gallon. There are 400 gallons of dye in Finished Goods Inventory at the beginning of the year carried at a standard cost of $5. 26 per gallon: Direct Material, $0. 96; Direct Labor, $3. 00; Variable Overhead, $0. 30; and Fixed Overhead, $1. 00. 7.Accounts Payable relates solely to raw material. Accounts Payable are paid 60 percent in the month of purchase and 40 percent in the month after purchase. No discounts are given for prompt payment. 8. The dividend will be paid in January 2000. 9. A n ew piece of equipment costing $9,000 will be purchased on March 1, 2000. Payment of 80 percent will be made in March and 20 percent in April. The equipment will have no salvage value and has a useful life of three years. 10. The note payable has a 12 percent interest rate; interest is paid at the end of each month.The principal of the note is paid off as cash is available to do so. 11. Sopchoppy’s management has set minimum cash balance at $5,000. 12. The ending Finished Goods Inventory should be 5 percent of the next month’s needs. This is not true at the beginning of 2000 due to a miscalculation in sales for December. The ending inventory of raw materials should be 5 percent of the next month’s needs. 13. Selling and administrative costs per month are budgeted to be 30 percent of each month’s sales. Of that amount, 50 percent is depreciation.These costs are paid in cash as they are incurred. 14. Prepare a master budget for each month of the first quarte r of 2000. a. sales budget with expected cash collections, including the accounts receivable for the next quarter b. production budget c. purchase budget with expected cash payments, including the accounts payable for the next quarter d. direct labor budget e. manufacturing overhead budget f. finished goods ending inventory budget g. selling and administrative budget h. cash budget i. balance sheet j. income statement

Commerce Bank Case Essay

Executive Summary Commerce Bank has been a pioneer in the banking industry by returning to customer service. This has driven customers to the bank, but in order to stay ahead on the curve they want to move away from the model that has worked for them. An analysis was performed regarding whether their new concept of â€Å"retailtainment†, entertaining customers throughout the banking service process, would be beneficial or not. After thorough consideration, it was determined that â€Å"retailtainment† was not the best way to improve Commerce’s quality of service. Commerce should focus on their former centralized model and enhance it, rather than change it. Background Commerce Bank is a New Jersey-based bank founded in 1973 by fast food franchiser Vernon Hill. Hill took his experience as a fast food business owner and utilized it to operate Commerce Bank. Commerce had branches opening earlier than the competitors and staying open later, 7:30AM to 8:00PM during the week and modified hours on Saturday and Sunday (Frei, 2006). Drive-through windows at busier locations even stayed open until midnight to accommodate customers; however, all branches operated under the notion that they were to open ten minutes before and close ten minutes after the posted time (Frei, 2006). Commerce used this model to get customers in the door and made their primary focus customer service. This focus allowed them to increase customer deposits, by an average of 30% per year from 1996 to 2001, and some years they even achieved growth rates in excess of 40% (Frei, 2006). This was not consistent with the market trend during this period, as other banks were selecting online banking, pushing customers out the door. Hill felt that this was a model for failure, because â€Å"You can’t name one retailer in this country that has pushed people where they don’t want to go and succeeded† (Frei, 2006). Currently, Commerce is feeling the pressure from other banks who want to use their business model to draw new customers. Washington Mutual, for instance, launched â€Å"un-bank†, with roaming tellers, a children’s play area and no desk. ING, a new entrant in the market, opened a cafà © style branch that served espresso to customers (Frei, 2006). To combat this Commerce launched a new customer experience called â€Å"Retailtainment†. Retailtainment is the incorporation of entertainment into the various branches. Essentially, each branch can come up with their own  wacky ideas for entertaining customers every Friday (Fre i, 2006). This was to ensure that Commerce, who offers the lowest loan rates, stayed ahead of the competition. Problem Statement Commerce bank is losing track of what originally made them successful, service quality and efficiency, and losing sight of what the customers really want in a banking experience. Analysis â€Å"Many banks attribute their growth to their successful transformation to a sales culture.† (McBride, 2005) .Commerce has used traditional banking to form a niche in the industry. Other banks at this time were moving towards online banking, focusing less on the person to person interaction. This could have catastrophic implications: â€Å"I am referring to the turn-off of poorly trained, new employees. What’s worse is seeing this person struggle and look in vain for help from someone else in the branch† (McBride, 2005). Commerce, on the other hand, has embraced this by training employees with emphasis on customer service. The customer-central model was the springboard for what Commerce believed was the value of the bank, customer deposits (Fitzsimmons and Fitzsimmons, 2011). Hill believed that by focusing on â€Å"non-rate† reason deposits, that he could build a deposit base, and his philosophy was for the bank to provide customers with an unforgettabl e experience in exchange for a loan rate, half a point less than the competition (Frei, 2006). This lower rate enabled Commerce to stay open later and have additional benefits for its members. These benefits included no-fee banking and even ATM fee refunds for high balance members. As service occurs, customers also play a role in co-production (Fitzsimmons and Fitzsimmons, 2011). To ensure this experience was the same for all the members of the bank, Commerce standardized its branches, attempting to make life easier for customers. At these branches, customers are greeted at the front door and made to feel at home while they wait to be served. This is unique from other banks, who sometimes charge fees if customers visit the branches or talk to a real person. â€Å"Customers enrolled in Bank of America’s e-banking account pay $8.95 a month for the privilege of accessing branches and talking to tellers when you need to make a transaction or deposit† (CNN, 2011). Commerce’s threat from industry rivals forced them decide to implement a decentralized program cal led â€Å"Retailtainment†, a break from  their standardized model, which had been their main reason for success thus far. Commerce had built the brand name using this philosophy, and straying from this gives individual branched control. With bank industry ratings declining, this strategy may backfire severely and hurt the brand down the road. â€Å"In October 2010, the number of Americans expressing a â€Å"great deal† or â€Å"quite a lot† of confidence in banks fell to an all-time low of 18% — lower than its level at the height of the global financial collapse (Wood and Berg, 2011). Customers have been complaining about the lack of tellers and feel that the bank should have less greeters and more tellers (Frei, 2006). This shows that Commerce’s decentralized â€Å"retailtainment† has notable gaps in Fitzsimmons’ Service Quality Gap Model. Previously, Commerce’s service standards and service delivery were impeccable, however, â€Å"retailtainment† decreases their quality of service delivery, decreasing customer perceptions and placing a strain on â€Å"Communication Gap 4† (Fitzsimmons and Fitzsimmons, 2011). These further decrease â€Å"Customer Satisfaction Gap 5† (Fitzsimmons and Fitzsimmons, 2011). Recommendations and Conclusion â€Å"Retailtainment† may sound like a good idea, but it has plenty of issues associated with it. Commerce Bank previously used a standardized process, but this is completely opposite from that model, thus decentralizing the process and forcing managers to make their own decisions. By relying solely on the managers and their staff, they risk damaging their image. In addition to addressing the deficits in the gaps of their Service Quality Model, Commerce can also employ the Service Encounter Triad to improve customer service. Using this model, they can improve their shortfalls between the service organization and the customer, as well as contact personnel and the customer (Fitzsimmons and Fitzsimmons, 2011). To do this, they can improve customer satisfaction by hiring another bank teller rather than a greeter, which in turn, will improve their efficiency. Additionally, doing this will improve their contact personnel’s ethical climate and better develop their service deli very to the customer (Fitzsimmons and Fitzsimmons, 2011). In addition, Commerce can also attempt to use Data Envelopment Analysis (DEA), successfully used by other banks, which uses linear programming to measure the efficiency of multiple decision making units by streamlining branch operations (Sherman and Ladino, 1995). Commerce has  focused so much on the first impression that they lost sight of what people are there for. People are there to deposit their money, and delays in this process may lead to less than satisfactory service. Commerce can take some of the greeters and make them â€Å"junior† or â€Å"overflow† tellers. This group can be seen as back-up to jump into action when there is heavy flow of traffic in the bank, as well as use these junior tellers to accept check deposits at the front so customers don’t have to stand in line. Yes, they would like for the experience to feel like a retail store, but contrary to Starbucks, bank customers are not there for the taste or the flavor; they choose the bank that gives them the best interest rates and highest deposit rates. Retailtainment plays a big role in delivering Commerce’s mission, but they should also evaluate the optimal amount of â€Å"entertainment† offered to deliver their mission, while being abl e to maintain operations and maintain a competitive position against other banks. There is no need to have a mascot to entertain customers or have a hot dog cart offering food. Bank of America had a simpler solution — using a TV for customers in line. This kept customers’ minds off of waiting in line and was more cost-effective than having to pay someone in a costume to talk to people. If they want to stay competitive, Commerce needs to think outside the box for efficient solutions to current problems. A good alternative would be to pay employees to suggest alternative and effective ways to entertain customers, without having to invest a great amount of money. â€Å"Retailtainment† works short-term, since customers feel they are appreciated, but going to these extreme measures and including all of the in-branch services, mascots, and free pens increases costs and makes Commerce vulnerable against other competitors. It is suggested that Commerce should return to and reinforce the principles that made the successful in the first place. Works Cited CNN Money. 2011. â€Å"9 most annoying bank fees†. http://money.cnn.com/galleries/2011/pf/1106/gallery.annoying_fees/4.html Accessed 20 August, 2012. Fitzsimmons, J.A. and M.J. Fitzsimmons. 2011. Service Management: Operations, Strategy, and Information Technology, 7th edition. Irwin/McGraw-Hill, New York, NY. Frei, F. 2006. Commerce Bank. Harvard Business Review. Harvard Business School Publishing, Boston, MA. McBride, G. 2005. â€Å"Banks need to sell customer service†. http://www.bankrate.com/brm/news/bank/20051024a1.asp Accessed 21 August, 2012. Sherman, H.D. and G. Ladino. 1995. Managing Bank Productivity Using Data Envelopment Analysis (DEA). Interfaces 25:2 p. 60-73. Wood, J. and P. Berg. 2011. Rebuilding Trust in Banks. Gallup Business Journal. http://businessjournal.gallup.com/content/148049/rebuilding-trust-banks.aspx Accessed 20 August, 2012.