Business Studies

Business Studies (76)

Wednesday, 21 February 2018 06:11

Pricing and Exchange Rates

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The article is about the impact that the refugees have on the European economies, with the overall assertion being that the net contributions that the migrants make to the fiscal wellness of the host countries are normally small compared to that of the natives as they pay fewer taxes. The assessment of the cost that Germany is going to foot due to the hosting of the refugees is relatively high, although articles argue that despite the additional spending, the German budget is going to grow by 0.3% of GDP. On the question of how the refugee influx affects the labor markets, the assertion is that it is insufficient or no evidence supporting the claim that refugees affect wages and employment of the native workers. The general state, however, is that the immigrants with a lower level of education as well as experience displace the native workers to occupations that have less manual work, with a higher level of specialization and remuneration.

On the claim that refugees increase the duration of waiting hours, the opposite is true with the case being that higher immigration in a region reduced the waiting duration for the outpatients. The assessment of demography and aging, it is evident that immigration exhibits a positive impact although it does not offer absolute shielding to an already aged population. The impact that immigration has on wages along with employment is on average although it is diminutive, with the impact on the public finances being that it is dependent on the original mode of admission. That impact that immigration has on the general growth of a region is highly dependent on the labor markets performance about the immigrants.

The assessment of the impact that other countries’ economies have had about their coping with immigration has led to the assessment of the economic sustainability of the other European countries in comparison to what has been happening in places like Turkey, Jordan, and Lebanon. These countries are close to Syria and experience massive immigration in the recent years. The case has seen the growth of the Lebanese real GDP by 205% irrespective of the negative impacts that the war in Syria has been causing regarding investment as well as tourism for their neighboring nations. According to the World Bank, the refugee influx into Lebanon has contributed to their growth as it has traversed to an increase in the demand for the local services, financed through savings, salaries, remittances as well as international humanitarian aid.

I agree with the assertion in the article that migration promotes the balancing of payments. According to the OECD, migrants have accounted for 70% of the growth in the workforce in Europe and 47% the US for the past ten years. Migrants further fill the vital niches in both the fast-growing and declining sectors of the economies of the host nations. It is additionally relevant to mention that just like the native-born, the young migrants are better educated that the hosts who are nearing retirement. In Europe, migrants have a superior impact on the flexibility of their labor market (OECD migration policy debates, 2014). It is additionally evident that migrants contribute more in the form of taxes as well as the social contribution that they receive in the form of benefits.

Yes, the findings of the article apply to the situation that is evident in the United States, with the most common and evident contribution being the reprieve to the aging population in the US. The aging population in the US is directly associated with lower productivity but with the injection of migrants to the economy, the country will get a momentary reprieve as they restructure their productions (OECD migration policy debates, 2014).

 References

OECD migration policy debates, (2014). Accessed via         https://www.oecd.org/migration/OECD%20Migration%20Policy%20Debates%20Nume         o%202.pdfon  July 7, 2016

 

 Intel’s Human Resources Workforce Strategy

Name: Georgina Meza

University: Arizona State University 

Course

Course instructor

Email: This email address is being protected from spambots. You need JavaScript enabled to view it. or This email address is being protected from spambots. You need JavaScript enabled to view it. 

Date: 22/01/2018 

 Introduction

Human resource the core foundation of any organization as the success of an organization is based on the ability to recruit people who possess the needed skills, qualification and experience. In the contemporary competitive business environment, the success of these organizations is dependent on their ability to effectively implement their human resources function and at the same time ensuring that they maintain low costs of operation. As such, it is imperative that the human resource workforce strategy adopted by a firm allows for the realization of a diverse workforce, ensuring that the organization has the needed skills and executes effective planning (Cascio, 1986). The focus of the paper is in addressing how Intel is going to accomplish its human resources strategy while keeping their costs low. The strategy ought to be one that promotes diversity of the workforce, promotes recruitment and enhances the HR planning function.

E-recruitment

E-recruitment is also known as online recruitment refers to the process of hiring potential candidates for a vacant position in an organization relying on electronic resources, mainly the internet. In e-recruitment, the entire process of locating prospective candidates, evaluating, interviewing and hiring is done via the use of the internet. The assertion is that through the use of this method, Intel will promote the efficiency and effectiveness of their recruitment process. In this process, job vacancies are advertised on the World Wide Web (www), presenting a platform where all the qualified candidates can attach their CVs or resumes to reach the prospective employer or employers (Faliagka, Tsakalidis & Tzimas, 2012). The recruiting companies undertake their online promotional activities through their official websites, enclosing all information about the organization. It is through this information that the prospective candidates will decide whether or not to send applications or not.

Intel and E-Recruitment Strategy

Intel, an IT company, operates in the currently globally competitive world whereby everything has been founded on technology, with more and more processes getting automated on a daily basis. The human resource division has thus become integral as it seeks to attract, select and appoint the best candidates for the organization while maintaining the low costs. The additional aspect of the increased competitiveness in the recruitment market has implied that companies will spend more time, effort moreover resources in the execution of their recruitment strategies (Sharma, 2014).

Recruitment refers to the process that encompasses the generation of a pool of qualified candidates for a specific job, which is the first step in the hiring process (Sharma, 2014). Through the use of e-recruitment, Intel is going to accomplish its objectives of lowering their HR costs, enhancing their recruitment targets, promoting the diversity component and consequently enhancing their planning function. The realization of these objectives is going to be based on:

On the issue of promoting diversity, Intel is going to benefit from the fact that online advertisement opens up the organization to a much wider pool of candidates that the traditional print media which is more expensive and accessible to only a few candidates. With e-recruitment, every candidate with access to the internet irrespective of their location can see these opportunities. The implication is that Intel will benefit from reaching a diverse candidates pool using just a fraction of the cost they could have incurred by using traditional media (Sharma, 2014). The issue of speed is the further benefit Intel will benefit as one posted online; the jobs will go live in seconds, allowing candidates to view them immediately. The planning component will be promoted as the HR function through the portal will access the statistics of the qualifications and whether they match to the needed skills. Depending on the HR needs, e-recruitment will allow Intel to access a candidate pool to meet both immediate and long-term needs in real time (Faliagka, Tsakalidis & Tzimas, 2012).

The technology used in online recruitment is not expensive as through the savings to be realized on time, design, print cost, repeated advertising on print media as well as targeting precisely the best sites for the best candidates, cost-effectiveness is one of the benefits to be realized by Intel. Further, through the hours saved via the automation of the pre-selection process represents a significant cost cut via the HR time needed to assess the candidates to the interview phase (Lane, Armin & Gordon, 2015). Through the adoption of this method, the HR staff will have more spare time to address other productivity issues in the organization.

The job seeker also benefits from the use of this strategy as they are not forced to incur the cost of sending paper mails for positions they may not even get. The ease and convenience of searching through the employer’s website act as a sign of organization and efficiency, enhancing the ease the HR has in recruiting talent (Faliagka, Tsakalidis & Tzimas, 2012). The automation function allows the HR department at Intel to tailor the preselection phase to meet the company’s immediate needs.

Through this, it will be possible to sift and sort through the candidates who meet the specific needs, which not only save time but also lead to a superior quality of candidates who reach the interview stage as they have already met the criteria. Further, through the automation function, all candidates have a level playing ground, cutting on the inefficiency costs that waste the time of the HR department and the company’s resources in re-advertizing the positions since only a few candidates applied (Sharma, 2014).

 

 References

Cascio, W. F. (1986). Managing human resources. New York, NY: McGraw-Hill.

Faliagka, E., Tsakalidis, A., & Tzimas, G. (2012). An integrated e-recruitment system for automated personality mining and applicant ranking. Internet research22(5), 551-568.

Lane, T. S., Armin, J., & Gordon, J. S. (2015). Online recruitment methods for web-based and mobile health studies: a review of the literature. Journal of medical Internet research17(7).

Sharma, N. (2014). Recruitment Strategies: A power of E-Recruiting and Social Media. International Journal of Core Engineering & Management (IJCEM)1(5), 15-35.

 

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Thursday, 28 December 2017 07:27

Ratio analysis

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Ratio analysis

 Financial ratio analysis is of the contemporary methods used to evaluate the financial position of the company. Ratio analysis utilizes financial statements to derive ratios that are critical in assessing the profitability, efficiency and leverage of a company. A common use of this analysis can be justified by the ease of their application and computation and the availability of data. The main objectives of ratio analysis include judging the earning capacity of a business, ascertaining the financial position and determining the operational efficiency.  Ratios can be computed and interpreted from two perceptive. They may be compiled for a number of years to perceive trends (time-series analysis) or they may be compared at a given point for several firms within the same industry (cross-sectional analysis). Ratio analysis can be categorized into liquidity or leverage ratio, profitability ratios and leverage ratios.

Profitability ratios include net profit margin and return on assets.  Profitability ratios are used to evaluate the efficiency of business in the utilization of resources. A higher level of efficiency increases profitability thus increasing the competitiveness of a company. The ratios tell the management the operational efficiency in comparison to other corporate in the same industry.  Return on asset is an efficient measure of how a firm utilizes its assets to generate revenue or earnings. It indicates how efficiently the capital supplied by the common stockholders was employed within the firm.

 Leverage ratios include debt-to-equity ratio and debt-to-asset ratio.  The capital structure of a company can be assessed using the debt-to-equity ratio.  The ratio indicates whether the business is more reliant on debt (borrowing) or shareholder capital (equity) to finance its assets and activities. The turnover ratios of interest in this easy include the inventory turnover and days of sale outstanding.  They communicate various aspects of operational efficiency. Inventory turnover rate indicates the speed at which an organization converts its inventory into the finished product and distribute them to customers.

Ratio analyses are prepared for different purposes. These special areas are financial ratios as perceived by commercial loan department, management use of analysis and valuation of the company. Therefore, different constituents will focus on the different type of financial ratios. The firm’s creditors are mainly interested in ratios that measure the short-term liquidity of the business and its capacity to make interest and principal payments. Another concern for creditors is the firm’s profitability; they want assurance that the business is healthy and will continue to be successful.  Current and prospective shareholders are interested in ratios that measure the firm’s current and future level of risks and return, because the two dimensions directly affects the firm’s share price. The firm’s managers are concerned with all aspects of the firm’s financial situation so that they can report and monitor the performance of the business.

The proposed evaluation strategy takes the perceptive of creditors.  As stated above creditors are concerned with the short-term liquidity of a firm and its profitability. Gibson (2013) noted that commercial loan officers and creditors pay significant attention to net profit margin before and after tax, debt-to-equity ratios and current ratio. According to the list of the ten most important ratios for creditor and loaners include cash ratios, debt-to-equity ratio, fixed charge coverage, net profit margin, degree of financial leverage, inventory turnover and time interest earned. Therefore, from the list of ratios identified previous, creditors will be interested in net profit margin, debt-to-equity ratio, and inventory turnover.  In vertical analysis, the net profit margin and gross profit will allow us to evaluate expense control because they reveal what percentage of money is retained as net profit.  Therefore, the vertical analysis can be used to itemize factors that contribute to expenses.   Horizontal anlaysis involve comparing revenues and expenses of the current financial year with results from the previous period, both in dollar amount and percentages. The analysis can be done using the ratios identified. For example, historical profit margin can be used to assess the profitability of the firm. In addition, the trend of its debt-o-equity ratio can be used to assess its capital structure over time. The proposed strategy focuses on only a number of ratios that are critical to creditors and loan managers.  It does not offer a comprehensive position of the firm.  Although the vertical analysis may be conducted with easy because net profit ratio requires all the items needed in the analysis, horizontal analysis will be shallow because it relies on debt-equity ratio (changes in capital structure over time).

Essay #2

Automotive technologies have succeeded marginally in reducing the number of car accidents. Much of the success has been realized in minimizing the impact and casualties from accidents. Technologies such as safety belts, the airbag, electronic stability control and speed limiters have succeeded in reducing fatalities.  However, road accidents are not a factor of the design and technology of the car but also involve the nature of infrastructures and most importantly, the human behaviors.  Although some technologies have attempted to detect the behavior of drivers and to recommend adaptive behaviors, they do not consider the human role in accidents.  In addition, most of the technologies under development to reduce incidences of accidents use computation intelligence that is still in the infant stage.

The new technology designs failed because the cause of most car accidents is not necessary associated with the design or model of the car. Various studies have reported that human error causes a majority of road accidents.  In the classic tri-level study of causes of road accidents, Treat et al (1972) ascribe 92.6 % of car accidents to human errors, where human errors include improper lookout, inattention, internal distraction and external distraction according to Green (2003), human error is involved in 90% of road accident. In 2008, the United State Department of Transportation conducted a national survey on the causes of car crashes. According to the survey 41% of the critical reasons why an accident happened include recognition errors such as distractions and inadequate surveillance. 10% of the crashes were caused by performance errors including improper directional control. 34 % of the accidents were caused by driver’s decision errors such as over speeding and aggressive driving.  Technology can address some of these causes, but the bottom line solution lies with modifying the behavior of drivers. Zheng (2013) note that currently, in the process of road traffic accidents, mostly based on the state of the behavior of the road traffic participants and rarely due to the car structure.

Consequently reducing car accidents require a multi-variant approach.  Currently, the federal and local governments have enacted several legislations to reduce road accidents.  For example, several states have banned the use of mobile phones among teenage drivers.  However, the effectiveness of such legislations has been questioned. Stakeholders argue that the use of free or car telephone instead of hand-held phone does not cause the accident. They hold that it is the distraction that is caused by the conversation that causes inattentiveness.  Other s have a question the presence of car stereos and their role in causing accidents.  In addition, several road-users education campaigns have been used to increase awareness among drivers and other road users.   The effectiveness of such educative campaigns has been had to quantify.  However, behavior modification theories suggest that modifying the behavior of road users is an effective strategy of increasing drivers’ attentiveness on the road.  Stakeholders can use theories such as the theory of planned behavior and health belief model to modify behaviors. These theories have been used in health promotion programs and awareness initiatives. Additionally, there is a need to increase road safety and taking care of professional drivers who work through tight and demanding schedules. Maintaining vehicles in condition and regular checks can help ensure vehicles are roadworthy.  A popular cautionary quotes states that “you are the only sane driver on the road.” Therefore, you can only be in control of how you drive your car and not how the other drivers do.  The responsibility of reducing car accidents largely lies with the drivers and efforts should be focused on ensuring the driver is in the right condition to drive safely on the road. Although technology cannot be applied alone to reduce accidents, proactive safety technologies that detects driver’s non-normative behaviors or state and provides the driver with appropriate support functions may play a key role in  automotive safety improvement.

Essay #5

Initial due diligence meeting

The initial due diligence meet provides an essential platform for the two parties to discuss negotiating strategies, financing options, deal structure, and prices. The aim of the meeting should be to ensure the M& A transaction is good for both the buyer and seller. Prior to the meeting, it is vital to identify potential deal breakers and information that can be used to determine the transaction price and structure. It is critical to ensure all specialists including accountants, appraisers, arbitragers and risk management consultants are involved (Rezaee, 2001). Prior to the meeting, it is also to evaluate the target’s historical operations, profitability, and capital spending and working capital sensitivity. The negotiation should include the structure and price, and other important issues and considerations including accounting, tax, and employee benefits. 

In the first meeting, it is essential to discuss the benefit of the transaction to the customers.  Here, it is critical to explore the added-value by the transaction and the implication of such value to the competiveness of the company.  Related to customers, it is fundamental to define who the current customers of the two firms are. These include the geographic distribution, customer differentiation and existing trends in consumption.  The business activities of the business should be discussed in detail including processes, products and services. The next important issue to discuss is why the intended transaction is beneficial than the status quo. The manager should be informed on the potential benefit of the deal to the customers. Emphasis should be placed on only the financial gains but also market share and improved value.  Cost-effectiveness expansion of production capacity should also be explored with the intension of emphasizing the benefits to both firms.

Financial position of the business should be evaluated during the due diligence process. The discussion should cover historical and current financial reports and reporting procedures, business strategy and strategic plans.  The strategic plan of the business and forecasted growth or profitability need to be included in the discussion. It is basic to consider whether the business strategy of the target fits the business strategy of the other firm.  The company also needs to assess its readiness to enter into the transaction. Therefore, issues such as whether the company has the necessary information to proceed with the merger should be factored.  The implementation strategy of the transaction needs to be clear, and the necessary resources should be readily available. The negotiating team also needs to discuss issues such the need for structure reorganization, employee retention and structure and the need to change the leadership structure.

The two companies are relatively the same in size although the target company has a higher cash flow.  A merger will be the most appropriate option for the company considering that the two firms are similar and in the same line of production. A merger of equals is often used to define transactions where two firms of almost the same size merge to form.

References

Grant Thorton (2013). Due diligence review: M&A behind the scenes. Retrieved http://www.kslaw.com/library/pdf/ma_bts.pdf on 10/80/2014. 

Lersch C & Bosch R (2013). Reducing accident rate and severity through technology. Australian college of road safety.

Reezea Z(2001).  Financial institutions, valuations, mergers, and acquisitions: The fair value approach. Wiley & Son, Inc.

U.S Department of Transportation (2008). National motor vehicle crash causation survey. Retrieved from http://www-nrd.nhtsa.dot.gov/Pubs/811059.PDF on 10/8/2014.

Zhen R (2013). International conference on frontiers of energy, environmental materials  and civil engineering. DEstech Publication, Inc, USA.

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Thursday, 28 December 2017 06:05

Market Efficiency

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Market Efficiency

  1. What would happen if U.S. Markets become less efficient?

Market inefficiency refers to a situation where the prices of stock do not reflect the actual value of the firm. If the U.S. markets become less efficient, investors are likely to lose their trust in the market; hence, they will shy away from investing in the market (Anderson & Smith, 2006). Consequently, corporations will find it hard to raise capital using the equity options. The stock market plays an essential part in the development of the U.S. economy.

The wellbeing of the U.S economy is largely dependent on the wellbeing of the private sector. The private sector, in turn, need capital so as to expand and fuel the economy by providing employment, paying taxes and providing essential good services. Equity is one of the most significant financing options for American organizations (Bolton & Freixas, 2000). This financing option entails selling the firm’s stock in the market. Investors give their money to the company in exchange for a part of the company.  

When the market is inefficient, it means that investors may be paying prices that are higher than the actual value of the stock. Consequently, many investors are likely to shy away from the market. Inefficiency in the market may also result in the company selling its shares at price that is less than the value of the share (Haung & Hirschey, 2006). In this case, firms are likely to stay away from the stock market. The usefulness of the stock market in developing the American economy will decline because both the investors and firms do not trust the market.   

  1. What might lead to markets becoming less efficient?

A significant factor might lead to markets becoming less efficient is insider trading. The market efficiency theory proposes that it is difficult for any person to outperform the market without lack. However, company insiders can outperform the market because they have some exclusive knowledge about the company (Bar-Isaac, Jewitt & Leaver, 2014). These insiders can utilize this information to outperform the market. For instance, the top executives of a given firm know the financial performance of the organization before anyone else. Therefore, if the company has recorded a poor financial performance, this executive can use this information to offload his shares in the company. This situation was evident in Enron’s case. Enron’s executive officers offloaded their shares in the company a few weeks before announcing the troubles of the company. Similarly, the top executives will be among the first people to know when the firm has recorded an outstanding financial performance. Consequently, these executive are likely to use this information to purchase the stocks of their companies.

Another factor that may lead to markets becoming less efficient is adverse selection. Adverse selection is the process in which the prices of stock are altered due to different levels of information among the trading parties (Bar-Isaac, Jewitt & Leaver, 2014). In the stock market, the firm trades its stock for the investor’s money. In this situation, there is usually information asymmetry between the potential investors and the company’s officials. Since company officials know more about the firm than the investors, they are likely to manipulate the prices of stocks without the knowledge of the shareholders. Firm officials can manipulate earning and financial records so as to provide false information to investors. Consequently, investors may continue to pay high prices for stocks of a company that is underperforming.

Market inefficient can also originate from the January effect. The January effect is a phenomenon where the prices of stocks tend to decline during the month of January (Haug & Hirschey, 2006). This occurrence is caused by a rise in buying that is stimulated by the drop in stock prices in the month of December (Cooper & Nyborg, 2008). Many investors sell their shares in December in order to create tax losses that offset capital gains.

  1. How do markets in other countries compare to the U.S. in terms of efficiency?

Different markets have different levels of efficiency. The level of efficiency is divided into three forms; weak, semi-strong, strong efficiency (Yalcin, 2010). Weak efficiency suggests that stocks within a given market reflect all historical data. Semi-strong efficiency exists where stocks reflect historical data, as well as, all current data existing in the public sphere. This data may be about product line, dividends, patents and quality of management. Strong form of efficiency exists in markets where stocks’ value reflects all information available both in the public and private spheres.

The U.S. market performs better than other countries in terms of efficiency. The U.S. market is viewed a semi-strong market. The U.S. market has a uniform framework that is implemented at the national level; hence, it ensures proper allocation of capital. In Europe, individual makes cross-border trading inefficient. The fragmentation of the E.U market affects it pooling capacity.

The U.S. market also has a strong corporate government framework that incorporates mechanisms such as a strong reporting system, elaborate board structure requirements, and strict audit requirement (Yalcin, 2010). Corporate governance systems are also fairly developed in European markets. However, these systems are not fully developed in Asian, Latin America and African markets. These markets have no clear mechanism for promoting the reporting of firm information.

References

Anderson, J. & Smith, G. (2006). A great company can be a great investment. Financial Analysts Journal. 62 (4), 86- 93

Bar-Isaac, H. Jewitt, I. & Leaver, C. (2014). Asymmetric information and adverse selection. Retrieved from http://www.economics.ox.ac.uk/materials/papers/13233/paper695.pdf

Bernardo, A. Chowdhry, B. & Goyal, A. (2007). Growth options, beta, and the cost of capital. Financial Management. 36 (2), 5- 17

Bolton, P. & Freixas, X. (2000). Equity, bonds, and bank debt: Capital structure and financial market under asymmetric information. Journal of Political Economy. 108 (21), 324- 351

Cooper, I. & Nyborg, K. (2008). Tax-adjusted discount rates with investor taxes and risky debt. Financial Management. 37 (2), 365- 379

Haung, M. & Hirschey, M. (2006). The January effect. Financial Analysts Journal. 62 (5), 78- 88

Yalcin, K. (2010). Market rationality: Efficiency Market hypothesis vs. market anomalies. European Journal of Economic and Political Studies. 3 (2), 23- 38

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Wednesday, 27 December 2017 10:38

Bargaining and negotiation

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Bargaining and negotiation

In most cases, clients tend not to pay the standard price of a service or product. Instead, the final price is normally determined through the negotiation process between the buyer and a seller. Negotiation can be considered as an art and science. In the science of negotiation, an individual needs systematic analysis in order to be prepared. In the art of negotiation, it requires interpersonal skills in order to convince and also be convinced. There is a need to be aware of how to use and when to use bargaining tactics. During the negotiation, it is necessary to make use of the facts that other people need so as to feel like they belong to the inner circle. It is not good to criticize or even reject the position of an opponent without evidence (Luecke 2003). It is extremely essential to hold effective negotiations despite what is being negotiated. It is always important that during the negotiation, you try and use the objection of the opponents in supporting your claim.

In case the opponent objects that the price that you are offering is too high, you may oppose by claiming that the price is high due to the quality being high. Arguments in negotiation should be made in a non-threatening manner. People who engage in a negotiation have the objective of acquiring a particular agreeable agreement. There are three essential elements for successful negotiation. They include preparation, effective communication skills, emotional control, and closing the deal. In this discussion, we consider a real life negotiation and bargaining situation that will involve two people. It involves a car buyer and car seller who are discussing the price of the car to be purchased.

Negotiation situation and environment

In our lives, we tend to negotiate with our families, friends, and neighbors. A discussion that involves decisions in some level with unexpected or expected outcome normally requires or involves negotiation skills. Negotiation refers to the discussion involving parties that look forward to coming to an agreement. The element that should be available for negotiation to happen is the parties (Carrell & Heavrin 2008). In order for negotiation to happen, the parties should be flexible so as to think about and accommodate the ideas of others.

The agreement is said to be achieved when a deal is reached by the parties. Bargaining refers to the process of collecting information, being familiar with the weaknesses and strengths of the opponent and learning about the opponent’s priorities (Luecke 2003).So as to enhance the negotiation effectiveness, it is essential to have a negotiator who is the neutral individual among the parties.In this case, the negotiation process in purchasing the car will happen in a car store. During the negotiation, knowledge is considered as power. In this case, the purchaser will be supposed to figure out the intention and limitation of the other person (seller). In the car buying business, the car seller normally has the most information. Therefore, it is important when one walks in a car dealership not to tell the seller exactly what you want or even how much you will pay for the car (Carrell & Heavrin 2008).

It is necessary to get as much information regarding the car you want to purchase before walking in a car dealership. When selling cars, the goal of the car dealer is to get a potential buyer and make a sale with the intention of making a profit. The buyer should also know that despite the car dealer having a set price for the different cars, he also has a minimum price that he can sell that particular car.

Parties involved

The parties involved in the negotiation and bargaining process will be the car buyer and the seller. When making a deal, the car dealer and the buyer tend to engage in negotiation and bargaining so as to arrive at a certain agreeable position. In order to purchase the car, the buyer will have to take time and bargain with the salesman. The car that the buyer wants to purchase costs 10 000 dollars. When the buyer walks in the dealership, he expects to buy this car at the lowest price that can be offered. Therefore, in order for the buyer to achieve what he wants, he is expected to negotiate and bargain with the dealer so as to come to a viable agreement that will be suitable for the two. A buyer should always know that car dealers never go easy on the buyer, and they tend to think twice in manipulating the buyer with the price of the car.

Third party intervention

During negotiation and bargaining, the buyer is supposed to strike a balance between confident, professional, knowledgeable, and interested. Negotiation is normally concerned with the needs of the sellers and buyers. The two parties will have to gain from the transaction being carried out. In the process, the buyer tends to acquire the car that meets his needs, and the dealer makes a sale. When buying the car, It is essential to have a third party intervention. This will mostly apply in this situation because the buyer is considering buying a second-hand car from the car dealership.

Third party intervention is necessary when the dealer refuses to repair the car after the buyer realizes that it has some mechanical problems. On the other hand, the dealer may ask the buyer to pay some extra money in order for the car to be repaired (Luecke 2003). This is a situation that may result to a conflict and misunderstanding; thus, requiring the intervention of a third party. In such a situation, the conflict cannot be resolved by the two parties involved. Therefore, there is a need to use third party intervention in order to help disputants to resolve the conflict.

Third party intervention is common in situations when a conflict should be resolved. The third party can be in the form of arbitration or mediation. This is someone who is not connected with the immediate dispute. This is an individual who is neutral; thus, it is necessary for the car seller and the buyer to choose a non-biased third party. This person is one who they can trust to listen to both sides of the argument. Mediation is a third party intervention is the form of resolution where the mediator listens to the two sides of the parties in a casual setting (Carrell & Heavrin 2008).

The mediator may facilitate discussion in a way that is designed to end the misunderstanding and be pleasing to both parties. During the mediation, the mediator brings the two parties together and sits them down face to face where each one of them is expected to listen to the side of the story of the other one. In this process, no record is kept, and the responsibility of the mediator is to keep the parties focused on the issue.

The second form of third party intervention is through arbitration where the arbitrator is provided with the power of making decision and judgment regarding the situation. This is an aggressive third-party intervention where the arbitrator will listen to the two sides and then make the final decision on how the conflict will end. In this situation, arbitration is not appropriate way of resolving the problem; thus, meditation will be used. Mediation process is best in when in the process of buying a car from a car dealer. In a mediation, the mediator provides the dealer and the buyer a fair opportunity of making their points.

BATNA

BATNA is the best alternative to a negotiated agreement. BATNA is normally not interested in the negotiation objectives, but in determining the course of action in case an agreement is not achieved within a particular time frame. It is essential that those parties that are involved in the negotiation to determine their BATNA before the negotiation can start. BATNA is essential in negotiation because an individual cannot decide whether to accept an agreement unless they know what their alternative is (Luecke 2003). In this case, if the buyer is being offered the car $9 500 and there is another car dealer offering $9 000 for the car, the $9 000 is the buyers BATNA. Another term that may be used in explaining BATNA is your “walk away point.” In the case the dealer does agree on selling car at the price of $9 000 or below, and then the buyer can walk away and go purchase the car from the other dealer.

When purchasing a car, the party involved should know that in case the proposed deal is better that their BATNA, they should accept the deal. However, if the deal is not good than their BATNA, the parties should consider reopening negotiations. If it is not possible to improve the agreement, the buyer can consider withdrawing from the negotiation and then pursue the alternative option. If the buyer has a good BATNA, it tends to increase his negotiating power. When the buyer has a good alternative, he does not need to give in much if you do not care if you get the deal (Carrell & Heavrin 2008). When you have very slim options, the dealer may consider making increasing demand that the buyer is likely to accept the demand because he does not have a better option that what the dealer is offering. Thus, it is always important for the buyer to improve his BATNA whenever he can and if your BATNA is strong; it is advantageous to reveal it to the dealer. In case the BATNA is weak, it is good to keep it hidden.

Negotiation process

According to Cohen (2007), he defined negotiation as the process for combining the conflicting positions to a common position under the decision rule of agreement. During negotiation and bargaining, the parties who bargain at least agree on one fundamental respect. This respect is that they share a belief in that their purposes will be better served through entering in the negotiation with the other party. The strategic and process-oriented approach in negotiation shares a distributive understanding in the negotiations.

The approaches involved in the negotiation assume that negotiations are zero-sum transactions (Robinson & Guasco 2007). This means that the negotiators tend to look at negotiations as a contest over a fixed or limited amount of an equally desired benefit. In this case, the gain of one person is the loss of the other person. The benefit can be metaphorically considered as a pie where the negotiators will battle over the benefit and the negotiator aims at winning the pie's portion at the expense of the opponent’s loss.

Negotiation theory normally helps in solving global and personal conflict as people create and claim value. When using negotiation as pie symbol, it can either be viewed as integrative of distributive. Distributive negotiation is that the negotiation where there is a fixed sized portion of the pie in which the parties fight (Carrell & Heavrin 2008). One party can win, and the other lose. Integrative negotiation is where parties may consider enlarging the pie.

Theorists refer to this negotiation process as creating and claiming value. This form of negotiation normally occurs when one party thinks of something new that can be offered to the other party and then claim a part for themselves. In integrative negotiation, not all people involved will be happy with exactly what they get, or they may not walk away with what they wanted.

During the negotiation, there are some issues that need to be put into consideration. Some issues to be considered when purchasing the car are the pricing of the car, the model, color, how old the car is, and payment mode. The price can differ depending on the model and how old the car is. In this situation, the negotiators will also be required to consider the mode of payment that can include payment in installment or pay the entire amount at once. This can also include the choice of payment that may be either through cash or payment through a check.

Negotiation power may be referred to as the negotiator’s ability in influencing the behavior of the other. Power is the probability of an individual carrying out his will irrespective of resistance. The common reference of power is explained by French and Raven (1959). They claim that A’s power over B is normally determined by (1) the ability of A to provide benefit to B referred to as reward power. (2) Ability of A to punish B if B fails to comply with the wishes of A (coercive power). (3) The possession of special knowledge by A (expert power) and (4) the legitimate right of A to prescribe behavior for B (legitimate power). (5) The degree in which B identifies with A (referent power). Power balance during negotiation is essential because when one party has more power than the other, it might be difficult to arrive at effective negotiation. Several theoretical models are used in negotiation that can include negotiation theory.

Mechanics of procedures

When making negotiation about buying and selling a car, it is always essential to have knowledge. In order to ensure that you are negotiating from a strong position, it is necessary to be armed with a lot of information. Buying a car can be a rewarding experience mostly when you transform, the knowledge you have to negotiating power. Use of conversation is an essential structure in bargaining and negotiation. The ability of engaging in a conversation means that the parties will be able to converse with one another. They will also listen to the views and opinions of the other without conflict (Carrell & Heavrin 2008). Lack of proper interpersonal skills may affect the initiation of negotiation and can hinder the ability to close the deal.

Respect and the authority of deciding be also important. In order for the negotiation to result to a successful outcome, the parties should have the authority of making decisions (Robinson & Guasco 2007). If the parties do not have the right to decide, negotiations may be limited to exchange of information between the parties. The car dealer can ask the buyer to place his offer on the desk regarding the car he wants to buy. In response, the buyer can ask the dealer some few things about the car such as the extra services that he will receive after buying the car and the car’s mileage. It is through dialogue that the car dealer and buyer will continue with their conversation and finally come to an agreement.

The structure in which the parties will respond to each others question will determine how the deal will be achieved. When explaining the proposal, the buyer can explain to the dealer why he wants to purchase the car at the states price. On the other hand, the dealer will take time thinking about the proposal being offered and provide another offer so that to see if they can arrive at a certain agreement.

Strategies used and anticipated results

The single issue strategy will be effective in this negotiation because it will only involve discussing one issue regarding the car price to be purchased. In this negotiation, the parties are discussing the price of the car; therefore, will start by explaining their offer while still holding their limit in mind. When the buyer and seller mention their offer, they can start bargaining so as to try to convince the each other why their offers are best. The expected result from this negotiation is that the car dealer will sell his car at a fair price whereby he will be able to make a profit. Alternatively, the buyer will buy the car at a reasonable price meaning that they will both benefit from the transaction. This will mean that the negotiation between the buyer and the seller will be successful as both parties will close their deals (Robinson & Guasco 2007). This will be a win-win outcome that will be achieved through respect and honesty of both parties.

Conclusion

Closing a deal is normally the ultimate goal of all negotiation process. However, in some situation, closing the deal may not be possible. It is significant for any successful negotiator to recognize the agreement and then bring the meeting to a close. Despite the need for communication, respect, and honesty, it is also important that parties should understand the personalities of the other. This will help to determine if the other person is a “show me” person. This is a person who may need real-world examples in order to help them to understand what point is being made. During negotiation and bargaining, independence is necessary for productive negotiation. Parties should depend on each other so as to have each other’s need met and also to ensure that your interests are satisfied.

Reference

Carrell, R. & Heavrin, C. (2008). Negotiating essentials: Theory, skills, and practices Upper Saddle, Pearson Prentice Hall

Cohen, H (2007). You can negotiate anything Jaico Publishing House

French P. & Raven, B. (1959). The bases of social power Studies in social power 150 –167

Luecke, R (2003). Negotiation USA, Harvard Business Press

Robinson. P & Guasco, M (2007). Principles of negotiation Entrepreneur Media

Friday, 22 December 2017 06:51

Feasibility Analysis

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A feasibility analysis is a process that entails the determination of the viability of a commodity. Entrepreneurs conduct feasibility studies to establish whether a business idea is worth pursuing. The commercial viability of any organization depends on the financial and organizational feasibility of the organization. The financial and organizationally feasibility determines where the business can remain competitive in the current market. Organizational feasibility refers to the realistic ability of a company to manage its undertakings. An organizational feasibility study determines factors such as the existence of essential skills among its employees, the competency levels of the employees as well as the availability of resources that can be used by the organization (Barringer, & Ireland, 2010).

Financial feasibility, on the other hands, refers to the ability of the organization to raise it operational capital and maintain a stable cash flow. Prior to starting any business venture, the entrepreneurs must have an idea of the financial picture of the business. Organizational and financial feasibility is vital for any business. However, organizational feasibility is most essential. If an organization has a workforce with skills that ascertains continued productivity, then the organization will realize sales and subsequent profits. Continued profits guarantees financial growth thus continued growth of the company. A business that is organizationally feasible is familiar of the products and services it intends to provide to its employees. The familiarity of the commodities will thus mean that the management will ascertain they have a workforce that is competent thus can produce commodities that meet the needs of the customer (Barringer, & Ireland, 2010). The organization will also ascertain that they manufacture commodities that meet the customer’s immediate needs. The ability of an organization to meet customer needs increases customer loyalty thus a guarantee of continued sales.

Reference

Barringer, B. A., & Ireland, R. D. (2010). Entrepreneurship: Successfully launching new ventures (3rd ed.). Upper Saddle River, NJ: Prentice Hall.

Janet Peter is an academic writer and an editor and she offers best dissertation writing services. Thus, people that doubt their own writing abilities can use the best custom paper writing service and forget about their fears and unconfidence by visiting MeldaResearch.Com.

Thursday, 21 December 2017 08:16

Importance Of Networking In Business World

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Networking is the process making new friends, business associates, and mentors in a social media it includes sharing of information through the current technology. Technology involves the internet, computers, phones and other gadgets which can communicate. Social media include; e-mail, face book, twitter, Skype, and other sites on the internet. These sites enable people to communicate in real-time. The social media help entrepreneurs to achieve the following cheaply; advertising, communication, promotions, recommendations, improvements on existing products, sharing advice and getting mentoring experiences from experienced and senior entrepreneurs. Business communities’ have opened sites the use to for their specific needs like selling products, as, e-bay and Amazon. Businessmen reach new markets as they meet new partners in the world. Social sites have made the world to be a global village; hence, selling goods and services is a matter of a minute. Innovative entrepreneurs can post their ideas online to get sponsors in the business sector. Importantly business people rip a lot of cash from online marketing, online survey on their products, and the introduction to a worldwide market. Business owners networks directly through social site by opening an account, and or a website. The two are well used to reach customers and connect the business person to the market. Business people need professionals to operate their official account as postings need to be attractive and easy to understand. The posting is strong marketing tools where customers can decide on the best products to buy. Entrepreneurs with IT knowledge can open accounts on the internet minus expert assistance. Networking helps business owners to grow their business through wide market reached out. The comments of end product users that are positive add a lot to the prosperity of the business man. The entrepreneurs have forums where they share information on sustaining their firms and improving on the current status of their business. Also, the forums act as a learning site for young entrepreneurs to avoid mistakes that can lead to the fall of their businesses. Networking works effectively in new business in competing with existing giants firms in the same grounds; hence, equal opportunities are attained. Business people from one place can come up with ideas of pulling together their resources and selling them on a common site, this creates empowerment of young entrepreneurs. The big companies sell their products online; retailers or wholesalers can order products as a group, hence high bargaining power leading to good profits. Some business sites produce newsletters on emerging issues in this fast evolving business world, hence, ensuring that members are informed to make better decisions. Some sites have tools providing data of products sold and the reaction of the customers; therefore, and it can enable the owner to know which direction to take in order to make more sales. Networking is important as it evolves around the people you know and through them you make new associates; the new individuals may be able to be experts on certain areas, therefore, making you learn new and important things in the business world. Young business finds it necessary to partner with big companies in order to sale and reach prosperity, but this is eliminated through the social media. In the current digital world, many people are networking through the technology and business forums. The business forums embrace sharing of experiences enlightening your fellow friends on better and sustainable business ideas. Business meeting are used as a meeting place for exchange of ideas and making partnership. Partnerships are an important aspect in this era of global business and competition. Lastly, networking is necessary for business growth, prosperity and development.

Janet Peter is the Managing Director of MeldaResearch.Com a globally competitive best dissertation writing services which is the premiere provider of Essay Writing Services, Research Paper Writing Services at Term Paper Writing Services at very affordable cost. For 9 years, she has helped a number of students in different academic subjects.

Thursday, 21 December 2017 07:15

Teamwork and motivation

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Motivation plan

In the business world today, the ability of motivating a team is extremely essential. A workforce that is motivated will result to high productivity that will lead to achievement of the business objectives. Developing an effective motivation plan requires that the intended outcomes should be defined accordingly. Involving employees when developing the motivation plan is also essential because they are the ones aware of what will motivate them. Flexible working hours and telecommuting are some of the elements that have a positive impact on employee motivation, satisfaction, and engagement (Furman 2008). Telecommuting and flexible work hours usually create a level of self-sufficiency and trust; thus, increasing employee engagement and satisfaction. An organization that has a flexible culture will result to the positive impact on employee engagement, motivation, and satisfaction. Having a flexible work environment will also help in reducing employee turnover.

The organization motivation plan should also have a program that will help in addressing the concerns of employees openly without retribution. This program aims at lowering employee turnover because employees can be able to express their views without fear, and the organization will work towards addressing the issue. Ensuring that the employee’s needs are satisfied will result to high motivation, high productivity, low turnover, and high job satisfaction.

Motivational theory

A motivation theory that would be used to support the motivation plan is the Herzberg’s two-factor theory. The theory indicates that there are certain factors that cause job satisfaction, and there are other factors causing dissatisfaction (Furman 2008). In order to ensure satisfaction and productive workforce, it is necessary to show attention to both factors. In the motivation, the hygiene factors are aimed at avoiding unpleasantness in the workplace and if they are inadequate they can cause dissatisfaction that will result to absence. Herzberg'S two-factor theory is the best motivation theory to use in this motivation plan because it ensures respect for employees that is a key motivating factor in any life stage.

With the motivation plan, I would ensure that I consider the hygiene factors that include security, good employee relationship, and excellent working conditions which are factors that play an essential role in motivation. Herzberg’s two-factor theory also requires that employees are offered equal opportunities in the workplace (Furman 2008). Thus, I will also work towards making sure that employees have the same opportunities in growth, recognition, responsibility, and advancement. This is a theory that supports the motivation plan that will help to ensure that everyone is motivated.

Ways to motivate minimum wage service workers

Motivating low-level employees needs extra care on the part of managers. Managers should ensure that they improve employee performance and boost the rate of retention. A way to motivate minimum wage service workers is by ensuring that you respect and trust them. It is essential to show respect to this group of workers because if they realise that there are not cared for or respected, they will not put effort in their work. Minimum wage service workers can also be motivated through offering them with rewards, bonuses, and benefits.

When these incentives are offered to them, they will be more motivated to perform better because they know that they are working towards receiving a reward. Providing advancement opportunities is also a way of motivating minimum wage service employees. When employees know that they can grow, they will be motivated to work better. These suggestions are supported by expectancy theory. The expectancy theory indicates that the amount of work a person put in a task is determined by what they expect to receive in return (Furman 2008). Thus, making the minimum wage service workers feel respected, trusted and appreciated will help encourage them to put more effort in their work.

Team performance

Communication, behavior, attitude, and culture usually affect the performance of a team. Open communication channels in a team ensure clear information flow between the team members, and this will result to more efficient team performance. Better communication ensures that the team members understand each other’s weaknesses and strengths (Root 2014). Good behavior among team members will see that members put success ahead of personal success and that there is respect for one another. Attitude normally helps in developing a prevailing work environment that will determine team productivity. Culture affects the team performance as it usually helps members to prioritize their activities and make decisions through the values of the organization. A guide for leading a work team is by establishing ground rules that will ensure that every member exhibit acceptable set of behavior (Furman 2008). The rules will include hours that members should be working, means of communication, and respect for one another despite the cultural difference.

Individual experience

My experience working in a team was when we were required to complete a finance project. When selecting the leader to lead our team, we were supposed to vote on the leader that we wanted to lead us. We discussed with the leader how we would be meeting and agreed on meeting twice a week after classes. We never encountered any challenges during the time because we all agreed on how we would accomplish our responsibilities and because we were all friends, we understood each other’s weaknesses and strengths. I would approach team project in the future through ensuring that we understand each other and share the same interest. I learned this from my experience when working with teams because it ensures that there is no misunderstand. Communication is also essential in team work.

Reference

Root, N (2014). How communication affects team work retrieved from http://smallbusiness.chron.com/communication-affects-teamwork-11199.html

Furman, D (2008). A study of the relationship between individual motivation and level of team ProQuest Id No. 3297924

Janet Peter is the Managing Director of MeldaResearch.Com a globally competitive best dissertation writing services which is the premiere provider of Essay Writing Services, Research Paper Writing Services at Term Paper Writing Services at very affordable cost. For 9 years, she has helped a number of students in different academic subjects.

Thursday, 21 December 2017 05:55

How Web Analytics Can Help Your Business

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Introduction

            Web analytics are collection of online information and data which helps to optimize and understand the web presence. The success of marketing is through understanding and convincing the customer. One needs to know what the customer wants, what is appealing to them, and how to provide it. By following these simple steps one stays on top of the marketing game. To increase this understanding, one needs web analytics. The most popular web analytics is the Google analytics as it is free and comprehensive for small businesses. Other examples of advanced web analytics are the Omniture catalyst and web trend. To use web analytics, one needs to install the program and then collect the information about the customers where it can be reviewed. The data collected in web analytics include data about transactions, traffic, user behavior on the server and performance of the server. The data is collected in real time when the customers arrive at the site and try to navigate around it. The data is then compiled, organized and reviewed that helps one to know the online experience of his/her online audience.

Background information

            After realizing that most of the customers want to seek services online, many small businesses decided to go the web analytic way. These businesses owners had to first understand their clients’ problems needs and problems and they formulated answers to these problems. The need for e-commerce and private sector in general to be proactive, that is; trying to be upfront in knowing about new innovations, brought about creation of these web analytics. Initially in businesses, there used to be IT departments which according to many were stereotyped. With the disorganization of the structure of the e-commerce ass seen the incorporation of web analytics into these;  departments so as to communicate recommendations and findings to the management. Today, web analytics have helped so much as most businesses are turning out to be e-commerce; many have turned their businesses to be online.  

           

Steps to follow when using web analytics

            When deciding on which web analytic to use, one has to firs identify the purpose of their business. This can be done by analyzing the performance indicator that they intend to use to measure their business success. That may help one to reap maximum value from a web analytic without overload. The second thing is to try to understand how to measure the performance indicators you have just analyzed. By doing so, one is able to know that their goals in the business have been achieved. The next step is to design how you would like the customers to flow through the site and test how it works (Shaftel, 2014). During testing, the flow must be in line with the set goals as it helps to tell if what is happening is what you wanted or desired to happen. After all this is done and you are contented, make desired changes and optimize all the underlined factors.

Metrics when using web analytics

            When one focuses on the following metrics, one knows everything that they need to know. One of the metric is page views: Looking at page views tells one the most popular part of their sites. After noticing that, one may use this strategy on the other sites on the unpopular sites (Farney, 2011). The second metric should be visitors: it gives you a rough idea of how popular your site is and it helps one know how well their businesses is doing. The third metric is to refer the site: by referring to the site, one knows the type of people visiting their sites. Referring to the site also helps one to boost traffic on the site. It is one of the many analytic tool that may assist small businesses who are in partnerships to know the investments that are giving better results. Another metric that one needs to be keen on is phrases and keywords. These helps one to know the common phrases the visitors are using in the search engines to find information that they need. By knowing these keywords, one gets the idea on what content to add to appeal to the customers and to attract more. The last metric to be keen on is exit pages and the bounce rate. It helps one to track the number of people leaving a certain page in your site. If the number of exit pages is high, one is able to revisit the site and do some adjustment may be on the price of the items or descriptions to those items.

The benefits of web analytics

            With a web analytic, one gets an opportunity to interact more with the consumers and the customers giving them a chance to understand them even more. One is able to know how their customers respond about the kind of services they get from you. In an organization with several departments, one is able to tell which of the department is putting major efforts to give excellent services to the customers. In a marketing situation, a web analytic is able to guide the directors for instance on the traffic sources that will lead them to profits and which won’t. They are able to concentrate the resources and save money. With a good website, one is able to engage new visitors and even convert some to your customers and at the same time retain them. So in shot, with analytic; one is able to perform many tasks at the same time. It is possible to track your business all the time using web analytic; this includes checking customer growth, customer loyalty or even marketing campaigns. It is easier to identify the markets which are profitable by checking the sales volumes of different cities. One is also able to know the market demands and this helps one to make accurate decisions on which markets to reduce or increase supply. When businesses use this technique, they are able to easily guide their customers through the markets and where to access their products. By doing so, it increases their confidentiality and it helps them save much of their time. This does not only help the customer but also increases the selling power of the company hence more returns.

            With web analytic, one is able to study customer’s paths helping one to concentrate on more visited pages or combining the lowly visited pages with these highly visited pages. By following this step, one is able to shorten the path taken by customers to access important information. Web analytics which are real-time helps one to fast track recommendations and drop-offs and is able to improve the site and the services that the customers get. It is through web analytic that managers get the key phrase and keywords used by clients on the site. They use these keywords to improve their sites and with this it improves their rankings in the search engines. From an organizational point of view, web analytics has led to increase n efficiency of various levels of the organization. It has made the management of various departments easy because by viewing the comments of a client, a manager is able to see the departments which are working to give results and those that are not.  When one is using the web analytics, one is able to address the need of different markets and different clients because the more you interact through the website; you are able to know them more; what they want. It becomes easy to categorize the customers by affordability and choice; it’s easy to differentiate between customers who are price conscious and the ones that are brand conscious. The data of the company is highly guarded through data privacy.

            Through using web applications such as web analytics, organizations are able to get comprehensive information on their performance. In most cases, they assist many managers to evaluate if their companies were able to achieve the key performance indices. They provide insights and information about certain issues and elaborate the steps that can be taken to at different management levels. Through the web, companies are able to evaluate the cost of offline advertisement and how effective it is by checking the number of people checking their sites. When using the real-time analytic, one is able to see when a new visitor has arrived (Lamont, 2014). They use the opportunity to convert them to customers and ensure that they retain them. It also helps an organization to know the kind of response they are getting and from what kind of customers. Every organization needs to know if their efforts are working, but how they know this? It is only by using web analytics that they can tell the type of traffic they are receiving and which region it is coming from. This is achieved by use of a feature in the web known as map overlay. By examining the funnel diagrams, it is possible to know the part of the site that is functioning well and that is well functioning and the one that is not. Analytics will help you to understand your keywords better hence making easier to understand your customers as well and this will also help you to learn their behavior patterns thus you are able to categorize them and serve them better. When using analytics, it becomes very easy to advertise since you only have to input data and the analytics analyzes it for you and it becomes easier for potential customers to view and interpret it. It also has magical graphical representation; that is, it’s able to present geographical data in such a way that it excites the viewer. Web analytics can also be used as an educational platform as it is used to increase web literacy (Kile, 2014). It makes users informed of the web components and how they work to make their life easier. It is also used to enhance and facilitate commerce. Through the web, people are able to sell and buy goods all over the globe. In short, the web is able to help maintain the local and global markets.

            Despite the many advantages of web analytics, it has its shortcomings as well. It requires a lot of time and expertise to run and maintain one. Once the site has been created, it requires regular updates to keep it on track. Most businesses and organizations expect precise numbers. Web analytics has tools that capture data in multiple ways, analyzing it in multiple ways and giving multiple results altering the expectations of accuracy by many people. It is time consuming in that if one is new on web analytics, he/she may take more time trying to analyze the web statistics (Rasmus, 2014).

Conclusion

            In any organization, it is important to keep a record of how many people have visited yor website and what exactly they are doing at the site. It is important to look for a website with excellent tools that can manage to map the behavior of the visitors and if their objective have been met. It is essential for everyone to be able to distinguish between a credible, reliable website and a fake one. It is good to check and verify a website before inputting your information. Being keen determines if you are going to land a deal or fall for a scam through a website. All medium or small sized businesses or organizations really need a web analytic as it helps them get enough and critical information they need to grow. Any business or enterprise that is ready to follow its key performance indicators and monitor them through the web grows exponentially. Through the web it easier to manage the customers, the market and advertise.

References

Fagan, J. (2014). The Suitability Of Web Analytics, 40(1), 25-34.

Farney, T. A. (2011). Click Analytics: Visualizing Website Use Data. Information Technology & Libraries, 30(3), 141-148.

Farney, T., & Mchale, N. (2013). Introducing Google Analytics For Libraries. Library Technology Reports, 49(4), 5-8.

Kile, L. (2014). 3 Reasons To Boost Your Contact Center's Strategic Value With Analytics. Crm Magazine, 18(4), 36-39.

Lamont, J. (2014). Delving Into Customer Thoughts: Text Analytics Provides Insights. Km World, 23(7), 12-20.

Marek, K. (2011). Chapter 1: Web Analytics Overview. Library Technology Reports, 47(5), 5-10.

Marek, K. (2011). Chapter 2: Getting To Know Web Analytics. Library Technology Reports, 47(5), 11-16.

Nguyen, T., Lu, H., & Lu, J. (2014). Web-Page Recommendation Based On Web Usage And Domain Knowledge. 26(10), 2574-2587.

Rasmus, D. W. (2014). Analytics For The Rest Of Us. Km World, 23(2), 10-12.

Shaftel, M. (2014). Demographics, Analytics, And Trends: The Shifting Sands Of An Online Engagement With Music Theory. Music Theory Online, 20(1), 1-7.

Tandoc, E. (2014). How Web Analytics Is Changing The Process Of Gatekeeping. New Media & Society, 16(4), 559-575.

Taraghi, B., Grossegger, M., Ebner, M., & Holzinger, A. (2013). Web Analytics Of User Path Tracing And A Novel Algorithm For Generating Recommendations In Open Journal Systems. Online Information Review, 37(5), 672-691

Janet Peter is the Managing Director of MeldaResearch.Com a globally competitive best dissertation writing services which is the premiere provider of Essay Writing Services, Research Paper Writing Services at Term Paper Writing Services at very affordable cost. For 9 years, she has helped a number of students in different academic subjects.

Wednesday, 20 December 2017 08:22

Business Plan And Business Case

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Introduction

Business plan and business case are perceived prospective of a business that are all focused on the business majorly the aims, targets and objectives of the business. Business cases are done to explore how a business is likely to operate and the stage it will involve in attaining its objectives. A business plan gives the future of a business or a business that has not started. The plan gives an order of how the business will achieve its targets (Mize, 2006). It gives extensive steps of a business lifetime. In the plan, a full business details are expressed in sub-sections. The sub-sections are further explained better on their functions. 

Discussion

Business plan provides a map of directions the business will take in the market. The plan provides a mode of followed by entrepreneur to start a business and sustain it to maturity. The plan is important for a starting firm; the firm needs guidelines to enter the market and how to face the competitors and existing businesses. A plan is used as a tool of attracting potential financiers so it must have a comprehensive map to convince them (Vestal et al. 1988). The location is explained well to add more to the existing facts on the prospective of benefiting. While, a business case is used to in developing a business: it assists a firm to evaluate their existing strategies, what to improve on them, and where the firm has failed. Hence, a business plan is important in a starting firm as a business case is for a business in progress.

The business plan is applied on all business oriented undertakings, government plans, non-government organization, and private business. Case studies are carried out in many places in medicine, engineering, farming, learning, and the defense forces. Business plan and case studies can be practiced hand in hand to establish their relationship.

Business plan shows how the businesses will generate the capital. A business plan briefs how the money to be used is acquired and the funding the business is expecting. A plan explains the amount collected how is going to be used in operating the system (Cresswell et al. 2013). The start of business or company requires a lot of money before stability, therefore, the funding methods and expected funding organizations must be well represented and explain why you need funding from them. A business case sources out funds for; improving the firm, promoting the business and advertising a business. A case looks at the existing firm’s popularity and what needs to be streamlined to meet the expectations of the owners. In the case study it may look at what companies to partner with so that we can conquer the market. Usually the study must have cost value or some experimentation.

The business plan breaks down the business into departments going to be in operation, and their functions are well explained. This plan explains the role of every section and how sections are going to work towards the organizational goals (Li et al. 2014) Case study is divided into sections according to the layout to be looked. Cases evaluate how the existing sections are working and ensure recommendations reached at are well followed.

Business plan portraits the number of the needed human resources to start a business. The number of employees in every section is given and their duties in the company. Numbers provided can be changed in the future as a business may need. The number of employees is important as you will be requiring calculating the employee pay so that banks and other financial institution will know your efficiency and financial level.  Cases gives out the recommended number of employees a company need at that time. The business cases can suggest the employee number to be added or retrenched (Li et al. 2014). Case can be used to study effects of certain workers on certain environment. For instance, why many females are prone to injuries when operating machines? A case looks at the performance of the firm at a certain time and what needs to be done to control some situations.

A business plan gives the location of the firm. The firm situation is expressed on the business plan; a map guiding people to the firm is given. Directions are necessary as there may be people interested in the business and proximity to prospective customers. A case studies on future development of the company. The company expansion strategies can be derived from the case as; it provides the information on the present situation.

A business plan indicates the mission and the objectives of the firm. This part explains on how to achieve the expressed objectives and what techniques human power will embrace in meeting targets. The mission states how the vision is to be achieved as objectives give the path used to full fill the mission. A case on the other side suggests what can be added to the short term objectives. These objectives are used to control the situation. A case study in a business can come up with a new way of dealing with issues affecting the firm.

Differences of the business plan versus business cases. Table1.

 

Business plan

Business case

Time frame

A business plan has a lifetime frame as it contains the whole information of the firm

A business case it is a situational thing done to explore a certain action or certain undesirable results

Organizational objectives

Contains all details including, objectives, aims, and mission and vision of the company

Focuses on a specific issue to be investigated

Human resources

Indicates the number of people required to work.

After the study can suggest addition or retrenchment of other workers.

Division of the firm departments

It involves all the departments and their specialization.

It does not include department but features the areas under study

Location of the firm

Provides location, specific areas geographically and physical address.

States the section under study within the firm or outside the firm but an area affecting the system

Capital generation sources

It shows clearly the source of generating capital for the company.

It may suggest raising money for expansion or development.

Actions

Business plan has steps to be followed to attain a goal.

Business cases have actions to be taken in relation to the matter tackled.

Origin

Origin of the plan is an idea on starting a business or a project.

Cases originate from problems identified on the existing firm.

Aim

To start a business and future strategies.

 To solve existing issues.

Outcome

The outcome is profits for profit based organization while others is smooth running of their operations

The solution to the project or an answer to the question asked.

    

The above table 1 shows the differences of a business plan as compared to a business case. The both have common characteristics as shown on the same table, but this commonality takes us to their differences.

The business case study has a layout used to achieve its purpose. The format you identify the area of study. In identify the problems or challenges to be investigated it ensures the real cause of certain situations in known. Layouts in certain internet sites can be used to guide you on writing the case (Jones et al. 2013). The cases are achieved through continuous exploring situations implied and assigning individuals to look for options. Projects require lots of care for them to reach maturity.

The details in a case study can be used to request for funding as the can represent an increase in certain values or a need to improve certain sections. The value of the case study should be analyzed before the start as this will determine if the problem exists or what should be done. The sections in a business case explore a certain action as a cause of action is recommended after a critical look at it. The format is well-structured as are used for projects. The projects starting need to be successive so they the portrait a good picture.

Conclusion

A business plan needs to be expansive information on the firm’s vision and be private and confidential to certain officers in the company. Companies in the world need experts to write for them plans for the future. The stage outlaid on the plan must be followed as it occasionally invites changes and recommendations. Business plan is the first stage to starting a business; the entrepreneurs must possess knowledge on how to write an applicable plan as some plans are inapplicable. Business lifetime cases must be studied to ensure sustainability (Tichy et al. 2014). The two forms of business reports work hand in hand on the business environment.

References

Cresswell, K. M., Slee, A., Coleman, J., Williams, R., Bates, D. W., & Sheikh, A. (2013). Qualitative Analysis of Round-Table Discussions on the Business Case and Procurement Challenges for Hospital Electronic Prescribing Systems. Plos ONE, 8(11), 1-10. doi:10.1371/journal.pone.0079394

Jones, C., & Penaluna, A. (2013). Moving beyond the business plan in enterprise education. Education + Training, 55(8/9), 804-814. doi:10.1108/ET-06-2013-0077

Li, H., Yu, J., Yu, L., & Sun, J. (2014). The clustering-based case-based reasoning for imbalanced business failure prediction: a hybrid approach through integrating unsupervised process with supervised process. International Journal Of Systems Science, 45(5), 1225-1241. doi:10.1080/00207721.2012.748105

Minatsuki, I., Otani, T., Shimizu, K., Mizokami, Y., Oyama, S., & Tsukamoto, H. (2014). A development strategy for the business plan of Mitsubishi Small-sized High Temperature Gas-cooled Modular Reactor (MHR-50/100is). Nuclear Engineering & Design, 2712-10. doi:10.1016/j.nucengdes.2013.11.001

Mize, J. (2006). White Paper: Using a Business Plan Format for Drafting MPA Management Plans in the Marine Life Protection Act Initiative. UCLA Journal Of Environmental Law & Policy, 24(2), 497-527.

Tichy, E. M., Pilch, N. A., Smith, L. D., Maldonado, A. Q., & Taber, D. J. (2014). Building a business plan to support a transplantation pharmacy practice model.American Journal Of Health-System Pharmacy, 71(9), 751-757. doi:10.2146/ajhp130555

Vestal, K. W. (1988). Writing a Business Plan. Nursing Economics, 6(3), 121-124.

Janet Peter is the Managing Director of MeldaResearch.Com a globally competitive custom writing service which is the premiere provider of Essay Writing Services, Research Paper Writing Services at Term Paper Writing Services at very affordable cost. For 9 years, she has helped a number of students in different academic subjects.

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