Comparative Analysis Of Fair Value And Historical Cost...

Title: Comparative Analysis Of Fair Value And Historical Cost Accounting On Reported Profit: A Study Of Selected Manufacturing Companies In Nigeria. (BESSONG, 2012) Study the importance of historical value and fair value cost accounting on reported profit. The study discussed how fair value accounting and historical cost accounting will have effect on the reported profit. However it is said that key objective of any business is to earn profit and it is also equally important to report the profit. Especially it is more important to record profit carefully during inflationary period. However they have study the reported profit and effects of fair and historical value by collecting data from both primary and secondary source. Therefore it is found that historical and fair value both is equally important and both have significant effect on the reported profit. Therefore operating profit of the company is influenced by the amount that is paid for taxes, dividend and depreciation. Therefore accounting methods are very much important in measuring the profit of the company and company must prepare their finical report by using the fair value and historical cost method simultaneously. However, true financial position of the company or business can be easily calculated by using the accounting methods that are more reliable and accurate. Therefore companies must use both historical and fairly value method to know the actual financial position of the company. However accountingShow MoreRelatedEvaluation Of The Co Operative Bank2647 Words   |  11 Pagesbetween Historical Cost and Fair Value with Impairment X Reference X â€Æ' Part 1 Impairment Review for Tin Plc (a) Tin Plc cash generating unit and impairment loss on the 31 December 2013. Notice: CGU=cash generating unit; VIU=value in use; Net selling price ( £Ã¢â‚¬â„¢000) =3,250,000-250,000=3,000,000 Carrying value ( £Ã¢â‚¬â„¢000) =4,000,000-440,000=3,560,000 (b) Allocation of the impairment loss between the relevant components of the net assets of Tin Plc. Calculation of impairment and revised values ( £Ã¢â‚¬â„¢000):Read MoreDifference Entre Ifrs Us Gaap Swiss Gaap Fer6026 Words   |  25 Pagescommonly found in practice. When applying the individual accounting frameworks, readers should consult all the relevant accounting standards and, where applicable, their national law. Listed companies should also follow relevant securities regulations. IFRS and US GAAP are globally acknowledged accounting standards for which a broad range of theoretical background, interpretations and literature is available. Swiss GAAP FER focuses on accounting for small and medium sized organisations and groups basedRead MoreSimilarities and Differences. a Comparison of Ifrs and Us Gaap33264 Words   |  134 PagesIFRS technical publications IFRS Manual of Accounting 2008 Provides expert practical guidance on how groups should prepare their consolidated financial statements in accordance with IFRS. Comprehensive publication including hundreds of worked examples, extracts from company reports and model financial statements. IFRS News Monthly newsletter focusing on the business implications of the IASBs proposals and new standards. Acquisitions – Accounting and transparency under IFRS 3 Assesses the impactRead MoreAnswers To Assignment 2 1 2996 Words   |  12 Pagesquestions. (a)  Ã‚   What type of income statement format does PG use? Indicate why this format might be used to present income statement information. (b)  Ã‚   What are PGs primary revenue sources? (c)  Ã‚   Compute PGs gross profit for each of the years 2009-2011. Explain why gross profit decreased in 2011. (d)  Ã‚   Why does PG make a distinction between operating and nonoperating revenue? (e)  Ã‚   What financial ratios did PG choose to report in its â€Å"Financial Summary† section covering the years 2001-2011Read MoreThe Effects of Ifrs on Financial Ratios12681 Words   |  51 PagesCGA-Canada Elena Simonova, MA (Economics), MPA Research and Standards, CGA-Canada About the Authors Michel Blanchette, FCMA, CA is a professor of Accounting with Università © du Quà ©bec en Outaouais. Franà §ois-Éric Racicot is a Professor of Business with Università © du Quà ©bec en Outaouais, and Jean-Yves Girard, CMA, is an Industrial Analysis and Development Officer at Industry Canada, Government of Canada. The authors thank Diane Bigras, Denis Cormier and Thà ©rà ¨se Roy for their comments on an earlierRead MoreWhat Is Balance Sheet And Its Legal Form2107 Words   |  9 PagesProducing financial accounting statement is very crucial for business because it should adequately provide a picture of the financial performance of a business. To concern this issue businesses produce financial statements on regular basis adhering to one common standard. On of these documents is the statement of financial position, also known as a balance sheet. It basically shows business’s assets or resources that it holds against its obligations or claims to other parties (McLaney a nd AtrillRead MoreIntermediate Accounting Chapter 2 Essay18490 Words   |  74 PagesASSIGNMENT CLASSIFICATION TABLE (BY TOPIC) Topics 1. 2. 3. 4. 5. 6. Conceptual framework– general. Objectives of financial reporting. Qualitative characteristics of accounting. Elements of financial statements. Basic assumptions. Basic principles: a. Measurement. b. Revenue recognition. c. Expense recognition. d. Full disclosure. Accounting principles– comprehensive. Constraints. Assumptions, principles, and constraints. 28, 29, 30 10 11 Questions 1, 7 2 3, 4, 5, 6, 8 9, 10, 11 12, 13, 14 15, 16, 17Read MoreFinancial Accounting and Reporting12396 Words   |  50 PagesFINANCIAL ACCOUNTING AND REPORTING Module 9: Basic Theory and Financial Reporting Module 10: Inventory Module 11: Fixed Assets Module 12: Monetary Current Assets and Current Liabilities Module 13: Present Value Module 14: Deferred Taxes Module 15: Stockholders’ Equity Module 16: Investments Module 17: Statement of Cash Flows Module 18: Business Combinations and Consolidations Module 19: Derivative Instruments and Hedging Activities Module 20: Miscellaneous Module 21: Governmental (StateRead MoreBorland Software Corporation-goodwill and other intangible assets16413 Words   |  66 PagesChapter 02 - Financial Reporting and Analysis Chapter 2 Financial Reporting and Analysis REVIEW Financial statements are the most visible products of a company‘s financial reporting process. The financial reporting process is governed by accounting rules and standards, managerial incentives, and enforcement and monitoring mechanisms. It is important for a user of financial information to understand the financial reporting environment along with the accounting information presented in financialRead MoreFinancial Reporting(Measurement Bases for Financial Accounting-Measurement on Initial Recognition)3071 Words   |  13 PagesMEASUREMENT BASES FOR FINANCIAL ACCOUNTNG-MEASUREMENT ON INITIAL RECOGNITION. BY: NAME: MIR THASEEN ALI MBA INNOVATIVE MANAGEMENT GROUP: C STUDENT ID NO: 39231 PRESENTED TO: DR OMER MASOOD. Measurement Bases for Financial Accounting — Measurement on Initial Recognition Contents Pages Introduction Summary Title Background 2.1 Aim 3. Preliminary review of literature 4. Research

Success Is All Successful People Happy - 1887 Words

Success and happiness are two terms that follow each other around in life. If you find one then the other is typically close by. Judging by that fact it seems the obvious answer to â€Å"Is success synonymous with happiness?† is a resounding YES! Most would agree, but after researching people in happy and successful situations, the answer becomes more unclear and difficult, down to the point where a reasonable answer might be â€Å"I don’t know†. To find the answer, we must first define the terms, and from there we can analyze real life situations where people are happy, successful, or even both. Is everyone who is happy successful? Are all successful people happy? Success and happiness are not easy terms to define, though a definition of the former is easier to find than the latter. Success is typically defined by someone’s achievements and therefore requires goals and ambitions. With no goals and nothing to aim for you have nothing you can achieve, meaning you cannot be successful. A person can successfully do nothing, but even then they still have the goal of doing nothing. Success is different for nearly everyone, since most people have their own set of goals unique to them that differ in importance and relative size. Someone’s goal for the day might be to simply get out of bed, while someone else’s might be to convince a large client to sign with their company. They might both achieve their goal, and therefore both be successful, however their accomplishments are on completelyShow MoreRelatedtiger mother essay663 Words   |  3 Pagesï » ¿ Mother Inferior? Being a mother is to support your children all the way even if they choose to take the road you don’t want them too. Mother’s play a responsible role in children’s health, education and complete wellbeing. In the article, Mother Inferior? Hanna Rosin, the author talks about her mothering style, which is the complete opposite of Amy Chua from The Battle Hymn of The Tiger Mother. Hanna Rosin would allow everything that Amy Chua wouldn’t allow for her children. Her idea of raisingRead MoreExamples Of The American Dream In The Great Gatsby951 Words   |  4 Pageswilling to work.† (American Dream Quotes). This quote is reminiscent of what most people think of the American Dream as. Usually, their thoughts entail hard work leading to success and happiness. In the book The Great Gatsby by F. Scott Fitzgerald, there are many examples of the American Dream. Fitzgerald expresses the American Dream through his characters and makes a specific point about how t he American Dream isn’t all that it seems. The narrator of The Great Gatsby is the character Nick CarrawayRead MoreEssay On Happiness And Success864 Words   |  4 PagesAlthough happiness is not merely associated with success, truly successful individuals first find happiness and passion for their life and career. Being successful does not necessarily mean that one has saved a lot of money or lives a luxurious life. It may mean that one has talented children, good spouse, attained high academic performance, has promising career, for example. The fact that success brings satisfaction in life makes a person feel happier because he/she can experience joy from manyRead MoreDefinition Essay. Defining Success644 Words   |  3 PagesDefining Success The definition of success is in the eye of the beholder. More than three-fourths of your life is spent working to become successful. People are told during childhood to work as hard as they can so they can grow up and make lots of money. But the word success can be taken in many different ways. Everyone has a different understanding of what success means to them. Generally, success means fulfilling the goals that you set for yourself. For some, success is measured by popularityRead MoreShort Note On Success And Success1100 Words   |  5 PagesSuccess is considered to be a term that describes two things. The first one is achievement of a certain major or minor goal. This could be succeeding in making a delicious dinner, or a more global thing succeeding in a career or job. The second definition of success is more broad and subjective. Most people define succession in life as wealth, a brilliant career, achievement of family/relationship goals etc. Some may find that success comes al ong with fame and big amounts of money. However, we seeRead MoreProtagonists looking for Happiness in Death of a Salesman†, â€Å"The Great Gatsby†, and â€Å"The Devil’s Advocate1129 Words   |  5 Pagesthe ability to make one’s life full of joy and success. In the â€Å"Death of a Salesman†, â€Å"The Great Gatsby†, and â€Å"The Devil’s Advocate†, the protagonists in the movies seem to yearn for happiness and success in their lives. Although success may be the ultimate goal to achieving happiness, it does not always lead us there. There are many obstacles people have to overcome, and sometimes happiness is not enough for some people. It is why I believe more people should enjoy life and live it to the fullestRead MoreSuccess Is Within The Individual Mind And Expectations907 Words   |  4 PagesSuccess Success is within the individual mind and expectations. The definition of success differs from just one person’s interpretation of what success means. A large block of life is spent working to become successful: acquiring an education, being able to take care of family, achieving a life’s ambition, or making money. People are told throughout childhood to work hard so they can grow up and make lots of money. Everyone aspires to be successful at whatever we are doing: starting a new businessRead MoreComparative Essay; Things Fall Apart1664 Words   |  7 Pagesand the play Death of a Salesman by Arthur Miller, both explore the dynamic of many parent-child relationships. Death of a Salesman regarded the troubling relationship that Willy Loman, an unsuccessful Salesman, had with his two children Biff and Happy. Similarly, in Things Fall Apart it described the life of a man named Okonkwo who had much controversy when it came to his relationship with his two sons Nwoye and I kemefuna.  In these two works, the relationship between father and son plays a largeRead MoreWhat Does Success Mean For Success?941 Words   |  4 PagesWhat Does Success Mean To You? Albert Schweitzer once stated, â€Å"Success is not the key to happiness. Happiness is the key to success. If you love what you are doing, you will be successful†. If you ask different people what success is to them, you would most likely get a variety of definitions. Some might say that success has commenced when one has finally gotten that $200,000 dream car in one’s garage. Others might say that their belief of success has established when one has found true happinessRead More Analysis of Norman Rockwell’s Painting The Catch Essay1110 Words   |  5 Pagesto be happy? Is it a nice car? Maybe its a new pair of shoes? What about success? What defines success and what does one need to be successful? The truth is, it depends on ones definition. Success can be defined in different ways. Success could be defined as being financially stable, or it could be something as simple as feeling accomplished with achieved goals. Norman Rockwell’s painting â€Å"The Catch† offers refreshing ideas on what it means to be happy and what one needs to be successful. At

Dostoevsky Essay Research Paper In Dostoevsky free essay sample

Dostoevsky Essay, Research Paper In Dostoevsky # 8217 ; s book # 8220 ; The Grand Inquisitor # 8221 ; he develops two versions of Chrisitianity. One is the Roman Catholic version which is represented by the G.I. or Grand Inquisitor and the other is the Protestant version represented by the Christ-like figure. The whole duologue begins when the GI has thrown the Christ-like figure or CLF in prison after watching him make a few miracles ( pg. 24 ) . He so begins to barraage him with inquiries that he answers himself. And From this comes the statement of freedom. The GI so claims that because the CLF refused the 3 enticements ( chiefly the turning of the rock into staff of life ) ( pg27 ) he placed the load of freedom on adult male. Harmonizing to the GI if the CLF had merely turned the rock into staff of life he would hold # 8220 ; satisfied the universal and everlasting craving of humanity # 8211 ; to fing person to idolize # 8221 ; ( pg. 27 ) . Alternatively the CLF rejected it for the interest of freedom. The GI goes on to state that alternatively of taking adult males freedom from them ( # 8220 ; by giving them bread # 8221 ; ) when you had the opportunity you alternatively take to do it stronger than of all time ( pg28 ) . The Gi sees freedom as being the chief job in adult male, its about like a disease. He says that adult male wants felicity in life non freedom. By making this # 8220 ; free # 8221 ; society the CLF has placed the load of duty on adult male. Now if you think about it what he says here makes a batch of sense. Because we have the power to choose, the freedom to take. We besides have to take the duty of our picks. We are forced to cover with the effects of our actions. Now you might state that # 8217 ; s ticket merely do good picks and you # 8217 ; ll be all right. Well harmonizing to the GI work forces are weak and are incapable of accepting such a duty as the on the CLF has placed on them. The GI so goes on to state the CLF that he is no longer needed that he ( GI ) has finisehd his ( CLF ) work. He said that the work forces have given up their freedom to the church. And therefore the duty is non laid on adult male himself but on the community or church as a whole. He says that you ( CLF ) would non give them # 8216 ; heavenly # 8217 ; staff of life but I ( GI ) have given them # 8216 ; earthly # 8217 ; staff of life, which is what they truly want. The Gi believes that adult male # 8217 ; s end in life is to prosecute felicity and good being. And that if they would give there freedom up to the church, so they can travel on and prosecute that. The chief subject here is the battle for freedom. Christ gave adult male free-will. To choose between right and incorrect. So adult male has the right to take. The GI says that adult male can neer be free because he is weak corrupt worthless and restless. The GI says that by giving them freedom # 8230 ; .. you showed that you didnt love them at all. The G I says that you desired there free love, that they should follow you freely. But because you merely gave yourself as a usher. they rejected you and your image. So alternatively of salvaging them you left them in more confusion and agony. By making so you layed down the foundation for the devastation of your ain land. ( pg28 ) The Gi so goes on to deescribe the three powers in which the CLF had at his disposal to utilize in order bring people into his land. Miracle, enigma, and authorization are the three powers he chose non to utilize. When he was tempted to leap off the edifice and have angels come down nd catch him from Eden he refused stating that one should non prove the Lord.The Gi so says what if it were adult male that were placed in the same state of affairs would they hold done the same? Of class non the would hold jumped. Because adult male does non seek so much God as he does the marvelous. Mystery falls into topographic point when he describes why people follow the CLF its becaue of enigma something that they don # 8217 ; T cognize that is why they follow. The Gi goes onto say that they have corrected his work by establishing it on miracle, enigma and authorization. and work forces rejoiced because they were once more led like sheep and the load of freedom that caused them so much agony was lifted from there Black Marias. ( pg.30 ) The Gi so goes on to talk of how better off adult male will be for wholly subjecting. How they cant be genuinely happy until they do. He talks about what life would be like one time wholly submissed, # 8220 ; we shall let or prohibit them to populate with there married womans # 8221 ; , # 8220 ; Peacefully they will decease, peacefully they will run out in your name, and beyond the grave they will happen noting but decease # 8221 ; . ( pg.33 ) He says that one twenty-four hours you will return with your choosen, the pround and the strong. But he will state that you have merely saved yourselves but we have saved all. ( pg.33 ) In the terminal a basic inquiry arises # 8230 ; .Freedom or felicity? In the last chapter of # 8220 ; The Grand Inquisitor # 8221 ; we meet father Zossima, who is a Russian monastic. Father Zossima pleads for a unitary brotherhood of adult male. He says that the redemption of Russia comes from the people ( pg.70 ) . He besides says that work forces should love as God loved, non for the minute but for all infinity. He talks of monastics halting the whipping of kids, lifting up and learning them. He says that redemption will come from the people from ther religion and there submission ( pg.71 ) . He says that male parents are to watch over the people # 8217 ; s religion and this will non be a dream. He talks about the importance of humbleness. He negotiations about the importance of sincere supplication every bit good. He talks of religion and forgivness, all of these he says are the manner to redemption.

Business Strategy Chapter free essay sample

In the specific instance of the car industry in the 1960s and 1970s, Western producers were operating with a relatively high cost base compared with Japanese entrants from what was then a low-cost producer nation. The result was that the Japanese did not face markedly higher quality competition, but they could readily compete on price. Trading up through routes 2 and 3, as the Japanese did, is an interesting phenomenon. Why did the market leaders not respond? Was this solely a function of the Japanese cost structure? Was it to do with the speed of innovation in Japanese firms? Or the inertia of existing market leaders? Entering through route 5 and moving elsewhere is discussed explicitly at the end of section 5. 3. 4. As is pointed out there, this entails a lowering of price, and therefore cost, while maintaining differentiating features. It also means moving from a focused approach to a less focused approach. Neither of these moves is easy, usually because the competences of the firm have become attuned to more focus and less emphasis on cost; but also because the market may well regard such a firm as segment specific and therefore be wary of such a move. Nissan was driven into position 8 from which it needed to re-position.. For example, if it tried to move to the hybrid position – differentiated but at lower prices (and, therefore, lower costs) – this requires the organisation to be very clear about the critical success factors with consumers, and the competences required to deliver these features. †¢ †¢ †¢ Illustration 5. 2 The ‘no frills’ strategy easyJet is a good example of a no frills strategy. The questions require students to consider the basis of such a strategy and also the extent to which it is imitable. Many of these are laid out in the illustration. Clearly easyJet’s strategy is not based on its being 78  © Pearson Education Limited 2005 Instructor’s Manual lowest cost in the marketplace if this is dependent on market share in the overall market for air travel. There are obviously other bigger players. The more relevant comparison, however, is by market segment. To what extent is the early entry of easyJet into the budget travel segment and its establishing of a substantial market share sufficient basis, in itself, to achieve lowest cost? Could actual and potential competitors, seeing the success of easyJet, imitate and overtake it in delivering such services? Does easyJet’s experience in all this, and its undoubted entrepreneurial culture, provide lasting advantage? Certainly British Airways found it uncomfortable to compete with its GO Operation, and decided this was better sold off. But other competitors such as Ryanair and BMIBaby had entered the market and engaged in fierce price competition on some routes. So the keys to success were skilful pricing between routes, when people book and capacity fill. And what if the most experienced low-cost operator of all, South West Airlines in the US, decided to enter Europe? Illustration 5. 3 Questionable bases of differentiation Question 1 challenges students to consider what would be appropriate bases of differentiation in the biscuit business. The principles outlined in (a), (b) and (c) may be applied: (a) Who is the most important customer in strategic terms? Of course the end consumer is important, but strategically the retailer is vital. (b) The question then becomes: What do retailers especially value in manufacturers of fast-moving consumer goods? Students may suggest, for example, branding, reliable and fast delivery of goods, advertising support, sharing of market and customer information, etc. If this is the case, then the differentiation strategy needs to be based around fulfilling such expectations. (c) The question then becomes whether there are bases of sustainability here. Again this would take the discussion into issues of underlying competences and resources. For example, a strong brand image is difficult to imitate, but a logistics system may be much easier. Advertising support is common amongst fastmoving consumer goods companies, but it may be more difficult to establish close and trusting working relationships between the retailer and the manufacturer. Question 2 asks students whether the Australian wine illustration (5. 5) overcomes the shortcomings illustrated here. Arguably: †¢ Value-for-money (a) has been correctly assessed in terms of the appropriate customers, since both the retailers and end users appreciate the benefits of Australian wine. 79  © Pearson Education Limited 2005 Instructor’s Manual †¢ †¢ We know little about the research (b) undertaken that the benefits seem to be real enough. The real question is whether the bases of advantage are sustainable (c). Comments on illustration 5. 5 address this. Illustration 5. 4 The hybrid strategy The IKEA illustration shows how this business has successfully followed a hybrid strategy, not only by keeping its costs down but also by finding a different way of operating from other retailers. Students may point out that this is a more likely way of being able to follow a hybrid strategy than simply cutting costs. They might point to other examples to make the point. For example: †¢ Historically, supermarket retailing offered lower prices and a differentiated customer experience, but it was a fundamentally different way of retailing from that of traditional smaller high street shops. Arguably the more recent trend towards direct marketing of, for example, banking, insurance and travel (at least when it is done well) offers more convenience for customers, often at lower prices: but again this is a different way of trading than would have been traditional in such fields. †¢ Ask students to think of other examples of changes in ways of operating that allow for a hybrid strategy. A successful hybrid strategy also requires organisations to be clear about the competences underpinning their basis of differentiation, and then to reduce the costs in areas that do not critically underpin that basis of differentiation. By so doing they may be able to reduce cost below that of competitors without jeopardising their basis of differentiation. Illustration 5. 5 Differentiation This illustration provides the opportunity to bring together three different perspectives on differentiation: a customer-based perspective, a market gap perspective, and a competence/resource-based perspective. The illustration tends to emphasise the first two. It suggests that Australian wines are successful because customers are looking for simplicity and consistency, and find French wine, for example, neither simple to understand nor consistent in quality. Moreover, the traditional approach of French wine producers has exacerbated the problem and therefore provided a market gap. 80  © Pearson Education Limited 2005 Instructor’s Manual The example should promote discussion about whether there are any other reasons for the success of Australian wine. Arguably there are if a resource-based view is taken – a reason for success might be the application of more advanced scientific techniques in the Australian wine industry as a means of catching up with old world wine producers. The success of this is indicated by the fact that French producers are now trying to imitate Australian wine-producing techniques. Arguably this is capable of being copied or imitated by the French, therefore. However, the French industry remains very fragmented with traditional ways of doing things: so the question is to what extent new ways of wine production are likely to be adopted within such a traditional approach. Illustration 5. 6 Lock-in Using the criteria in sections 5. 4. 2 and 5. 4. 3, the table below summarises the ways in which Dolby and Visa attempt to sustain competitive advantage. Basis of sustainability †¢ Difficulties of imitation – Complexity – Causal ambiguity – Culturally embedded †¢ Imperfect mobility – Intangible assets – Switching costs – Co-specialisation †¢ Lock-in – Dominance – Early setting of standards – Self re-inforcing escalation – Rigorous preservation Dolby has a dominant position Set standards early Showed that this was possible Visa share dominant position with MasterCard Standards were set early Dominance built this way historically Dolby has well-established brand and reputation Dolby has established a reliance by users in its systems Brand is still strong Large penalties for retailer exit Complex bases of licensing and No longer complex patent protection Basis of relationship building in Most competitors have now networks imitated Dolby has long-established ‘ways of Possibly still an advantage doing things’ Dolby Visa Joint development with licences Joint development part of the system Rigorous policy of conformity to Large penalties for change in standards brand by retailer 81  © Pearson Education Limited 2005 Instructor’s Manual The comparison is a stark one. It should lead students to conclude that Visa is protecting its dominant position at any costs – the ‘market-based’ advantages are actually being eroded. In contrast Dolby’s dominant position is probably still based on a truly differentiated position from competitors. Illustration 5. 7 Competition and collaboration This illustration allows students to test out the issues from section 5. 6 and exhibit 5. 5. This uses the five-forces model to classify the various ways in which collaboration might improve competitiveness. This can be done for each of the stakeholders involved in a collaborative arrangement. For example, in illustration 5. 7 the potential benefits of collaboration to an individual (small) creative sector business are: †¢ †¢ †¢ †¢ †¢ Knowledge sharing with other businesses Knowledge transfer from universities Infrastructure, services and ‘business know-how’ support Funding Swapping/sharing professional/creative staff Against this needs to be weighed the risks: †¢ †¢ Commercial exclusivity (patents, copyright) Stifled creative process (conformity to get money/help ) Illustration 5. 8 Key Debate: To be different or the same? The emphasis on conformity in institutional theory (see also section 4. 5. 2) provides a useful counter to the perspectives favouring differentiation, as in this chapter and in the resource based view, introduced in chapter 3. It is worth pushing students to consider just how much ‘real’ differentiation companies actually use. Students may well vary in responding to the questions. With regard to universities, in the UK at least but to a large extent internationally as well, there does seem to be increasing homogeneity. Universities are converging in terms of degree length, subject matter, teaching methods and accommodation and student support. In the UK, this is attributable to government funding and regulation, but also relates both to students’ risk averseness with regard to a large, uncertain and hard-to-reverse investment and to their 82  © Pearson Education Limited 2005 Instructor’s Manual desire for international mobility during degrees and portability of qualifications afterwards (note European Union pressures). In the MBA market, the EQUIS and AMBA standards, and the Financial Times rankings, also provide strong pressures for conformity. All this conforms to institutionalist expectations. Car manufacturers do appear to be more differentiated, with a wide variety in brands and images. However, under the surface there are strong pressure too for conformity. These come from government safety and environmental regulators and suppliers of key components, as well as from the desire to reap economies of scale through sharing platforms. Assignment 5. 1 Understanding competitive strategies Assignment 5. 1 requires students to give examples of organisations according to the routes identified in exhibit 5. 2 in the text, and to explain reasons for doing this. For example: †¢ Route 1, the low price, low added value route is often overlooked. There are successful organisations following such a strategy. For example, the grocery retail outlet Netto is cited in the text, and easyJet is provided as an illustration of a no frills, low price service. As markets open up, new entrants may choose to follow this strategic route. Route 2 is the low price strategy. It is often followed by small businesses competing against larger companies. They use their lower cost base to provide products or services that are very similar to those of the large organisations, but at a lower price. Route 3: The Japanese in the car industry (illustration 5. 1) had used their cost advantages not only to deliver low price but also to re-invest in high quality and reliability. In many respects they were following route 3 or much of the 1980s and early 1990s. IKEA is another example (see illustration 5. 4) of an organisation successfully combining both low prices and perceived added value to the customer. Route 4 is a broad differentiation strategy: the sort of strategy followed by a company such as Kellogg’ s in seeking to provide quality in terms of product, delivery, service, brand image, market support and product development superior to those of competitors. Other organisations claim to be following a differentiation strategy, but the bases of differentiation in terms of added value to the customer may not be clear. Firms may claim to be different but on a spurious basis (see illustration 5. ), for example. Route 5 is focused differentiation: examples of this might be a focus on clear demographic groups. For example, Saga specialises in insurance and holidays for the over-50s (see illustration 2. 8); fashion retailers and manufacturers seek to 83  © Pearson Education Limited 2005 †¢ †¢ †¢ †¢ †¢ Instructor’s Manual identify customers with particular tastes in fashion; industrial product companies may focus on particular industries or particular process needs. Assignment 5. 2 Clarity of competitive strategy Assignment 5. 2 may raise questions about t he clarity of competitive strategies. The sort of issues which may be surfaced are these. For most of its existence MS was successful because it provided a clearly differentiated offering for a mass market; and arguably this was also the basis of Barclaycard’s success. But both organisations now face competition that has eroded such advantages, and they are finding it difficult to recover a position of differentiation across a broad market. The difficulty they face is how they might reposition themselves in a more focused way (focused differentiation) without reducing their market potential. They are also reluctant to be associated with a strategy of reduced prices, not necessarily because of their inability to drive down costs but more, perhaps, because of their concern that it might damage their market image. This raises questions about the viability of hybrid strategy. Arguably it is easier to move to a hybrid strategy from a low price strategy than it is from a non-price-based differentiation strategy; the latter may be perceived as a reduction in quality. There may also be a useful debate here about whether cost reduction is a viable competitive strategy. Recall that this is a strategy advocated by Michael Porter. Many organisations claim to concentrate on cost reduction as a strategy. The problem is that cost levels are not, in themselves, visible in the marketplace. What matters is whether the cost base allows delivery of lower prices (which are visible) or the maintenance of higher profit margins than those of competitors. To do either, cost advantages have to be sustainable and sufficient to ensure that competitors cannot match them. This is no easy matter. It would not be for Marks Spencer or for Barclaycard, for example. †¢ †¢ Assignment 5. 3 Differentiation The purpose of this assignment is to establish whether students are able to explain the concept of differentiation, not only in terms of ‘being different’ or by citing the importance of route 4 in exhibit 5. 2, but rather in terms of, for example: †¢ That differentiation means both providing products or services valued by customers/users, and doing this in ways that are difficult to imitate. 84  © Pearson Education Limited 2005 Instructor’s Manual †¢ This is likely to be achieved by building on core competences of the organisation. However, the more perceptive students may point out that this is difficult to achieve and difficult to manage. So organisations may not be able to create bases of nonimitability readily. For other organisations differentiation may be achieved by being flexible or faster to respond in markets than competitors, but that this, too, is a function of the culture of the organisation. Students should therefore be able to make linkages between the concepts and differentiation explained in chapter 5 and linkages in the value chain (chapter 4) and organisational culture (chapter 5). Overall, however, perhaps the most important basis of successful differentiation is the ability of an organisation to understand customer needs and what is valued by the customer better than competitors: that there is a danger that differentiation is driven on technical grounds rather than by an awareness of customer needs. †¢ Assignment 5. 4 Competitive strategies in the public sector Care needs to be taken around terminology here, particularly because an explicit price mechanism may not exist in some public services. So, referring to exhibit 5. 2 in the text, in public services price may equate to unit cost since performance will be judged against the input of resources to supply the service. Bearing this in mind, the routes can be described as follows: †¢ Route 1, low cost/low value: this is the outcome that many claim has been inevitable with public spending cuts leading to the unattractive positioning of many public services as a service of last resort. Route 2: this is the real challenge for many public services, i. e. the need to maintain quality while achieving progressive efficiency gains and lower unit costs. It is what governments expect public sector services to achieve: hence ‘best value’ initiatives and the extensive use of benchmarking. Routes 4 and 5 are an alternative for some parts of public services, and would be described as a centre of excellence strategy. Indeed in some parts of the NHS (e. g. specialist units in hospitals or some hospitals themselves) it is the strategy pursued by managers and clinicians as a way of retaining talent and increasing their resource base in the face of cuts in unit costs from government. †¢ †¢ Of course there is an argument from some critics that the reason why route 1 occurs rather than route 2 in mainstream public services is because routes 4 and 5 take away resources and funding to elite parts (or geographical locations) of the service and jeopardise the resource base of more standard services. This has been called the ‘twotier’ public service. 85  © Pearson Education Limited 2005 Instructor’s Manual Assignment 5. 5 Sustainability The students should be encouraged to use the same principles of sustainability as were described in the commentary on illustration 5. 6. To take the examples of the organisations cited here students may be able to identify the following: †¢ Ryanair is following a low price strategy: the extent to which this is sustainable is very dependent on the way in which the low cost base is culturally embedded and maintained over time through a complex set of cost minimisation programmes and strategies. In fact, on the face of it, this may not be difficult to understand; but the experience gained in so doing may make it difficult to imitate. Ryanair has also built a reputation amongst a loyal set of customers, and this may also be a sustainable benefit, provided it is nurtured and not eroded. Thorntons has followed a differentiation strategy based on product features (ingredients, recipes, freshness), strong branding and packaging and control of its own outlets. Students should be asked to rate these features against the criteria for sustainability applied in illustration 5. 6. For example, can consumers really discern and measure ‘freshness’? †¢ Students should be encouraged to search for other examples in which they can provide explanations of sustainability, but also to question whether what they identify are truly sustainable bases. Assignment 5. 6 The limits of hypercompetitive strategies This assignment invites students to consider the extent to which the principles described in section 5. 5 on hypercompetition are relevant to only a few industries, or not at all. The conventional argument would be that sustainable competitive advantage is achievable provided the sort of factors that determine sustainability can be met. So, again, students may wish to refer back to section 5. 4 for a discussion of the basis of sustainability. Students may readily identify some markets in which these factors do not appear to pertain. However, they may also identify others in which such factors apparently should pertain, yet in which hypercompetition seems to prevail. For example, presumably hightechnology companies could claim the benefits of complexity, perhaps causal ambiguity, and potentially embedded competences as intangible assets and cospecialisation. Yet the evidence is that hypercompetition prevails in such industries. Students may therefore recognise that the explanations given in section 5. 5 – i. e. that firms are able to overcome traditional bases of competitive advantage – seem to hold true even when there may be apparent bases of sustainability. If this is so, to what extent 86  © Pearson Education Limited 2005 Instructor’s Manual does it potentially apply to all industries? This is the claim made by Richard D’Aveni: that we are moving into hypercompetitive times, and that the old principles of sustainability may not hold. Assignment 5. 7 Hypercompetition in context This assignment invites students to examine a particular industry that might not normally be associated with hypercompetition, to consider the extent to which the conditions of hypercompetition may be becoming more and more evident. Banking is given as an example here. Others could be accountancy, car manufacturing, insurance, etc. The main points that might be drawn out could include: †¢ †¢ †¢ the extent to which cycles of competition seem to be speeding up, with shorter and shorter life cycles of products and services the difficulties of sustaining bases of advantage on price or differentiation the difficulties of sustaining first mover advantage or first entry into new markets as competitors find ways of overcoming or circumventing scale and experience curve benefits the difficulties of holding on to strongholds or reliance ‘deep pockets’ in the face of strategies and tactics of erosion by competition the deliberate search by companies to attack the competitive position of competitors in markets that were once too ‘gentlemanly’ to do so. †¢ †¢ Assignment 5. 8 Cooperation rather than competition Students should draw on the general principles explained in section 5. , which point to the circumstances in which cooperative strategies make sense. For example: â⠂¬ ¢ †¢ †¢ Buyer-seller collaboration is a key element of Formula 1, where manufacturers see motor racing as a way of developing their own technologies. Collaboration of buyers of pharmaceutical goods to increase buying power. There are many examples of competitors who collaborate to increase their market or competitive power. Not least is this the case in lobbying governments for changes 87  © Pearson Education Limited 2005 Instructor’s Manual that facilitate entry and power in markets. This would be applicable within both the pharmaceutical and Formula 1 industries. Co-production with customers is beginning to happen in markets such as pharmaceuticals, where pharmaceutical firms faced with increased buying power are finding ways of working with government buying agencies and doctors to increase efficiency or reduce cost of treatment. Collaboration in Formula 1 also includes one team providing services for another (e. g. McLaren providing marketing services for T yrrell); collaboration over shared suppliers (Jaguar, Benetton and Williams all use Michelin tyres and share data); and engineers and mechanics all know each other and informally help each other out in particular circumstances. †¢ Assignment 5. 9 Game theory The purpose of this assignment is to encourage students to read more extensively on the principles of game theory (e. g. by reading Dixit and Nalebuff in the key readings). Students should be encouraged to think through how some of the examples and situations discussed in that book (or other books on game theory) could be applied to issues of competitive strategy of organisations. Specific references are made to sections of the Dixit and Nalebuff book in exhibits 5. 6 and 5. 7. Integrative assignment 5. 10 This assignment is designed to ensure that students see the connection between the issues of sustainable competitive advantage (sections 5. 4. 1 and 5. 4. 2) and the concept of core competences (section 3. 2. 3). It also makes a further connection with the impact of IT on core competences, and hence on sustainable competitive advantage, as discussed in section 9. 3. 1. For example: †¢ A low price strategy might be sustained by core competences in managing cost efficiency in the distribution chain. But this advantage could be destroyed by competitors who develop new IT-based business models selling directly to final consumers over the internet at much reduced prices (made possible by considerably lower costs). Similarly a differentiation strategy might be underpinned by core competences such as professional knowledge. But this is undermined as customers start to gain this knowledge themselves from the internet. So a new relationship needs to be forged with customers to take advantage of the professional knowledge. The relationship needs to ‘move up a gear’ so that the more knowledgeable customer starts to seek advice rather than just information. †¢ 88 Pearson Education Limited 2005 Instructor’s Manual Integrative assignment 5. 11 This assignment requires students to apply the key requirements for lock-in (exhibit 5. 3) to an international development strategy (section 6. 3). Specifically students need to understand how that particular basis for an inte rnational strategy would be achieved in terms of both directions and methods of development (sections 7. 2 and 7. 3). Here are some points against the four bullet points of exhibit 5. 3: †¢ Size and market dominance. If this is to be achieved internationally it is necessary to understand the nature of the market in terms of the degree of globalisation that exists. So for globalised markets (like computer software) Microsoft has had to create coverage in all major markets of the world. In contrast, in less globalised markets lock-in could be achieved region-by-region. In these circumstances decisions on the sequence of market entry would need to be guided by the issues discussed in section 6. 3. A requirement for dominance would favour internal development of new markets and/or ruthless acquisition of competitors to gain sufficient market share. First mover advantages. This clearly dictates the need for product development internally to be ahead of competitors. Alternatively if partners are used the relationships will need to be exclusive – to deny competitors access. Reinforcement. The creation of an industry standard needs conditions to be created where it is in the interests of all competitors to adopt the standard rather than compete with it. Strategies of heavily funded product development may do this as competitors become unable to match the RD spend. For international development it is clearly important to establish an international standard – undermining regional differences. So the development method must reinforce the standard – for example by creating ‘registered users’. Rigorous enforcement. This would have a strong influence on the choice of markets – favouring those where legal protections of intellectual property are strong and respected. Similarly choice of partners is absolutely crucial – again the idea of ‘registered users’ might apply. †¢ †¢ †¢ Case example Madonna: The reign of the queen of pop (notes prepared by Phyl Johnson, University of Strathclyde) This case study was chosen as a way of getting students to explore the principles of both sustainability and hypercompetition. It is useful to focus initially on the question of her sustained high profile and success as a performer over so many years. However, her recent success is questionable; this allows for a focus on the long-term sustainability of strategies themselves and a debate as to viability hypercompetitive strategies. 89  © Pearson Education Limited 2005 Instructor’s Manual The main points that might be emphasised are these in terms of the questions asked: Question 1 The strategy pursued by Madonna can be explained both in terms of a generic competitive strategy and in terms of principles of hypercompetitive strategies. Clearly she has sought to differentiate herself throughout her career. This has taken different forms, as the case explains, but there has been an underlying theme of the ‘independent woman’ throughout. What has varied has been the different personas within this. Students could debate whether or not these have been pitched at particular ‘market segments’ and in this sense represent focused differentiation; or the extent to which they are simply tactical bases of differentiating herself from imitators and followers. Another interpretation would fit with explanations of hypercompetitive strategies. Many of the principles outlined in section 5. 5. 4 seem to apply. Each persona is temporary; each one is very different from the last; she seems to move on to a different image even while being successful in her last one; they are not predictable changes; they can be surprising, even shocking. Her latest persona as children’s author and spiritual follower challenges this in that it has in fact been sustained over a period and is far from shocking. At one stage in the press (June 2004) it was even reported she was changing her name to Esther as part of her Kabbalah faith. †¢ The Madonna case therefore illustrates that the idea of hypercompetition is not necessarily contradictory to the idea of generic basis of competition. It might be possible to be differentiated in a hypercompetitive way. Think about links to questions 2 and 3 here, that is, the most recent events allow for the questioning of the long-term sustainability of hypercompetition itself. Question 2 This question invites students to consider the basis of sustainability in this context. Students might wish to ask which principles of sustainability hold. They should see that a number do: †¢ †¢ Madonna appears to have capabilities and competences (intangible assets) of innovation and flexibility. The pop industry has learned to work with her, and in this sense they have developed a mutual co-specialised dependence; so it looks to promote her interests given her track record. Certainly it is difficult to predict where she will move next, or how she is successful (causal ambiguity). †¢ 90  © Pearson Education Limited 2005 Instructor’s Manual Question 3 This question invites students to question these bases of sustainability. The strategy does not seem to be vulnerable to others imitating it since it is difficult for them to understand or predict what they would be imitating. But students might argue that it is surely a risky strategy as she seeks to second-guess the nature of the market and make so many changes to her image. They are likely to argue that the risk is market acceptance. If so, how would they explain the continued success given so many changes over so many years? Has the formula for success run out of steam? And if so why? 91  © Pearson Education Limited 2005

William Faulkner and His Rose for Emily

William Faulkner is considered to be one of the most prolific writers and among the most influential ones for that matter in the last century in American Literature. His numerous contributions to the literary field were so immense and, as a result, he became a Nobel Laureate and won the Nobel Prize for Literature in 1949.Advertising We will write a custom critical writing sample on William Faulkner and His Rose for Emily specifically for you for only $16.05 $11/page Learn More His oeuvres range from novels to short stories and poems, and he has created a permanent spot in the history of American literature. A Rose for Emily is regarded as one of the most outstanding and the most controversial pieces of work. This story is full of captivating details which can make a short story really interesting for the reader and for the critics. On the one hand, the vast majority of critics admit that it is not a true style that was preferred by William Faulkner. On t he other hand, it is always interesting to develop various experiments and intrigue the audience with extremely captivating ideas. In fact, William Faulkner made a successful attempt to impress the reader: his A Rose for Emily is a unique collection of ideas and themes which are always interesting to read and evaluate. In spite of the fact that a number of negative opinions were developed around the story, even negative criticism attracted people’s attention and prove how mature the writer could be in the chosen style. Some critics defined A Rose for Emily as a kind of exploitative story not inherent to Faulkner, still, they talked about it and made the author recognizable. People said that even really talented writers could become famous and gain desirable respect and recognition only after their deaths. William Faulkner proved that popularity had a variety of sides, and he chose the one that made his famous during his life, and immortal after his death. A Rose for Emily is the story that is characterized by numerous critical opinions: readers found the story interesting, unusual, and educative; and critics tried to admit as many negative or weak points as possible and prove that the chosen style, relations between the characters, and even frequent use of flashbacks were not winning enough to introduce the most amazing work ever. William Faulkner usually chose some unpredictable development of the events in order to impress the reader and in order to make critics notice his work. Some critics admit that this story was full of â€Å"history’s unwillingness to advance, evolve, or progress† (Aboul-Ela 18). During his life, Faulkner was able to get a number of various opinions and attitudes to his work, still, he was always confident of his abilities and writing style. In general, the criticism that was developed during the time when the author was alive had more negative than positive nature, and it was hard to recognize a true interpretatio n of a story and unclear narration offered. So that â€Å"the critical cannon of A Rose for Emily has become as bloated as the character herself† (Farnoli, Golay, and Hamblin 243).Advertising Looking for critical writing on american literature? Let's see if we can help you! Get your first paper with 15% OFF Learn More There were many different themes which have been criticized, and critics found it rather interesting to discover weak and strong points of the story: flashbacks which helped to understand that â€Å"aunt Emily was †¦ a little different† (Faulkner and Robinette 10) seemed to be weak enough to explain the essence of the author’s message and the method of characterization seemed to be more strange. Much attention was paid to the relations between Emily and her father which lead to the tragic end of the relations with Homer. It is always interesting to define who should be blamed for a human death, women’s tears, and pain that may be spread over many people around. In fact, with the help of a critical overview, it was possible for the reader to comprehend a true genre of the shot story, and it was not a horror story but an educative lesson that proved ho blind people with their assumptions could be. In spite of the fact that Faulkner was known during his life and a number of his works had been already recognized, not all readers were able to accept his new decision to introduce horrors. And some reader accepted A Rose for Emily not as â€Å"a ghost story at all but rather a story of a woman with a domineering father who grows old and dies in the small†¦ town† (Marius and Anderson 5). In my opinion, this particular story by William Faulkner is characterized by the opinions which could be hardly differentiated before and after his death. There are many supporters and opponents of his talent as they were during his life. It is not very difficult to define some powerful aspects of the story like an amazing flashback at the end of the story when Homer was discovered on Emily’s bed. This idea proved that the power of a woman is worth attention and recognition. Even now the relations between women and men are not similar to each other, and each story may have its own end either dramatic or happy. This is why there are so many reasons to respect the achievements of the author and his ideas which are expressed through the story. A Rose for Emily seemed to be an immortal calling by Faulkner with the help of which he reminds the readers that each type of relations without considering whether it is developed at early times (like it was with Emily’s father) or when a person grows up (the relations with Homer) has its own consequences and may influence a lot of aspects which are so crucial for a human life. The work was first published in 1930 in a copy of Forum, a magazine (Reuben). It was easily one of those short stories that featured most in many collections of shor t stories. It was a work that was not easy to interpret. This is why so many possible and plausible interpretations appeared within a short period of time. The story was popular at the time of its publication. â€Å"A Rose for Emily is by far the best-known, most reprinted, most widely read, and most discussed short story† (Towner and Carothers 63).Advertising We will write a custom critical writing sample on William Faulkner and His Rose for Emily specifically for you for only $16.05 $11/page Learn More In general, the story A Rose for Emily introduced by William Faulkner at the beginning of the 20th century is a perfect lesson for people who live in modern world. Very often people are blind because of the opportunities offered and cannot define their own weaknesses. On the one hand, it is a terrible truth that has to be admitted and cannot be understood. And on the other hand, A Rose for Emily becomes more amazing and educative story that fulfi ls this life and helps to discover the essence of the life. Works Cited Aboul-Ela, Hosam. Other South: Faulkner, Coloniality, and the Mariategui Tradition. Pittsburg: University of Pittsburg Press, 2007. Print. Fargnoli, Nicholas, Golay, Michael, and Hamblin, Robet. Critical Companion to William Faulkner: A Literary Reference to His Life and Work. New York: Infobase Publishing, 2008. Print. Faulkner, William and Robinette, Joseph. A Rose for Emily. Woodstock, IL: Dramatic Publishing, 1983. Print. Marius, Richard and Anderson, Nancy. Reading Faulkner: Introductions to the First Thirteen Novels. Knoxville: The University of Tennessee Press, 2006. Print. Reuben, Paul P. â€Å"Chapter 7: William Faulkner.† PAL: Perspectives in American Literature- A Research and Reference Guide. 2010. Web. Towner, Theresa and Carothers, James. Reading Faulkner: Glossary and Commentary. Collected Stories. Mississippi: The University of Mississippi Press, 2006. Print.Advertising Looking for critical writing on american literature? Let's see if we can help you! Get your first paper with 15% OFF Learn More This critical writing on William Faulkner and His Rose for Emily was written and submitted by user Bo B. to help you with your own studies. You are free to use it for research and reference purposes in order to write your own paper; however, you must cite it accordingly. You can donate your paper here.

Osmium Facts - Periodic Table of the Elements

Osmium Facts - Periodic Table of the Elements Osmium is an extremely heavy silver-blue metal with atomic number 76 and element symbol Os. While most elements arent know for the way they smell, osmium emits a characteristic unpleasant smell. The element and its compounds are highly toxic. Here is a collection of osmium element facts, including its atomic data, chemical and physical properties, uses, and sources. Osmium  Basic Facts Atomic Number: 76 Symbol: Os Atomic Weight: 190.23 Discovery: Smithson Tennant 1803 (England), discovered osmium in residue remaining when crude platinum was dissolved in aqua regia Electron Configuration: [Xe] 4f14 5d6 6s2 Word Origin: from the Greek word osme, a smell or odor Isotopes: There are seven naturally-occurring isotopes of osmium: Os-184, Os-186, Os-187, Os-188, Os-189, Os-190, and Os-192. Six additional manmade isotopes are known. Properties: Osmium has a melting point of 3045 /- 30  °C, boiling point of 5027 /- 100 °C, specific gravity of 22.57, with a valence usually 3, 4, 6, or 8, but sometimes 0, 1, 2, 5, 7. It is a lustrous blue-white metal. It is very hard and remains brittle even at high temperatures. Osmium has the lowest vapor pressure and highest melting point of the platinum group metals. Although solid osmium is unaffected by air at room temperature, the powder will give off osmium tetroxide, a strong oxidizer, highly toxic, with a characteristic odor (hence the metals name). Osmium is slightly more dense than iridium, so osmium is often credited as being the heaviest element (calculated density ~ 22.61). The calculated density for iridium, based on its space lattice, is 22.65, though the element hasnt been measured as heavier than osmium. Uses: Osmium tetroxide can be used to stain fatty tissue for microscope slides and to detect fingerprints. Osmium is used to add hardness to alloys. It is also used for fountain pen tips, instrument pivots, and electrical contacts. Sources: Osmium is found in iridomine and platinum-bearing sands, such as those found in the Americas and Urals. Osmium may also be found in nickel-bearing ores with other platinum metals. Although the metal is difficult to make, the power can be sintered in hydrogen at 2000 °C. Element Classification: Transition Metal Osmium Physical Data Density (g/cc): 22.57 Melting Point (K): 3327 Boiling Point (K): 5300 Appearance: blue-white, lustrous, hard metal Atomic Radius (pm): 135 Atomic Volume (cc/mol): 8.43 Covalent Radius (pm): 126 Ionic Radius: 69 (6e) 88 (4e) Specific Heat (20 °C J/g mol): 0.131 Fusion Heat (kJ/mol): 31.7 Evaporation Heat (kJ/mol): 738 Pauling Negativity Number: 2.2 First Ionizing Energy (kJ/mol): 819.8 Oxidation States: 8, 6, 4, 3, 2, 0, -2 Lattice Structure: Hexagonal Lattice Constant (Ã…): 2.740 Lattice C/A Ratio: 1.579 Return to the Periodic Table Sources Arblaster, J. W. (1989). Densities of osmium and iridium: recalculations based upon a review of the latest crystallographic data (PDF). Platinum Metals Review. 33 (1): 14–16.Chisholm, Hugh, ed. (1911). Osmium. Encyclopà ¦dia Britannica. 20 (11th ed.). Cambridge University Press. p. 352.Haynes, William M., ed. (2011). CRC Handbook of Chemistry and Physics (92nd ed.). CRC Press. ISBN 978-1439855119.

Assigement Coursework Example | Topics and Well Written Essays - 1000 words

Assigement - Coursework Example Likewise, there are people who are either physically handicapped or they simply have a low IQ and so they are unable to find employment. One should understand and appreciate the effort made by these people to find employment and not remain dependent on their friends, families or the government. For such people even minor raises in salary or wages is a source of motivation. An amount which is nothing for the affluent can be a source of some nutritious food, better education and rent for a small home. Also, when these people have more money they buy more goods while benefitting the economy. Opponents of the minimum wage policy argue that people who work on minimum wages often work part-time and live in families with more than one bread-winner hence the household wealth does not change much as a result of a change in the minimum wage policy. Even if this is true one can think about why the minimum wage employees work part-time. They do so because they get paid less to do work and hence they have to work harder at more than one job. If the minimum wage policy makes minimum wage higher then workers will become likely to work full-time because doing so will help them save time and transportation cost. Businesses are the entities that pay minimum wage to those employees who are the least capable, and unskilled. Some businesses are large while others are small. For small businesses the minimum wage policy can prove to be a burden. The cost of production can increase and consequently employees might have to be laid off. Moreover, when people will be laid off their consumption of goods will fall hence harming the entire economy. However, arguing against minimum wage policy is not going to help. If costs are increasing it is best to seek help from family members. An example of this is farming done in developing countries like India and Pakistan where a farmer is helped by his wife and occasionally by children to reduce expenses. Minimum wage raises can result in less abse nteeism, greater employee morale, and lower frequency of workers turnover. As a result, training costs are reduced and employee productivity rises (Card and Krueger). Moreover, higher wages attract more of both skilled and unskilled people to apply for a job. As a result, there are greater options available for the business and the person most suitable for the job can be hired. As far as benefits and drawbacks of minimum wage policies are concerned with regards to the consumers multiple scenarios are possible. Primarily, it depends on whether consumers want benefit in the short-run or in the long-run. It is possible that a business pays lower than minimum wage to its workers to reduce production costs. As a result the price of the product manufactured remains lower than the business competitors’ products. Consumers who prefer less durable but cheaper goods will most benefit from this. However, in this age of ever increasing scarcity such consumption of cheap goods can prove t o be a waste of resources and hence create shortage of raw materials needed for manufacturing in the upcoming days. This can further increase prices of even the less durable goods. Eventually, consumers will have to suffer. Moreover, a higher minimum wage will ensure that better but more expensive products are manufactured which do not create a shortage of resources in the long run. I conclude that overall the minimum wage

Midterm Paper Essay Example | Topics and Well Written Essays - 2500 words

Midterm Paper - Essay Example Theoretically, leadership is explained as a process of influencing the society in which one can procure the assistance and the support of others in the procedure of accomplishing the desired outcomes through the common tasks. In simple words, leadership is all about the leaders those who mobilize others to get the job accomplished within the organization. It reflects the practices of the leaders which they perform to transform the values into the actions, the vision of the organization into realities, the obstacles within the work into the innovations and the risk factors into the rewards. As demonstrated by Bennis & Thomas (2013) in this context, it is the leadership that creates an atmosphere where the employees face the challenge and turn the challenging situations or the opportunities into the remarkable success. Initially, I used to perceive that leadership is all about steering people towards the determined goals. But, after going through the ‘crucibles’, I realize d that I had actually mistaken between management and leadership at the theoretical level where managers are bestowed with the responsibility to direct their staff through negative and positive motivations towards predetermined goals in the short run, but leaders pursue greater responsibilities towards the sustenance of the team focusing on shared values fundamentally focusing upon the long run performances of the overall team. Being motivated by the context of Bennis & Thomas, I went through various leadership case studies, where various organizational, political as well as social leaders were assessed on the basis of their leadership qualities and the corresponding achievements. In most instances, especially when reading about the modern day organizational leaders, I found that they attempt to find logical solutions to the problems encountered within the organization. The controlling power and the directing power possessed by these leaders have been further observed to reward them with a height in their achievements which has also been addressed in the discussion of Bennis & Thomas. According to my learning, intellectual analytical skills are quite essential for leaders to perform in the increasingly competitive environment of the 21st century wherein Bennis & Thomas reveals that leadership concepts and approaches have changed over the past few decades. This is when I realized that leadership is not at all an easy task and I needed to develop my skills immensely to reach the level already benchmarked by these leaders. In accordance with the above scenario a drastic change came to my perception not only regarding my competencies as a leader but also regarding my approach towards life. This particular experience or learning exposed the underneath values and beliefs related to the leadership qualities and theories that were inherited in my mind. The article by Bennis & Thomas focuses on the leadership practices in automotive industry which has recently been wit nessed strong effects from economic downturn and high degree of fluctuations in the customer buying behavior within the worldwide context. Presenting an interesting scenario, the authors successfully draws the attention of the readers about leadership that such skills can be developed through regular life experiences as well. In fact, learning and developing leadership skills through experiences has been argued as a more effective procedure or rather the most essential quality of an effective leader as argued in the

Culture,power,globalisation and inequality Essay

Culture,power,globalisation and inequality - Essay Example Power relates to which classes, groups, organisations, parties as well as individuals have the greatest influence over what happens within their own respective countries, and sometimes upon an international or even global basis. Power can be cultural, military, naval, political, religious, or social in its origins and actual usage.2 Globalisation is the way in which cultural, economic, political, religious, and social factors interact with each other in order to increase the power of non-state actors at the expense of nation states and also individuals. Inequality is a result of the ways in which the process of globalisation and the capitalist economic system operate and make some countries, organisations, or businesses richer whilst making others poorer.3 The United States was mightier than a superpower, and the term ‘uberpower’ was developed to describe American dominance over the international system. In other words the United States is the mightiest nation upon the earth and no single nation can hope to overturn its dominance of the global economy or the spreading of its liberal culture and values throughout the world. It is the capitalist economic system encouraged by Britain and then the United States that has done much to shape culture, power, globalisation, and inequality within the modern world.4 Conversely the sheer apparent might, economic and cultural influence of the United States meant Al-Qaeda saw it as their greatest enemy in a bipolar military contest between the militantly Islamic and un-Islamic. Al-Qaeda had made increasingly daring attacks on American targets and interests during the 1990s that meant they wished to carry out bolder attacks. The United States maybe an uberpower or the global hegemon, that is the greatest power within the international system but all Al-Qaeda has to do is survive and the war continues. The Americans are left with the

McDonalds Advertising and Marketing

McDonalds Advertising and Marketing Welcome to McDonalds what can I get for you today? A very warm saying that might sound similar to many consumers, who attend fast food restaurants on a frequent basis. Have any one ever wondered why we keep on going back to McDonalds week after week? This is mainly because of McDonalds advertising and marketing. McDonald has an image that is more than just food; it is a place for the families. Over 9500 restaurants in nearly 45 countries is the strength of McDonalds. None of the single brand name has ever matched McDonalds marketing budget. McDonalds approximately spends more than $800 million dollars each year on their marketing and promotion. McDonalds began a major advertising campaign in the year 1987 that aimed to neutralize the misconception of junk food about their good food. This marketing strategy of theirs did not last long as newspapers started to write that the food in McDonalds is not so nutritious and people do not come to McDonalds for nutritious food. From then onward s McDonalds started to offer only a nourishment card rather than trying to stamp their food products as nutritious one. According to Mr.Peter Cox, a former consultant of marketing belonging to the vegetarian society, did quotation from the book, Behind the Arches, the reason why Japanese people are small and have yellow skin, because they have consumed only fish and rice for the past 2000 years. McDonalds soon came out with the marketing slogan that if you eat Hamburgers and potatoes for nearly 100 years then you will grow taller and have a white skin with blonde hair this slogan was ruled out. However, their marketing to children was not ruled out. Most of the McDonalds marketing are aimed towards children. According to the researchers, they say that when a child looks at Ronald he or she thinks only of French fries and hamburgers. Researchers also say that many children admire Ronald and want to be like him, as Ronald loves McDonald and so will they. According to the Childrens thi nking it doesnt matter how much fast food they should be eating because Ronald says its always good and fun. In the 1980s Childrens love towards Ronald went haywire and the major man Geoffrey Guillano, Ronald, give up and apologized for his actions. He personally believed that he brainwashed the children into doing things that are wrong, he also admitted that he was sorry to the children everywhere for selling out to concerns that make millions by killing animals. In the UK McDonalds also does marketing to young children, aged between 2 and 8. Their McDonalds adverts contained a simple song that was easy to remember for children. According to John Hawkes, the McDonalds United Kingdom Chief Marketing Officer their song was to reach each family through their children. He said the song was stored in the front position of the brain of the childrens mind. This made children to attach hunger with McDonalds and inquire their parents to take them there. McDonalds also tried to target young adults, ages 16-25. McDonalds took a new move toward to target young adults, where they used discounts and coupons. McDonalds offered twenty nine cent and thirty nine cent hamburgers and cheeseburgers. McDonalds never make cash off the price the customers pay to these burgers but rather they did from the soda they bought and the fries they bought. This leads to the subliminal marketing, also known as the trade-off result. For example, when the customer went to pay money for a small coke they usually end up buying a large one. This is mainly because the small one is $1.09, the medium $1.24, and the large $1.29. A customer looks at the prices and tries to figure out the most excellent deal possible for their money. The medium sells for $0.15 cents more than the small that gave the customer 5 more ounces of drink but the large sells for $0.05 more cents than the medium one and the customer will end up getting 11 more ounces for their nickel. This makes the customer to buy their soda th at is two sizes larger than what they originally planned to buy. Even though the customer spends $0.20 more than their usual, however McDonalds spends close to nothing. The customers will also do the same process for their french fries. A medium portion of fries costs $1.29, large is $1.59, and a super is $1.79. The large sells for $0.30 more than the medium but the super are only $0.50 more than the medium and $0.20 than the large. The customer in their mind will think, that if they spend the extra $0.30 to get the large fry they might as well spend $0.20 more cents and get the best value possible for their dollar. In conclusion, everyone are targeted for something. Whether it is for McDonalds or or some other fast food chain. Marketing is what makes one store better than the other, and McDonalds are very good in that. This is a research about McDonalds and their marketing strategy under the credit crunch situation. In this research I aim to explore on the below mentioned objectives. First of all I am going to start with the research background, where I will go through McDonalds history, their hold in the market, their main competitors etc, that will hold as a base to this particular research. Next I will talk about the different literatures that, regarding where research has been done on the similar topic. According to my though previous literatures will not have much information on the effect of credit crunch, however my literatures will include more on the marketing area involving fast food chains. After the literature review I will give the methodology for the research, where the research methodology for the purpose of the research will be discussed based on the research objectives and the type of the research. In the next section I will do the main research, where the primary data will be coll ected relevant to the research that is based on the research methodology. After doing the primary research the findings will be analyzed and possible results will be arrived at before conclusion. OBJECTIVES Effect of tight economic condition on the food industry. What do people perceive about McDonalds even in the tight economic condition? McDonalds brand management Marketing strategies adopted by McDonalds to attract people keep coming towards their shop. RESEARCH BACKGROUND With over 35,000 locations in hundred countries, McDonalds (NYSE: MCD) is the worlds largest fast food restaurant chain. McDonalds operates its own restaurants and franchises its brand to local businesspeople (about seventy percent of the worlds McDonalds are franchised.) The company experienced a theatrical turnaround in 2003, driven by a two-pronged plan. In countries such as the US and the UK., McDonalds focused on rising sales at existing locations by renovating their stores, increasing menu options and also extending store hours. Globally, McDonalds expanded aggressively, opting to franchise rather than operate its new locations which provide new income with little overhead. Both strategies have paid dividends- despite its dimension, sales have full-grown by a 3rd since 2003 Domestically, McDonalds continues to do strongly in spite of a pullback in customer spending and is even benefiting as customers trade-down from more expensive eating options. During this same time, global operations were driving profit growth. A rising global middle class, particularly in emerging markets like China, India and Latin America, is a massive opportunity for McDonalds. McDonalds violent efforts to get bigger its global presence- most notably in 2008 Beijing Summer Olympics- have produced strong similar sales and profit growth. McDonalds Business Strategy McDonalds has pursued 2 strategies since 2003. To be in the run with the fast changing customer preferences, demographics and spending patterns, McDonalds has introduced novel items in their menu including angus beef burger and premium chicken sandwiches and does campaigns to create more healthy foods including salads on the side. This strategy basically reflects the beliefs that innovation as opposed to reliability to traditional products is the key determinant towards success in the fast food industry. They have also focused more on increasing their sales at their current restaurants instead of opening new ones. To do so, McDonalds has redesigned many of their restaurants, kept their stores open till late and increased menu options. Nonetheless, new restaurants are still getting opened around the world at a rapid pace the company plans to open nearly 1,000 units in 2010, and continues to produce its new restaurants at a 1%-2% rate each year. Size Matters Size of McDonalds has three main advantages: McDonalds has a strategy of uniform menu offerings that can be accumulation produced, lowering production costs. Bargaining power with their suppliers reduces input costs with improved margins. Large advertising costs mean lots of exposure towards domestic and international market. International Expansion McDonalds is well-established in Europe, the Middle East, Asia/Pacific Islands, and Africa. Its enlargement in Europe is dominated mainly by Germany, France and the UK. In Asia, the general management has indicated that there is important potential in the China market. McDonalds have adapted its menu items to different local cultures, such as the Teriyaki Mac in Japan, Filet-O-Fish in China, and using lamb instead of beef in India. Although McDonalds is the obvious leader of the fast food industry in terms of revenues generated and restaurants recognized, it faces rivalry from other fast food chains, which are introducing new products themselves. Major direct competitors in the (hamburger-based) fast food industry include: Burger King Holdings is the 2nd largest hamburger fast food chain. Although more of their restaurants are franchised than McDonalds restaurants, revenues of Burger King Franchise fall behind that of McDonalds, mainly due to the their size advantage. Wendys is the 3rd largest hamburger fast food chain. They have a lower operating margin than that of McDonalds, hence it is more likely that they suffer negative impacted during a recession. Yum! Brands runs Kentucky Fried Chicken, Taco Bell, Pizza Hut, Long John Silvers, and AW All-American Food Restaurants. Currently, Yum! Brands are dominating the Chinese market, posing a threat to McDonalds in their attempts to enter the market. Where McDonalds Corporation focuses on its core brand, Yum! divides its resources among a wide variety of different restaurants. In addition to the above competitors, McDonalds also competes with non-hamburger-based fast food restaurants (such as Panera Bread Company (PNRA), Panda Express and Qdoba), local and national dine-in restaurants (such as Red Robins and Sharis), pizza parlors, coffee shops (Starbucks), street vendors, convenience stores and supermarkets. McDonalds revenue decreased by 7% to $5.65 billion in Q2 09 (ending March 31st, 2009), a decrease from $6.08 billion the previous year. However, operating income increased 2% over the previous year, from $1.65 billion to $1.68 billion. Much of the decline in revenue can be attributed to company-operated restaurants, whose revenue numbers decreased by 10% from $4.3 billion in the previous year to $3.8 billion. Revenue from franchised restaurants, on the other hand, actually increased 1% from $1.78 to $1.80 billion Since the margins on franchised restaurants are higher than those of company-operated restaurants, the higher contribution from franchised restaurants in the revenue mix positively impacted McDonalds operating margins (from 27.2% to 29.8%). McDonalds also noted that McCafe, which they labeled as a long-term home run, had met sales expectations and has benefited from the high level of advertising that McDonalds has committed to it. Coffee sales now make up 5% of McDonalds total sales. The effect credit crunch has driven a record numbers of consumers from across different social spectrum to buy food under the golden arches of McDonalds. The fast-food giant is serving close to 100 million customers every month at its 1,200 restaurants in Britain, revealed in the recent times. That is about 12 million more than its own previous record last December, which is typically the busiest month. The UK chief executive Mr.Steve Easterbrook, in the recent times have said that it is the 10th consecutive quarter of growth for them in the UK,Which s a real momentum in the business. McDonalds UK delivered like-for-like sales growth, taken from restaurants open for 12 months or more, of more than 8 per cent for the three months to 30 September. Mr Easterbrook declined to provide a specific sales figure for McDonalds UK, but said it was above the 8.2 per cent underlying growth at the American companys European division. He said the sales figures were a further testament to the changes McDonalds had made over the past few years, with improvements to its menu, extended opening hours and new restaurant formats. It also illustrated that companies perceived to offer value for money were attracting more middle-class customers, he added. Mr Easterbrook said: Those people who are coming back to McDonalds, and who have not been there for a while, are finding a whole new McDonalds. Discount retailers, such as Aldi and Poundland, are also profiting as hard-pressed customers seek out bargains. Mr Easterbrook said: We have always had a very broad appeal and we are picking up more people across the board, but some people are trading down. A family of four can come in and have a meal for  £15. We are seeing growth across the menu from the Extra Value Meals to our Rainforest Alliance coffee and premium burgers. McDonalds is also reaping the rewards of extending the opening times of its restaurants. Some open at 5am and 200 British branches trade for more than 24 hours at weekends. Mr Easterbrook said early opening was having a positive effect because if had increased the numbers of people coming into its stores throughout the morning. Sales of its coffee were up by more than 20 per cent, he added. Globally, McDonalds operating income rose by 20 per cent over the three months to 30 September to $1,823.7m, and its total worldwide sales increased by 7.1 per cent. Marketing at McDonalds McDonalds is one of the best known brands worldwide. Through marketing, McDonalds establishes a prominent position in the minds of customers. This is known as branding. Branding develops a personality for an organisation, product or service. The brand image represents how consumers view the organisation. Branding only works when an organisation behaves and presents itself in a consistent way. Marketing communication methods, such as advertising and promotions, are used to create the colours, designs and images which give the brand its recognisable face. At McDonalds this is represented by its familiar logo the Golden Arches. In all its markets, McDonalds faces competition from other businesses. Additionally, economic, legal and technological changes, social factors, the retail environment and many other elements affect McDonalds success in the market. Marketing involves identifying customer needs and requirements and meeting these needs in a better way than competitors. In this way a company creates loyal customers. By identifying their target audience McDonalds Marketing department will determine the correct marketing mix. Which products are well received What prices consumers are willing to pay What TV programmes, newspapers and advertising consumers read and view Which restaurants are visited Accurate research is essential in creating the right marketing mix which will help to win customer loyalty and increase sales. As the economy and social attitudes change, so do buying patterns. McDonalds needs to identify whether the number of target customers is growing or shrinking and whether their buying habits will change in the future. By Doing SWOT analysis on McDonalds Strength E.g. the brand, and detailed market research to create the right marketing mix. Weakness McDonalds has been around for a long time. (therefore important to keep innovating). Opportunities E.g. increasing numbers of customers looking for food that is served in a quick and friendly way. Threats New competitors, changing customer lifestyles. LITERATURE REVIEW According to Nazlin Imran(1999), in one of his works says that the study of consumer perception regarding food quality and acceptability is complex and interdisciplinary, encompassing scientific disciplines including food science and technology, nutrition, psychology, physiology, marketing and hospitality. Food having possessed with physicochemical characteristics arising from ingredients, processing and storage variables resulting in the sensory characteristics of the food product. These sensory properties are detected by consumers using the human sense organs producing experiences of the taste, appearance, smell and texture of the product. The basic study of the interaction between these human senses and the physicochemical properties is known as psychophysics. In food science, sensory evaluation is nothing but applied forms of psychophysics. The sensory attributes of a food product interact with consumer physiological, behavioral and cognitive factors within the consumer experienc e to exert influence on consumer perception. Context and background also affects this interaction, e.g. cultural setting and psychosocial influences in which the consumers encountered the food product which also affects the consumer hedonic response, i.e. the individual feeling of like or dislike, of the consumer. Sensory and hedonic experience interacts with post-consumptional experiences to produce responses that feed-back into the consumer physiological state, the learning process and memory building. Consumer expectation is in turn affected by this process. Expectation can be generated from cues such as packaging, labeling, product information and stereotypes. Thus, consumer food choice is determined by many factors as shown in the below figure. Food choice factors were being individually studied in the past by other disciplines, e.g. psychobiology, social psychology, cognitive psychology, nutrition and marketing. However, in the recent times, the the factors involved in the per ception and acceptance of the food quality food quality are being studied collectively in sensory science. Sensory science has been described as a place of meeting in science, bridging the gap between humanities and the pure sciences. It has been shown that many individual factors affect the perception of a food product. These factors include taste, odor, information from labeling and images, attitudes, memory from previous experience, price, prestige, nutritional content, health belief, familiarity and brand loyalty (Krondl and Lau, 1978, 1982; Raats et al., 1995). Sensory attributes have been known to play an important role in overall perception and acceptance of a food product. It has been well recognized that the intensity of food-related sensory attributes affect the level of pleasantness or unpleasantness of a food product (Cardello, 1994). Texture and flavor have been shown to have a profound effect on perception and acceptability (Szczesniak, 1972). However, the first taste is almost always with the eye, i.e. visual sensations always help contribute to this perception since the first encounter with food products is often the contact of the eye and will affect subsequent willingness to accept a product. The effect of visual sensations should never be underemined. Human perception of quality is dependent on the visual image (Hetherington and MacDougall, 1992). It has been well established that color and appearance can have a halo effect which modifies subsequent flavor perception and food acceptability (Hutchings, 1994; Kostyla and Clydesdale, 1978). Appearance, flavor and texture are important quality attributes which characterize raw food materials and processed products (Schutz and Wahl, 1981). Kramer and Szczesniak (1973) use a circle diagram to describe the sensory quality of food. In this sensory circle, the perimeter of the circle is divided into three merging zones defined by appearance, flavor and texture. These zones are often regarded as an individual and seperate characteristic, however some properties do overlap indicating that the perception can be affected by more than one sense. However, the significance of different product attributes varies with the situation and time . For example, a product that is seen on a supermarket shelf may have different attributes affecting perception when compared to the same product seen on a plate. The same product on a plate would be affected by anticipatory and participatory attributes (Hutchings, 1977). In other words, at the point of consumption, anticipatory factors such as the initial product appearance and also consequent participatory factors such as product flavor and texture may dominate the acceptance level for many foods. Appearance encompasses several basic sensory attributes such as colour, opacity, gloss, visual structure, visual texture and perceived flavor. Of all these visual aspects, the effect of color is the most obvious and well-studied. The strong association between food and color was established as early as 1936 by Moir and 1939 by Dunker. Extensive research has confirmed the importance of color in taste recognition and intensity (Johnson and Clydesdale, 1982; Kostyla, 1978; Maga, 1974), in f lavor detection and recognition, in food preference (Christensen, 1983; DuBose et al., 1980) and food acceptability (Johnson and Clydesdale, 1982; Maga, 1974). Consumer perception of an acceptable color has been shown to be associated with other quality attributes: flavor, nutrition and level of satisfaction (Christensen, 1983). Rolls et al. (1982) showed that manipulation of color in some products can be used to enhance intake and presumably to enhance sales. The effect can be achieved by manipulation of one or more variables: color within a formulation, incident light, packaging color and even color and appearance nomenclature and brand name (Martin, 1990) (Nazlin Imran, 1999) Perceived service value has been a critical construct in marketing because it is assumed to have a significant influence on purchase or patronage behavior (Bolton and Drew, 1991; Zeithaml, 1988). Although value is an indistinct and elusive construct, service value as perceived by consumers has narrowly been defined as a trade-off between perceived quality (or the benefit component) and perceived sacrifice (or the cost component) regarding a service being evaluated (Dodds and Monroe, 1985; Dodds et al., 1991). Consumers would make their value judgment on a service by trading off the positive utility of the quality against the negative utility of the cost inferred from various service characteristics. Then, what specific aspects of a service imply the quality and the cost for the value judgment? This question is dealt with in the sections below. Perceived service quality. Perceived quality is one of the major determinants of perceived service value. It is assumed that consumers consider various dimensions of a service to reach their overall judgment of service quality. Parasuraman et al. (1988), based on a survey with 200 consumers about five different service categories, have developed a standardized instrument called SERVQUAL, which can be used to measure customer perceptions of service quality. They then have retested and refined their original SERVQUAL instrument (Parasuraman et al., 1991). SERVQUAL consists of 22 items measuring customers expectations and another 22 items measuring their perceptions of five dimensions of service performance. Specifically, they have suggested that when consumers make their judgment of service quality, they would generally consider the service providers: Physical facilities and equipment (tangibles); Ability to perform promised service dependably and accurately (Reliability); Willingness to help customers and provide prompt service (Responsiveness); Knowledge, courtesy and ability to inspire trust and confidence (Assurance); and Caring and individualized attention to its customers (empathy). However, SERVQUAL is a generic measure; researchers have found that the relative importance of the five dimensions varies across different service industries (e.g. Crompton and Mackay, 1989; Johnson et al., 1988; Parasuraman et al., 1988, 1991). Perceived service cost. Consumers compare service quality with cost to determine service value. Service cost is basically what consumers have to give up or sacrifice to obtain a desired service. Since it has a negative impact on consumers budgets, it would have a negative influence on their perceptions of service value. The concept of cost can be extended to include nonmonetary cost such as service time (see Murphy and Enis (1986), for a detailed review of time costs). Service time is the amount of time during which a service is provided. Since most customers would like to have faster services, service time would affect perceived service value in the same way monetary cost would. Some services require customers to be present physically where the services are provided (e.g. hairstylists, hotels and motels, restaurants, etc.). For such service categories, service locations, like service time, are an important cost/benefit factor determining service value because the more convenient the locations are, the fewer amounts of time consumers need to get there, and vice versa. (Moonkyu Lee, Francis Ulgado, 1997) The UK fast-food marketplace is value an estimated  £7.82 billion annually (Keynote, 2003), an average amount spends of twenty pound per month per adult (McDonald, 2003). Due to busier client lifestyles and dual-working families with children, stress is increasingly being placed on fast meal solutions (Atkins and Bowler, 2001). This has resulted in a market enlargement of more than 18 per cent in fast food since 1998 (Keynote, 2003). United Kingdom customers tend to look upon expediency and wholesomeness as polar opposites, rather than a balancing type of food value (Jack et al., 1997, 1998). These researchers found that convenience is likely to be associated with wide food processing, as in the example of manufactured snack foods; such snacks are apparent as suitable but unhealthy, while natural fruit as a snack are perceived as healthy but inconvenient. Fast food meals based on burgers and fried chicken (e.g. MacDonalds, KFC) also tend to be perceived as suitable but unhealthy. T here has been a sustained increase in the demand for expediency foods and snacks over a number of years (Traill, 1994; Keynote, 2003). Moreover, a better volume of fast food is enthused in the United Kingdom than in any other country in Europe (Schlosser, 2001). Recently, the thought that processed convenience foods are contributing to a fatness epidemic has led to litigation proceedings against McDonalds. At the same time, a figure of fast-food companies and food manufacturers have reviewed the fat and sugar contents of their manufactured goods ranges, and reconsidered the dimension of the portions they offer. New healthy options (e.g. pasta salad, fruit bags,) can now be purchased from fast-food outlets next to customary burger and chicken meals. Another new innovative strategy by McDonalds and KFC enables nutritional information for each meal to be accessed via nutritional calculator tools on each companys web site (see www.mcdonalds.co.uk and www.kfc.com). From the early stages of post-war nourishment policy in the UK, food manufacturers have responded to nutritionists calls for better products to some degree. However, they have also asserted there are no good or bad foods only good or bad diets (Richardson and Brady, 1997). In the meantime, the UK Food Standards Agencys (FSA) present diet and nourishment strategy emphasizes a key role for the food manufacturing in helping to get better the nutritional excellence of dietary intakes (Scottish Food Advisory Committee, 2002). For caterers, this means offering a greater option of healthier tableware, and for manufacturers and retailers, rebalancing foodstuff ingredients, in particular, reducing the attendance of fat, salt and sugar and rising that of fruit, vegetables and complex carbohydrates. Health branding initiatives, such as the Department of Healths 5-a-Day campaign promoting fruit and vegetable eating, have clearly helped to lift the profile of nutrition targets (Department of Health, 2003; Parker, 20 03). Food companies desire the logo but obtainable processed foods may not meet its strict supplies (Laurance and Mitchell, 2003). As a result, manufacturers and retailers have begun to open their own logos and claims. Customer value plays a vital role at the heart of all advertising activity as it refers to things of worth that have been created for a specific marketplace (Holbrook, 1999). Customer value is a highly multifaceted concept in that it integrates a collection of possible product excellence attributes, process-related attributes and less touchable sources of value, in particular, brand image (Schro ¨der, 2003). For fast foods, manufactured goods attributes may be further broken down into dietary, sensory and clean quality. The nature of food production and processing is becoming more significant to customers (Baltas, 2001; Bredahl et al., 1998), even if these aspects cannot be established through the real consumption of the food (credence attributes). Ethical manufactu re in terms of animal and human welfare, and environmental guard are key issues here (Wier and Calverley, 2002;Harper and Makatouni, 2002; Grankvist et al., 2004). Holbrooks (1999) typology serves as a mapping tool for generic customer value and is highly applicable to the food background. For example, it highlights both functional customer value (which might be interpreted as food security and dietary make-up) and ethics. However, business image is only partially built on touchable product and process attributes. Equally significant is the manner in which companys converse with stakeholders through their marketing strategies, including CSR initiatives. CSR may be defined as an organizations rank and activities with admiration to perceived communal obligations (Brown and Dacin, 1997). Through the Business Excellence Model (British Quality Foundation, 1998), the crash of an association on society has been highlighted alongside the require for worker and customer satisfaction. Clearly , the better the perceived power and influence of an association the more likely it is to draw the attentions of campaign groups. The activities of influential organizations will be improved understood by the community and have an effect on more customers than those of smaller competitors. When campaigners single out such organizations for inspection or even assault, they can wait for more media interest for the issues they want to make public. It is therefore not surprising that worldwide players in the fast-food sector, such as McDonalds, be inclined to find themselves in the dismissal line of groups concerned with the a variety of aspects of food quality. (Schroder McEachern, 2005) According to Peter Jones et al (2002) there are a wide variety of elements in the UKs retail catering industry but fast food are perhaps the most prominent, the most dynamic and the most rapidly growing. While there are va