Corporate Governance Evidence from Private Equity

Question: Discuss about the Report for Corporate Governance of Evidence from Private Equity. Answer: Part 1 - To: Chairman of the Board From: Mr. XXX (Corporate Governance Consultant) Date: 8th August 2016 Re: Roles and Responsibilities of CEO v. Roles and Responsibilities of a Director Sir, This is to bring to your attention that, financial crisis is a way of bringing corporate governance to the forefront. It has been noted currently that many issues take place within an organisation due to lack of defined roles, responsibilities and duties of the companys director as against the duties of the Chief Executive Officer (CEO). According to the Australian Financial Review, it was reported on 14th April, 2016 that many arguments have taken place between the directors and the CEOs due to the lack of their defined roles and responsibilities in the organisation. This report draws attention to the need of separation of powers between the duties of CEO and the duties of the directors. Additionally, this report includes specific recommendations on the separate roles of directors and the CEO. Report: Duties of Directors: A director is the most influential person in the company. Despite of the influence and charisma that is associated with their personality, they are still restricted by rules and regulations in the given organisation (Harford, Mansi and Maxwell 2012). In Australia, the duties of the director are laid in the Corporations Act. As a director, one has the duty to use their powers with care and diligence that is expected from any other reasonable man (Tricker 2015). A director should exercise his powers and duties in good faith and in the best interest of the company. Thus, it is expected from a director to act in the best interest of the organisation. Additionally, the director should not trade while the company is declared insolvent (McCahery, Sautner and Starks 2016). An insolvent company is the one who is unable to pay the debts of the company when they are due. It is a legal offence, if the director is found trading while the company is declared insolvent. Thus, one may conclude that the director of a company is the one who makes the organisation work and has the duty to keep the records of the company. In short, we may consider him as the backbone of the company (Acharya et al. 2013). Duties of CEO: A CEO is the top executive having the responsibility for the management and operations of business. The CEO is the one who has the duty to oversee the working and functioning of all the department and divisions in the company (Erkens, Hung and Matos 2012). The CEO has a wider and broader set of duties and role within an organisation such as setting up of annual budget, goals and targets of the organisation and the goals of the management. The CEO serves the board of directors, allowing them to create strategies that support the Board (Westphal and Zajac 2013). For example, if the Board sets the goal of paying dividends, the CEO will reserve the cash of the company rather than than buying assets or paying debts. In a non-profit organisation if the board sets the revenue goal, the CEO will focus on the development of fund raising goals. Board v. CEO The board of directors have the legal responsibility of ensuring that a business meets its aims and objectives. They are guided and restricted by laws that are imposed on them; they cannot act beyond the defined laws (Claessens and Yurtoglu 2013). The rules that impose a prohibition on the Board narrow their scope of using dictatorship on the broad goals of the organisation. Board members serve many positions at the same time, depending on whether they work for a profit or non-profit organisation or with the vice chair of the company. If a meeting is conducted and the CEO sits on the Board, then he shall be subordinate to the chairperson of the Board (Nini, Smith and Sufi 2012). The Board has the authority to hire, terminate or direct its CEO. At many non-profit organisations, directors who are appointed for a short-term period do not take many responsibilities, allowing the CEO to make most of the day-to-day decisions of the management, including firing, hiring and purchasing (Hermalin and Weisbach 2012). The Board carefully reviews the work of the CEO and takes pre approval on major initiatives on a quarterly or monthly basis. Hence, it may be said that it is the Board that has the ultimate authority of all the decisions that is taken in the organisation. The board has the authority to over ride all the decisions of the CEO. The CEO does not have the authority to refute the request of the Board unless the Board violates any legal provision (Liu and McConnell 2013). In smaller organisations, the Board has the authority to give their final signature over bills and cheques, while in the bigger organisations the CEO can give their final signature and enter into contracts. Hence, it may be said that the CEO has the ultimate responsibility of the organisation when it comes to management of the assets of the company. The CEO can sign the tax return if the treasury of the corporation is not present (Liu, McConnell, and Xu 2015). Recommendations and Conclusion: Relying on the factors that is mentioned earlier, one may conclude that there is lack of clarity between the roles and responsibilities of a director and the CEO. There is no seemingly difference between their duties and roles and this becomes the reason of disparity between the two. Since the directors of the company have legal onus on them, they should have defined roles that clearly state their legal obligations. The working of a company can be divided into the following sub categories such as: Executive; Financial; Managerial; and Legal The financial and the executive working of the company can be managed by the CEO, whereas, the managerial and the legal working of the company can be managed by the Board of Directors. It has been already stated that the CEO is subordinate to the directors of the company; hence, it is advisable to have a set of defined situations in which the CEO shall be considered subordinate to the directors. If there is any exception to these rules, the exceptions should also be clearly indicated. Conclusively, it may be said that with the growing differences between the directors and the CEO, it is important to separate their role from each other. The theory of separation of powers is advisable to the organisation as this would increase the existing disparity between them making the functioning any organisation, almost impossible. Part 2 To: Australian Institute of Company Directors (AICD) From: Corporate Governance Consultant (XXX Company) Date: 8th August 2016 Re: Need for Good Corporate Governance in Investment Report: Introduction: Corporate Governance is the system according to which business and corporations are controlled and directed. Corporate Governance specifies the division of rights and duties among the participants in an organisation based on the framework of corporate governance (Chen, Lu and Sougiannis 2012). An element of corporate governance is important for a successful outcome at all stages in the process of investment. Moreover, it also involves balancing the interest of the stakeholders, managers, financiers, customers, government and the community (Aebi, Sabato and Schmid 2012). This report evaluates the need for good corporate governance and the influence it has with high investor returns. Additionally, it contains a section wherein recommendations are provided so that companies with good corporate governance practices can align these to maximize their investor returns. Investment Process: In a literal sense, investment means money committed or property acquired for future income. The process of investment is divided into three stages: Mobilise available capital; Allocation of capital amongst the ends; and Monitor the use of the capital that is invested (Khan, Muttakin, and Siddiqui 2013). The above-mentioned process is the key functions of the any financial system. From the perspective of market economy, individual investors carry out the process of investment and the ultimate outcome will depend on their personal incentives and skills (Brammer and Pavelin 2013). However, the result will also depend on the organisational framework of regulations, laws and business policies that formulate and influence the associations between corporations and equity investors. The organisational framework is often termed as corporate governance. Link between good corporate structure and high investor returns: One of the most important relationships in market life is the positive association between economic growth and investment. By mixing the factor of quality and quantity of human skills and fixed capital, economies of the world have for more than a century had undergone an unprecedented increase in per capita income. This development has made it feasible to improve the quality of economic life for all the citizens (Jo and Harjoto 2012). The foundation of an investment process is the organisation and the search of efficient ways to mix the different resources available that are needed to produce those services and goods to meet the demand of the market. From the perspective of corporate governance and investment, it is important to focus on the discussion on the ability of the economy to match viable projects that are available commercially along with the financial resources that are needed to change the ideas into profitable enterprise (Armstrong et al. 2015). It is, however, important to note that capital is one among many other inputs that is needed to build a competitive economy. Managerial talent and skilled labour are are also vital for growth of investor returns. This is particularly true for equity financing that permits organisations to increase their exposure to risks that are associated with short or long-term organisations such as business restructuring, research activities and market expansion (Acharya e t al. 2013). However, it is not only about the amount of capital that is available in abundance but also about the economic welfare through formation of capital and this can be achieved only a good corporate governance structure. A regularised framework of good corporate governance structure has become very important for creation of wealth globally. Equally essential is the effectiveness with which allocation is made to alternative investment opportunities and how well the organisations utilisation of investment opportunities is monitored (Tricker 2015). If savings from household and corporate funds do not reach the best possible use, society will give up opportunities that lead to generation of additional income. In such a situation, entrepreneurs will not find proper funding for their projects and existing undertakings will not be able to expand their workings. The organisations that have the potential to yield profitable innovations will never be able to advertise. Additionally, re structuring of companies will also be impaired and assets will be locked due to underperforming activities (Westphal and Zajac 2013). Recommendations: A good corporate governance structure enables enforcement of provisions for protection of property and secure methods of registration and enables legal redress that will help in the mobilisation of capital. This framework is followed in the first step of investment. In the second process of investment, it is important to have a transparent and reliable account of corporate affairs. This shall allow the organisation to make informed decisions about the allocation of capital. At the third stage of investment process, proper procedures for internal corporate decision-making, the distribution of powers in the organisation, and proper incentive schemes are important factors for implementing effective corporate governance schemes. Conclusion: From the perspective of economic policy, one may conclude that the growing importance of good corporate governance structure does far beyond the interests of shareholders in a company. A weak corporate governance structure will impede the stages of investment and hence this will affect the overall economy of the world. Poor corporate governance will damage the capability to mobilise savings and this will affect proper allocation of resources amongst investors. Additionally, this will also prevent proper monitoring of corporate assets. Hence, it is advisable for the organisations to adopt a good corporate governance structure so that it leads to better investor returns. References: Acharya, V.V., Gottschalg, O.F., Hahn, M. and Kehoe, C., 2013. Corporate governance and value creation: Evidence from private equity.Review of Financial Studies,26(2), pp.368-402. Aebi, V., Sabato, G. and Schmid, M., 2012. Risk management, corporate governance, and bank performance in the financial crisis.Journal of Banking Finance,36(12), pp.3213-3226. Armstrong, C.S., Blouin, J.L., Jagolinzer, A.D. and Larcker, D.F., 2015. Corporate governance, incentives, and tax avoidance.Journal of Accounting and Economics,60(1), pp.1-17. Brammer, S. and Pavelin, S., 2013. Corporate governance and corporate social responsibility. Chen, C.X., Lu, H. and Sougiannis, T., 2012. The agency problem, corporate governance, and the asymmetrical behavior of selling, general, and administrative costs.Contemporary Accounting Research,29(1), pp.252-282. Claessens, S. and Yurtoglu, B.B., 2013. Corporate governance in emerging markets: A survey.Emerging markets review,15, pp.1-33. Erkens, D.H., Hung, M. and Matos, P., 2012. Corporate governance in the 20072008 financial crisis: Evidence from financial institutions worldwide.Journal of Corporate Finance,18(2), pp.389-411. Harford, J., Mansi, S.A. and Maxwell, W.F., 2012. Corporate governance and firm cash holdings in the US. InCorporate Governance(pp. 107-138). Springer Berlin Heidelberg. Hermalin, B.E. and Weisbach, M.S., 2012. Information disclosure and corporate governance.The Journal of Finance,67(1), pp.195-233. Jo, H. and Harjoto, M.A., 2012. The causal effect of corporate governance on corporate social responsibility.Journal of business ethics,106(1), pp.53-72. Khan, A., Muttakin, M.B. and Siddiqui, J., 2013. Corporate governance and corporate social responsibility disclosures: Evidence from an emerging economy.Journal of business ethics,114(2), pp.207-223. Liu, B. and McConnell, J.J., 2013. The role of the media in corporate governance: Do the media influence managers' capital allocation decisions?.Journal of Financial Economics,110(1), pp.1-17. Liu, B., McConnell, J.J. and Xu, W., 2015. The Power of the Pen Reconsidered: The Media, CEO Human Capital, and Corporate Governance.CEO Human Capital, and Corporate Governance (January 6, 2015). McCahery, J.A., Sautner, Z. and Starks, L.T., 2016. Behind the scenes: The corporate governance preferences of institutional investors.The Journal of Finance. Nini, G., Smith, D.C. and Sufi, A., 2012. Creditor control rights, corporate governance, and firm value.Review of Financial Studies,25(6), pp.1713-1761. Tricker, B., 2015.Corporate governance: Principles, policies, and practices. Oxford University Press, USA. Westphal, J.D. and Zajac, E.J., 2013. A behavioral theory of corporate governance: Explicating the mechanisms of socially situated and socially constituted agency.The Academy of Management Annals,7(1), pp.607-661.

Policies to Minimize Negative Externalities

Table of Contents Introduction Objectives Conclusion References Introduction Production and consumption of goods and services contributes in different ways to the economy resulting to either economic growth or recession. According to Channon (1999), externalities involve the production and consumption of some products and services that give rise to harmful or beneficial effects to the user. Advertising We will write a custom essay sample on Policies to Minimize Negative Externalities specifically for you for only $16.05 $11/page Learn More Hirschey (2008) believes that exposure of employees to harsh working environment with unsatisfactory compensation can also be termed as negative externality. Externalities are types of market failures that exist when prices in a market do not reflect the true costs or benefits associated with consumption and production. Objectives The objective of this paper is to analyze ways of minimizing negative externalities s uch as emissions. This because of the complex definition of property rights in law. For instance, an industry could pollute the environment but will not bear the cost of the harmful effect, but it will pass its cost of cleaning to the community. Government intervention strategies can be used to reduce the impact of gas emission. The government can work with the community through regulating and influence decision-making by policy formulation and implementation of laws, like mandatory inspection of emission gases. Policies on bans on goods and services that lead to harmful effects on the environment should be enacted and backed by legal measures for lawbreakers. The government can also provide emission permits that enable the concerned party to emit a specified level of gas for a certain period. The government can impose taxes on products that pollute the environment. Secondly, the government can come up with public awareness policy in which it will stipulate measures of making the p ublic aware of the importance of reduced emissions and environmental conservation. Information is power and the moment consumers are aware of the benefits of environmental conservation, they will always act in favor of the environment and on the side that will benefit them as a community. Government intervention strategies are more economical, efficient and the implementation process is less demanding. The government has the power and machinery to implement every policy. What is required is the political will and all will be done (Nordhaus, 1991). When emission of gas is reduced, the rate of global warming is reduced. Less emission of gas preserves the environment and it reduces environmental degradation by toxic waste. The health of the community is improved as air pollution related deaths are minimized. Advertising Looking for essay on environmental law? Let's see if we can help you! Get your first paper with 15% OFF Learn More Transaction Costs will be incurred thro ugh monitoring, enforcing, and negotiation of marketing activities. The government and the community would incur financial costs. Other costs incurred include sacrifices in terms of time and other resources used in environmental conservation through reduced emissions. Nordhaus (1991) believes that any level of gas emission (high or low) leaves the society worse off in terms of high costs of production accompanied by environmental damages. The level of negative externality should always be lower than positive externalities. Therefore, the cost benefit analysis should leave all stakeholders better off with more benefits than costs. Conclusion Appropriate environmental policies such as taxation and ban on harmful product manufacture can help reduce emissions of gases and negative effects to the environment. In addition, instead of focusing only on policies that reduce emission of gases, the state needs to put more emphasis on ways and mechanisms to cope and adapt to global warming. Re ferences Channon, F.D. (1999). The Blackwell encyclopedic dictionary of strategic management. Oxford. Wiley Blackwell Inc. Hirschey, M. (2008). Management economics. 12 Edn. Ohio, OH: Cengage Learning. Nordhaus, D.W. (1991). To slow or not to slow: The economics of the greenhouse effect. The Economic Journal, 101(407), 1-10. This essay on Policies to Minimize Negative Externalities was written and submitted by user P1erre to help you with your own studies. You are free to use it for research and reference purposes in order to write your own paper; however, you must cite it accordingly. You can donate your paper here.

Demetrios G. Glinos Essay Example

Demetrios G. Glinos Essay Example Demetrios G. Glinos Paper Demetrios G. Glinos Paper Essay Topic: Orlando Demetrios G. Glinos is a visiting lecturer in Computer Science and Information Technology at Computer Science Department of the University of Central Florida. Here he is teaching such courses as Natural Language Understanding, Artificial Intelligence, Introduction to Discrete Structures, Evolutionary Computation, Numerical Calculus, Security in Computing, Computer Fundamentals for Business, and others. His research interests include artificial intelligence, natural language processing, question answering systems, secure computing, text mining, and plagiarism detection. Mr. Glinos received his B.S. in Physics and Mathematics from the Trinity College, Connecticut in 1973 (with Honors in Mathematics). He received his J.D. in Law from the Georgetown University 1976. Later, in 1999 he received his M.S, and in 2006 – his Ph.D. in Computer Science from the University of Central Florida. He worked as a Staff Engineer at Martin Marietta Aerospace in Denver and Orlando (1980 to 1989), where he served as Technical Lead for the Simulation and Computer Modeling Group and was the principal designer and team leader for some large-scale constructive simulation modeling efforts. Demetrios G. Glinos performed software and systems engineering requirements analyses, design studies, and supported numerous proposal efforts in both Denver and Orlando. He also maintained private offices in downtown Orlando, Florida, practicing in the areas of commercial real estate, estate planning, and probate and estate administration. He managed all aspects of a solo law practice, including advising clients, court appearances, drafting pleadings and documents, and timekeeping and accounting. Mr. Glinos worked as an Sr. Research Scientist at Science Applications International Corporation (SAIC) from 1999 to 2011, where he served in some technical and project management roles. Demetrios G. Glinos is a founder and chief scientist for Advanced Text Analytics, a company, offering text analytics consulting services and solutions. Professor Glinos also worked as an Adjunct Instructor of Computer Science classes at Valencia College and as a Visiting Assistant Professor in the Department of Mathematics and Computer Science of Stetson University.

Definition and Examples of Language Death

Definition and Examples of Language Death Language death is a  linguistic term for the end or extinction of a language. Also called language extinction. Language Extinction Distinctions are commonly drawn between an endangered language (one with few or no children learning the language) and an extinct language (one in which the last native speaker has died).   A Language Dies Every Two Weeks Linguist David Crystal has estimated that one language [is] dying out somewhere in the world, on average, every two weeks (By Hook or by Crook: A Journey in Search of English, 2008). Language Death Every 14 days a language dies. By 2100, more than half of the more than 7,000 languages spoken on Earthmany of them not yet recordedmay disappear, taking with them a wealth of knowledge about history, culture, the natural environment, and the human brain. (National Geographic Society, Enduring Voices Project)I am always sorry when any language is lost, because languages are the pedigree of nations. (Samuel Johnson, quoted by James Boswell in The Journal of a Tour to the Hebrides, 1785)Language death occurs in unstable bilingual or multilingual speech communities as a result of language shift from a regressive minority language to a dominant majority language. (Wolfgang Dressler, Language Death. 1988)Aboriginal Australia holds some of the worlds most endangered languages including Amurdag, which was believed to be extinct until a few years ago when linguists came across speaker Charlie Mangulda living in the Northern Territory.(Holly Bentley, Mind Your Language. The Guardian, Aug. 13, 2010) The Effects of a Dominant Language A language is said to be dead when no one speaks it any more. It may continue to have existence in recorded form, of coursetraditionally in writing, more recently as part of a sound or video archive (and it does in a sense live on in this way)but unless it has fluent speakers one would not talk of it as a living language. . . .The effects of a dominant language vary markedly in different parts of the world, as do attitudes towards it. In Australia, the presence of English has, directly or indirectly, caused great linguistic devastation, with 90% of languages moribund. But English is not the language which is dominant throughout Latin America: if languages are dying there, it is not through any fault of English. Moreover, the presence of a dominant language does not automatically result in a 90% extinction rate. Russian has long been dominant in the countries of the former USSR, but there the total destruction of local languages has been estimated to be only (sic) 50%.(David Crystal, Language Death. Cambridge University Press, 2002) Aesthetic Loss The main loss when a language dies is not cultural but aesthetic. The click sounds in certain African languages are magnificent to hear. In many Amazonian languages, when you say something you have to specify, with a suffix, where you got the information. The Ket language of Siberia is so awesomely irregular as to seem a work of art.But let’s remember that this aesthetic delight is mainly savored by the outside observer, often a professional savorer like myself. Professional linguists or anthropologists are part of a distinct human minority. . . .At the end of the day, language death is, ironically, a symptom of people coming together. Globalization means hitherto isolated peoples migrating and sharing space. For them to do so and still maintain distinct languages across generations happens only amidst unusually tenacious self-isolationsuch as that of the Amishor brutal segregation. (Jews did not speak Yiddish in order to revel in their diversity but because they lived in an a partheid society.)(John McWhorter, The Cosmopolitan Tongue: The Universality of English. World Affairs Journal, Fall 2009) Steps to Preserve a Language [T]he best non-linguists can do, in North-America, towards preserving languages, dialects, vocabularies and the like is, among other possible actions, (French linguist Claude Hagà ¨ge, author of On the Death and Life of Languages, in Q and A: The Death of Languages. The New York Times, Dec. 16, 2009) Participating in associations which, in the US and Canada, work to obtain from local and national governments a recognition of the importance of Indian languages (prosecuted and led to quasi-extinction during the XIXth century) and cultures, such as those of the Algonquian, Athabaskan, Haida, Na-Dene, Nootkan, Penutian, Salishan, Tlingit communities, to name just a few;Participating in funding the creation of schools and the appointment and payment of competent teachers;Participating in the training of linguists and ethnologists belonging to Indian tribes, in order to foster the publication of grammars and dictionaries, which should also be financially helped;Acting in order to introduce the knowledge of Indian cultures as one of the important topics in American and Canadian TV and radio programs. An Endangered Language in Tabasco The language of Ayapaneco has been spoken in the land now known as Mexico for centuries. It has survived the Spanish conquest, seen off wars, revolutions, famines and floods. But now, like so many other indigenous languages, its at risk of extinction.There are just two people left who can speak it fluentlybut they refuse to talk to each other. Manuel Segovia, 75, and Isidro Velazquez, 69, live 500 metres apart in the village of Ayapa in the tropical lowlands of the southern state of Tabasco. It is not clear whether there is a long-buried argument behind their mutual avoidance, but people who know them say they have never really enjoyed each others company.They dont have a lot in common, says Daniel Suslak, a linguistic anthropologist from Indiana University, who is involved with a project to produce a dictionary of Ayapaneco. Segovia, he says, can be a little prickly and Velazquez, who is more stoic, rarely likes to leave his home.The dictionary is part of a race against time to revi talize the language before it is definitively too late. When I was a boy everybody spoke it, Segovia told the Guardian by phone. Its disappeared little by little, and now I suppose it might die with me. (Jo Tuckman, Language at Risk of Dying OutLast Two Speakers Arent Talking. The Guardian, April 13, 2011) Those linguists racing to save dying languagesurging villagers to raise their children in the small and threatened language rather than the bigger national languageface criticism that they are unintentionally helping keep people impoverished by encouraging them to stay in a small-language ghetto. (Robert Lane Greene, You Are What You Speak. Delacorte, 2011)

Multiculturalism and cultural policy in Scandinavia Essay

Multiculturalism and cultural policy in Scandinavia - Essay Example As a prescriptive phenomenon, it refers to settlement policy that works towards promoting the perspective of institutionalizing cultural diversity. This paper expounds on this concept of multiculturalism and cultural diversity, with Sweden being a case study (CRAFT, 2011). Sweden has a reputation of having the most immigration policies in Europe. Behind such an image, their lies a more complicated reality. The current transformations are turning the explicit commitments regarding multiculturalism towards a cultural suppression that tends to conceal the power structure underlying ethnic, gender, racial, and the class inequalities (TCHIBOZO, 2013). As compared with Britain, and many other European nations, some of the multiculturalism paradoxes have been largely examined. This was established through critical reassessment of the dominant institutional, academic, and political discourses (TCHIBOZO, 2013). They tend to focus on changes with regards to the refugee policies, the representation of the immigrant youths and women, as well as the limited voice accorded to the contemporary social movements and the immigrant communities. In the course of discussing the kind of dilemma that is faced by welfare state especially under the localization and globalizat ion threats, a greater focus has been redirected on the perspective of trans-ethnicity. Doing so, exposes the necessity for the more comprehensive description of politics, state, class, everyday life, and the civil society (CRAFT, 2011). With regards to the international comparison, the Swedish nationalism has perhaps been relatively calm, but nevertheless, there were stronger assimilating pressures that were put on both the immigrant communities and the traditional minorities (CRAFT, 2011). Rather than the ethno-nationalist fanaticism, there was a greater elementary ideology of integrating the members of cultural and ethnic minorities into the

The marketing strategy of Apple Essay Example | Topics and Well Written Essays - 1250 words

The marketing strategy of Apple - Essay Example This research will begin with the statement that Apple Inc. is a multinational company based in the United States, which specializes in designing, development, and selling of electronics to consumers, including phones, music players, computers, and computer software. Apple ranks second after Samsung, which is the most profitable information technology company in the world. Nonetheless, the success of Apple Inc. is associated with its marketing strategy, which is considered effective. Apple employs a simple marketing strategy, which involves its consumers, thus giving the company an edge over other companies in the information technology industry. However, if Apple could consider improving its marketing strategy, this would guarantee it more profits and continued competitiveness in the market. The marketing strategy of Apple is based on three main important factors. These are trust, communication, and focus. The company believes that it is important to be clear on the information the company wants to pass to consumers through advertisements. This, therefore, results in a focused communication with consumers. On trust, Apple aims at producing quality products, instead of competing with other companies. The high quality of Apple products ensures customer loyalty.   For this reason, Apple does not throw its products at consumers in its adverts; instead, the company only explains how the new product works, including the features that it possesses. (Nosal Web). Apart from the simplicity of the marketing strategy of Apple, this also exhibits a great level of differentiation. The company puts great efforts in ensuring that its products are highly differentiated from other products produced by its competitors. The design of Apple’s product is superior, compared to that of its competitors, thus ensuring its differentiation. In addition, Apple wants its consumers to have a good experience using its products. Therefore, the company develops both software and hardware to enable customers to enjoy using its products (Bui Web). Since the quality of Apple products is high, the company also sells these products at a higher price. Apple is known as a â€Å"high-price† leader in the information technology industry. However, today, Apple attempts to lower the price of its products, as a strategy of increasing its customer base. Alternatively, Apple produces complex products at a high price, and then produces lower-price versions of such products, which have fewer features, thus suiting the needs of diverse customers (Bui Web).With regard to distribution; Apple has a total number of stores exceeding 300, with about 50 stores in California, where the company has its headquarters. The Apple staff in these distribution stores offer full service to customers. However, the staff is not trained on selling skills, but only on addressing customer problems and queries on how different products work (Bui Web). This marketing strategy for Apple is appropriate for the company, since it has worked on increasing the company’s profits over the years. First, this marketing strategy does not base on beating or competing with competitors. However, Apple focuses solely on the design and nature of its products to have an edge over competitors. Apple does not compare itself with its competitors such as Microsoft, but instead focuses on its own self-improvement, to remain competitive in the industry. In addition, the fact that the company aims at developing a pleasant experience for its customers, shows that the company is focused on customer needs and not its desire for profits, like other companies in the industry. Nonetheless, customer-centeredness is a great value, which Apple has adopted in its marketing strategy, which therefore, makes the strategy effective and agreeable. Although Apple has performed well in the market for the past decades, today there are

How and When We Use ICT Essay Example for Free

How and When We Use ICT Essay The communication system in the world is essential to modern day life. This may include mobile phones or normal household phones, which instantly allow someone to hear another persons voice from anywhere around the world, after you code in the required phone number. This saves a great deal of hassle, time and money as there no or less need to actually visit the person speaking. Furthermore, a mobile phone, performing the same tasks can be used, which can be taken anywhere and is wireless. Also with the mobile phone, instead of talking to another person, messages could be sent known as text to whomever, saving more money and time. Similarly the modern day internet- with the e-mail system, could be used, to anyone or any company around the world who also posses e-mail addresses. Again, the communication is very fast and better than mobile phone text, the information is free, easier and more of it can be sent across the world. At Howards Health centre, the communications system would be essential, as it is to modern day life. All the stock, financial systems and even customer services will require the use of these systems. These, obviously come into vital use for our company and our staff. Firstly these different methods of communication can and will be used in this company. Whether through the internet, txt message or simply talking over the mobile phone, these will all come into demand. It replaces the need of counting on unreliable snail mail which has many disadvantages, such as the speed, consistency and the time spent in order to gain something from this method. The usage of CD-ROMS has become more than common. These are readily and cheaply available in all modern day stores and retailers, becoming useful for a variety of different reasons. CD-ROMS in the form of Digital Versatile Disks (DVDs), have nearly completely replaced and taken over the famous video, displaying movies, films and other TV related programmes. Furthermore, CD-ROMS are increasing popularity, due to the demand and popularity of different types of software that would be vital for our company to have. The popularity of these CD-ROMS is increasing so rapidly that they now are included in free samples that come to the post. Howards Health centre will use the CD-ROM to make use of the software that our system needs via the CD-ROM. It also would help promote our company through advertising our goods with maybe a free CD-ROM. Also we may use CD-ROMs to store backup files, incase of a breakdown. Furthermore, to offer training to our employees of how to use various programmes on the computer, we will need the aid of a CD-ROM Another use of ICT in stores and companies such as ours is with the everyday usage of bar codes especially helpful for shops and other big stores. These are used to display the unique identities of any product which can be stored into shop computers to keep track of there own products. The benefits of bar codes are immeasurable. The most prominent of reasons include: that there is less risk of fraud and there is Quicker service in shops, for the bar code is used to display the identity and price of a product. Furthermore this method is relatively easy to use and requires little training to learn. Therefore the products sold by Howards Health centre will have the bar code on medicine and other medical facilities. The internet is increasing popularity for online shopping. In this world today, many people who are mainly occupied or too ill to go out to the supermarkets, use the internet to shop. This is an easy, quick and reliable way of shopping as the stock is delivered promptly to your doorstep. Also as this method requires little effort and is increasing in popularity, more and more varieties of goods can be brought over the internet, especially those that might be harder to purchase otherwise. However, there are many drawbacks to this method. For example, this method of shopping can create and increase health problems, as it cuts out the need of walking to the shops or the supermarket. Also it increases the risk of fraud as credit card details and other personal information may easily released into the dangerous world wide web, Electronic Funds Transfer Point of Sale (EFTPOS) technology, allows money to be paid through credit cards at tills that accept them. This involves a credit card having unique identity and direct access to the owners account, to be inserted into one of these tills, where the price of the items is taken from the bank. This greatly decreases the risk of burglary of money and stops any inconveniences caused by the carrying of money in your pocket. However, this method is not perfect as it is prone to credit card fraud and these cards can easily be lost. Furthermore, using this way for paying money makes the user less aware of the quantity of money that they spend, increasing the risk of debt and overdraft. Electronic Point of Sale (EPOS) is similar to the other method. This ensures the electronic transfer of funds at the point of sale. It used at the checkouts to provide the customer receipt and, at the same time, update the items in stock. This process is automatic, requiring little human endeavor and assistance. With the introduction of new technology, our company will start using an easier method of shopping- shop online, replacing the typical and traditional method of using our legs and arms! We also would use computers to send e-mails and for entertainment purposes using CD-ROM gaming. These games have special 3-D effects and other griping effects that keep the user interested. It is also used with interactive television. Before people had access to only four or five channels, which for the telle addict would get intimidating. With interactive television, up to 800 channels, giving a much more interesting range of channels and topics. Howards Health centre by providing them with information, education and entertainment for a variety of subjects that may be useful to this company, the staff the and the whole of Brownsville Sage payroll is a commercial system that can be brought, to automatically calculate the employers wages. It is a very quick, easy and accurate method to calculate the wages of the employees. We may make use of this in Howards Health centre, especially in the near future, once the hospital is up and running. Also this provides businesses with support and advice which obviously will come helpful. Our method, using the computer, is slightly harder to use and needs more human assistance and training. Also this method is more prone to mistakes and is less professional. However, it is cheaper to use, easier to set up and it suits the job as it is a small health centre. Working practices will obviously have to change in Howards Health centre, thanks to the newly introduced computerized system. The old typewriter, handwritten letters, huge filing cabinets and much more will have to go now the computer is introduced. The average Howards Health centre employee will have to get used to using the computer, and will find it very useful. The need for letters and stamps taking days if not weeks to come will be mostly replaced by the e-mail system taking seconds to send large amounts of info across the world. Internet shopping will reduce the need for our staff to actually go out and by the clothing and stock. Data will now, and in the future, is stored within this system that will take up far less room than before. Remember, these various hi tech systems can only be accessed by individuals and companies who have the means of accessing these technologies, like Howards Health centre. These technologies are relatively expensive to own, and thus, are mainly accessible to the industrialized and MEDC countries. These countries posses various forms and resources in order to use these systems effectively. Thus, countries that are in the developing/third world simply do not have the financial resources to implement these systems. With this revolution of our system, we will need to train the staff to use these systems. This will take time and cost money. Also we will have to find qualified teachers, which will again be a hassle. Our staff will be trained in using the computer, software and performing the necessary tasks. The trainees will also need to be aware of the law and various different acts. For instance the data protection act which provides legislations to protect data released onto the computers, especially personal data. Also the employees must be aware of privacy and copyright. It is essential that the workers should be aware of other moral implications of using ICT. Our staff must be aware of undesirable material and the misuse of computers at work. ICT systems can easily crash. In this process, all too easily, many data can be lost, and sometimes not retrieved. This often happens with unsaved data, say when there is a power cut, this data will be lost. This problem can be overcome in a variety of ways. Obviously, the primary way would be to always regularly save the data, where programmes can be loaded onto the system that will automatically save a copy of the data so that it is not lost. Also various retrieval programmes can be used, which when the user switches off with ought to saving the work, or the computer crashes, the system will automatically have a record of there work. In the long term, data backups are used, in the form of CD-ROMS or various other storage mediums, which can act as backup devices. Also, the internet can be used, where work may be uploaded on say a website, incase of a crash. Another disadvantage of using these systems, which will imply in Howards Health centre, is the various health problems they pose. Usage of the computer and to communicate via e-mail can take long to accomplish. Usage of this method of communication, along with text messages can cause eye and neck strain, aswell as a host of other problems. Using the mobile phone, although not posing a significant health risk can cost a lot of money, especially when calling when most needed- peak time. Again training and teaching about these various health problems, and how to avoid them, would help overcome this problem. Despite the expenses and hassle of training and teaching the employers, it undoubtedly would be money well spent. For ultimately the health and safety of our employers comes first.