Owens Precision Machinery Essay Example | Topics and Well Written Essays - 6000 words

Owens Precision Machinery - Essay Example The company is a machine shop that has felt a recent surge of demand as the trend of insourcing has felt an increase after the recent recession. While the company is keeping up with the increasing demand, the company is also faces issues of dwindling cash reserves. In order to stay ahead of the competition, the company has to keep inventory in stock because of the longer lead time that suppliers require. For this, the company has to rely on outside investment which makes the President and owner consider whether he should sell off his company. The aim of this paper is to analyze the future move of the company. Owen has two options: he could either sell the company or ask his friend and investor for another loan. In order to decide which option to pursue, Owen would have to analyze his company as well as the industry in which he operates. He needs to find out if the issue of capital shortage can be corrected in the near future and what steps should he take in order to solve the problem . If he feels that the company has no future, then the best course of action would be to sell off the company. In order to recommend the best course of action for Owen Precision Machining, the first part studied business models that would help in analyzing the situation at hand. The models that have been used in the paper are: SWOT Analysis, Risk Reward Analysis, Just in Time Strategy, Vendor Managed Inventory, and Business Process Reengineering. SWOT helped in understanding the current standing of the company both internally as well as externally. The Risk Reward Analysis helped in evaluating the potential rewards in comparison with the risks for the options available for Christopher Owen. Since the company was facing the biggest hurdle in managing its inventory, two strategies that were discussed are Just in Time Strategy and Vendor Managed Inventory. Lastly Business Process Reengineering was used to help guide the organization on how to attain the required changes. SWOT Analysis of the company showed that the company is in a favorable position both internally as well as externally. However, the company has to work on its threats in order to bring the company into a more favorable position. The risk reward analysis revealed that the company is in the growing stages where the risks and rewards are both high. In this position, the company has to manage its operations in such a manner that it should be able to minimize the risk and thus entire the mature stage. Also the best option for OPM under the risk reward analysis is to retain the company but at the same time revise its operational strategy. The biggest issue that OPM is facing in this regard is managing its inventory so that cash is available for the company. For this, the analysis suggests using a combination of Just in Time Strategy and Vendor Managed Inventory. In order to bring about the necessary changes, the Business Process Reengineering model will be followed. Once the company was analyzed throug h the above mentioned models, a set of recommendations were developed for the company. It was recommended that Owen not sell the company but rather retain ownership of the company. The company should ask Benson for a bigger loan in order to implement VMI and JIT Strategy. Chapter One Owen’s Precision Machining is a small machine shop that operates with a total of 15 employees and under the leadership of the President and second generation owner, Christopher Owen. The company develops machine parts for robot prototypes and laboratory automation equipment. Before the economic crisis that hit the world in 2007, more and more companies were outsourcing their manufacturing to emerging countries around the world and chief among them was China. This trend of outsourcing had resulted in a decline

An outline of Modern Chinese Buddhism's response to easterna and Essay

An outline of Modern Chinese Buddhism's response to easterna and western Philosophy - Essay Example witnessed immense interaction and integration of people with Chinese engage in commercial activities with both the west and the East in equal measure. Chinese spread all over the world to the Americas and Europe among other parts of the world while other people from different regions converged in China. As such, Buddhism would change some of it ideologies in order to fit the fast changing society. Iconic Buddhists of the era including Xiong Shili, Liang Shuming and Wang Xiaoxu sought to intergrate some of the western and eastern philosophies in the intrinsic Chinese religion (Zhang 540). Changing a number of features of the religion was realistic in order to position the religion strategically in the already changing world thereby enabling it to enjoy a sense of belonging in the contemporary society (Jianming 44). The response to both the western and eastern philosophies was therefore systematic with the religion’s desire to spread and safeguard both its longevity and values even as it spread to various parts of the world. Fortunately, the incorporation of some of the western and eastern philosophies such as materialism and idealism revitalized Buddhism. The dialogues that the various Buddhists had on the various philosophies coupled with their accommodative approach of the various philosophies helped make Buddhism endear to more westerners thereby making it easy for B uddhists from all over the world to interact with the various people they met in their daily endeavors. Idealism, mind matter dualism and materialism were increasingly becoming predominant philosophies that required appropriate redress in order to position the religion strategically in the society (Huajun and Milligan 29). Buddhism therefore incorporated dialogues on such philosophies with the view to accommodating more people who held various viewpoints thereby growing the influence of the religion. Idealism for example argues that the definition of reality is relative and relies on the mental

Responsibilities of the Graduate Nurse

Responsibilities of the Graduate Nurse Privacy and confidentiality are important aspects of the nursing profession. It is important for the Graduate Nurse to understand and respect the need for patient confidentiality. As healthcare professionals, the nurse’s connection to their patients and colleagues depends on it. Nurses have the ethical responsibility to safeguard the information they obtain whilst caring for a patient. When patients entrust their healthcare and personal information to a nurse, they expect it to be kept confidential (Erickson Millar 2005, p. 1). In most situations, nurses must keep information given to them by patients confidential. However, they are required to report information they receive if they have serious concerns about the clients or someone else’s safety. It is also important to realise that confidentiality is not to be broken unless it is absolutely necessary. It is not something that nurses take lightly. They want to do what is best for the patient and a decision to break confidentiality only happens after a lot of thought, and should be done in consultation with the relevant supervisor. The nurse should only tell those who absolutely need to know, and this is usually a very small number of professional or relevant authorised people. In all areas of healthcare there will be many personal things that as a nurse we will learn about the people that they care for. A nurse will be privy to information regarding a person health, family, social history, personal needs and financial affairs. All of this information is to be regarded as confidential unless consent for the disclosure of such information is given by the patient or as stated earlier the nurse deems that there is a danger to the individual or to someone else. Nurses are only permitted to talk about these things at our workplace with other healthcare professionals who care for the same patient. It is also important to note that when nurses talk about a patients personal details that it is done in a respectful way. All individuals have the right to have their details and personal information kept private. There are laws in Australia which state what nurses can and cannot do with confidential information. Discussing confidential information of a patient in your care to other people outside of the workplace may lead to legal action. When a nurse discloses personal information about their patient they are breaking their duty of care to that patient. Confidentiality is seen as an obligation to the provider of information whereas privacy is an obligation to the source of the information. Confidentiality and privacy require that all parties must ensure that information is restricted to those who genuinely need to know, and that those people should only be told as much as they need to know and no more. For example, a healthcare professional may need to know of the medical condition so that they can provide advice, but not of the identities of the patients involved. Every person has the right to equal recognition and protection before the law. Everyone is entitled to equal and effective protection against discrimination, and to enjoy human rights without discrimination. This applies regardless of a person’s age, gender, race, disability, religion, marital status and a range of other personal characteristics. Scenario- An emergency medicine technician (EMT) responded to an emergency call regarding a possible overdose. On arrival, the patient was found unresponsive and transported to the hospital. The EMT later told a friend that she had helped transport the patient to the hospital for treatment of a possible overdose. The EMT’s friend told another nurse about the medical treatment. The EMT then learned that her friend worked with the patient (a nurse at the other hospital). The patient claimed that the EMT had defamed her and violated her privacy by publicizing information regarding her medical condition and making untrue statements including that she had attempted suicide. The patient was awarded $3,000 in compensatory damages and more than $30,000 in legal fees. Casual sharing of personal and health information regarding a nurse is a failure to respect them as a person. Nurses value the keeping of confidential information between friends, colleagues and other authorised individuals. All nurses should expect that our relationships with one another will allow us to trust that particular private information will not be exposed. Exposure of confidential information can lead to low self-esteem if made public. Everyone has secrets that they don’t want to be made public. Nurses need the benefit of confidentiality when seeking health advice or assistance. In order to support confidentiality of nurses private information, there needs to be respect for an individual’s autonomy and their right to privacy, the promise of information remaining confidential and the benefit that the security of confidentially offers us. Graduate nurses have the right to work in an environment that supports and facilitates ethical practice in accordance with the Code of Ethics for Nurses in Australia (2008) and its interpretive statements. One provision of the code is ‘nurse’s value to management of information’. This statement refers to the management and communication of health information. Graduate nurses are entitled to the same moral, professional and legal safeguards as any other person in regards to their personal information. Personal information is any identifying information about a person that is verbal, written or electronic form. This information can relate to physical or mental health, including family health history. (McGowan 2012, p. 61). Factors that may influence confidential and private communication: Communication is the transfer of information between or among people. The practice of nursing utilizes constant communication between the nurse and the patient, the patient’s family, the nurse’s co-workers, supervisors, and many others. Professional relationships Graduate Nurses are required to care for and safeguard the public. They must practice autonomously and be responsible and accountable for safe, compassionate, person-centred, evidenced-based nursing that respects and maintains dignity and human rights. They must show professionalism and integrity and work within recognised professional, ethical and legal frameworks. They must work alongside other healthcare professionals, carers and families including the community. All nurses must use excellent communication and interpersonal skills. Their communication must always be safe, effective, compassionate and respectful. They must communicate effectively using a wide range of strategies and interventions including communication technologies. All nurses must practice autonomously, compassionately, skilfully and safely and must maintain dignity and promote health and wellbeing. They must assess and meet the full range of essential physical and mental health needs of people of all aged who co me into their care. Self-disclosure In nursing there are many boundaries that one must not cross. Self-disclosure is the easiest and most often crossed by nurses today. Self-disclosure refers to the nurse sharing personal information, experiences, feelings, ideas, thoughts and views with their patient. It can be comforting to the patient because it shows that the nurse has an understanding of the patient’s current situation and reinforces that their experience is not unique. Self-disclosure should only be used if it is deemed as helpful to the patient, aimed to benefit the patient and the focus will not remain on the nurse after self-disclosure has occurred. Self-disclosure can be used to promote and encourage patients to express fears, feelings and experiences. It also shows the patient that the nurse trusts them with personal information, making them feel more comfortable therefore reciprocating that trust. In deliberate self-disclosure the nurse intentionally tells the patient information about themselves. The nurse can tell personal experiences and their personal history or they can intentionally tell their feeling about the patient or the situation. This disclosure gives the patient a glimpse of the nurse’s life and likes. The patient did not ask to see these things; they were the nurse’s decision. Also information that the nurse posts online are another form of deliberate self-disclosure. Scenario- You are the nurse on a surgical unit preparing a woman who is undergoing a mastectomy. She is very upset and says that she feels alone. She is afraid she will no longer be attractive and she may even die. You are the same age as the patient and have also had a mastectomy. You are now healthy and work full time. You remember the challenges you faced when you were diagnoses and wonder if it would be helpful to share your experience with your patient. It is generally not appropriate to disclose personal information to patients. However, after careful consideration it may be appropriate for you to disclose a limited amount of information to the patient. You would firstly acknowledge the patients fears and then explore her grief and focus on her needs. It may then become apparent that it is appropriate to disclose a limited amount of information about your past experiences. The disclosure of personal information provides information, support and hope for the patient. Eg./ in relation to the patient feeling alone, the nurse may refer to a time when she also felt alone. The nurse would then offer information regarding a support group that helped the nurse and other patients in the same situation. Unavoidable self-disclosure is another type of disclosure that a nurse does not have much control over. Pregnancy is something that is disclosed at a certain point, whether the nurse wants to disclose it or not. A physical disability is also hard to hide whether it is a limp or a brace, as these are things that can be seen. A wedding ring or lack of ring show a patient if the nurse may be married. These forms of personal expression are outward expressions that are left to the patient to interpret. Another unavoidable self-disclosure is if a patient sees the nurse at an outside establishment such as a restaurant or the mall. This inadvertent disclosure sheds light on the nurse’s personal life and choices. Accidental self-disclosure occurs when the nurse discloses something by mistake. A nurse’s facial expression or subtle response to a patient is a good example of accidental self-disclosure. Emotions can be hard to control even for the most experienced clinician. Positive uses of nurse self-disclosure occur when the nurse uses the disclosure therapeutically. Always think about what you are going to use therapeutically and use good judgment at all times. A nurse talking about healthy lifestyle habits such as diet and exercise that has worked for them is a positive disclosure. The negatives of nurse self-disclosure is the fact that there is too much self-disclosure by the nurse. Therefore the roles can feel reversed and the patient can feel like they must comfort them. Nurse self-disclosure shows the patient and their family that the nurse is unable act in a professional way. Professional boundaries One thing that most nurses encounter daily is a patient asking them a personal question. Whether it is curiosity or uncomfortable silence, patients ask questions. Many nurses find it hard to redirect or reflect these questions, and end up answering them, especially if it is just casual conversation. Nurses need to practice situations like this so they know how to give a patient centered answer. It is the nurses duty and in the patients best interest to divert all conversation to the patient for a successful nurse patient relationship. Patients often ask these harmless questions not realizing that it is not in the best interest for them. Sometimes not answering the questions might make the nurse seem evasive and closed off. Nurses need to practice so their answers to the questions do not offend the patient that is making casual conversation Confidentiality When thinking about privacy and confidentially, it is important that the nurse questions themselves â€Å"what would I want if it was my personal and health information?’ Scenarios One of your nurse colleagues is expecting and its been decided that you will organize the baby shower. Not having access to co-workers addresses, you only look in the demographics portion of the electronic medical record to obtain this information. You do not look at any clinical information. Would this be OK? Answer: No, even demographic (address, phone number, etc) information is considered protected health information under the privacy regulations and should not be accessed without approval of the patient. You have a very good friend who is a nurse practitioner and is away from the hospital on vacation. While she is out, her breast biopsy results come back. Because she had told you she was having this procedure, you felt it would be the right thing to do out of concern to look up her results and call her with this information. Is this appropriate? Answer: No, just because a colleague chooses to disclose certain portions of her health information with you, it does not mean you have the right to continue and follow up on any related results or findings.

1980-1990 Essay -- Essays Papers

1980-1990 The United States had many significant events occur during this 1980’s. In 1980, Ronald Reagan and Jimmy Carter ran against one another for President. A few months later, Reagan won 43 to 35 million votes over Carter (Bondi 464). This began the "Reagan restoration" period, which was supposed to help get Americans to cut down on abortion, violence and racism (Bondi XI). One year later in 1981 President Reagan was shot in the chest in an "attempted assassination" (Bondi 673). In 1986, the Challenger Shuttle exploded seventy-three seconds after it took off, killing all of the astronauts on board. This explosion delayed the next trip to outer space until the "Discovery Orbit" in 1988 (Bondi 718,736). Finally, in 1988 George Bush and Dan Quale ran against each other for President resulting in a 47 to 40 Bush victory (Bondi 736) Furthermore, throughout the 1980’s, there were several world events that made a mark in history. On July 29, 1981, Prince Charles and Princess Diana were married in Great Britain on a warm summer day in front of millions of viewers around the world. This glorious day was "formally declared a holiday throughout Great Britain (Burrows 432). Also, during this time period women were demanding to have a larger and more respected role in society. On June 9, 1983, Margaret Thatcher, Prime Minister of Britain, was reelected to an even higher position in the House of Commons. She was granted this position mainly due to her outstanding leadership skills during the Falklands War of 1982 (Burrows 443). Lastly, on November 9, 1989, the Berlin Wall was torn apart by those who wanted to integrate "the two Germanies." This allowed the Germans to finally be able to travel "through Hungary and into Australia (Burr... ... in the 1980’s. The University joined the Midwest Collegiate Conference in 1988-89 in hopes to gain a bid to the NCAA games. In 1989, Flyers’ head basketball coach for more than two decades, Don Donoher, was fired from his position. Soon after that, on April 19,1989, the University hired the highly respected, Jim O’Brian (Schweikart). Cathy Song was an amazing poet of the 1980’s. She often uses her own life experiences in her writing. One of her best works was "Picture Bride." This poem is about a twenty-three year old Korean woman who chose to leave home on her own and move to a foreign country with nothing but a picture of the man she has longed to be with. This poem coincides with the 1980’s era due to the fact that it exemplifies how the women of this decade are starting to become very independent and are willing to try and experience new things for themselves.

Generic Strategy – Porter

THEME 8: GENERIC STRATEGIES 1. Introduction. 2. The Porter's approach: competitive strategies (cost advantage, differentiation advantage and specialization). 3. The Ansoff's approach: the Growth Matrix (market penetration, product development, market development, and diversification). 4. An integrating approach.  © Alfonso VARGAS SANCHEZ 1 Hope is not a strategy, specially when internationalizing the company is the intention 2 Strategic Analysis: Compulsory Questions What business is the organisation in? manufacturing/retail, etc. Who do they compete with, and how do they compete? Who are the organisation’s stakeholders?Key stakeholders & their influence. What are the external drivers for change? – PEST model, macro environment. – Five Forces model, micro/industry environment. How does the organisation gain value? – Resource audit, tangible & intangible. – Value Chain and Value System analysis. Assess the balance in the corporate portfolio, BCG ma trix. How should I compete? Porter’s generic strategies: low cost, differentiation, specialization. What are my strategic movements? Mergers/Acquisitions, etc. 3 Mission – Vision – Values PEST analysis Competitive Forces P. C. Industry Attractiveness S C. C. S. P. B (threats & opportunities)Value Chain: activities & linkages F. I. T. D. HH. RR. PR. Value System (linkages): other SBUs (synergies) & suppliers buyers’ value chains Strategy formulation, at three levels: C–B–F Company’s Competitive Position (Resourcebased View): cost advantage or uniqueness (strengths & weaknesses) I. L. OP. O. L. M&S A-S. S. STRATEGY ELEMENTS LEVELS BUSINESS SCOPE RESOURCES & CAPABILITIES COMPETITIVE ADVANTAGES SYNERGIES CORPORATE (1) (1) (1) BUSINESS (2) (2) (2) FUNCTION (3) (3) 5 STRATEGIC ADVANTAGE PORTER’S APPROACH Exclusivity perceived by the customer Position of low costs COMPETITIVE SITUATIONBroad (the whole DIFFERENTIATION sector) Reduced ( only one segment) COSTS LEADERSHIP FOCUS or NARROW SEGMENTATION 6 THE LOW COST PHENOMENON Two basic ways: -Productivity. -Economies of scale & learning/experience. 7 8 9 COSTS LEADERSHIP RESOURCES AND APTITUDES -Sustained investment of capital and favourable access to financial markets. ORGANISATIONAL REQUIREMENTS -Strict control of costs. -Detailed and frequent control reports. RISKS OR LIMITATIONS -Technological change that cancels out the experience gained or investment made. -Competitors who learn easily and rapidly. -Stagnation of the product or of the marketing. Inflation of costs that annuls the previous price differential. -Clearly defined organisation -Special aptitudes for and responsibilities. process engineering. -Incentives based on meeting -Close supervision of quantitative objectives. work and operations. -Products designed for ease of manufacturing. -Low cost of distribution. 10 Reading: â€Å"Designers on quest to build $12 computer† 11 DIFFERENTIATION RESOUR CES AND APTITUDES ORGANISATIONAL REQUIREMENTS RISKS OR LIMITATIONS -Significant aptitudes -Coordination between the functions of R&D, product in marketing and in product engineering. development and marketing. Strong investment -Qualitative assessments in R&D. and incentives. -Prestige in quality -Capacity for and technology. understanding the market -Full cooperation of and how it changes. the distribution -Appropriate channels. organisational structure for -Long tradition in the stimulating and rewarding sector, or a unique creativity. combination of aptitudes obtained in other business activities. -Competitive levels of product prices, in accordance with a strategy of minimum global cost. -The customers no longer value the product's factors of differentiation. -As the industry matures, imitation reduces the perceived ifferentiation. 12 Mention some brands for which you are willing to pay a premium price 13 SPECIALISATION RESOURCES AND APTITUDES -Resources and aptitudes of special application and interest in the company's area of operation. -Dominance of the relevant technology and of the engineering of the product. -Marketing capacity. -Ability in the use of limited resources. -Other competitors are specialized in part of the market of the already specialized company. ORGANISATIONAL REQUIREMENTS -Flexible and efficient organisation structure. -Corporate culture relevant and specific to its areas of specialisation (products and markets).RISKS OR LIMITATIONS -The differences in costs compared with nonspecialized companies are so wide that the advantages of specialisation are eliminated. -Close coordination between -The market in which the functions. company is specialized reduces its differences -Rapid response to changes with respect to the global market. in the environment. 14 15 16 A niche strategy within a declining industry Reading: â€Å"Cassettes linger long after expected demise† 17 Segmentation variables Varieties of products. Types of purchas er. Distribution channels. Geographic areas. Example: olive oil market. 18Segmentation matrix (1) TYPE OF PURCHASER VARIETIES OF PRODUCTS (QUALITY) Olive Oil Virgin Olive Oil Extra Virgin Olive Oil Final customer (bottled product) Restaurants, etc. (bulk product) 19 Segmentation matrix (2) TYPE OF DISTRIBUTION CHANNEL VARIETIES OF PRODUCTS (QUALITY) Olive Oil Virgin Olive Oil Extra Virgin Olive Oil Generic Specific 20 Combining segmentation matrixes (1+2) TYPE OF DISTRIBUTION CHANNEL VARIETIES OF PRODUCTS (QUALITY) Virgin Olive Oil for final customers (bottled product) Extra Virgin Olive Oil for final customers (bottled prod. ) Generic Specific 21 Segmentation matrix (3)GEOGRAPHIC AREA VARIETIES OF PRODUCTS (QUALITY) Virgin Olive Oil for final customers using a generic distribution channel Extra Virgin Olive Oil for final customers using a specific distribution channel National Market (a) International Market (c) (b) (d) 22 The choice of a segment/s ATTRACTIVENESS: within the same i ndustry there are segments with different levels of attractiveness. INTERRELATIONSHIPS: choose the most beneficial combination of segments. SUSTAINABILITY: your business scope should lead to a strong (defensible) position. (1) Structural attractiveness (competitive forces). (2) Size and growth. 3) Position of the company. (4) Advantages in costs or in differentiation. (5) Costs of coordination, of commitment and of inflexibility. Against: (6) Competitors with broader objectives. (7) Imitation. (8) Substitution. 23 Example: olive oil market SEGMENTS / CRITERIA ATTRACTIVENESS INTERRELATIONS SUSTAINABILITY (1) (2) (3) (4) (5) (6) (7) (8) (a) (b) (c) (d) 24 Criticisms of Porter’s framework Hybrid strategies could be employed without â€Å"stuck in the middle†. Cost leadership alone does not sell products. Differentiation strategies can be used to increase sales volumes rather than to charge a premium price.Price can sometimes be used to differentiate. A â€Å"generic† strategy can not give a competitive advantage. Arguably, the resource based strategy has superseded this generic strategy framework. 25 â€Å"A company must produce at low cost, while also innovating; it must deploy the massed resources of a large corporation, while showing the entrepreneurial flair of a small start-up; it must achieve high levels of reliability and consistency, while also being flexible† (Grant, 2012). 26 OPTIONS FOR GROWTH ANSOFF’S APPROACH CURRENT PRODUCTS NEW PRODUCTS ANSOFF’S APPROACH CURRENT PRODUCTS NEW PRODUCTS CASE STUDY:CURRENT MARKETS Market Penetration Product Development CURRENT MARKETS Expansion†¦ †¦of Products NEW MARKETS Market Development Diversification NEW MARKETS †¦of Markets Diversification 27 The Growth Matrix Sub-strategies Existing Market Penetration: -Intensification. -Relaunching. -Imitation. -Reduction of costs/prices. -Disaggregation. Product Development: -New products (R&D, innovation). -New product lines. -New services. MARKETS New Market Development: -New territoriesINTERNATIONALIZATION. -New segments of purchasers. -New distribution channels. -New possibilities for utilization. Diversification: -Concentric (or related). By conglomerates (or unrelated). Existing PRODUCTS New 28 INTERNATIONALIZATION & GLOBALIZATION 29 INTERNATIONALIZATION & GLOBALIZATION Reading: â€Å"China’s budding food industry faces scrutiny† 30 International Strategy Opportunities and Outcomes Identify International Opportunities Explore Resources and Capabilities Use Core Competence Strategic Competitiveness Management Outcomes Problems and Risks International Strategies Increased Market Size Return on Investment Economies of Scale and Learning Location Advantage International Business-Level Strategy (*) Multidomestic Strategy Global Strategy Transnational StrategyModes of Entry Exporting Licensing Strategic Alliances Acquisition Establishment of New Subsidiary Higher Performance Returns Innovation (*) Low cost or Differentiation. Standardization vs Adaptation. Multidomestic vs Global. Management Problems and Risks Strength of Market Drivers Aircraft Computers Automobiles Soft Drinks Toothpaste Retail Banking Book Publishing Baked Goods Low Multidomestic High Global Strength of Cost Drivers Pharmaceuticals Aircraft Computers Automobiles Toothpaste Retail Banking Baked Goods Soft Drinks Low Multidomestic High Global Corporate-Level International StrategiesMulti-Domestic Strategy Strategy and operating decisions are decentralized to strategic business units (SBU) in each country. Products and services are tailored to local markets. Business units in each country are independent of each other. It assumes markets differ by country or regions. Focus on competition in each market. Prominent strategy among European firms due to broad variety of cultures and markets in Europe. Corporate-Level International Strategies Global Strategy Products are standardized across national markets. Decisions regarding business-level strategies are centralized in the home office.Strategic business units (SBU) are assumed to be interdependent. Emphasizes economies of scale. Often lacks responsiveness to local markets. Requires resource sharing and coordination across borders (which also makes it difficult to manage). Corporate-Level International Strategies Transnational Strategy Seeks to achieve both global efficiency and local responsiveness. Difficult to achieve because of simultaneous requirements for strong central control and coordination to achieve efficiency and local flexibility and decentralization to achieve local market responsiveness. Must pursue organizational learning to achieve competitive advantage.International Corporate Strategy When is each strategy appropriate? High Global Strategy Need for Global Integration Transnational MultiDomestic Low Low High Need for Local Market Responsiveness Effective Standardization Coca-Cola McDonalds Barbie: The †Å"All-American† Girl Goes Overseas Barbie is more than 40 years old. Sold in 130 countries. National adaptations: – Physical features. – Costumes. – Activity sets. Standardized physique: – Scaled to 6’2†, 110 lbs. – 38-18-28. Effective Adaptation McMutton Pie in Australia. Wendy’s shrimp sandwich in Japan. Campbell’s noncondensed soups in the UK. Coca-Cola’s 175 ml containers in Japan.Cadillac Seville 1997 Asian edition: Right-hand drive, shorter seats, closer pedals, 10† shorter & retractable mirrors. Limits to International Expansion (beyond political and economic risks) Management Problems Cost of coordination across diverse geographical business units. Institutional and cultural barriers. Understanding strategic intent of competitors. The overall complexity of competition. DIVERSIFICATION Why? Growth, Profitability and Risk Reduction: Don‘t put all your eggs in one basket !! 42 DIVERSIFICATION Three essential tests for judging diversification (Porter): -The attractiveness test: Is the target industry attractive?Use the 5forces model to assess its attractiveness. -The cost-of-entry test: Is the cost of the diversification worth it? Will the diversified firm create enough additional value to justify the cost? -The better-off test: Does the diversification move produce opportunities for synergies? Will the company be better off after the diversification than it was before? How and why? Potential advantages: 1. Economies of scope (cost savings from using a resource in multiple activities carried out in combination). 2. Internal market (for capital and staff). Reading: â€Å"Perils of diversification†. The era of diversification, 50s-80s. – Refocusing, 90s-onwards. 43 DIVERSIFICATION Because of its high risk, many companies attempting to diversify have led to failure. However, there are some good examples of successful diversification: -Virgin Group moved from m usic production to travel and mobile phones. -Walt Disney moved from producing animated movies to theme parks and vacation properties. -Canon diversified from a camera-making company into producing an entirely new range of office equipment. 44 DIVERSIFICATION Reading: â€Å"Toyota tunes up violinplaying robot† 45 Diversification & PerformanceThe findings of empirical research: How do diversified firms perform relative to specialised firms? -No consistent, systematic relationship has been emerged. -High levels of diversification are associated with deteriorating profitability. -Timing is key. Does related diversification outperform unrelated diversification? -Diversification into related industries should be more profitable than diversification into unrelated industries. -Peters and Waterman’s golden rule: â€Å"Stick to the Knitting†. Empirical studies have defined relatedness in terms of similarities: Operational relatedness.Strategic relatedness. 46 Related Di versification Businesses are distinct but their value chains possess strategic â€Å"fit† in operations, marketing, management, R&D. distribution, labor, etc. Therefore, they tend to exploit economies of scope. Tend to (historically) outperform unrelated diversifications. 47 Unrelated Diversification No common linkage or element of strategic fit among SBUs — i. e. , no meaningful value chain interrelationships. Dominant logic: spreads businesses risk over multiple industries, stabilizing corporate profitability (in theory).Strategic approach: any company that can be acquired on good financial terms & offers good prospects for profitability is a good business for diversification. Conglomerates (clusters of businesses under central, mainly financial, management control), such as GE. 48 Example: GE â€Å"Diversification helps to strengthen General Electric; when one business is going badly, the other goes well, which contributes to the stability and growth of the company †. These words of Ricardo Artigas, Vice President of the General Electric Company, clearly reflect the sense behind this trategic option, the result of which is a company configured into twelve divisions: 1. Aircraft Engines; 2. Appliances (domestic electrical appliances); 3. Capital Services (financing services for customers); 4. Lighting; 5. Medical Systems; 6. NBC (television channel); 7. Plastics; 8. Power Systems (electrical energy generation); 9. Electrical Distribution and Control (power cables, transformers, etc. ); 10. Information Services; 11. Motors & Industrial Systems; 12. Transportation Systems. 49 AN INTEGRATING APPROACH Leadership in costs Differentiation Maintenance Growth Restructuring Internal External ExpansionDiversification of Products of Markets Concentric Conglomerate Vertical Integration Horizontal Integration 50 AN INTEGRATING APPROACH GROWTH STRATEGIES Expansion Internal Diversification Expansion External Diversification of Products of Markets Concen tric Conglomerate of Products of Markets Concentric Conglomerate Strategic Advantage Costs Differentiation Readings from the textbook: Pascual & Lagasa -internal growth based on diversification-; Fontaneda & La Casera -external 51 growth based on the expansion of products and markets-. â€Å"Progress is when things get simpler, not more complicated† Bruno Munari, Italian artist. 52

A Good Manager in the Face of Organizational Change Essay

Introduction Every business needs a good manager – may it be a small family business or a large multinational corporation. There is no magic formula for being a good and effective manager – it is a continuing process and becoming one entails knowledge, skills and ability. It is not just a title but also a role that has to be performed and performed well. It is a product of working with and being around all classes of people – management team, clients, co-workers and others – and emanating the lessons learned in order to be better. Changes in management team, changes in the company’s directions, changes in priorities, even the simple changes of supervisors, transfer to other department, or the hiring of a new team member – these are but some of the changes that a staff may have to deal with in the workplace. These are also the major factors that affect any employee’s performance and confidence, which make apparent the need for a good and capable manager – one that can help communicate and successfully enforce management’s plans to the rest of the employees. As a manager, he should explain the reasons for the change and the processes involved. One possible consequence of any organizational change is the decrease in employee’s morale and motivation, which could lead to a decrease in the employee’s performance. This is but one of the many issues that a good manager has to handle. Discussion What is A Manager? A manager is the person who plans, leads and controls the activities of the organization. He balances the demands and requirements of the organization while at the same time, meets the employees’ expectations. A manager works hard to achieve the goals of the company without disregarding employees’ welfare. A manager is often seen as the liaison between the management and the workforce. Among the many responsibilities of a manager is dealing with employees and addressing their issues and concerns. Thus, a manager must also learn to acknowledge and admit employee concerns. These issues could be an employee’s poor performance, sloppy work, negative work attitude or low confidence in the company. In other words, it is the manager’s role to assess and evaluate the employee’s performance. Not only does a manager address employee concerns, he also ensures that the organization’s goals and objectives are met. He plans, monitors and takes the lead towards the realization of business goals.   A manager delegates and coordinates work to his members, for which he must also be accountable. What Makes A Good Manager? Bill Gates recently wrote an article about the attributes of a good manager. One of the traits he mentioned is the need for a manager to be a good communicator. He must be able to convey management’s plans and directions well and ensure that employees understand where the company hopes to be. Bill Gates also wrote that a good manager needs relationships, not only with the executives but most especially with his employees. He must encourage people to be open and give feedback about what they think about the business and the role the manager and the employees themselves play in it. With the varying requirements expected of a manager, it is therefore necessary for one to possess analytical skills, people skills and business skills for him to deliver and perform his functions well. It is also essential for a manager to be resourceful in finding appropriate courses of action to any problem that may arise. Not only do his people depend on him for guidance, management has also entrusted him with this responsibility. Aside from these, he must also be able to exemplify and act-out what he expects from his staff. A good manager sets and more importantly, lives up to the standards. Moreover, being the liaison between management and employees, it is imperative that a manager knows the needs of his people, and what keeps them satisfied and fulfilled in their jobs. Striving to maintain a healthy level of employee morale is no easy task but one that a manager must also focus on. A good manager then should also be approachable as the position may require mediating between management and the workforce. Building good camaraderie requires that a manager be patient and sincere in his efforts. A very stressful role – thus having a good sense of humor never hurts. A good manager has the ability to develop employee skills and improve their morale. He must know how to motivate and obtain loyalty, which is necessary in today’s ever-changing organizations. Organizational Change Heraclitus once said that nothing is permanent but change. This could not be truer in today’s organizations especially with the rapid emergence of an international and global economy. Any organization must learn to thrive and be flexible to meet the ever-changing demands in order to survive. Change has become such an everyday occurrence and an integral part of any company’s life; so much so that employees who are not receptive to such changes can weigh down management’s efforts for growth. Numerous studies have been done on why people, most often than not, resist even the most well-conceived plans of change. Especially in an organization, resistance and skepticism are the most common employee reactions. The negative responses may be because of the possibility of loss, fear of the unknown and disruption of what has become a habit. One common reason of resistance to change is that an individual feels the possibility of a loss – loss of something he values that may result from change. Most often, changes in an organization are structural – they affect job status, lead to additional responsibilities and impose new reporting structures. Restructuring may also require physical relocation and in worse scenario, job termination. With all of these possibilities, imaginary or real they may be, it is but a natural instinct for an employee to reject change. Another reason for resisting change is fear. It is an inherent trait in humans to fear the unknown, the uncertain. Any uncertain situation is never welcome and an individual will avoid having to face such situations as much as possible. With any organizational change, an employee may fear that he may not be capable to meet the demands in the future. He resists because he feels that he does not have the competencies needed for him to function in the new structure. He becomes afraid thus, the negative response even to the most well-meaning plans of change. One other reason why people reject change is that they have become accustomed to and feel more comfortable with the current practice. It has become a force of habit. Many people think things are already fine and do not see the need for change or believe that it is the solution to whatever problem is at hand. Employees may also resist change because they have to learn something new. In many cases, people are reluctant to leave the familiar behind especially if it entails learning something new and presents the risks of failing. A Good Manager in the Face of Organizational Change At one point, I also had to face and deal with an organizational change. The Chief Executive Officer (CEO) of the company I was with decided to concentrate on his other affairs and relinquish his post. His successor, though no less brilliant, is in many ways very different on how things are done and how objectives are met. Their priorities and ways in achieving the company’s vision were very much opposing. This move greatly affected our team since we report and were directly under the CEO’s office. Our team had to take on new responsibilities, transfer some functions to another team and report to a new management team – changing almost everything our team has been used to. The recent movement in the company’s management forced every member of the team to learn to adjust fast but still maintain the same level of efficiency and effectiveness. It is an understatement to say that everyone was on a very high stress level. Most were uncertain of their future and status in the company and wondered whether they will keep their job or would have to be laid-off. It was a very good thing that our manager knew how to handle those changes and helped made things easier to deal with. In the context of organizational change, in order to facilitate a smooth implementation, it is very important that a good manager anticipate and plan well his approach to the possibility of a negative reception. A good manager has to properly communicate the details of the change and make the employees see the need to do things differently. A good manager must inspire and challenge his team to embrace such changes, since a positive and supportive environment yields a more productive and a more committed workforce. Recognizing a staff’s contributions to the organization is fundamental and very important in inspiring employees. Keeping the employee motivated entails various skills, as there are various personalities involved. No one formula can ever be arrived at as to how to motivate employees especially in a dynamically- changing organization, but developing an honest and open relationship is a start. Giving regular, positive, and constructive criticism can also help create an encouraging environment and help boost an employees’ sense of being valued. There are some companies that provide monetary rewards or incentives as a way of showing their appreciation to their personnel. However, this could be very costly and the rewards may quickly be forgotten. This is why this practice must be exercised prudently and must not be the only way of motivating employees. Financial incentives may seem to be the most notable form of motivation but may also cause disadvantages to the company in the long-term. Conclusion   Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   The need for an efficient and effective manager is one issue that all organizations face. Managers not only play a vital part in the realization of the company’s goals but also influence the employees, hence, becoming an even more critical part in the business. Every organization must change in order to improve and cope with increasing industry competition. However, whether the factors prompting such moves may be external or internal, every organization must be able to address any consequence that may arise. Needless to say, employees also play an equally vital role in any organization. Thus, in the context of organizational change, one of the most central, albeit complex consequences is the employees’ response. Being the workforce that keeps the organization alive, it is very important for a good manager to acknowledge the employees’ significance and value; and to show that they are an integral part of the company. Ultimately, any company has much to gain by empowering and recognizing the value of its members. This is why efforts must be taken by a good manager to foster loyalty and keep them motivated in the face of change. In conclusion, let us keep in mind the words of Charles Darwin – â€Å"It is not the strongest of the species that survive, nor the most intelligent, but the one most responsive to change.†

Costume Kyle Parham Punk Essays

Costume Kyle Parham Punk Essays Costume Kyle Parham Punk Essay Costume Kyle Parham Punk Essay Discovery Project History of Costume Kyle Parham Punk Began as a music based subculture in them mid 1970s in England and slowly started to be culturally excepted in America in the mid to late 70s, exactly which region originated punk has long debated and a major controversy within the punk movement. Within the subculture, there are many different factions, such as New Wave, 2 tone, Pop Punk, Hardcore Punk, No Wave, Street Punk, and 01. Many of the sub groups sought to get rid of the frivolous parts of being punk in the later years of the first movement. The Punk culture later dissipated and was dormant until a new version of began to spring up in the United states in the early 90s known as Grudge. Fashion for Punks has always been broken down in to five main areas, clothing, jewelry, cosmetics, body modifications, and hairstyles. Many different sources have been gathered to form what is known as punk fashion such as Glam Rock, Greasers, Mods, and Skinheads to name a few. (Hebdige, 1981) Arguably the most well-known Punk fashion designer Vivenne Westwood, who created a line of fashions in her London punk boutique, was affordable to rich and poor alike. The typical male punk look was a black leather Jacket with long hair or a bald head, tight pants usually Jeans ana rlppea clotnlng. I ne punk Temale style was comprlsea In tne Tlowlng manner, dark makeup, fishnet stockings, tight miniskirts of mostly leather, corsets and shirts, and razor blades as Jewelry. Both men and women would rip there cloths on purpose, then proceed to patch them up with their own do it your self-attitude. Most ccessorys for a shirt were random spots of bright or subdue dyes, safety-pins, huge patches of other fabrics and long lengths of metal chains. (Young rebels of, 2013) I like punk fashion because it is something I feel I understand, it is easy for me to see why it holds such a big standard for some peoples lives. I love the punk aspect of life, from the music to the life style. It is not Just about dressing weird and lessening to weird music, to me, its about standing up for something greater than yourself and believing what you like is good. I feel like I identify with the loud make up, outrageous fashion and the way punks live there life. I speaks to me on a deep level. Due to my limited budget I chose to make one of my own personal shirts in to what I feel modern day punk is. I started with a pink shirt because its a bright color that will attract attention to the person warring it. Then I began to think like a punk and thus started to craft my t-shirt in to something a punk would be proud of. I first cut the collar off of the shirt then a strip down the spine of the shirt along with the sleeves ut slightly off. I then proceeded to replace the spine section with safety pins and wire. I also reattached the sleeves with paper clips with wire as well to give it patched up feel. To continue the Patched and DYI feel I began to work on the front of the shirt making tares and holes all the while patching them with random fabrics and newspaper to give a proper punk vibe. After a lot of trial and error with the newspaper I decided to cut the newspaper. I also used zip ties to bunch shoulders ogether; I used zip ties to give the allusion of spikes on the shoulders which, to me, are an iconic look for the punk youth. Sources: Hebdige, D. (1981). Subculture: The meaning of style. Middleton, Connecticut : Wesleyan University Press. Retrieved from princeton. edu/†achaney/tmve/ wiki100k/docs/Punk fashion. html Young rebels of the 70s. the history of punk style. (2013, March 22). Retrieved from http://mw. . reporte rsvintage. com/decade/70ts-the-look-and-what-happened/139- young-rebels-of-the-70-s-the-history-of-punk-style. html

A Comparative Study of four Toothpaste Brands to develop Strategy for Consumer Sales Promotion Essays

A Comparative Study of four Toothpaste Brands to develop Strategy for Consumer Sales Promotion Essays A Comparative Study of four Toothpaste Brands to develop Strategy for Consumer Sales Promotion Essay A Comparative Study of four Toothpaste Brands to develop Strategy for Consumer Sales Promotion Essay Essay Topic: Marketing Sales promotion has become a ubiquitous element of marketing, and therefore of the customers purchase environment. They offer direct inducements to act by providing extra worth over and above what is built into the product at its normal price. These temporary inducements are offered usually at a time and place where the buying decision is made. It enhances the benefit perception of the product in the eyes of customers. As a result customers purchase more quantity than their immediate requirements. Despite the inbuilt feature of directness, sales promotions are a very complicated and rich tool of marketing with innumerable creative possibilities limited only by the imagination of promotion planners. Sales promotions are often referred to by names of extra purchase-value (EPV) and below the line selling. to purchase a product immediately, either by lowering the price or by adding value. There are institutions like NCH Promotional Services in United States of America and Institute of Sales Promotion in England, which are directly concerned with studies on different issues related to Sales Promotion specially consumer offers. These countries in the west have been especially focusing on this area because they know that it is a significant marketing tool and a big business one that would continue to grow each year. Today sales promotion has become the most cost-effective marketing tool to attract consumer. It is capable of inducing first trials for new launches and breaking loyal customer of competitors brand. Whatever is the objective of a sales promotion offer, they generally show positive results, that too, quite soon. Realising a growing importance of sales promotion in marketing of FMCG, there is a need to understand them in context of each product category, targeting a specific consumer segment, and in a defined market. To enrich the understanding of various issues related to sales promotion, a well-supported research-work should be undertaken on a continuous basis. A central agency or a body solely dedicated for developing this important marketing tool- the sales promotion becomes imperative. Sales Promotion in Toothpaste amounts to lacs of rupees each year, and yet the strategy behind the design of sales promotion scheme is still a mystery. The purpose of this study was to provide insight on the importance of two features while formulating a sales promotion scheme in toothpaste and like category of products Offer itself Mode of Accessibility of the Gift. The study has been conducted in three phases. The first phase consists of literature survey. It helped in defining the concept of sales promotion, the role it plays in consumer buying behaviour. Sales promotion consists of a diverse collection of incentive tools, mostly short-term, designed to stimulate quicker and/or greater purchases of a particular product by consumers or traders. (Kotler, 1988, p. 45). This and other definitions recognize that sales promotion motivates consumers. Also it was observed that in India nothing substantial has been done as far as this issue is concerned. This was one of the main reasons why this research was undertaken. In the second stage of the study, response of some 350 consumers was taken with the help of a structured questionnaire. The respondents were randomly selected from the exit point of the retail outlets in the city of Lucknow. They were asked to rank the eleven categories of sales promotion schemes on the basis of their attractiveness with respect to FMCG products. These consumers were also asked to comment on at least two most attractive and two least attractive sales promotion offers they had ranked. They were probed to highlight the attributes of those offers and were recorded verbatim. From the analysis of the second stage, two significant findings emerged. First, the two most preferred and attractive sales promotion offers out of a total of eleven categories broadly available in the market with the FMCG product categories. Second, the attributes because of which the offers are considered as more attractive than rest of the offers. Once these findings could be generated from the second stage of the research, these were then used in the third stage of the research. In this stage the researcher on the basis of the experience and findings of the second stage of the research, derived four categories of sales promotion offers that were found to be most attractive by consumers. Here it is important to note that these four categories of offers were formulated by visualizing the features, which were present in the top two offer categories. That is, these four were derivations of the top two offers. Similarly, the attributes, which were most preferred, were selected and these were then translated into the four categories of mode of accessibility of the gift offered in the promotion. It was concluded from stage one that the most important attribute for the consumers in an offer is the method by which the gift attached to the offer is available to the consumer. Therefore, four most probable ways to access the gift along with the offer were derived. A group discussion session was also conducted before arriving at final four modes of accessibility. These four derived offers and the four derived modes, along with the four most commonly used brands used by the consumers and the four different pricing of 150gm pack of toothpaste was used to run conjoint analysis in the second stage. Conjoint analysis was used to obtain individual weights on the willingness to purchase toothpaste with given sales promotion offers and mode of accessibility of the gift attached with the offer and in the available price range. This phase consists of conducting pilot study with consumers, applying conjoint analysis technique (keeping in view the multi-attribute nature of sales promotion schemes), designing orthogonal plan cards, determining the sample size; and lastly collecting the data. The last phase of the study deals with analyzing the data through conjoint analysis subroutine of SPSS package, and then using ANOVA to draw inferences. At last, the Strategic implications of survey findings are discussed. The offer/scheme while formulating any consumer sales promotion is of utmost importance. Next to it in importance is the Mode of accessibility of the gift in the offer, which is almost equal to offer as far as score/weights generated by SPSS is concerned. The price of the toothpaste comes next in importance and the least important is the Brand. Thus, we can conclude that it is not the sales promotion offer, which attracts the consumers; rather it is the WAY / METHOD in which the offer is Communicated and Implemented by the company.

A Paper on the Market Pull and Technology Push Factors

I will be reporting on just one of 3M’s many innovative products the post-it notes. I will also highlight the market pull and technology push factors that were considered in developing the innovation. The key terms to be identified in this report are innovation, technology push, and market pull. Innovation refers both to the output and the process of arriving at a technically feasible solution to a problem triggered by a technological opportunity or customer need. Technology push describes a situation where an emerging technology or a new combination of existing technologies provide the driving force for an innovative product and problem solution in the market place. Market pull is the advancement of technology oriented primarily toward a specific market need. Post-it notes are pieces of stationery with a re-usable adhesive strip on the back, designed for temporarily attaching notes to documents and other surfaces. The release of post-it notes in 1980 in the United States was one that was not only innovative for its time but one which captured the needs of consumers in a whole new way. Post-it note became a big success for 3M and was adored by customers. The first and probably most important technology push that resulted in post-it notes is senior scientist Spencer Silver’s 1968 discovery of an adhesive that didn’t act like any others. Instead of forming a film, it is a clear, reusable and pressure-sensitive adhesive. For five years, Silver promoted his invention within 3M, both informally and through seminars, but without much success. In 1974 Art fry perceived the idea of coating the adhesive on paper. He soon realized that this technology would serve well as a note pad. 3M conducted a direct-mail program to the secretaries of CEOs of Fortune 100 companies, and got back letters from CEO’s of companies such as Chrysler and Phillip Morris telling them how much they loved this product (Post-it notes) and asking how they could get more. This was a major market pull factor as 3M now realized that this advancement in technology would satisfy a specific market need. Fry encountered serious technical problems very early. First, there was the problem of getting the adhesive to stay in place on the note instead of transferring to other surfaces. The company didn’t have coating equipment that could be precise on an imprecise backing such as paper. This resulted in further technology push as advances in the technical performance of 3M allowed for the post-it notes adhesive to be perfected as well as a manufacturing process was developed. Fry made sure that secretaries of 3M senior executives got them. Before long, their bosses were borrowing the little yellow pads. This Market pull factor illustrated the need for this innovation in the business place. In 1978 samples of numerous post-it was given out in the city of Boise. 3M discovered that more than 90 percent of the people who tried them would buy them. This market pull factor showed the general market need for this product. After success in Boise, 3M was convinced that the market potential for the yellow note was enormous and, in 1980, post-it notes were introduced nationally. The Managerial Implications * Technical and Market considerations * How to sustain new innovations * Time consumption * How to protect innovation from competitors. Recommendations Managers must take into account during problem solving within a firm, the technical and market factors in order to achieve successful management of technology. * Managers must invest time and money in research and development and other efforts to not only make improvements to commercialized technologies but to continuously endeavor to come out with new technologies/innovations. * Managers must respond to time consumption and sho rten the time it takes them to design, develop and put new innovations on the market. They must decide when to innovate, update, or replace previous technology . They must also develop methods to cope with shorter product life cycles. This can be done through continuous improvement. * Managers must protect new innovations from competitors through the use of patents, trademarks, copyrights, and designs. This will also result in higher profitability for the organization. Conclusion The development of post-it notes was driven both by technological push and market pull factors. These factors resulted in; the recognition of a potential problem, decision of which technologies to use, a feasible solution to the problem, and the final commercialization of the innovation. Managers must learn to cope with the implications that will face them. References http://www. innovation. lv/ino2/publications/leonardo_manual/en/www. innosupport. net/webhelp/wso/ind http://multimedia. 3m. com/mws/mediawebserver? 77777XxamfIVOWwo_Pw5_W7HYxTHfxajYv7HYv7H777777– ex. cfm@fuseactionlearnl_id4240pl_id3558. htm http://www. tu-harburg. de/tim/downloads/arbeitspapiere/Working_Paper_5. pdf http://en. wikipedia. org/wiki/Post-it_note http://www. 3m. com/us/about3M/innovation/archive. html A Paper on the Market Pull and Technology Push Factors I will be reporting on just one of 3M’s many innovative products the post-it notes. I will also highlight the market pull and technology push factors that were considered in developing the innovation. The key terms to be identified in this report are innovation, technology push, and market pull. Innovation refers both to the output and the process of arriving at a technically feasible solution to a problem triggered by a technological opportunity or customer need. Technology push describes a situation where an emerging technology or a new combination of existing technologies provide the driving force for an innovative product and problem solution in the market place. Market pull is the advancement of technology oriented primarily toward a specific market need. Post-it notes are pieces of stationery with a re-usable adhesive strip on the back, designed for temporarily attaching notes to documents and other surfaces. The release of post-it notes in 1980 in the United States was one that was not only innovative for its time but one which captured the needs of consumers in a whole new way. Post-it note became a big success for 3M and was adored by customers. The first and probably most important technology push that resulted in post-it notes is senior scientist Spencer Silver’s 1968 discovery of an adhesive that didn’t act like any others. Instead of forming a film, it is a clear, reusable and pressure-sensitive adhesive. For five years, Silver promoted his invention within 3M, both informally and through seminars, but without much success. In 1974 Art fry perceived the idea of coating the adhesive on paper. He soon realized that this technology would serve well as a note pad. 3M conducted a direct-mail program to the secretaries of CEOs of Fortune 100 companies, and got back letters from CEO’s of companies such as Chrysler and Phillip Morris telling them how much they loved this product (Post-it notes) and asking how they could get more. This was a major market pull factor as 3M now realized that this advancement in technology would satisfy a specific market need. Fry encountered serious technical problems very early. First, there was the problem of getting the adhesive to stay in place on the note instead of transferring to other surfaces. The company didn’t have coating equipment that could be precise on an imprecise backing such as paper. This resulted in further technology push as advances in the technical performance of 3M allowed for the post-it notes adhesive to be perfected as well as a manufacturing process was developed. Fry made sure that secretaries of 3M senior executives got them. Before long, their bosses were borrowing the little yellow pads. This Market pull factor illustrated the need for this innovation in the business place. In 1978 samples of numerous post-it was given out in the city of Boise. 3M discovered that more than 90 percent of the people who tried them would buy them. This market pull factor showed the general market need for this product. After success in Boise, 3M was convinced that the market potential for the yellow note was enormous and, in 1980, post-it notes were introduced nationally. The Managerial Implications * Technical and Market considerations * How to sustain new innovations * Time consumption * How to protect innovation from competitors. Recommendations Managers must take into account during problem solving within a firm, the technical and market factors in order to achieve successful management of technology. * Managers must invest time and money in research and development and other efforts to not only make improvements to commercialized technologies but to continuously endeavor to come out with new technologies/innovations. * Managers must respond to time consumption and sho rten the time it takes them to design, develop and put new innovations on the market. They must decide when to innovate, update, or replace previous technology . They must also develop methods to cope with shorter product life cycles. This can be done through continuous improvement. * Managers must protect new innovations from competitors through the use of patents, trademarks, copyrights, and designs. This will also result in higher profitability for the organization. Conclusion The development of post-it notes was driven both by technological push and market pull factors. These factors resulted in; the recognition of a potential problem, decision of which technologies to use, a feasible solution to the problem, and the final commercialization of the innovation. Managers must learn to cope with the implications that will face them. References http://www. innovation. lv/ino2/publications/leonardo_manual/en/www. innosupport. net/webhelp/wso/ind http://multimedia. 3m. com/mws/mediawebserver? 77777XxamfIVOWwo_Pw5_W7HYxTHfxajYv7HYv7H777777– ex. cfm@fuseactionlearnl_id4240pl_id3558. htm http://www. tu-harburg. de/tim/downloads/arbeitspapiere/Working_Paper_5. pdf http://en. wikipedia. org/wiki/Post-it_note http://www. 3m. com/us/about3M/innovation/archive. html

Assess the extent to which manufacturing in China can compete on a Essay

Assess the extent to which manufacturing in China can compete on a global scale. Illustrate your argument with different types o - Essay Example These were originally set-up on the south china coast near Hong Kong and opposite Taiwan. The 1990s was the actual boom decades in china’s introduction to foreign capital. About 70 percentages of FDI flows to china are in developed businesses. This was a reply to a rising political commitment by the Chinese administration to market-oriented reform, the continued creation of special economic zones and strong domestic development and other shareholder incentives. New worldwide economic slowdown and U.S recession are forcing a lot of U.S companies to re-evaluate their manufacturing policy in order to compete successfully in the market. China has turn into a preferable and logical option. There are a number of methods to doing manufacturing in china. â€Å"In china, there are many industrial parks with all the needed infrastructure- electricity, water, telephone, transportation, customer service, shipping service, bank branches, government service and security† (Michael Yih -chung Shen, 2004. P. 118). Presently china has a part of the world trade organization has skilled 23 successive years of development in its gross domestic product. This paper analyses the importance of manufacturing competitiveness in China and its influence on the global market, including aerospace, apparel/clothing, automobiles, and electronic goods. Competitive strength of China in manufacturing field: China’s move to the global centre for manufacturing is based on numerous factors such as the eastward immigration of manufacturing facility, the fact that china is already the world’s number one manufacturer for more than 100 products in terms of quality and its complementary position in terms of financial levels from east to west. The geographical attentiveness of exports and imports in china is highly rough. It is focused in the coastal regions. According to Jintong Lin, Xiongjian Liang and Yan Wan in his book Telecommunications in China: development and prospects says that â€Å"The development of china’s telecommunication manufacturing industry is closely linked with the development of china’s telecommunication industry† (Lin, et al, 2001, P. 74). In the late of 2000s china was the second largest nation in the world in terms of purchasing power parity GDP and it was the third biggest trading state. In the primary production, china was the main producer of wheat, rice, cotton, red meat, coal, tobacco and aluminium. In the case of manufactures, china produced about 60% of the world’s bicycles, 70% of the world’s toys, 40% of the world’s mobile phones and 50% of the world’s motorcycles. In addition to being the world’s top producer of LCD screens and TVs, china created above a third of the world’s air conditioners, luggage, computer monitors and microwave ovens. It also creates above 50% of the world’s cameras and shoes, and regarding two-thirds of all DVD players. "The succ ess of home-grown companies rests in equal measure on the vision of their strategic management and the competence of their labourers. While China indeed possesses a vast pool of workers, few of them are able to compete in today’s global economy" (Wyne, 2007). A major feature of china’s competitive benefit as a site of export-oriented manufacturing production is a low-cost, huge and highly creative labour force. According to James Riedel, Jing Jin, Jian Gao in his book How China grows: investment, finance, and reform says

Use of the scanning electron microscopy in the food industry Research Paper

Use of the scanning electron microscopy in the food industry - Research Paper Example The capabilities of SEM in foreign body identification make the process quite valuable to the food industry. The food industry operates in a spectrum that requires utmost cleanliness and absence of contamination. In essence, the discovery, as well as identification of foreign bodies in food compounds, is a vital activity, which contributes to overall food safety and the assurance of food quality (Smith, 1993). The incident of foreign bodies in food compounds and products can produce a number of dire consequences, which range from process down-time, to consumer complaints that negate an organization’s reputation, to expensive product recalls or litigation. This paper will examine the use of scanning electron microscopy in the food industry discussing its effectiveness in detecting and identifying foreign bodies in food compounds and products. Background In the US, the FDA keeps a close eye on product recalls and categorizes the severity of risks posed by food contaminants. For example, foreign body contamination such as through metal particles or glass fragments, warrants a Class II product recall, which refers to a situation where exposure or ingestion of violative products could cause temporary or medically reversible negative health implications (Vierk, Falci, Wolyniak & Klontz, 2002). Notably, product recalls within the food industry are not infrequent events. ... Recalls related to allergen threats represent at least 36% of all recalled food products. In other countries such as the UK, nearly half of prosecutions related to food faults have been linked to contamination with foreign matter. In the UK, between 1988 and 1994, foreign matter contamination accounted for the largest grounds for defect prosecutions (Graves, Smith & Batchelor, 1998). These instances are viable indicators of the seriousness of food contamination in the food industry. Particulate contamination of food in the industry can occur from various sources. Prior to food purchase, this could include processing issues, for instance, wear particles form conveyors or breakages in the processing plants. Packaging materials, as well as interactions during the storage process, are also noteworthy sources of contamination. Notably, contamination of food products can also occur through parts of the food product, for instance, bone chips found in meat products. According to Lewis (1993) despite quality assurance measures established by food manufacturing and retail stakeholders, contamination can take place subsequent to product purchase within consumers’ homes. Deliberate contamination also occurs for purposes of sabotage or nuisance. Therefore, the detection of foreign bodies in food substances is a critical part of quality assurance and deterring adverse health occurrences in consumers. This detection relies on a variety of established techniques, which include among others X-rays, metal detection and ultrasound (H?ggstrom & Luukkala, 2001). Despite the mode of detection, whenever foreign matter is found in food, two principal questions

Safety Management Essay Example | Topics and Well Written Essays - 1000 words - 1

Safety Management - Essay Example By carrying out a safety and healthy checkup in a given organization, they could become part of its daily running that would ultimately see to the creation of a better image for both the organization and its workers. In 1997, plant XYZ made a lot of losses that amounted from a high injury and illness case in the manufacturing company. In just a year, the company had a direct loss of nearly one million U. S dollars resulting from injury and illness alone. These losses greatly eat into the company’s profit, which ultimately lowers its profit margin every year. Thus, there is need for the company to reduce the injury and illness cases by fifty percent in order to increase its profits. A reduction in these cases would greatly increase the company’s profit margin by a minimum of two point five percent. At the same time, these safety systems would also benefit the workers in a great way. The illnesses, fatalities and injuries incurred at the workplace result in a lot of pain and suffering for both the workers and their families. They end up costing these families much of the money that they had worked so hard for. Thus, by putting in place these safety systems, both the company and its e mployees would be saving a lot of resources that they would otherwise use in nursing these injuries and illnesses. There are several crucial elements that should be taken into consideration in ensuring that an effective health and safety system is in place. The first element is management commitment in the system as well as employee involvement. The management of any given organization should be committed wholeheartedly to seeing the safety of its workers. Intervention by the management into these issues would reduce the severity of injuries gained at the workplace that would ultimately alleviate a lot of financial burdens for both the company and its workers. By becoming involved in this

Music Study Essay Example | Topics and Well Written Essays - 500 words

Music Study - Essay Example Recorded on a piano, roll the â€Å"Maple Leaf Rag† was named after a short-lived Sedalia social club and â€Å"he gave the genre its iconic masterpiece. It was also ragtimes biggest hit. The phenomenal success of the Maple Leaf Rag sparked a nationwide ragtime craze.† (Levang) â€Å"Three Dances† by Susato, the Renaissance Flemish composer, instrumentalist and publisher, celebrates dance music. The three pieces include simple but artistic arrangement of dance music. â€Å"Tielman Susato...established himself in Antwerp, c. 1529, as music copyist, flutist, and trumpeter, and later as publisher. In 1543, he produced the Premier Livre des chansons à   quatre parties. . ., including eight chansons by himself.† (Reese, 290) Thus, this paper makes a comparative analysis of the two celebrated musical pieces of different period and category. â€Å"Maple Leaf Rag† (1916) by Joplin has been celebrated as a multi-strain ragtime and it is adorned with athletic bass lines and upbeat melodies. There are four parts in the piece and each of them has a recurring theme striding bass line with abundant seventh chords. The piece, which has a single movement or section, belongs to the genre piano piece with the instrumentation of piano and has a romantic genre piece style. â€Å"The explosive popularity of the Maple Leaf Rag...was founded on fortuitous circumstance... It was in all ways an unlikely combination. And yet it happened... Joplin wasn’t the only composer of ragtime in the 1890s, or even the first one.... But Joplin was the decisive ragtime composer, the one whose musical imagination gave ragtime its finest expression.† (Levang) The music combined march tempos, minstrel-show songs, and the ‘ragged" or syncopated rhythms. The syncopation of the rhythms is especially evident in the transition betwe en the first and second strain and it was impressively original at the time of its composition. The careful construction of the ragtime tune in the piece excels all

Flight( I choose the Bald eagle) Research Paper

Flight( I choose the Bald eagle) - Research Paper Example Further topics explored in this research work include the food habit and the challenges faced by Bald Eagles. In short, this research work attempts to provide overall information on one among the most important predators in the sky, i.e., Bald Eagle. Generally, human encroachment affects the ecological balance and sustenance of life. More and more endangered species are at the edge of extinction and the human race is responsible for the same. Within this scenario, the challenges faced by birds like Bald Eagles are unnoticed because human beings provide less importance to this problem. Still, the attempt to retrieve of Bald eagle (mainland of North America) population is noteworthy because the same is an important epoch within the effort to maintain bird population and to save birds from extinction. Thesis statement: The research on Bald Eagle proves that this bird has some peculiar characteristics, its habitat includes wetlands with abundant supply of fish, its food habit includes ca rnivorous (primarily fish), and it faces challenges like human encroachment on habitat, pesticides, and hunting. This section of the research work is broadly divided into: general information, habitat, food habit, and challenges. General information: In real sense, this bird is not bald or with fewer feather on its head. Instead, the name originates from the fact that the color of this bird’s head is white. ... To be specific, female birds are comparatively larger than male birds. These birds have strong legs and toes, most helpful to snatch their prey and to slice meat. This peculiarity is helpful for this bird to have dominance over its prey. Besides, these birds are seen in almost all parts of the mainland of North America. [Untitled figure of population distribution of Bald Eagles in North America]. Retrieved November 12, 2013, from: http://www.mbr-pwrc.usgs.gov/id/framlst/i3520id.html The difference between mature and immature birds of this type is visible because immature birds are with black color on their beaks. On the other side, the mature birds do not have any color variation on their beaks because the dominant color is yellow. One can see that, â€Å"Bald eagles are one of the largest raptors, or birds of prey, in North America† (Magby, 2012). These birds belong to sea eagle variety and they build large nests on tall trees. In addition, this bird’s fame is related to its status as the national bird, within the context of US. Habitat: The main habitat of this bird variety is wetlands, including coastal areas, riverbanks, large lakes, and other type of large water bodies. One can see that this bird selects these areas as main habitat because sustenance and reproduction are important. To be specific, these birds build their nests on tall trees near to water bodies, including wetlands. Besides, abundance of fish variety in wetlands attracts this bird variety to these areas. On the other side, these birds never provide any special importance to tree species. Instead, almost all tall trees are used for nesting purpose, disregarding species. Besides, these birds provide ample importance

Safety Management Essay Example | Topics and Well Written Essays - 1000 words - 1

Safety Management - Essay Example By carrying out a safety and healthy checkup in a given organization, they could become part of its daily running that would ultimately see to the creation of a better image for both the organization and its workers. In 1997, plant XYZ made a lot of losses that amounted from a high injury and illness case in the manufacturing company. In just a year, the company had a direct loss of nearly one million U. S dollars resulting from injury and illness alone. These losses greatly eat into the company’s profit, which ultimately lowers its profit margin every year. Thus, there is need for the company to reduce the injury and illness cases by fifty percent in order to increase its profits. A reduction in these cases would greatly increase the company’s profit margin by a minimum of two point five percent. At the same time, these safety systems would also benefit the workers in a great way. The illnesses, fatalities and injuries incurred at the workplace result in a lot of pain and suffering for both the workers and their families. They end up costing these families much of the money that they had worked so hard for. Thus, by putting in place these safety systems, both the company and its e mployees would be saving a lot of resources that they would otherwise use in nursing these injuries and illnesses. There are several crucial elements that should be taken into consideration in ensuring that an effective health and safety system is in place. The first element is management commitment in the system as well as employee involvement. The management of any given organization should be committed wholeheartedly to seeing the safety of its workers. Intervention by the management into these issues would reduce the severity of injuries gained at the workplace that would ultimately alleviate a lot of financial burdens for both the company and its workers. By becoming involved in this

Flight( I choose the Bald eagle) Research Paper

Flight( I choose the Bald eagle) - Research Paper Example Further topics explored in this research work include the food habit and the challenges faced by Bald Eagles. In short, this research work attempts to provide overall information on one among the most important predators in the sky, i.e., Bald Eagle. Generally, human encroachment affects the ecological balance and sustenance of life. More and more endangered species are at the edge of extinction and the human race is responsible for the same. Within this scenario, the challenges faced by birds like Bald Eagles are unnoticed because human beings provide less importance to this problem. Still, the attempt to retrieve of Bald eagle (mainland of North America) population is noteworthy because the same is an important epoch within the effort to maintain bird population and to save birds from extinction. Thesis statement: The research on Bald Eagle proves that this bird has some peculiar characteristics, its habitat includes wetlands with abundant supply of fish, its food habit includes ca rnivorous (primarily fish), and it faces challenges like human encroachment on habitat, pesticides, and hunting. This section of the research work is broadly divided into: general information, habitat, food habit, and challenges. General information: In real sense, this bird is not bald or with fewer feather on its head. Instead, the name originates from the fact that the color of this bird’s head is white. ... To be specific, female birds are comparatively larger than male birds. These birds have strong legs and toes, most helpful to snatch their prey and to slice meat. This peculiarity is helpful for this bird to have dominance over its prey. Besides, these birds are seen in almost all parts of the mainland of North America. [Untitled figure of population distribution of Bald Eagles in North America]. Retrieved November 12, 2013, from: http://www.mbr-pwrc.usgs.gov/id/framlst/i3520id.html The difference between mature and immature birds of this type is visible because immature birds are with black color on their beaks. On the other side, the mature birds do not have any color variation on their beaks because the dominant color is yellow. One can see that, â€Å"Bald eagles are one of the largest raptors, or birds of prey, in North America† (Magby, 2012). These birds belong to sea eagle variety and they build large nests on tall trees. In addition, this bird’s fame is related to its status as the national bird, within the context of US. Habitat: The main habitat of this bird variety is wetlands, including coastal areas, riverbanks, large lakes, and other type of large water bodies. One can see that this bird selects these areas as main habitat because sustenance and reproduction are important. To be specific, these birds build their nests on tall trees near to water bodies, including wetlands. Besides, abundance of fish variety in wetlands attracts this bird variety to these areas. On the other side, these birds never provide any special importance to tree species. Instead, almost all tall trees are used for nesting purpose, disregarding species. Besides, these birds provide ample importance

Role of Entrepreneurship and Innovation Essay Example for Free

Role of Entrepreneurship and Innovation Essay They have employed existing means of production differently, more appropriately, more adventurously. They have â€Å"carried out new combinations†. They are entrepreneurs† – Joseph Schumpeter (Lumsdaine and Binks, 2007). Entrepreneurship is a procedure through which individuals identify opportunities (problems that need to be solved or unmet needs) in the market place, allocate resources, initiate change by being innovative and creative and create value through solutions. One of the Factors of Production to produce goods or services is Enterprise with Land, Labour and Capital; an entrepreneur combines all other factors of production by enterprise, which is actually problem solving, risk taking and creativity, to come up with innovative products or services. â€Å"Innovation is the ability to see change as an opportunity not a threat†. (Steve Jobs,2010). It is not necessary that Innovation is something completely new which is stated as ‘Discrete Change’ by Joseph Schumpeter, it can also be a ‘Gradual Change’, that is a product or service which is better than what was there before (Lumsdaine and Binks, 2007). It can be called a process by which an Idea or invention is translated into a product or service for which people will pay and perceive it as being new. Entrepreneurship is incomplete without Innovation as Steve Jobs said, â€Å"Innovation is the specific instrument of entrepreneurship. The act that endows resources with a new capacity to create wealth. †. (Steve Jobs,2010). Economic Development can be defined as the development of economic wealth for the well being of a country’s inhabitants. It implies progressive changes in the socio-economic structure of an economy, change in the distribution pattern of income, adoption of new technologies, creation of jobs, transition from agro-based to industry-based economy and general improvements in living standards. According to Lumsdaine and Binks,â€Å"In the context of entrepreneurship, it is creativity that leads to Innovation, that is development of new products and processes which when innovated replace the traditional and previous versions. Creativity leads to a greater fulfillment on an individual basis as we use our imagination to create our new horizons for what we do in our lives. By imagining what we could be and achieve, we move beyond the boundaries we have previously set for ourselves. Innovation can be seen as practical application of creativity in an organization. † (Lumsdaine and Binks, 2007) So Innovation is actually the product of Creativity and Problem Solving with the help of Entrepreneurship. â€Å"Entrepreneurs are the catalysts that spur the economy with their innovations and technological change† – Joseph Schumpeter (Lumsdaine and Binks, 2007). Entrepreneurship leads to Economic Change and economic development through creative destruction. When the Entrepreneurs sell their Idea, the Idea is a solution to a problem and is a need that has not been met before which means there was a gap in the market for that product or service which he innovated, consumers buy it because there is a demand for it which the entrepreneur realized and innovated it and as more and more consumers buy it, more will be the improvement in Living Standards of the inhabitants of the Economy; in conclusion, entrepreneurs showing their creativity solve a problem and innovate a product or service which benefits the economic development of an economy directly and indirectly. Wal-Mart Stores is a relevant example for understanding the relationship between Entrepreneurship, Innovation and Economic Development, the company which is ranked no. 18 in the Forbes List of â€Å"Global 2000 Leading Companies 2011†. Samuel Moore Walton is one of the most successful entrepreneurs who made it possible in less than half a century. He founded the Company in 1962 when he opened the company’s first discount store in Rogers, Arkansas, USA after watching a market gap of Discount stores in his State of Arkansas. He just figured out a problem that people in the urban areas have to pay higher prices at stores in the city center since the country side is far away for the consumers to go there and the stores used to take an advantage of that and charge higher prices. Sam Walton imagined using his creativity, what if there is a discount store in the city which buys everything in bulk from the country side and uses its own transport for delivery of good to the store, would the consumers buy from there at lower prices rather than going to other stores in the city with higher prices. He just used his creativity to solve the problem and Innovated world’s first and most successful Discount Store, Wal-Mart. Sam Walton, in his autobiography, said, â€Å"If you think about it from the point of view of the customer, you want everything: a wide assortment of quality merchandise; the lowest possible prices; guaranteed satisfaction; friendly, knowledgeable service; convenient hours; and a pleasant shopping experience. You love it when a store exceeds your expectations, and you hate it when a store inconveniences you, gives you a hard time, or pretends you’re invisible. (2011). When he opened his first Wal-Mart store, no one imagined he was introducing a retailing formula that within a generation would impact the lives of millions of people. Wal-Mart Stores grew gradually but at a good pace and then reached to the position it has achieved today. In 1975, it employed only 7500 employees, 125 stores with Sales of $340 billion. In 1983, The Forbes Magazine ranked it no. 1 General retailer for the eighth year straight. In 1991, Wal-mart became an international supermarket chain with more than 1200 stores and more than 200,000 employees. Wal-Mart launched Sam’s clubs which was also a success and reached 1995 stores, 239 supercentres, 433 Sam’s Clubs and 276 international stores with 675,000 employees by the end of 1995. By 1997, Wal-Mart Stores had entered into another part of the world, which is China and was taking Environmental friendly measures and also became the largest private employer in the US with 680,000 employees and additional 115,000 international employees serving 90 million customers per week worldwide. By the end of the 1990s, Wal-Mart had opened stores in Korea and Germany and had become the largest private employer of the World with total of 1,140,000 employees. By 2004, Wal-Mart had been declared as the third most admirable company in the US by Fortune Magazine, ranked among the companies with â€Å"Top 25 Diversity Recruitment Programs† and was awarded the â€Å"Corporate Patriotism Award†. In 2005, The Wal-Mart Foundation started working much actively and donated $18 million for US hurricane relief efforts and the Company employed more than 1. million employees and owned 3800 Stores in the US and 3800 International Stores with Annual Sales of $312. 4 billion and existed in 16 countries. Today, Wal-Mart Stores owns 9826 stores in 28 countries with 2. 1 million employees and serves more than 176 million customers annually. Walmart Foundation now is too active and donates largely in relief efforts and for causes; it has separate programs for different fields like Health, Disable people and Education (Wal-mart Stores, 2011). Sam Walton said it best, â€Å"If we work together, we’ll lower the cost of living for everyone†¦we’ll give the world an opportunity to see what it’s like to save and have a better life. † (2011). This was the innovation mainly in his Idea of Discount Stores to save people’s money, to help them live better was the goal that Sam Walton envisioned when he opened the doors to the first Walmart (2011). If his vision was to help people live better which means improving their living standards, then there is no doubt that how much Wal-Mart would have contributed towards positive economic development just because of Sam Walton’s entrepreneurship and Innovation. A company that employs 2. 1 million people cannot be questioned for its contribution towards economic development. Since it generated a lot of employment opportunities the economy was benefited in the form of expenditure on goods and services by the employees; moreover, all the employees working there earn a salary from Wal-Mart and then spend it on goods and services in their own economies. Expenditures like education and health increase the demand of goods and services in the economy leading to economic growth. This has lead to increase in the economy’s PPF outwards as A. D of the economy has increased. On the basis of the figures provided in the 2010’s Annual Report of Wal-Mart Stores and the World Bank’s statistics of the US’s GDP of the year 2010, Wal-Mart Stores had contributed approximately 2. 8 percent to the Annual GDP of the US in 2010. (Yahoo Finance and World Bank, 2011). This Calculation can be supported by the Statistics provided by the website of Wall-Mart Stores, that in 2010, Wal-Mart’s sales were $307. billion in U. S. retail sales as the  next five largest U. S. retailers combined  sales of $324. 5 billion: Kroger ($78. 3 billion), Target ($65. 8 billion), Walgreen ($61. 2 billion), Home Depot ($60. 1 billion) and Costco ($58. 9 billion). In 2005, almost half (46%) of Americans lived within 5 miles of a Walmart or Sams Club, and 88% lived within 15 miles of a Walmart of Sams Club which also shows the contribution of Wal-Mart towards U. S. ’s economy and in 2011, every $45 dollars spent in the U. S. economy, almost $1 was spent on a purchase at a Walmart. (Wal-mart Stores, 2011). Therefore, the presence of Wal-mart in the US economy generated income not only for the employees but for the economy as a whole. Among all of the great scholars of entrepreneurship, Joseph Schumpeter is the only one who has explained properly the relationship between Entrepreneurship, Innovation and Economic Development. According to Lumsdaine and Binks (2007), â€Å"The crucial contribution made by Joseph Schumpeter in The theory of Economic Development (ref. 2. 1) was to highlight the entrepreneur’s role as the catalyst for economic development. This contribution connects entrepreneurship, creativity and economic development. To understand the actual and potential impact of entrepreneurship, it is important to consider his analysis. Schumpeter portrayed any economy as a collection of enterprises and business where each represented a particular combination of production factors in the form of machines, people, land, premises, finance, and so on, in some sense every business relied for its market upon the successful activities of all others. This interdependence through customer demand meant that changes in the nature or level of economic activity would be caused only when a new combination of factors of production was introduced. The diverse operations of Walmart did not only benefit the US but has also contributed to economic development of under-developed and developed countries of Africa. According to Brown and Sander (2007), large multinational supermarket chains are rapidly expanding in developed and developing economies. These supermarket chains tend to import agriculture products from developing and under-developed economies; this is due to the advantage developing and under developed countries offer them in quality and prices. Which in a way is good for the development of the under developed and developing countries. According to Brown and Sander (2007), â€Å"In the continent of Africa, where small farmers account for both 90 per cent of agricultural production and 73 per cent of Africa’s rural poor, access to valuable international markets could play a crucial role in wider poverty reduction†, most Multinational Supermarket chains buy Fruits and Vegetables from small holder farmers of Sub-Saharan Africa which also increases exports of these poor countries resulting in higher economic development of their country by improvement in their living standards. According to Stokk (2007), â€Å"Supply chain development initiated by supermarkets can help farmers escape the low productivity trap. Supermarkets face a short run cost, but gradually benefit from the agricultural skill upgrading in terms of increased market share. Our result suggests that when farmers do not meet the required standards, supermarkets have an incentive to invest in farm assistance programs that improve the productivity of local suppliers. Supermarket expansion not only affects farmers in the supply chain, but also has consequences for the rest of the food retail sector. Traditional retailers face increased competition and potential loss of market share, but may benefit from foreign supermarkets through spillover effects of the latest retail techniques. † (2009). Higher productivity and latest retail techniques do affect the economic development to a great extent. In the same article Stokk said, â€Å"The value of local purchases made to operate the Wal-Mart stores and facilities such as tilities and business services. The value of goods sold by local manufacturers to Wal-Mart, The types of Wal-Mart facilities present within the MSA (Metropolitan Statistical Area), while the price effects from retail stores can be significant, other facilities such as distribution centers can also have positive economic impacts. † In conclusion, this essay has clearly analysed the relationship between entrepreneurship, innovation and economic development and has also briefly explain the role Creativity and Problem Solving play in this relationship. In this relationship between entrepreneurship, innovation and economic development, Innovation is the base, since economic development is influenced by entrepreneurship through Innovation. However, it is not necessary that all entrepreneurs benefit the economic development; it can only have a positive implication on economic development if there is innovation. And for innovation to effect the economic development positively with entrepreneurship, the entrepreneur should be creative in problem solving. Creativity is a foundation of this relationship and problem solving is an essential tool for this relationship to come over difficulties and carry on with the flow from entrepreneurship to positive economic development through innovation. However, long term economic development cannot lack of innovation and entrepreneurship, simultaneously, as tools of innovation, creativity and problem solving play a vital role in the whole process. Word Count: 1651 words without referencing.