Issues in global business Essay Example | Topics and Well Written Essays - 500 words - 2

Issues in global business - Essay Example Small number of employees in SME can be cared and motivated optimally, leading to effective performance from all of them. However, the disadvantage is, in SMEs the leader or founder will have maximum influence from top to bottom, without any organizational structure horizontally or vertically. The problem with it is, when something goes wrong there will not be any management teams to point out the mistakes. Also, SMEs with their limited resources will not be able to provide quality products or services, when compared to large companies. As pointed out by, SMEs provide employment to basic sections of the societies, as they integrate well with it. SMEs will be mainly established not separate from the towns or cities, but within the by lanes and streets in a particular locality. So, it can provide employment to many of the unemployed living in that locality. This way, it can give employment to maximum people, elevating their lives and also contributing to the local economy, thereby national economy. Because of this, SMEs are regarded as the most important ‘engines’ for economic growth by the governments. So, to further encourage SMEs, governments will allocate land, power, water, etc at subsidized rates, will also impose lesser taxes, etc. This way, SMEs can come up in many places benefiting many

Violeta Ramirez Essay Example for Free

Violeta Ramirez Essay â€Å"To many Americans, Venezuelan President Hugo Chavez seems a Latin wild man. But to the millions of Venezuelans who adore him, he is the first leader who genuinely cares for the nations poor majority, a welcome departure from politicians who traditionally catered to the elite. I think God sent him. I think hes the reincarnation of Simon Bolivar. Hes with the poor, says Omaira Perez, 60, referring to the 19th century general who liberated Venezuela from Spanish rule. † (Lynch, 2007) Hugo Rafael Chavez was born in Venezuela’s western grassland region on July 28, 1954. Socialism, Latin American integration and anti imperialism are promoted by the president because he was also leading the Bolivarian Revolution. Neo-liberal globalization and U. S. foreign policy were the main critics of the president. His parents were schoolteacher which is not a lucrative profession by any mean in Venezuela. He was belong to a poor family besides this in Venezuela dark skinned dark skin people faces strong racial divisions and white skinned people are elite. When he was seventeen years old he enrolled at Venezuela â€Å"Academy of Military Sciences† and studied engineering. After completion of acidic career he joined military for several months. Chavez was immediately popular with his fellow students, he and his fellow students developed a left nationalist doctrine that they termed Bolivarianism inspired by his real hero Simon Bolivar, the father of Venezuelan independence and a figure of legendary dimensions. (Resources on Iran, n. d. ) He was also the part of the lectureship and was famous for his fiercy lecturing style and radical critique of Venezuelan government and society. With his natural charisma, he brings closer soldiers to his ideas, and built a network of supporters within the army. In 1983 he established MBR 200, the revolutionary Bolivarian movement (Movimiento Bolivariano Revolucionario 200), 1983 being the 200th anniversary of Simon Bolivars birth. (ISIS Report, n. d. ) â€Å"With oil profits booming and his popularity high, Chavez seems to be in step with many Venezuelans even as spooked investors rushed to sell off Venezuelan stocks in companies subject to his nationalization plans. Chavez called that a knee-jerk overreaction, and shares in Venezuelas leading telephone company rebounded as the congressional finance chief assured reporters Wednesday that the government will negotiate compensation to the affected companies. He also visited the tomb of Simon Bolivar, the South American independence hero and inspiration for his Bolivarian Revolution, and blew kisses to supporters tossing rose petals at his open car. Before flying to Nicaragua, the former paratroop commander also watched a military parade with Russian-made Sukhoi fighter jets thundering overhead. † (James, 2007) Simon Bolivar: Influent Al Person in Hugo Chavezs Life Major influence on Chavez came from Simon Bolivar, from where Bolivarian movement was developed. The memory of Simon Bolivar has yet kept alive in Venezuela, the revolution of 19th century which led the sub continent independence battle against Spain. Simon Bolivar was born in Spain and many of his followers were native of Venezuela. Nonetheless, Simon Bolivar remained to be a significant and founding myth for the Venezuela institute. Particularly, his arm forces helped him a lot to bind them together even though of political instability. Chavez when he was a school child during the periods of 1950’s and 1960’s in the school studied a lot Bolivar’s feats against the Spaniards. The defining event in his life came when in 1989 the economy was devastated by rising oil prices which led President Carlos Andres Perez to a serious of tough measures. As a result of rising oil prices, buses fares were increased which led to protests by poor people and the army was sent to suppress the protestors. Chavez belong that part of the group that was deployed and he was enraged when he listen the order shoot all the citizens who he believes had a legitimate grievances. This was the motivation which led to his army coup that he organized against the same president some three years later. (Amirpur, 2006) â€Å"Invoking Christ and Castro as his socialist models, President Hugo Chavez began his third term †¦ by declaring that socialism, not capitalism, is the only way forward for Venezuela and the world. † (James, 2007) MBR 200. Revolutionary Bolivarian Movement-200 The MBR 200 was the social and political movement that Hugo Chavez founded in 1983. Chavez established MBR 200 setting as its political goals the realization of Bolivars ideals by means of a Bolivar resolution, which refers to a mass social and political movement in Venezuela aimed at eradication of corruption and emphasized on redistributive social justice and economic and political sovereignty. Some important points of Chavezs Bolivarianism are: †¢ Political participation of the masses by votes, referendum and councils †¢ Political and economic sovereignty †¢ Economic self – sufficiency †¢ Building in people nationality and patriotism †¢ Eradication of corruption †¢ Equal distribution of oil revenues of his land (Cordesman, 2005) 1992 Coup Chavez was working as a lieutenant colonel during his late 30s. In addition, he was also working as a committed left wing activist, mixing with left wing group outside the army and conspiring in the institution for the sake of coup d’etat. So, after an extended period of dissatisfaction and economic decline under the administration of President Perez, Chavez and his fellow conspirators launched a military coup in Feb 1992. Although the coup was not entirely successful Chavez came to national prominence due to a abruptly speech made shortly after his arrest, the Venezuelan government allowed him forty five second speech in order to tell his co-conspirators to lay down the arm. It was a mistake made on the government part and Chavez made the most of it. (Evans and Corsi, 2006) Chavez in Power When Chavez spent his 2 year life in Jail during the period of 1990s economy of Venezuela was went on to bear the huge burden of oil prices. Support for the two of main political parties decline in elections of 1994, Chavez found the population increasingly receptive to its critique of the two party models and its associated corruption. Chavez organized a new party called the â€Å"fifth republic movement† During 1996 97 his support gradually increased in polls and he scored a comfortable majority and took power in 1998, his first political office with 56 percent of votes. Resentment against the United States â€Å"One of the reasons that Chavez is so rhetorically antagonistic to the United States is that it plays very well in terms of his domestic support base at home. † (Lapper and Sweig, 2006) According to Richard lapper, the Latin American editor of Financial Times, Hugo Chavez â€Å"likes to present himself at the head of a kind of anti-Bush crusade. He likes to see himself as a crusader in that particular battle and likes to position himself at the head of that. † (Lapper and Sweig, 2006) â€Å"To be sure, President Chavez has legitimate reasons to lambaste the United States, which has tried to undermine him several times since he was first democratically elected in 1998. In October 2001, Washington requested that Mr. Chavez publicly retract criticism that he had made, in Venezuela, of the U. S. war in Afghanistan, well within his right as a sovereign leader. Carlos Romero, a political scientist at Central University in Venezuela and an expert in U. S. -Venezuelan relations, describes such U. S. hubris as a provocation, and a turning point in the deterioration of U. S. -Venezuelan relations. (Sreeharsha, 2006) Then the United States, despite its support of the Democratic Charter adopted at the 2001 Summit of Americas in Quebec, was quick to recognize the leaders of a coup in 2002 that quickly failed. The United States has provided opposition groups with millions of dollars of support in the name of democracy. Lately, the Bush administration has been keeping a low profile, Romero says, perhaps a disappointment to President Chavez. † (Sreeharsha, 2006) From Democracy towards a Totalitarian State â€Å"Violence has marked each step along Chavezs road to power. The former paratrooper first tried to seize control by a coup in 1992; he failed and instead spent two years in jail. He later tried democracy and was elected as an outsider by Venezuelans six years later. Chavezs opponents admit he is popular, especially among the poor. But being popular, they say, does not give the president the right to do whatever he wants. The police, military and armed thugs have been tools used freely by Chavez to hang on to power during a coup attempt and a national strike in 2002. (The Iron Fist of Hugo Chavez, 2005) There has been a continuous debate whether Chavez has released from corruption accusation or he himself damaged the country’s own foundation of democracy. Some believe that the Hugo Chavez have more power than any president should have. Chavezs new constitution has been seen as authoritarian. Although there are detailed sections involving human rights, but some believe that the power given to the highest branch of government can easily lead to human rights violations. The new constitution also allows the president to be in the office considerably, which some suggests leads to authoritarianism. Scholars also criticized the way Chavez gained power and his conduct afterwards. The motivation behind his recent constituent assembly has been seen as to settle the score with Venezuelans traditional opposition parties and remove them from all positions of influence. One scholar suggested that Chavez himself overthrown the government in 1992 as similar to the corruption of the traditional parties of Venezuela, which clutched power by the military inventions in 1945 and misbalanced Venezuela’s supreme court and congress. Now, buoyed by electoral victories and high oil prices, Chavez appears to be doing everything he can to snuff out democracy before the eyes of a nation and a world that does not seem to be paying much attention. Chavez has packed the Supreme Court and the army with his supporters, seized control of the countrys wealth and introduced a penal code that criminalizes dissent. Anyone who opposes him faces violence or prison. † (The Iron Fist of Hugo Chavez, 2005) â€Å"The Venezuelan leaders insistence on uniting numerous leftist parties into a single socialist bloc and eliminating the constitutions presidential term limits has opened the first fissures in his coalition. Annual inflation of more than 20% Latin Americas highest is undermining the economic gains of recent years and igniting doubts about Chavezs free spending. Recent nationalizations of two companies owned by U. S. firms further sours the business climate. † (Lynch, 2007) On the other way, some believe that the Chavez protected the democracy. In their point of views, since Chavez does not belong to any party, and he came from the grass roots and has seen all the hardships, therefore he is more capable to meet the interest of the Venezuelans. Some opponent of Chavez equates him with Fujiori but his comparison is not correct because unlike Fujimori Chavez has a self-governing foreign military, a revolutionary disclosure and he did not endorse huge privatization. Economic Policies â€Å"The changes are in keeping with pledges he made after his re-election last month to take a more radical turn toward socialism. His critics have voiced concern that he would use his sweeping victory to tighten his grip on power, following in the footsteps of Fidel Castro. Cuba, one of Chavezs closest allies in the region, nationalized major industries shortly after Castro came to power in 1959. Bolivias Evo Morales, another Chavez ally, moved to nationalize key sectors after taking office last year. † (Rueda, 2007) Venezuela is the 5th largest oil producer, which remains the key of Venezuelan economy. Chavez has gained a reputation as a price hawk in OPEC. At a meeting of OPEC in July 2006, Venezuela was the only country calling for lowered production to drive oil prices higher. Some critics say that under the President Chavez regime the output of Petroleos de Venezuela (PDVSA) which is a state owned company, has been reduced by 25% and Venezuela cannot meets it current quota. However Forbes argues that the political and other influence have an effect on numbers. Nonetheless, Chavez has attempted to broaden Venezuelas customer base by getting into joint ventures with other developing countries including China, Brazil, Argentina and India. Although the record oil prices have meant more funding for the social and development plans, but it has also left the economy dependent on oil sector, private sector role has diminished. â€Å"As Venezuela embarked on another six years under Hugo Chavez, the president announced plans to nationalize power and telecom companies and make other bold changes that will concentrate more power in his hands. † (Rueda, 2007)

Explore The Relative Advantages Of Both Market Driven Marketing Essay

Explore The Relative Advantages Of Both Market Driven Marketing Essay In marketing research and literature, debate has been surrounding two approaches of market orientation that firms could adopt: market-driven and market-driving. Some argue that market-driving behavior is superior to market-driven behavior in creating customer values that contribute to growth and profitability, such as IKEA, Dell and Southwest Airlines, to name a few. (eg. Kotler et al., 2000) On the other hand, majority of authors stresses that these two behaviors are complementary. (e.g. Jaworski et al., 2000; Sheth and Sisodia, 1999) Such controversy leaves open questions to practitioners: Which is the winning approach for the firms to adopt? Should these two the competing approaches or complement each other? This essay begins with an introduction of market orientation, along with the market-driven and market-driving behavior. The next section will explore the relative advantages of these two behaviors from the marketing perspective and then to draw a conclusion to suggest that these two behaviors are complementing each other of which both play important roles in generating sustainable competitive advantage in todays dynamics business environment. Overview of Market Orientation Since late 1980s, significant amount of research in marketing suggesting that market orientation is the most effective strategy of achieving and maintaining long term competitive advantage and continue to stress its importance to the firms superior profitability. (e.g., Day, 1994b; Jaworski et al., 2000; Kohli Jaworski, 1990; Kotler et al., 2000; Narver and Slater 1990) Jaworski and Kohli (1996) defined market orientation as the organization wide generation of market intelligence pertaining to current and future customer needs, dissemination of the intelligence across departments, and organization-wide responsiveness to it. (see figure 1) On the other hand, Narver and Slater (1990) defined market orientation as an organization culture committed to the continuous creation of superior value for the customers and thus, continuous superior performance for the business. Narver and Slater (1990) classified the market orientation into responsive and proactive. The responsive approach, a typical response of a firm that exhibits a market driven behavior, is customer led, considering the market structure and customer preferences as given and focusing on the satisfaction of expressed customer needs. In contrast, the proactive market orientation, a typical response of market-driving firm, aims towards the satisfaction of latent needs, reshaping the customer preferences and market structure to enhance the competitive position of the company. (see figure 1) Figure Market Orientation Process (Neuenburg, 2010, p.49) Figure 2 below provides a framework adopted from Neuenburg (2010), which shows the whole spectrum of market-oriented behaviors that summarizes the discussion above. Figure 2 Marketing driven behavior vs market driving behavior (Neuenburg, 2010, p.46) In a nutshell, although there are differences in the precise definition, the market orientation is a fundamental approach for a firm to understand its markets, which represent an additional strategic dimension (Narver and Slater, 1998) and the implementation of the marketing concept (Jaworski and Kohli, 1990) that focuses the firms efforts on the needs of the market, learn about market developments, share this information within the organization and adapt the offering to the market. (Jaworski and Kohli, 1990) The Market Driven and Its Advantages Figure Conceptual Framework: Two Forms of Market Orientation (Jaworski et al., 2000, p.130) According to Jaworski et al. (2000), the term market-driven refers to learning, understanding, and responding to stakeholder perceptions and behaviors within a given market structure. (see figure 3) Specifically, the focus of a market-driven approach is to keep the status quo on existing customer preferences and behavior within an existing market structure. (Day, 1999a; Day, 1999b; Jaworski et al., 2000) The key element of market-driven behavior is to monitor customer satisfaction and analyzing customer needs, finding competitive advantage and strategic targeting. (Cravens and Shipp, 1991) Monitoring customer satisfaction allows firms to get an early indication about changing customer needs and preferences and the identification of future customer needs. Analyzing these needs helps the firms to prevent bad decisions or overlooking important parts of the customer value proposition as well as identifying its current or potential competitive advantage. (Cravens and Shipp, 1991) Firms gain advantage by matching the requirements of market segments with its capabilities to identify the best opportunities to serve its customers. (Cravens and Shipp, 1991) As markets become more fragmented the decision about which segments to target becomes increasingly important because each segment represents its own specific needs. (Neuenburg, 2010) Understanding of Markets, Customers, and Competitors Successful companies like Nestle, Procter Gamble, and Unilever are market-driven which reflects the conventional wisdom of marketing philosophy wherein they establish a clear understanding of markets, customers, and competitors. (Day, 1994b) Market-driven firms gain advantage to have good understanding of the market and how it is likely to change in the future. Furthermore, they hear the voice of the customers and develop differentiated products or services for a well-defined segment and then create combinations of marketing mix to adapt its offerings to satisfy customer needs. (Hills and Sarin, 2003; Kotler et al., 2000) As Day (1994b) argues, market-driven organizations are superior in their market-sensing and customer-linking capabilities, which enable them to understand, attract, and keep valuable customers. (Day, 1999a) When these two capabilities are deeply embedded within the organization, all functional activities and organizational processes will be better directed toward a nticipating and responding to changing market requirements ahead of competitors. (Day, 1994b) Therefore, market-driven firms are well equipped to achieve high levels of performance (Day, 1994b) and are expected to be more adaptable and perform better than less market-driven competitors because they stay in touch with existing and potential customer needs and competitor moves better than more internally focused firms. (Day, 1990) They are also predicted to be better and more successful at introducing new products to the market than their competitors. (Narver and Slater ,1990) They may not be the most innovative firm in their industry but, they will excel at adapting technologies to meet current and future customer needs. Thus, they often exhibit the adaptive characteristics of the Analyzer organization. (Miles and Snow 1978) Home Depot and Cisco Systems represent two examples of firm successfully adopting market-driven strategy of which their business focuses on putting customers first and sees themselves engage in the relationship business, not the transaction business. They strive to provide superior customer value through unprecedented customer service to increase customer satisfaction. This is how Home Deport leads with home improvement mega-stores by offering low prices and low frills but excellent services. IBM, on the other hand, failed to recognize market changes and customer preferences for personal computers which had resulted with a record loss for the fourth quarter of 1992 of $5 billion. IBM set a record for the largest annual loss in an American corporation in 1992 with a loss of $4.97 billion. Brand Portfolios as Assets In term of brand, companies with strong brands have more loyal customers, get greater return on marketing investments and are rewarded with attractive price premiums. As such, market-driven firms view their brand portfolios as assets to be leveraged and market development activities as investments rather than expenses. (Day, 1998) According to Day (1998), to manage a brand as an asset requires the deep market insights, organizational commitment and reasoned investment decisions that come naturally to market-driven firms. Moreover, the focus on long-run return from marketing investments enables market-driven firms to understand which customers are profitable to pursue, and knowing how to encourage loyalty by reducing customer acquisition costs. (Day, 1998) Creation of Permanent Value of the Existing Products or Services As quoted from Stoclhorst and Van Raaij (2004), customers do not always strive towards new and technologically superior products or services, but towards permanent value of the existing products or services so that the competition would find it hard to imitate. Hence, it is possible for market-driven firms to become irreplaceable for customers if the firms put serious focus on customers attempts constantly to offer something that are better and faster than the competitors and make the accessibility to the products and services easier. Importantly, there is support from research findings (Stull et al., 2007) validating that market-driven companies are 31% more profitable, twice as fast to bring products to market, twice as likely to lead, and enjoy 20% higher customer satisfaction rates. Furthermore, empirical results of another study (Vorhies et al., 1999) demonstrated that, the 43 market-driven firms outperformed the 44 less market-driven firms across adaptability, customer satisfaction, growth, and profitability dimensions. This finding supports the marketing literature about the capabilities of market-driven firms (Day, 1994; Day and Wensley 1988) and extends the findings on empirical research of market orientation. (e.g Jaworski et al.,1993; Narver Slater 1994) The Market Driving and Its Advantages Figure Conceptual Framework: Two Forms of Market Orientation (Jaworski, Kohli, and Sahay 2000, p.46) The term market-driving refers to changing the structure or composition of a market and/or the behavior(s) of players in the market. (Jaworski, et al., 2000) (see figure 4) It matches a proactive business logic that enhances the competitive position of the business (Tuominen et al., 2004) of which it involves the shaping of the market structure via deconstruction (eliminating competitors in the value chain), construction (adding players into the industry value chain) or a functional modification (shifting the functions performed by players in a market), and the shaping of market behavior by creating or reversing new customers or competitors preferences. (Carrillat et al., 2004; Jaworski, et al., 2000) Schindehutte et al. (2008) presented a different view of market-driving construct clarifying that it is an entrepreneurial phenomenon. They argue that the interface between the entrepreneurship and marketing offers a unique perspective on the market related decisions of firms and the observed impact of these decisions in achieving sustainable competitive advantage. Schindehutte et al. (2008) further argued that the market-driving behavior reflects a strong entrepreneurial orientation (EO). It has both the dynamic advantage that creates capability and a disruptive advantage that destroys the performance outcome. (Schindehutte et al., 2008) Despite the many different views on the notion of market-driving behavior, it has appeared as an alternative to market-driven strategy which has been recognized as a successful strategy for a number of established firms such as Amazon.com, BodyShop, CNN, IKEA and Dell, all of which has a clear brand image, a strong market position, and exhibit sustainable international business growth whereby success is based on radical business innovation, ventured into new markets, revolutionized existing industries by changing rules of the game. (Kotler et al., 2000) Kotler et al. (2000) indicate that the success of market-driving firms is based on two dimensions of radical innovation a discontinuous leap in the value proposition and the implementation of a unique business system (see Figure 5 and 6). Kotler et al. (2000) define value proposition as the combination of benefits, acquisition efforts/costs, and price offered to customers. While, unique business system refers to the configuration of the various activities required to create, produce, and deliver the value proposition to the customer. Figure Types of Strategic Innovation (Kumar et al., 2000, p.130) Figure Leap in Customer Value (Kumar et al., 2000, p.130) Therefore, the market-driving advocates argued that the market-driving firms gain more viable competitive advantage with greater performance and reap vast rewards than those that are not in a number of ways. Delivering Superior Value Kotler et al., (2000) suggested that the leap in customer value involve either breakthrough technology or breakthrough marketing enables firms to create a product and service experience that overwhelms customer expectations and existing alternatives. (Kotler et al., 2000) For example, FedEx constantly led its customers to ever higher expectations for quick delivery times, leaving competitors struggling to meet the spiraling demands. (Kotler et al., 2000) According to Carrillat et al. (2004), successful market-driving firms deliver superior value that best matches with their capabilities and by exploiting the competitors weaknesses. It also allows firms to exploit opportunities that competitors cannot (Hamel and Prahalad, 1994) and that includes addressing the deep-seated, latent or emerging customer needs. (Kotler et al., 2000) The study results in the paper of Market-driving in retail banking (Martà ­n-Consuegra et al., 2008) revealed that the two characteristics of market-driving: driving the market structure and shaping the market behavior if combined together contribute positively to overall performance of retail banks, particularly in terms of enabling them to satisfy their customers latent and expressed needs better. (Martà ­n-Consuegra et al., 2008) This study further suggested that bank-marketing managers should emphasize customer understanding in pursuing proactive market orientation, which will lead to improved performance. Market-driving behavior also enables firms to benefit from free advertising via buzz network through strong brand attachment. Customers are delighted by the leap in customer value of the offerings and are excited to share their customer experience with friends and public. Traditional printed media and online social media are often publicizing the review on radical new innovation. While early adopters and opinion leaders who are enthusiastic and committed to new innovation products and services has the influential power to generate excitement and emotional attachment among their followers. Consequently, The advertising-to-sales ratio is often less than that of their established competitors. (Kotler et al., 2000). Nike is one of the examples provided by Kotler et al. (2000) Nike didnt run a single national television ad until they had 1 billion dollars in sales. Phil Knight observes they instead used word-of-foot advertising by getting the best athletes to wear their products. Further more, study of Tuominen et al. (2004) revealed that market-driving behavior contribute to higher customer intimacy and is associated with generative (explorative) learning. On top of that, market-driving firms gain the advantage to establish new industry price points for the quality or service levels they deliver, either towards higher performance at lower price points or to charge a price premium that is higher than typical in an industry. Firms like Swatch and Southwest Airlines set the prices much lower than their competitors for similar products and services. (Kotler et al., 2000) For example, Southwest Airlines charged $15.00 for a trip from Dallas to San Antonio when Braniff, the next most inexpensive competitor, was charging $62.00. (Kotler et al., 2000) Such significant price gap and low price policy has successfully attracted many of the ground transportation users to choose Southwest Airlines. Their focus to compete on the ground transportation enable them to create new business opportunities in a market segment that has been ignored by their competitors. (Kotler et al., 2000). On the other hand, CNN, Starbucks, and FedEx are those market-driv ing firms that have a value proposition that is significantly more compelling than the existing alternatives, which enables them to set prices considerably higher than the standard in the industry. (Kotler et al., 2000) Implementation of Unique Business System According to Kotler et al. (2000), the success of IKEA and Dell is not only by just delivering discontinuous leap in customer value but also is attributed to the implementation of unique and radical business system which is hard to imitate by their competitors. Kotler et al. (2000) argued that such business system creates a more sustainable advantage, as it takes time for a would-be competitor to assemble the intra-organizational and inter-organizational players needed to replicate that unique system architecture. In term of distribution and channel management, market-driving firms focus a wide range of innovative practices within their industries. For example, Southwest Airlines handles its own ticketing instead of make seats available through the standard industry computerized reservation systems such as Sabre and Apollo. As a result, only 55 per cent of its tickets are sold through travel agents compared to 90 per cent for the industry, adding up to substantial savings on travel agents commissions. (Kotler et al., 2000) Reshaping the Customer Preferences and Market Structure Market-driving firm could lead customer value opportunities in new directions to achieve superior business performance by destroying the existing market segmentation and replacing it with a new set of segments reflecting the new altered landscape. (Kotler et al., 2000) For example, Southwest Airlines destroyed the market segmentation between ground transportation and airlines, attracting many ground transportation user who would not otherwise traveled by air. Jaworski, et al. (2000) suggested that firms could shape the market behavior directly or indirectly. One of the indirect options is by changing the existing preferences of customers or other stakeholders from a positive (negative) to a negative (positive) evaluation (Jaworski, et al., 2000). Examples of products that were formerly negative but are now positive are Skoda in automotive industry and Adidas in fashion and accessory industry. (Jaworski, et al., 2000) The proactive behavior of market-driving firms would also contribute to more innovative products and services, and more new product success (Narver et al., 2004) that enable firms to pioneer new markets, which would eventually lead to market ownership. In the case study about De Beers in China, Harris and Cai (2002) explored the advantage of market-driving behavior in practice and incurred, as cited from Neuenburg, (2010), firms gain significant market control in environments where markets are immature and product preferences are not yet formed. Conclusion Clearly, each of the market-driven and market-driving behavior has its own advantages and the notion of these two is highly relevant for business marketers (Tuominen et al., 2004). It is suggested that firms should well aware of the business logic they are applying (e.g. proactive or reactive) then it should be a match with the type of market orientation they emphasized. That is, according to Tuominen et al. (2004), the implementation of the specific strategic logic presumes matching marketing capabilities and learning capability. However, to sustain success in the long run, Sheth and Sisodia (1999) provided a more convincing argument, that firms need to be market-driven and market-driving simultaneously. Jaworski et al. (2000) echo such argument and proposed that truly market-oriented firms combine both behaviors of which these two are complementary. In other words, firms should devote effort in market-driven activities, such as incremental innovation and traditional market research. Nevertheless, firms should also continue to search for their next radical business innovation to drive them into new competitive position or the market leader risks being leap-frogged and deposed by upstart market drivers. (Neuenburg, 2010)

The Elements of Success: Self Motivation and Self Determination Essays

Self motivation and self determination are the most important ways to succeed. In this essay I will use, â€Å"Learning to Read and Write† by Fredrick Douglass, â€Å"The Lonely, Good Company of Books† by Richard Rodriguez, Outliers by Malcolm Gladwell, and an interview of Patti Read to argue that self motivation and self determination are the most important elements to becoming successful. First, I will frame my argument, and then I will incorporate my first source, followed by my second source, and then I will have a paragraph that will deal with the opposition, followed up with my final piece of evidence. In this essay I will be identifying the most important ways of thinking about oneself in relationship to the world that can help lead a person toward success. I will first be using Fredrick Douglass, an American abolitionist, orator, and journalist, to show how his self motivation led to his success. Then, I will use Richard Rodriguez, an American writer, to give an example of how the determination to succeed is an important mindset for somebody who wants to live a fulfilling life. Followed up by a paragraph about Malcolm Gladwell, a journalist, author, and pop sociologist, stating the opposite point of view, that success is influenced by culture. Finally, I will use an interview done on Patti Read, a teacher, to give examples of how self determination, self motivation, and hard work have put her in the very successful position she is currently living in. Being self motivated is an important part to becoming a successful person, as it is shown by Fredrick Douglass through his personal experiences. Douglass, being a young black slave, was not allowed to go to school, but his mistress educated him nonetheless. He states in this arti... ...ple, such as Malcolm Gladwell, accept the point of view claiming that success is influenced by culture. Gladwell uses evidence such as plane crashes that occurred in Korean Airlines and how the culture of the pilots of the planes influenced the crashes. Gladwell claims that â€Å"Each of us has his or her own distinct personality. But overlaid on top of that are tendancies and assumptions and reflexes handed down to us by the history of the community we grew up in, and those differences are extraordinarily specific† (Gladwell 202). The co-pilot on Avianca 052, for example, did not know how to communicate with the tower in the urgent matter that was needed to tell them that the plane was out of fuel and the need to land immediately. Because the co-pilot did not make clear the urgency of landing the tower did not let them land, resulting in the crashing of the Avianca.

Explain Augustine’s temporal paradox

Augustine’s temporal paradox can be explained by starting with our typical beliefs about time, to wit: the past does not exist, the future is yet to exist and only the present actually exists.   However the actual existence of the present has no duration because it immediately becomes the past or the future the moment we try to isolate it. In the words of St. Augustine, â€Å"The present hath no space†.   The temporal paradox refers to the existence only of the present which however does not have a â€Å"duration†.Following this temporal paradox and Augustine treated time in ontological terms, i.e. in relation to the nature of being and existence.   We derive the notion of time by perceiving something that has passed, something that exists and something that will exist in the future.   Time is embodied and manifested through the duration of things that come into being to the present that passed away in an incessant continuum of past and future.   Conseq uently, material things move from none existence to existence to non existence (past, present and future).The perpetuation of the time continuum entails that â€Å"the mind expects, and attends, and remembers, so that what it expects passes by way of what it attends to into what it remembers.† (Augustine, 2002, p236) What the mind expects is the future, what is remembers is the past and what it attends to at the moment is the present, which is what exists.   Attending to the present does not refer to our location or inhabitance in this time continuum but one’s capturing of the immediate past in the memory. This is precisely because the present has no duration or no space and it is only through memory that we can attend to it.For St. Augustine, even â€Å"time† is created by God and therefore he is beyond the continuum of the time series to which people and all other things are bound.   God is in a state of â€Å"Eternal Now†, where the present, past a nd future are at all once.   However, while St. Augustine’s idea of time is very revolutionary, it nevertheless has critical repercussions that run inconsistent which Christian principles which he originally wanted to justify and defend.With the past and future all happening in the present for God, people therefore are already predestined to what will happen to them. People were not really given the gift of choice or freewill but are doomed to end up to how God have designed their world. What seemed to be a series of choices for people in this space of time is actually a finished or done design for God.   (Von Martelsand Schmidt, V, 2003, p79-102)2-Imagine that Russell and Berkeley are sitting across from each other at table. Write a short dialogue (about 500 words) that captures each philosopher’s views with respect to the ontological status of the table. Be sure to bring out areas of agreement and disagreementIn order to appreciate Bishop Berkeley, one must first fully understand that ontology focuses on the nature of essence and meaning of being. Berkeley is a major proponent of subjective idealism in which ultimately argues that the world including all the material objects are not real but are mere collections of perceptions of human experience, which is what is real.   It highlights that significance of mind before matter and the preordained connection of mind and body.Thinking is function that people constantly do, consciously, unconsciously or subconsciously in relating to their environment.   The mind is essential to be considered in understanding the nature of the universe because everything entailed the consciousness of the mind.   Thus, the universe is the product of the mind. (Bourgeois, 2003, 162-163)Berkeley will not deny that the table being observed is definitely real but it needs to be subjected to one’s consciousness before we know it is real.   Moreover, the real essence of the table or that which makes a tab le what it is resides in the â€Å"idea† of the table which is in the mind of God.   It does not rest on the â€Å"physical table† which we perceived because our experiences of the table vary.   While we see the table is brown, solid and smooth, our experience of the brownness, solidness or smoothness of the table differs. There is a disparity between what at we perceive† and â€Å"what is real†.Russell agrees with Berkeley’s idea that the act of perception is dependent on the mind but the mind is only the mental functioning of the brain hence, the perceptions therefore do not actually exist in the mind.   We only get to have a mental idea of what a table is through our perception of the physical table.   Perception is the prime source of knowledge (Engel, S., 2001, p 250-260).Knowledge is mainly based on the acquisition, interpretation, selection and organization of information what we perceive.   In Bertrand Russell’s own words, à ¢â‚¬Å"our ideas are derived from two sources, sensation, and perception of the operation of our own mind, which may be called internal sense†. (Russell, 2004, p556) Hence, we form our idea of table from the perception.This approximation of what reality through our senses, despite differences in the intensity of what brownness, solidness and smoothness of the table is real knowledge we can establish by observation and generalization. Incidentally, this is the underlying philosophy of science. In the end, we gain our knowledge about the â€Å"table† not from an innate idea of a table but through an observation of the table.We know that a table is brown, solid and smooth, irregardless of the intensity of these descriptions from different people. â€Å"Perception is the first step and degree towards knowledge and the inlet of all the materials in it†. (Russel, 2004, p556) And that is what is real regardless of the ideal table that we can conceive.ReferencesAugustine and Outler, A. (2002). The Confessions of St. Augustine. Translated by Albert Cook Outler. Courier Dover PublicationsBourgeois, W. (2003). Persons: What Philosophers Say about You. 2nd edition. Wilfrid Laurier Univ. Press.Engel, S. (2001). The Study of Philosophy. Rowman & Littlefield,Russell, B. (2004). History of Western Philosophy. 2nd edition. RoutledgeVon Martels, Z. R. W. M. and Schmidt, VM. Antiquity Renewed: Late Classical and Early Modern Themes. PREDESTINATION AND THE LOSS OF DRAMA FROM AUGUSTINE TO CALVIN by MB Pranger. Peeters Publishers   

Charles Manson Essay Example

Charles Manson Essay Example Charles Manson Essay Charles Manson Essay Charles Manson was birthed by a 16 year old alcoholic, prostitute. Mansons last name changed when his mother Kathleen married William Manson. Charles mother would always be drinking too much and spent a lot of time in Jail. In 1939, his mother went to prison for armed robbery. Due to her always going to Jail and prison, Manson moved in with his grandma and uncle. His grandma would subject him to the fanatic religious morals. His mother tried to send him to a foster home because she chose her boyfriend over her own son. She rejected him. Manson was placed in several boys schools. He claimed he was repeatedly rape and e soon escaped. In 1951, when he was eighteen, Manson sodomizes a boy while holding a razor to his throat. He was sent to Federal Reformatory at Petersburg, Virginia. In 1955, he married Rosalie Willis and had a son together named Charles Manson Jr. In April 1956, he was again sent to prison for a three years for auto theft and violating of his 1955 probation. Manson was released in 1958 and divorced Rosalie. In 1958, he was released once again, but he began pimping and stealing. Married again to Leona, and fathered second son. He was again arrested on June 1, 1960. He was charged for white slavery and of forging a U. S. Treasury check. He was sent to McNeil Island Penitentiary. While in Jail he met Alvin Creepy Karpis. His new friend taught him how to play the guitar. Manson was very skilled in playing the guitar and writing his own songs. Once he got out of prison he wanted to become famous with his talent. His second wife than again divorced him. He also learned and studied scientology while in prison. Professional Past: Charles Manson was still hoping for a music career. He hung out with Dennis Wilson of the Beach Boys. The Beach Boys did record on of Mansons songs, which was called, Never Learn Not to Love. Manson believed Terry Melcher was going to improve his music career but it was not accomplished, Manson was disappointed. Family: Mary Brunner aid her husband in seducing people they met to Join the Manson Family. They moved to Spahn Ranch in southern California. Most of the Family consists of women. He was fond of taking pieces of different religions and creating his own ways of life. The Beatles song Helter Skelter which predicted an upcoming race war between blacks and whites and strong drugs influenced Charles Manson greatly. Manson prediction did not occur, he said he and his family must show how Murders: Facts: Although Manson was not present at the Tate/La Bianca killings, he was convicted on seven counts of first-degree murder and one count of conspiracy to commit murder for directing them and ordering them on January 25, 1971. On March 29 1971 he was sentenced to death. On August 9, 1969, Mansons family was ordered to attack the home of Terry Melcher, the man who failed to help Manson with his music career. Fortunately for Melcher he was no longer a resident of that house. However, it was not so fortunate for Sharon Tate, her unborn child, and supposedly four other people. The police found the body of Steven Parent in a Rambler utomobile 102 stabs wounds are inflicted of four victims, a fifth victim was shot. The bodies of Frykowski and Folger were on the front lawn. In the living room, connected by a piece rope, police located the bodies Tate and Jay Sebring. Tate was stabbed 16 times, Folger was found to have been stabbed 28 times, and Sebrings showed seven powerful stab wounds and one deadly gunshot wound. Frykowski body exhibited 51 stab wounds and two gunshots. Lastly Parents body had five gunshot wounds. The murders are discovered by housekeeper the following morning. The word Pig was written in blood on the front door. Following shortly after this murder, Manson initiated another killing of Leno and Rosemary LaBianca in their home as well on August 10, 1969. Frank Struthers, 16-year old son of Rosemary La Bianca, returned home to see his mother and stepfather dead. His stepfather discovered the body in the living room and his mother body was found in the bedroom. Mr. La Bianca head was covered with blood-soaked pillow case; his hands were tied behind his back with a leather thong. A carving fork was stuck in his stomach and was scratched the word War. An electric cord was around his neck, had 13 stab wounds and 14 puncture ounds by the torture of the fork. Mrs. La Bianca hands were tied with an electric cord and a pillow case over her head. An electric cord was around her neck Just as well. She had 41 separate stab wounds. Death of the Pigs was written in blood on a living room wall, over the door was written Rise, and on a refrigerator door was Healter Skelter which was misspelled. Holding: Manson was acquitted from the death penalty in 1972 when the California Supreme Court outlawed the death penalty. Charles Manson is now serving a lifetime sentence. He was denied parole for the ninth time in March 1997. After several years, e was denied parole once again for the 12th time on April 11, 2012. Manson is currently being held in Californias Corcoran Prison. The prosecution felt that the causing of Helter Skelter was the main motive. The crime scenes bloody White Album references pig, rise, and helter skelter. It was connected with the testimony about Manson predications. It involved the writings of pigs on walls in victims blood. There are strong links between the Tate and La Bianca murders due to their motives. Diagnosis: criteria of antisocial personality disorder. It begins with an absence of parental love uring infancy, which leads to an absence of basic trust. In saying so, Manson mother was not there for him and did not care for him as much a parent should. Antisocial personality disordered individuals are very likely to have lived in families that experienced poverty, family violence, divorce, abuse and abandonment. It seems to fit Charles Manson due to the fact he was poor, no parents to guide him, and lacked love from family members. As a result of this, antisocial individuals do not trust others and they lack the moral development and social sympathy. Due to Manson past experience, he fits the results of antisocial personality disorder.

How to Conjugate the Verb Avere in Italian

How to Conjugate the Verb Avere in Italian In Italian, â€Å"avere† can be defined as:   To haveTo ownTo obtainTo holdTo wearTo receive What to Know About â€Å"Avere† It’s an irregular second-conjugation verb, so it doesn’t follow the typical -ere verb ending pattern.It’s a transitive verb, so it takes a direct object.The infinito is â€Å"avere.†The participio passato is â€Å"avuto.†The gerund form is â€Å"avendo.†The past gerund form is â€Å" avendo avuto.† Indicativo/Indicative Il presente io ho noi abbiamo tu hai voi avete lui, lei, Lei ha essi, Loro hanno Esempi: Abbiamo fame! Possiamo andare in pizzeria? - We’re hungry! Can we go to the pizzeria?Ho un brutto presentimento! - I have a bad feeling! Il passato prossimo io ho avuto noi abbiamo avuto tu hai avuto voi avete avuto lui, lei, Lei, ha avuto essi, Loro hanno avuto Esempi: Quel giorno ho avuto tanta paura. Non volevo vederlo. - I was really scared that day. I didn’t want to see him.Quei ragazzi hanno avuto un’infanzia infelice. - Those guys had a sad childhood. L’imperfetto io avevo noi avevamo tu avevi voi avevate lui, lei, Lei aveva essi, Loro avevano Ad esempio: Quando avevo nove anni, sono andato a Roma con i miei. - When I was nine years old, I went to Rome with my parents. Il trapassato prossimo io avevo avuto noi avevamo avuto tu avevi avuto voi avevate avuto lui, lei, Lei aveva avuto essi, Loro avevano avuto Ad esempio: Si fidi (di me), non aveva avuto nessun’ importanza. - Trust me, it wasn’t important at all. Il passato remoto io ebbi noi avemmo tu avesti voi aveste lui, lei, Lei ebbe essi, Loro ebbero Esempi: Ebbe un gatto che si chiamava Alberto. - He had a cat called Alberto.Quel giorno i miei genitori ebbero un colpo di fortuna. - My parents had a stroke of luck that day. Il trapassato remoto io ebbi avuto noi avemmo avuto tu avesti avuto voi aveste avuto lui, lei, Lei ebbe avuto essi, Loro ebbero avuto TIP: This tense is rarely used, so don’t worry too much about mastering it. You’ll find it in very sophisticated writing. Il futuro semplice io avr noi avremo tu avrai voi avrete lui, lei, Lei avr essi, Loro avranno Ad esempio: Avrà ² cura di te. - I’ll take care of you. Il futuro anteriore io avr avuto noi avremo avuto tu avrai avuto voi avrete avuto lui, lei, Lei avr avuto essi, Loro avranno avuto Ad esempio: Ha fatto le bizze? Strano, avr avuto fame. - She had a tantrum? Weird, she must have been hungry. Congiuntivo/Subjunctive Il presente che io abbia che noi abbiamo che tu abbia che voi abbiate che lui, lei, Lei abbia che essi, Loro abbiano Ad esempio: Penso che tu abbia un buon lavoro, non credi? - I think you have a good job, you don’t think so? Il passato io abbia avuto noi abbiamo avuto tu abbia avuto voi abbiate avuto lui, lei, egli abbia avuto essi, Loro abbiano avuto Ad esempio: Malgrado abbia avuto voglia di un gelato, non ne ho mangiato. - Even though I wanted an ice cream, I didn’t eat one. L’imperfetto io avessi noi avessimo tu avessi voi aveste lui, lei, egli avesse essi, Loro avessero Ad esempio: Credevo che tu avessi due sorelle, invece ne hai solo una. - I thought you had two sisters, but instead, you only have one. Il trapassato prossimo io avessi avuto noi avessimo avuto tu avessi avuto voi aveste avuto lui, lei, Lei avesse avuto essi, Loro avessero avuto Esempi: Se avessero avuto freddo, me lo avrebbero dovuto dire! - If they were cold, they should have told me!Pensavo che tu avessi avuto sufficiente tempo per pensare! - I thought you’ve had enough time to think! Condizionale/Conditional Il presente io avrei noi avremmo tu avresti voi avreste lui, lei, Lei avrebbe essi, Loro avrebbero Esempi: Professore, avrei una domanda.. - Professor, I have a question. (formal)Avrei proprio voglia di un gelato! - I would really have an ice-cream right now! Il passato io avrei avuto noi avremmo avuto tu avresti avuto voi avreste avuto lui, lei, egli avrebbe avuto essi, Loro avrebbero avuto Ad Esempio Non avrei mai avuto il coraggio di trasferirmi in Italia tutta sola! - I would have never had the courage to move to Italy all by myself!

Kim’s Writing Process Timeline Essay Example

Kim’s Writing Process Timeline Essay Example Kim’s Writing Process Timeline Essay Kim’s Writing Process Timeline Essay The internet is a handy resource to everyone, especially the student who has a full educational schedule and a busy life outside of the academic arena.   It is also helpful to professional educators and parents of students.   However, along with all of the valid resources on the internet there is an equal amount of invalid material.   The users of the internet need to be able to evaluate a website and determine the accuracy of a site.   Kim’s Korner for Teacher Talk is a website that was developed by educator, Kim Steele and even though it states that it is for everyone of all ages, (Steele) the target audience is parents, students, and other teachers.   Through this website, it will be explained how a website should be evaluated for its validity. Kim’s Korner for Teacher Talk has a page that is the writing process and a timeline that she uses with her students to make sure that they are on task. She understands that â€Å"Writing is a process, not merely a product.† (OWL)   Her students accumulate points for each step of the process and they have a time frame in which they must complete their work.   The objective for creating the timeline is to keep her students focused and to make sure that writing is not difficult and overwhelming.   By dividing the assignment into stages, a student will realize quickly if there is a problem with the topic chosen for the writing assignment. The sample timeline offers nine steps during the writing process. Understanding process helps us recognize where a student writer is in his or her process and offer help appropriate to that phase. (Trupe).   Kim states that the website is for all ages, but it seems to be geared toward elementary students because of the graphics that she uses.   With some tweaking, the timeline could be used for any educational level.   The first thing one would want to do if he/she were using this with older students is to remove the graphics, and perhaps using diction that is more academic. The timeline that is designed by Kim is geared to allow students to have a time frame in which steps in the writing process are due and when the final draft is due.   To many students this would be beneficial.   The student who procrastinates can obviously understand that he/she cannot delay the assignment until the night before the final draft is due.   It would also assure the teacher that all of the steps are used by the student.   Many times students will delay doing their assignment and they will rush through it at the last minute.   This often times leads to poor quality work.   If the teacher uses the timeline, he/she will be assured that this will not happen. Good writing habits do not just happen.   They must be practiced like a sport or musical instrument.   The longer one practices, the better he/she becomes at the task.   If the teacher uses this timeline for a long period of time, the student will eventually internalize the writing process so that in later on when the student is no longer in the class of the teacher using it, he/she will automatically go through the steps of the writing process.   This is a useful tool for the teacher to share his/her own writing experiences.   He/She should be able to discuss how he/she has benefited from using the writing process.   A child believes a teacher has no life beyond the classroom. A teacher is the face in the front of the room, the person who hands out assignments and issues grades. Where she came from, or how she got there, doesnt register. (Hallman) Another positive aspect of the timeline is that the teacher is involved in each step.   He/She should be checking the assignment at each due date which will guarantee that the students are accurate in what they are doing for the assignment.   If there are problems, the teacher can intervene early on instead of catching the problem at the very end.   If a conversational tone is used with the student, then h/she will not feel threatened or intimidated. How can teachers view writing assessment as a conversation? First, pay attention to what goes on in your mind as you read students writing, and articulate those reactions; give each student your experience of reading her or his paper. As students respond to your reactions, you might find that your interpretation and suggestions change. Be open to each writers purposes, experiences, and personality, using everything you know about that person and yourself as a reader.   (Wilson) This would be frustrating to a student who had put a lot of time into an assignment that was not acceptable.   The student would then loose points for the daily assignments as well as many points on the final draft.   That would lead to failure and frustration for the student.   However, the timeline would alert the teacher to the problem while it was a small one instead of a huge one. The timeline includes a two brainstorming sessions which is a positive aspect for the students.   The first brainstorming session would allow for the student to choose a topic.   Many times this is the hardest step.   Almost everyone has at one time or another stared at a blank piece of paper or computer screen for a long time because he/she is utterly clueless about which topic to choose.   The first brainstorming session would insure that this did not happen to the students.   The second session of brainstorming would aid the students in narrowing their topic.   There are many times that students will choose a topic that is too broad.   When a topic is broad, it would take enough information to fill a book to cover it.   Instead, this second brainstorming session, with the help of graphic organizers, would alleviate the problem. Once the first draft is written, there is an opportunity for revising for coherence, writing a second draft, and editing for usage and mechanics.   These steps might seem time consuming, but in the long run they are beneficial.   Students’ final drafts will be much better if these steps are followed.   Ã‚  Peer revision for coherence is used after the first draft is written. The process of student self-assessment through rubrics can be enhanced with peer assessment and teacher feedback, of course. (Andrade).   This step allows another student to read the assignment for clarity.   Using peers for this evaluation is actually better than a teacher because the peer is the targeted audience therefore, less biased.   The student can then understand where there is no clarity and he/she then revises the assignment by writing the second draft.   The paper then goes through peer editing to check for usage and mechanic problems with the paper.   This is done separately fr om the first peer conference so that the student can concentrate on one area at a time and so that the writer is not overwhelmed with the number of mistakes found on the paper.   The student should also use self-assessment during the peer revision and editing steps.   Even though the peer is useful in giving objective criticism, the peer is also a student like the writer. During self-assessment, students reflect on the quality of their work, judge the degree to which it reflects explicitly stated goals or criteria, and revise. Self-assessment is formative - students assess works in progress to find ways to improve their performance. Self-evaluation, in contrast, is summative - it involves students giving themselves a grade (Andrade) Even though the writing process designed and used by Kim is beneficial for most students, there are some that it would hinder success.   While it would greatly help a student with an attention deficit disorder because the student would not be focused on one aspect of the writing process for a long time, it could be overwhelming to a student who has other learning disabilities.   When a student has a learning disability in written expression sees the amount of time that he/she will be working on a task that is a disability to him/her, then the student is likely to give up before he/she even starts the assignment.   It would also frustrate that student to see that so many points were allotted to an assignment that is already difficult for him/her.   Embarrassment is another problem when it comes to peer revision and editing.   For a student with no learning disability, the chance that his/her paper is not totally full of mistakes is not a problem.   However, the student wit h a problem in written expression would see peer revision and editing in a totally different light.   Not only would the embarrassment frustrate the student, but the time constraints could be a horrible blow.   The only way that the writing process timeline could work with this student would be if the due dates were revised for that student. After closely analyzing the website Kim’s Korner for Teacher Talk, the conclusion is that the website is a positive one and the information presented would be of great benefit for most teachers.   However, the students with learning disabilities in written expression should be taken into account.   If the teacher forgets about these students and does not make major adjustments to the writing process timeline, these students will be doomed for failure.

Diagnostic essay Example | Topics and Well Written Essays - 500 words

Diagnostic - Essay Example There are certain aspects of advertisements that ensure consumers get the message of products. This paper will look at some of the aspects of advertisements that make them intriguing, and how that enables organizations to get to consumers. The first aspect would be the social aspect. The question most advertising agencies ask is if the advertisement is socially acceptable. This may present the firm with an avenue to know what time to incorporate their advertisements in most of the programmes on air. It is through this analysis of the intended market that many organizations exploiting. The social aspect that is often exploited is the materialistic nature that is created among consumers. Once consumers notice this is happening, it becomes a problem for the manufacturers and advertising agencies (Shimp 209). An example of an advertisement that may bring about societal concerns may be the use of sex to bring out the intended message. The car and sport industry may be largely responsible for this as they are known to incorporate models in their commercials. Another aspect is the economical aspect of advertisements. Organizations may want to engage in activities that are economically viable. Paying for advertisements in media outlets without the consumer’s knowledge of the product may prove useless. No advertisement is more powerful than one that makes the consumer feel something. Making a consumer feel that they need the product or service being advertised is the best way of creating an advertisement. This is where creativity comes in to ensure whoever is keen gets the message. Organizations must check to ensure the contribution they are placing on society through their products is being felt. This pushes consumers to want to listen, or look at to some of the advertisements that make it through media outlets (Shimp 211). An example of an advertisement that may reach to a consumer might

Artistic and Livelihood Rights versus Morality Issues in Anti-Lap Assignment

Artistic and Livelihood Rights versus Morality Issues in Anti-Lap Dancing Ordinance - Assignment Example With a diminishing tax base, the city direly needs new livelihood sources. City council members and residents are divided on whether the emerging businesses of strip bars and pornographic moviemakers can save the city’s economy. They also believed that said ordinance was the first step to killing this industry. Mary Macy, 40, a former city council member said: â€Å"Adult entertainment businesses are a blight to any neighborhood. They attract a variety of criminal activity, including prostitution and drug use.† Council member Tonis Zaslow, 35, believed that they are not against new businesses, but opposed to the negative effects of the sex industry on their culture and health. Zaslow said: â€Å"This is just good government. We need to protect citizens from the transmission of sexual diseases, litter and condoms in our streets, drugs sold to children.† What several saw as depraved, others perceived as fun and legitimate livelihoods. George Rappaport, dressed in a business suit, thought that the ordinance was a killjoy: â€Å"I love lap dances. Who doesn’t? I say you’re banning this because you’ve never had one. You guys and gals should get one before you vote.† Bambi Newman, 27, is an actress, a stripper, and a single mom with a daughter. She argued that lap dancing is her right to artistic expression and a source of legitimate livelihood.

An analysis of ethics in the 21st Century Research Paper

An analysis of ethics in the 21st Century - Research Paper Example Types of ethics will give us information about how ethics are related with various folds of our life. Amongst the type of ethics we will discuss in brief about Business Ethics in our report. This discussion would include details of business ethics as in what business ethics are, how they affect business and limitations of business ethics. After getting information of business ethics we will discuss about ethics in 21st century and finally moving on with the conclusion of report about what we have discussed in the report. Ethics may be defined as the philosophical study of behavior that is considered as correct amongst a particular profession or group. Ethics are also termed as Moral Philosophy. It is the discipline or study guiding about what is morally correct and what not. Ethics and values are essential for the development of every society, state, region or country. Today the world around us is changing with a fast pace thus creating uncertainty in lives. This may be due to cut throat competition and globalization. Thus ethics may serve as a guidance laying principles of conduct which is considered as morally correct. The universal values for natural environment, health and safety, human rights, equality of men and women and principles of human conduct all comes under study of Ethics. It is a broad term covering almost all the spheres of life laying principles for fair behavior (Singer 2011). Business Ethics is about responsibly doing the business. It means that the businessmen must keep away from indulging in unfair trade practices like publish misleading advertisements, adulteration, black marketing etc. The businessmen should supply quality products to their consumers at reasonable prices all the time. There should be no unfair competition and monopolies. Workers exploitation should not be there and they must get proper wages with good working condition. Business Ethics can be divided into two parts

KU library Essay Example | Topics and Well Written Essays - 250 words

KU library - Essay Example This paper seeks to pinpoint how the practices of variance control and setting of high-performance standards may result in ethical issues given that both have served as sources of accounting information and tools for management control systems. Fluctuations in variances such as cost, production and price need to be controlled since these have a direct effect on the product or service quality attained. Cost control entails the identification of the standard cost of output attained (Malmi & Brown, 2008). Ethical issues arise when cost control is not achieved through the comparison of the total standard cost with total actual cost; hence, needs to be traced to the responsible managers and tasked for the outcome of the failed cost controls. Whenever there are huge deviations between the costs aspects, quality of products or services offered will be affected since the management may tend to vary the prices charged too (Kaynak, 2003). Maintenance of high-performance standards may result in ethical issues in that it would result in the production of high-quality goods and services. However, this may be at a high cost, which in return may result in raising of prices that may subject the management to ethical wars by quality control bodies and consumer confederations. In the process, managers will be required to provide accurate representations of the production and quality processes. This will be in consideration of the application of variances as accounting information for the management control tool (Malmi & Brown,

The Simplified Acquisitions Methods- Contract Administration and Essay

The Simplified Acquisitions Methods- Contract Administration and Management - Essay Example Government official can make and pay for a simplified acquisition using cash, purchase order, government wide purchase order at the convenience of the company (small businesses in this case). To win this acquisition, the company must simply provide contracting officials with a quotation. Simplified acquisition is a flexible method of purchasing as procedures vary by contract value. It also favors small businesses in the following ways: reduces administrative costs, improving opportunities for small firms, small disadvantaged firms and women owned small businesses, promotes efficiency and economically essential in acquisition of contracts and finally to avoid unnecessary burden for agencies and contractors. The public law established special requirements for the acquisition of commercial items intended to more closely resemble those customarily used in the commercial marketplace. The federal government developed a unit that conducted market research as an essential element of building an effective strategy for the acquisition of commercial items and establish the foundation for the agency description of need, the solicitation and resulting contracts (Office of the Federal Register US, 2010). The government also set specific procedures for solicitation, evaluation and award of contracts. Those procedures were to be adhered to by the contractors, thus making business favorable for small businesses. Other laws set by the federal government to monitor contracting include: contract quality assurance, notification of overpayment and determination of price reasonableness (Office of the Federal Register US, 2010). The use of technology has been an enormous advancement in the business sector; it makes transfer of information from one party to the other easily and efficiently. This therefore saves time as far as acquisition of products and contracting is concern. This can be achieved by attachment of quotations on a mail for

Interview of Business Professional Essay Example | Topics and Well Written Essays - 250 words

Interview of Business Professional - Essay Example Although he had a chance of executing the employment alone, he sought to follow the right procedures. The position was eventually filled with the most appropriate person by following employment procedures thus issues of ethical concern were avoided. I would have done the same. The dilemma would have been a violation of the company policy since the company requires that there be at least three possible suitors from which the best is picked. Although I could have had prior experience with the potential employee, following protocols were the right ethical thing to do. In addition, following right procedure would have safeguarded the company and me (Mathis and Jackson 2010). The ethical dilemma did not violate any law or company policy. It is advisable that personal judgment be followed and further official consultations made to avoid ethical conflicts. Choosing between personal conscience and company policies is difficult but it is more appropriate to follow the conscience. Under the same circumstances, I would have acted the same way as my interviewee to avoid ethical

KU library Essay Example | Topics and Well Written Essays - 250 words

KU library - Essay Example This paper seeks to pinpoint how the practices of variance control and setting of high-performance standards may result in ethical issues given that both have served as sources of accounting information and tools for management control systems. Fluctuations in variances such as cost, production and price need to be controlled since these have a direct effect on the product or service quality attained. Cost control entails the identification of the standard cost of output attained (Malmi & Brown, 2008). Ethical issues arise when cost control is not achieved through the comparison of the total standard cost with total actual cost; hence, needs to be traced to the responsible managers and tasked for the outcome of the failed cost controls. Whenever there are huge deviations between the costs aspects, quality of products or services offered will be affected since the management may tend to vary the prices charged too (Kaynak, 2003). Maintenance of high-performance standards may result in ethical issues in that it would result in the production of high-quality goods and services. However, this may be at a high cost, which in return may result in raising of prices that may subject the management to ethical wars by quality control bodies and consumer confederations. In the process, managers will be required to provide accurate representations of the production and quality processes. This will be in consideration of the application of variances as accounting information for the management control tool (Malmi & Brown,

Interview of Business Professional Essay Example | Topics and Well Written Essays - 250 words

Interview of Business Professional - Essay Example Although he had a chance of executing the employment alone, he sought to follow the right procedures. The position was eventually filled with the most appropriate person by following employment procedures thus issues of ethical concern were avoided. I would have done the same. The dilemma would have been a violation of the company policy since the company requires that there be at least three possible suitors from which the best is picked. Although I could have had prior experience with the potential employee, following protocols were the right ethical thing to do. In addition, following right procedure would have safeguarded the company and me (Mathis and Jackson 2010). The ethical dilemma did not violate any law or company policy. It is advisable that personal judgment be followed and further official consultations made to avoid ethical conflicts. Choosing between personal conscience and company policies is difficult but it is more appropriate to follow the conscience. Under the same circumstances, I would have acted the same way as my interviewee to avoid ethical

Book Review Essay Example for Free

Book Review Essay The novel is about a wolf called Faolan that survives with a friend of his, Edme. There is another wolf called the Prophet that tries to send out wolves to kill Faolan and Edme. They try to find a shelter to try to hide but end up getting spotted by a wolf. They run away and escape from the wolf. After getting away they go out and find the Prophet. They confront him ask ask him why he wants to kill them and he jumps at them and they finally kill the Prophet. The book is associated with the other five Wolves of the Beyond books Lone Wolf, Shadow Wolf, Watch Wolf, Spirit Wolf, and Star Wolf.  I would give the book a 2 because I like the Wolves of the Beyond books. They explain how the wolves survive and how they hunt their prey. The book shows how they grow up and learn to hunt and communicate with the others. I also like how the author makes it feel like something is going to happen like a fight scene. The book also continues the story of the main character, Faolan and gives the wolf a characteristic for each book the author makes. The novel is about a wolf called Faolan that survives with a friend of his, Edme. There is another wolf called the Prophet that tries to send out wolves to kill Faolan and Edme. They try to find a shelter to try to hide but end up getting spotted by a wolf. They run away and escape from the wolf. After getting away they go out and find the Prophet. They confront him ask ask him why he wants to kill them and he jumps at them and they finally kill the Prophet. The book is associated with the other five Wolves of the Beyond books Lone Wolf, Shadow Wolf, Watch Wolf, Spirit Wolf, and Star Wolf.  I would give the book a 2 because I like the Wolves of the Beyond books. They explain how the wolves survive and how they hunt their prey. The book shows how they grow up and learn to hunt and communicate with the others. I also like how the author makes it feel like something is going to happen like a fight scene. The book also continues the story of the main character, Faolan and gives the wolf a characteristic for each book the author makes.

Strategies to Maximise Shareholder Value

Strategies to Maximise Shareholder Value Introduction Firms may have different objectives to achieve. However in theory, a firm should set its objectives to increase its value for its owners. Shareholders are the owners of a firm. Therefore according to theory maximising shareholders wealth is the fundamental objective of a firm. (Watson Head –Corporate Finance principles and practice 2007) Investors generally expect to earn satisfactory returns on their investments as they require increasing the value of their investments as much as possible. This is usually determined by dividend payout and or capital gains by increasing the market value of the share price. The managers of the company act on behalf of the investors, such as operating day to day activities and making decisions within the business. In another way they do have the control of the business entity. However, firms may have other objectives to achieve such as maximising of profits, growth and increasing its markets share. When achieving these objectives of a firm, conflicts may arise as a result of ownership and control. Managers may make their decisions on their own interests rather than achieving investors wealth. Discussing the investor related goals as described earlier, in theory behaviour of management should be consistent towards maximising shareholders wealth, enhancing the value of the business (Basely Brigham- Essentials of Managerial Finance).Value of the business is measured by valuing firms price of shares. Its essential to consider maximising of stock prices, and its impact to the investors and the economy as a whole simultaneously. Maximising profits is also an objective of a firm. It is determined by maximising the firms net profits. It is also can be described as a short term objective whilst maximising the value of the company is a long term objective for a firm (Financial Management –Kaplan Publishers 2009). Therefore it is not necessary, maximising profits as maximising shareholders wealth because there are number of potential problems can be occurred adapting to an objective of profit maximisation. It will be discussed in the latter part of the report. Earnings per share (EPS) is one of the main indicators of the firms profitability and it is a broadly used method measuring firms success, as it is determined return to equity in theory(Financial Management – Kaplan Publishers 2009).However, EPS doesnt expose the firms wealth since it is determined by using firms net profits. Therefore EPS is also exist the same criticism as profit maximisation above which will be discussing in the later part of the report. During the past ten years have seen a much greater emphasis on investor related goals. The conflict of ownership and control can be recognised as one of the significant causes which were affected investors and the world economy in the past ten years. The corporate scandals such as Enron, Maxwell and World com which occurred recent past had been lost investors confidence towards capital markets. Therefore its essential to consider the ethical behaviour and social responsibilities towards shareholder wealth maximisation simultaneously. It can also be said the institutional investors such as insurance companies and pension funds had also made a significant influence on investor related goals in the recent past. Review of Literature OBJECTIVE OF PROFIT MAXIMISATION According to Watson and Head 2007, whilst individuals manage their own cash flows, the financial manager involves in managing cash flows on behalf of the company, and its owners. In a firm financial management is concerned with taking decisions in three key areas which are financing, investing and dividend policy. Watson and Head also mentioned, shareholders wealth maximisation as the primary objective of the firm and at the same time the existence of other stakeholder groups such as creditors, employees, customers and community are also affected when adapting to a corporate goal. â€Å"However the firm may adopt one or several objectives in short term whilst its pursued the objective of shareholders wealth maximisation in long term†(Basely and Brigham; Essentials of Managerial Finance). Therefore it is essential to be considered the other possible objectives in short term as well as long term simultaneously. Reviewing one of the main objectives of profit maximisation, a classic article of Milton Friedman in the New York Times magazine 1970â€Å"The social Responsibility of Business is to Increase its profits† (Poitras, Geoffrey 1994). Considering classical views of Friedman (1970), Grant (1991), and Danley(1991), Geoffrey analysed the connection between shareholders wealth maximisation and profit maximisation, as an foundation for establishing an ethical analysis for shareholders wealth maximisation. However, Friedman had a moderate view later relating to the concept of profit maximisation towards social responsibilities. (Pradip N Khandwalla, Management paradigms beyond profit maximisation 2004) While there were similarities between these two objectives, Solomon; 1963, chp.2 highlighted the inconsistencies in his classic article (Poitras, Geoffrey 1994). Considering the above views from different authors, Geoffreys suggestion was â€Å"Even though there are significant consistencies between these two goals, the goal of profit maximisation has designed for the traditional microeconomic environment and for the firms which do not have the conflict of ownership and control. It is also assumed that its applied for the environment where there was no uncertainty and no stock issues†( Poitras, Geoffrey, 1994). According to Keown, Martin and Petty, 2008; Lasher 2008; Ross Westerfield, and Jordan; 2008, â€Å"Managers are encouraged to maximise its current stock prices by the shareholder theory, therefore the criticisms are understandable†. This approach determines the existence of agency problem towards incentive schemes, as incentives are rewarded with the continuous growth of share price and leads to an unethical behaviour of managers, towards manipulating the firms current stock prices (Daniel, Heck Shaffer). CONFLICT OF OWNERSHIP AND CONTROL The conflict of ownership and control was first identified by Adam Smith (RBS Review 1937) and he suggested that the Director cannot protect the other peoples money with the same way that he protects his money (Tony Howell; Shareholder ship model versus Stakeholder ship model). Its also mentioned in Tony and Howells article, that the separation of ownership and control make a significant influence for corporate behaviour and its deeply discussed by Berle and Means (1932). But La Porta et al. (1999) argued against Berle and Means, and he suggested â€Å"its different from the large corporations, because the shareholders of large corporations involved in corporate governance actively where managers are unaccountable† (Tony and Howell; shareholder ship model versus Stakeholder ship model). Winch (1971) suggested the goal of profit maximisation is consistent with the ethical theory of utilitarianism whilst allocating resources under different circumstances. (Poitras, Geoffrey 1994). Having considered Winchs suggestion related to the utilitarian theory and profit maximisation, Geoffreys   (1994) view was that, inter temporal behaviour is important   for firms and efficient investment has a significant affect towards maximising of profits as a result of uncertain future cash flows. It is also discussed the potential conflict of ownership and control. Therefore Geoffrey (1994) suggested the separation of ownership, the decision makers (managers) and owners (shareholders) are involved to the corporate structure. SHAREHOLDERS Vs STAKEHOLDERS Even though most of the economists and authors acknowledge the theory of shareholder wealth maximisation (Berle and Means, 1932; Friedman, 1962), other authors argued the criticisms of shareholder wealth maximisation. They argued that Shareholder Theory encourages the managers to make short term decisions and behave unethically as a result of the influence of the other stakeholders. According to Smith (2003) believed â€Å"Shareholder theory is prepared to maximise short term objectives at the expense of long term goals† (Daniel, Heck Shaffer; Journal of Applied Finance; winter 2008). However Daniel, Heck and Shaffer analysed the reasons for the criticism and the misguidance of the shareholders theory in their article about shareholder theory, â€Å"How Opponents and Proponents Both Get it Wrong?† The misguidance has been occurred as a result of pursuing a long term objective in shareholder theory. Managers should maximise the future cash flows and its important to con sider the stakeholders accordingly (Jensen, 2002; Sundaram and Inkpen, 2004a). According to Freeman (1984) a firm should consider both shareholders and stakeholders when making their business decisions. However Daniel, Heck and Shaffer describes that the stakeholder theory determines the same criticism as short term behaviour but the shareholder theory has got the protection for both shareholders and stakeholders in the long run. â€Å"Therefore stakeholder theory is not predominant to shareholder theory†. Daniel, Heck and Shaffer suggested the expected future cash flows to analyse the above scenario and they argued that its essential to undertake all the positive NPV projects to maximise shareholders wealth analysing towards maximising current stock price. If there was a goal of increasing of current share price, managers who are rewarded by incentives may attempt to boost the stock price of the firm. However Jenson (2005) and Danielson and press (2006) argued â€Å"the eff ort to increase or maintain the stock prices by management could be destroyed the long term values of the firm by manipulation, unethical behaviour, delaying NPV positive projects, reducing or not spending on research and development.† Jenson has taken Enron as an example for explaining the above scenario. The management of Enron had hidden their debts through off balance sheet activities and by manipulating the company accounts (Daniel, Heck and Shaffer). Therefore Daniel, Heck and Shaffer suggested that its essential to design strategies which are consistent with the objective of increasing future cash flows rather than adopting an objective of increasing of current stock price to maximise the wealth of shareholders. Freeman, Wicks and Parmar (2004) argued that â€Å"all the recent business scandals are oriented toward ever increasing shareholder value at the expense of other stakeholders† (Poitras, Jefforey; 1994) After a number of high profile firms collapsed i:e: Enron, WorldCom and Arthur Anderson in US and Maxwell, Polly Peck, BCCI, Barings bank in UK, its been determined the requirement of a good Corporate Governance (Tony Howell; the shareholder ship model versus stakeholder ship model). According to Tony Howell, Corporate Governance has been growing for the past 25 years and the foundation for Corporate Governance was placed, after the introduction of Cadbury report in 1992 (UK). Omran et. al.2002; Mills, 1998; Fera, 1997 suggested â€Å"the importance of Corporate Governance as a result of the new entrance of Institutional Investors to Capital markets, Globalisation of Capital markets, increase of Stakeholder and Shareholder expectations†(Tony and Howell). Analysis According to financial management theory, its assumed that the fundamental objective for a firm is to maximise shareholders wealth (Watson Head 2007).   Analysing the suggestions and arguments towards fundamental objective, it can be seen that not only in theory but also in the real world it is essential to maximise the wealth of shareholder. Analysing the objective of profit maximisation, overriding the classical economics views by Hayek (1960) and Friedman (1970), other authors, Solomon (1963) and Geoffrey (1970) argued about the criticisms associated with the objective of maximisation of profits. The conflict of short term goal of profit maximisation and long term objective of shareholder wealth maximisation can be identified as the main conflict. If a firm adapts to an objective of profit maximisation and the managers are rewarded incentives for achieving it, the agency problem could be arise. Therefore in such a situation managers may take decisions towards their own selfish interests, rather than on shareholders. Achieving their self interest managers may reduce costs by cutting research and development costs, reducing quality control measurements, reduce advertising, using lower quality materials. At the same time the NPV positive projects could also be postponed to reduce their costs to determine more profits in s hort term. Producing low quality products, losing market share, losing customer trust on their products and finally reducing financial performance could be resulted as a result of using low cost strategies. It may lead the business towards insecure stock prices in long run. The other criticism is profit maximisation does not appraise the associated risks. Therefore managers may undertake higher NPV projects to determine higher returns. â€Å"However higher the required returns, higher the risk† (Peter Atrill; Financial Management for Decision Makers, 2008). Investing on risky projects will result future cash flow problems. However, shareholders are assumed as rational investors who provide finance for firms to invest in future projects. As rational investors they require a reasonable return for their investments. Therefore it can be suggested that objective of profit maximising is different from the wealth maximising. Even though shareholder wealth maximisation is the fundamental, firms are not being able to reject the profit perspective goals, because there are stakeholder groups who is interesting about financial activities in a firm. In addition to shareholders, Managers, Employees, Customers, Suppliers, finance providers and the community at large are included in the typical stakeholder group. Therefore its essential to take account of profit maximisation within the firm. As a result of these multiple objectives managers can easily pursue their own interest. In real world, financial statements are used to assess firms performance. However, profits are defined as profit before interest and tax, profit after interest and so on. Therefore the ratio of Earnings per Share is often used instead of profit which is calculated using the net profits and the number of shares issued. Investors usually use EPS as a measurement of valuing stock. EPS is mostly used as it contains of net income of the firm, and it is also used as an indicator measuring firms future cash flows. Although the disadvantage is EPS does not determine shareholders wealth. However, firms value should be determined by the future cash flows and the risk also need to be considered which is associated to the cash flow. However as mentioned earlier, profits does not take account of risks. I:e:â€Å"Reported profit figures such as Biotechnological companies and other new economy ventures have insignificant relationship on its stock prices† (Financial Management –Kaplan Publishers, 2009). Therefore, in the short term theres an inconsistence between profit maximisation and increase in stock prices in a firm. According to Smith (1937), Berle and Means (1932) and Geoffrey (1994) the separation of ownership is involved the corporate structure. The conflict was mostly seen during the recent past, following the corporate scandals. According to Maria and William in the article of Privatisation and the Rise of Global Capital Markets (Financial Management; winter, 2000) â€Å"The past years there was significant growth in capital markets valuation, growth in security issuance as a result of the privatisation programmes†. The impacts of share issue privatisation are increasing market liquidity, pattern of share ownership (i:e: Individual and institutional investors such as Pension funds and Insurance Companies), and increasing of number of shareholders in many countries. However, globalisation was also affected on firms activities simultaneously. Therefore the firms (i:e: Enron Maxwell), which had poor Corporate Governance had the possibility to involving in unethical activities such as creative accounting and off balance sheet finance(Financial Management, Kaplan Publishers; 2009). At the same time Directors involved in high level of corporate takeover activities, achieving their personal interest such as empire building, large remuneration packages (Financial Management, Kaplan publishers; 2009). Further analysis of Stakeholder theory and Shareholder theory by different authors, Jenson â€Å"2005) and Daniel and Press (2006) argued the criticism of stakeholder theory, whilst Daniel, Heck and Shaffer (2008) and Freeman (1984) argued the importance of both shareholder and stakeholder theory. However, it can be suggested that the stakeholders play a significant role towards increasing shareholders value. As an example to motivate employees of the firm, they should be treated in a good manner by rewarding increments, bonuses and so on. Long term employee satisfaction could drive the firm towards higher performance and the development of the business by increasing higher productivity and better quality of products. Simultaneously, building up a trust among customers and acquire and maintain the industry leadership. At the same time shareholders provide finance for firms for its working capital management and noncurrent assets for its future projects. Therefore it can be seen an inter relationship and importance of shareholders and the other stakeholders. According to Peter Atrill, (Financial Management for Decision makers , 2008)â€Å"In the early years financial management theory was mainly developed as part of accounting and the suggestions and arguments were based on casual observations rather than theoretical frame work†. But after the number of high profile firms collapsed, the requirement of corporate governance occurred. Number of committees met and discussed to improve the Corporate Governance and the main concern was the conflict between shareholders interest and managers. Enron was the seventh largest listed company in US when its collapsed in 2001 as a result of manipulation of financial statements. Its affected to shareholders, more than 20000 employees worldwide, creditors and customers (Janis Sarra; St Johns Law Review ; Enrons Repercussion in Canada). The 11 titled â€Å"Sarbanes Oxley Act 2002† CONLUSION By analysing the review of literature, it can be suggested that its essential to maximise shareholder value rather than maximising profits alone. However maximising profit is also can be defined as a performance measurement of a healthy business. Extremes of profit maximisation can also be caused unethical behaviour of management towards its shareholders and stakeholders. Although, Earnings per Share inconsistent with the long term value of shareholder, its still can be used as a performance measurement, since its got firms net profit. As a result of recent corporate scandals such as Enron, WorldCom and Arthur Anderson, shareholders and other stakeholder groups had given much emphasis on corporate behaviour. The unethical and illegal behaviour of those high profiled firms were lost investor confidence of capital markets. They identified the importance of Corporate Governance which provides the â€Å"road map† for managers to follow, pursuing different objectives towards the firm (Basley Brigham). At the same time the arrival of Sarbanes Oxley Act 2002 provided investors a much more confidence and strength towards capital markets. However, stakeholders are also important for firms. They are also treated well for the to maintain a Even there are conflicts between stakeholder theory and Shareholder theory, it‘s necessary to balance these two theories. According to Cathy Haywards article (Black – hole sums; Financial Management May 2003), during the period of May 2003 the pension funds in US and UK were in a bad condition. According to the assessment of National Association of Pension Funds, there was a drop in UK pension funds by more than  £250 million in 2002. Its being told that there were many reasons for the crisis but, the huge drop in stock market during the economic down turn 2000-2003 has mainly been affected. The pensions funds are heavily depend on the dividend payments and the stability of the equity markets, as a result of the drop in share prices the pensions funds struggled to meet their obligations. References Besley Brigham â€Å"Essentials of Managerial Finance† Daniel, Heck Shaffer Journal of Applied Finance; Fall Winter 2008 – Shareholder theory,  Ã‚   â€Å"How Opponents and Proponents Both Get it Wrong?† Denzil Watson Antony Head â€Å"Corporate Finance (electronic resource): principles and practice 2007 â€Å"Management paradigms beyond profit maximisation† – Colloquium a debate by S K Chakraboty, Verghese Kurien, Jittu Singh, Mrityunjay Athreya, Arun Maira, Anu Aga, and Anil K Gupta. Maria K. Boutchkova William L. Megginson â€Å"Privatisation and Rise of Global Capital Markets† , Financial Management;   Winter, 2000, p31-76 Peter Atrill â€Å"Financial Management for Decision Makers† 5th Edition 2008 (electronic resource) Poitras, Geoffrey â€Å"Share Holder wealth Maximisation, Business ethics and social responsibility, Journal of Business Ethics; feb 1994;13,2;ABI/INFORM Global pg125 Rebecca Stratling â€Å"The Legitamacy of Corporate Social Responsibility† ; Corporate Ownership and Control; Volume 4; Issue 4, Summer 2007 Tony Ike Nwanji, Kerry E. Howell; â€Å"A review of the two main competing models of Corporate Governance: The Shareholder ship model versus the Stakeholder ship model; Corporate Ownership and Control, Volume 5, Issue 1, Fall 2007