The Goal Effects of New Tools on the Operation Management Practices Research Paper

The Goal Effects of New Tools on the Operation Management Practices - Research Paper Example Alex is given a time constraint of three months in which he has to save his plant from collapsing. In the course of saving that plant, Alex meets an old colleague named Jonah (a physicist). Jonah helps Alex save the plant by guiding him to the right path (Goldratt & Cox, 1992). The concept applied in The Goal was from the new practices applied in today’s world. There was a theory named the six-sigma theory which focused on the concept of continuously improving the quality of production and eliminating the waste products just like the lean production concept. Both the concepts were merged and applied in the book (Jacob, Bergland, & Jeff, 2010). However, in the recent years new tools and practices have been introduced based on the use of the Internet as web based business applications. E-commerce is also known as buying and selling of goods or services through the Internet technology. This new trend has increasingly gained popularity, thus changing dynamics of businesses by providing high satisfaction (Gunasekaran, Marri, McGaughey, & Nebhwani, 2002). Now businesses interact by making transactions around the globe in minutes, reducing their operational costs and eventually leading to generation of high revenues. Presently, the orders placed are high in volume as the market is demand driven and the orders are placed more on the basis of Customization category using just-in-time (JIT) rather than batch process system. The business to business (B2B) transactions are gradually changing as the trend is shifting towards business to customers (B2C). The cost of Internet technologies and databases is often high because of which the cost of inventory is increased (Gunasekaran, Marri, McGaughey, & Nebhwani, 2002). The new tools play a vital role in determining what steps Alex would have taken if they were taken into consideration after defining the goal of increasing net profits, return on investment, and the positive cash flow. Alex would have looked at the market conditions for ascertaining the demand for the product and subsequent estimation of orders (sales) at a given period of time. Based on this concept, the inventory costs would be calculated (Gunasekaran, Marri, McGaughey, & Nebhwani, 2002). Based on new tools systems of today, Alex would have a different goal overall. Based on the prior information about Alex’s goals on increasing profits, Alex would focus on the marketing of the company and providing high customer satisfaction. High customer satisfaction involves customization of the product. The Clientele approa ch would be taken into consideration at this point, i.e., having more clients to satisfy and relatively less orders to take. However, in case of Alex orders were high from one client with price remaining the same but the operations of business processes and costs were managed through altering manufacturing process. The marketing approach would lead to focusing on creating awareness of the service which the company has to offer and the cheapest form of marketing would be used that is the internet to save costs (Goldratt & Cox, 1992). In this book, it has been said that anything invested into the business including assets used in the system to make sales are considered as inventories of the business. In order to

Research Portfolio Essay Example | Topics and Well Written Essays - 1000 words - 1

Research Portfolio - Essay Example This signifies that for a similar product or service, if a firm contracts with the vendor for a specific volume because of rate fluctuations, then they will be paying extra. The customs duty structure is openly related to such rates that will have more impact (Taylor, 2004). Cash loss also enhances thereby damaging the working capital needs. In essence, this openly plunges the productivity of a business. Research Questions/Topics Some of the research questions that this paper seeks to answer include the causes, as well as effects of the global financial crisis (Evans & Lyons, 2003). Such a topic is extremely important as the global financial crisis are considered to have been brought about by miscalculations in the foreign exchange market. Another research topic is the assessment of changing patterns of global comparative advantage along with its policy implications. The third question includes how major world exporters and importers are dealing with the issues affecting foreign exch ange market. It would be interesting to know how major economies in the world are trying to deal with these issues affecting foreign exchange (Evans & Lyons, 2003). Fourthly, another question includes factors leading to the exchange rate volatility in major world economies. Finally, the fifth question would be how the issues affecting the foreign exchange market affect trade, productivity and employment. Data Required This study will incorporate nations such as the United States, United Kingdom, China, Germany, Brazil and other key world traders. The paper selected these nations because they are the ones who are always on the media discussing the issues in the foreign exchange market. Also, major companies will also be incorporated in this study, such as car exporting firms and food importing firms among others and the sample size will be nearly 50 respondents. The study will take place over two months, and some of the variables that will be studied in the survey include causes, as well as effects of the issues in the foreign exchange market, who are being affected and what is being done to deal with these issues. Proposed Methodology The study on foreign-exchange intervention is all about empirical research. The paper includes a wide range of experimental techniques and strategies. The various methodologies presented diverse types of problems about which anybody evaluating this paper’s results should be mindful. It is vital to include both primary and secondary sources effectively to come up with the information of the topic (Lothian & Dijk, 2006). Primary information could be gathered from business managers or owners of the business while secondary data could be gathered from already published sources of this topic. The overarching issue, which confronted this empirical survey, was the simultaneous determination of bureaucrat intervention, as well as exchange-rate changes. Since the study lacked an adequate amount of high frequency sources, I generall y did not apply standard numerical techniques to this issue. Question 2 Overview Market structure indicators like the number of banks, as well as banking concentration, usually have been regarded as the main determinants of business rivalry in the banking sector. However, critics argue that these variables have no important impact on market power (Angelini & Cetorelli, 2003). Firm rivalry in the ba

Intertwined Bodies with Separate Hearts Essay Example for Free

Intertwined Bodies with Separate Hearts Essay In a world of wild modernity and sophistication, it is almost impossible for man not to connect with a single soul. Be it a friend, a loved one or a lover, these technologies conspire to feed the hunger in all of us and that is the need to be with someone. Others refer to that need as loneliness but the story â€Å"Strangers When We Meet† says its emptiness†¦The relationship of Florence and Rob can be looked at as a typical affair between a married woman who’s bored with her current relationship and a man who seeks adventure. He dazzles her with his youth and passion for life and for a brief moment she’s caught up in a trance of sharing the life that she could have, but chose not to live. That choice rest solely on the truth that her husband was a foundation that offered security. As she said at the end of the story, she equated security and strength to love. She realized in the later part that she was wrong. The fact that Rob is younger than Florence depicts a conventional extramarital affair in our society. However the story goes beyond the cheap pleasures of lust and adventure as it delves deep into the intricacies of emotion and relationship. A relationship can be defined. One can dare as the question â€Å"what kind of relationship? † In the story, Florence and Archie is in a relationship that is recognized by society and back up by the law. A union, a vow, a social contract that’s written on paper and flaunted out to the world. That is marriage. They share a partnership that may seem flawless in society as he was a responsible husband with secure income bounded by law to take care of his wife. Florence herself is a thing of beauty and it is a stereotype in our society that she is to be taken care of by a man who has the means to do so. He is in fact capable of doing just that. He was well aware that he had the woman that most men would fell for, and that’s why though he knew that they had an affair he wanted to see it for himself before he makes judgments. He went with her in the Vacation though he knew that she was to meet her lover. And when he came face to face with the man who stole his wife, he remained composed and even started conversations with him. He exhibited what most men don’t, the decency to be civil to the man who covet their wife (Kureishi). What exist between Florence and Rob on the other hand is a relationship that’s not accepted by society and condemned by law. It ought to be discreetly dealt with to save both parties from public humiliation. The fact that she is a married woman who happens to have a lover may seem offensive to the male supremacy. However, what ought to be looked at is not the act itself but the question on what made her commit such act. Perhaps at the beginning of their affair she simply wants to escape the world that Archie lived in or the lack of attention from her husband who is very much consumed in his work. But at the later part of the story it shows that she is deeply in love with Rob since she is willing to leave everything, even her child if only he says the word. Why did he not say the word? Why did he not take the chance to be with the woman who takes up much space in his heart to the point that he needed a psychologist to deal with his depression? It was a shot at happiness, to have the very thing that he wanted so badly but when it was his for the taking he did not take it. Here lies the complexity of human emotions. Their affair goes beyond the Holiday Vacation. Though the timeline of the story skipped a couple of years before their paths crossed again, it cannot be denied that in each encounter, the dying flame of their affair is fanned once more. A line in the story clearly points out their connection â€Å"Helen (Robs wife) looks across conspicuously. Florence and I are standing close to one another; perhaps one of us touching the other. † Though they were both contented with their lives and stopped seeing each other, both their spouses knew that there is something special between Florence and Rob†¦. perhaps a love story that should have not ended. That Holiday Vacation was of great importance to Florence, Archie and Rob. It was perhaps the climax of their lives. The moment that set the path upon which they will take. They were separate entities brought about in that place to clearly define the relationship that existed in the three of them. It was a chance to change their lives and redefine their connection, but such requires great courage that only Rob had at that time. Florence was, at that moment, scared to let go of the security that she had with Archie. In their marriage she had stability and he had a wife. It was ideal and accepted by society. Before the affair she was contented, but contentment if a far cry from happiness. At the end of the vacation she asked him not to leave, but he chose to do so. This is because man cannot stand the torture of having the woman that you want wrapped in somebody else’s embrace. Rob said that he longed for that vacation since it was the first time that he can have her the entire evening without having her rush home to her husband at dawn. It was a chance to feel that he owned her but that moment never came. It was a chance that she was too scared to take, and now that she wanted him desperately, it was him who chose not to be with her. She wanted him to say that he wants her but he never did just that. Though deep within his soul he knew that she still holds a place in her heart, it was his choice not to give in to that feeling. This proves the fact that in human relationships certain factors are to be taken into considerations before a person makes his decision (Layton-Tholl). Life is made up of choices, and maybe for Rob he already made the choice the moment he left the Hotel. It was to live a life that’s uncomplicated. Though the intensity of their connection cannot be denied, it was by choice that they lived separately. They have fulfilled the human need to connect with someone, they have their spouse. But just like how their affair started, they were just intertwined bodies with separate heart.

Satisfying Customers Needs And Wants Marketing Essay

Satisfying Customers Needs And Wants Marketing Essay Marketing has often been defined in terms of satisfying customers needs and wants. Critics however maintain that marketing goes beyond that and creates needs and wants that did not exist before, According to these critics, marketers encourage consumers to spend more money than they should on goods and services they really do not need. Marketing process can be explained as creating value for customers and building customer relationship by doing this the organisation makes profit The various elements of marketing process can be classified as follow Fig 1 Understanding the market place and customers needs and wants is achieved through in-depth market research and thereby identifying a product gap or needs gap. This will involve trends , how to make things easier , comfortable, better and user friendly. In the early 80s there were few or no mobile phones. A thorough market research has created the need for mobile phones, then came the massive first generation mobile phones. This were later followed by smaller ones and these days we can see the smart phones with inbuilt cameras, time online movies and news ability to actual work from your mobile Samsung note to the new tablets. Every day specialist market research companies, innovators, technicians and scientist all work hand on hand to create a new niche market or brand that makes our lives much more comfortable. Even the pay as you go concept became apparent as people could not continue to pay the incredible high cost then been charged by manufacturers who were looking at ways to cover the cost of their research and development. So the critics may not be far from the truth but the ideal is marketers coming with ways and products that makes our lives easy. Design a customer driven marketing strategy. Marketing strategy is a long term means of achieving a corporate objective. If we take the example of the mobile phone industry where the likes of Samsung, IPhone, Nokia are in serious competition each as to design a marketing strategy to capture a share of the market. Like a military personnel will define the art of going to warfare. Marketing program that delivers superior value : This refers to the marketing mix that is the 4ps Usually referring to E. Jerome McCarthys  [1]  Ã‚  4 P classifications for developing an effective marketing strategy, which encompasses: product, price, placement (distribution) and promotion. When its a consumer-centric marketing mix, it  has been extended to include  three more Ps: people, process and physical evidence, and  three Cs: cost, consumer and competitor. Depending on the industry and the target of the marketing plan, marketing managers will take various approaches to each of the four Ps. The benefits and cost of marketing orientation Market orientation is the understanding of customers requirement and creation of marketing mix which will meet these needs. Market driven means the firms capability to understand, attract and keep valuable customers G. Armstrong and P. Kotler define marketing as social and managing process by which the individuals and groups procure what they need by creating and exchanging values with others.  [2]   A market-oriented company is in a position to achieve competitive advantage thanks to its unique innovative approach to customers. In addition to this, according to the opinion of P. R. Dickson, a competitive advantage should be understood in the sense of dynamics of competition. He expresses disagreement with the standpoint of neoclassic theory of market equilibrium and claims that the main characteristic of the market is its disequilibrium. He sees marketing as a science and skill of creating changes (disequilibrium) in the market in the manner that would provide for the changes that are beneficial for the company. Various responses of salespersons and customers to changes in supply and demand, thinks Dickson, create possibilities that could be used by the company that understands market. He underlines the importance of adjusting company to the market occurrences.  [3]   Benefits and cost of market orientation Figure 2: Customer relationship groups Source: G. Armstrong, P. Kotler, Marketing: An Introduction, 7. ed., Pearson/Prentice-Hall, Upper Saddle River, NJ, 2005, p. 25. The above summaries the benefits and cost of market Orientation other advantages and disadvantages. Responding to Demand Building Customer Value Disadvantages Extensive and Expensive Research and Increased cost. Micro and Macro environmental factors that affect marketing Decision The micro environmental factors are factors that can be controlled by the organisation and relates directly with the business these are considered using the factors in fig 3 Micro Environmental factors Fig 3 Fig 4 shows how different public affects organisation. The public that affect the marketing decision of the yet they can be controlled and are regarded as micro are the relation with the following members of this public e.g Financial public this is based on say for example the organisations annual returns. Fig 4 Macro Environmental Factors The Target market for mobile phones companies and IT companies are more likely to be the high income earning spectrum of the society or the new graduates and the city bankers and young people in the top echelon of society who will be able to afford the integrated packages that are about to be launched into the market very soon The package will include home entertainment, office package, security package, phone and video calls and financial/banking package all launched as one integrated hand held device. Market segmentation, and Target is followed by positioning, this should be developed and implemented by creating an image for the product, profiling the target market, High Tech gadgets like this integrated hand held device will be bought based on the technical specification what comfort or ease of doing a task it provide. Buying Behaviourur is the way and act of people involved in buying and using products. To understand these we need to consider, why a buyer will make a purchase, what factors influence will influence a buyer to buy a certain product. Buying Behaviour refers to how people will behave when buying a certain product. A firm needs to consider and study buying behaviourur and peoples reactions to the organisation marketing strategy has this will have great impact on the firms success. The marketing concept show how a marketing mix (MM) that satisfies (gives utility to) customers, hence it important to understand the what, where, when and how consumers buy. Stages of the Consumer Buying Process There are Six Stages to the Consumer Buying Decision Process (For complex decisions). Problem Recognition Information search The evoked set. Evaluation of Alternatives Purchase decision- Post Purchase decision Buying behaviour is often determined by the level of consumer involvement in the purchase decisions, the importance and level of interest the consumer decisions is determined by the motivation to seek information about the product or service. High involvement purchase such as buy a luxury car or other expensive items. Also the element of risk involved in the use of the product that is the social risk and the economic risk. The four type of consumer buying behaviour: Routine Response/Programmed Behaviourr, Limited Decision Making, Extensive Decision Making/Complex, impulse buying, Routine Response/Programmed behaviour this are low involvement very little or no decision effort is required E.g. A can drink . Limited Decision Making- This are product bought occasionally example are like clothing but not brands Extensive Decision Making/Complex: This involves unfamiliar, expensive and infrequently bought goods. It involves a high degree of economic performance, and psychological risk. e.g. cars, homes, computers, it also involves a lot of time seeking information and deciding. and consumers will go through all six stages of the buying process. Impulse buying, this are purchase which are unplanned it like buying chewing gum in the Conner shop without actually thinking about it. Also prices at time lead to impulse buying. They are usually low valued items. Ethan Lyon said The goal of market positioning is to find the ideal opportunity in the market based on customer needs, market forces and financial and strategic considerations. Once the market opportunity is identified then the organisation can further develop its product and elevate its brand to deliver outstanding value. To clarify the market position, the firm will need to find an overarching theme, then define the details. (sparxoo.com) Brand Idea-The idea is an aspirational concept it defines the idea of what the company. For example the Samsung note goes with the concept of designed for human Value Proposition- A customer or a consumer buyers the Samsung note they see high value and high quality Differentiating Attributes-Samsung has distinguished itself from Apple by targeting the main stream yet providing quality and comparable or better phones than those provided by Apple Word count1450

Black Thursday :: essays research papers

The book ‘Hard Times’ takes you back to the early 20th century. This book also talks about one of the hardest times in American history. Hard Times talks about the causes of the great depression. This book gives original testimonies of people who lived during these hard times. Studs Terkel, prize-winning author and radio broadcast personality was born Louis Terkel in New York on May 16, 1912. Terkel attended University of Chicago and received a law degree in 1934. He chose not to pursue a career in law. Terkel credits his knowledge of the world to the tenants who gathered in the lobby of the hotel and the people who congregated in nearby Bughouse Square, a meeting place for workers, labor organizers, dissidents, the unemployed, and religious fanatics of many persuasions. In the roaring 1920s, the United States bathed in previously unheard of prosperity. Industry and agriculture alike profited from the thriving economy. Average income grew steadily throughout the decade and production soared. Levels of investment grew to new heights. However, the economy began to slow down in 1928, and the trend continued in 1929. Agricultural prices slipped, a result of production surpluses and a downturn in business activity. Despite this and other warning signs, patterns of investment continued much as they had in the mid-20s, giving little recognition to the economic slowdown. The stage was set for a major market correction. On October 24, 1929, dubbed Black Thursday, the stock market crashed. Investing froze. As a result, the national economy fell into an unprecedented period of depression. National income slipped lower each year from 1929 to 1932, and did not return to pre-depression levels until World War II. Unemployment became arguably the foremost problem of the depression. Hard Times talks such a major part of American History and was reviewed by many. Stud Terkel did such an excellent job when describing the depression and his accounts were so accurate according to the New Times, which states â€Å"In Hard Times, Studs Terkel captures the Depression in all its vast complexity, assembling a mosaic of memories as told by those who faced destitution as well as those who stayed rich†. The Saturday Review says, â€Å"It vividly illustrates the Depression's effect on those who lived through it, and shows how bitter memories can transform into a surprising nostalgia. The book ultimately serves as "a huge anthem in praise of the American spirit".

The Alternative Energy Source to Oil Essay -- Renewable Energy Solar P

The Alternative Energy Source to Oil Introduction 1.0  Ã‚  Ã‚  Ã‚  Ã‚  Ã¢â‚¬Å"Renewable Energy† is the term used to describe those energy flows that occur naturally and repeatedly in the environment, e.g. from the sun, wind and the oceans, and from plants and the fall of water. It also refers to the energy available from wastes and to the emerging clean technology of fuel cells. There are wide ranges of renewable energy sources/technologies, varying in technical and commercial viability. These include: †¢Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Solar Power (Photovoltaic) †¢Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Hydro – electric Power †¢Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Hydrogen Fuel Cells †¢Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Geothermal †¢Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Wind Power †¢Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Nuclear Power 1.1  Ã‚  Ã‚  Ã‚  Ã‚  The modern drive to harness renewable energy began in the 1970’s. It was promoted by concerns over the price and availability of fossil fuels – oil, gas, and coal. Fossil fuels are finite – only coal is predicted to be available in significant quantities at the end of the 21st century at current rates of consumption. Using fossil fuels to generate electricity also produces pollutants, which can lead to environmental problems (such as acid rain and the â€Å"greenhouse effect†). By contrast, renewable energy produces few, if any, harmful emissions. Exploiting renewable, which at present meet over 2% of the UK’s electricity needs, also reduces the rate at which other energy resources are used up. With the world’s population continuing to grow, renewable energy promises to play an increasingly significant role in the future. 1.2  Ã‚  Ã‚  Ã‚  Ã‚  The estimated oil reserves in the Earth’s crust are about 1 trillion barrels. Oil consumption is at 25 billion barrels per year and increasing at 1.5% per year. At current rates of consumption, measured against known reserves, there is only a 30-year supply of oil in the Earth’s crust. Even if the reserve estimate were doubled, it is a moral imperative that the population takes immediate action to develop a sustainable energy economy. Solar Energy 2.0  Ã‚  Ã‚  Ã‚  Ã‚  Solar energy is quite simply the energy produced by the sun and collected elsewhere, normally the Earth. The sun creates its energy through a thermonuclear process that converts about 650,000,000 tons of hydrogen to helium every second. The process creates heat and electromagnetic radiation. The electromagnetic radiation (including visible light, infra-red light, and ultra-violet radiation) streams out into space i... ..., such as natural gas. Practical fuel cell systems are therefore likely to include a fuel processor, which generates hydrogen from hydrocarbons. There are a number of types of fuel cells currently the focus of development work: †¢Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Alkaline fuel cells – AFC †¢Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Direct methanol fuel cells – DMFC †¢Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Molten carbonate fuel cells – MCFC †¢Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Phosphoric acid fuel cells – PAFC †¢Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Proton exchange membrane fuel cells – PEM †¢Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Regenerative fuel cells – RFC †¢Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Solid oxide fuel cells – SOFC 3.5  Ã‚  Ã‚  Ã‚  Ã‚  Fuels cells are inherently clean and efficient and are uniquely able to address the issues of energy security and environmental degradation. Now market experience is showing that the technology provides a range of critical benefits that no other single power generation technology can match. †¢Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Fuel cells are quiet and reliable with no moving parts. †¢Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  They produce no emissions (other than water) when using pure hydrogen and very light emissions when using hydrocarbon or alcohol fuel. †¢Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  They are extremely efficient compared to conventional means of generating electricity typically 40 – 50%. †¢Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  PEM fuel cells have a very low operating temperature

Samsung Marketing Plan

Samsung Background Samsung is a Korean company that has risen to prominence in many fields over the years. The size and the scope of the company is almost unimaginable, as they are one of the largest and most diverse companies in the world. While the company is mostly known for their technology division (cell phones, radios, MP3 players, computer screens, and the like) they have many other divisions as well. The company has expanded from a humble storefront launched in the late 1930s to the largest company in Korea and the second largest company in the world.Samsung Group, was founded in 1938 by Byung-Chull Lee, a celebrated Korean entrepreneur. Lee started a small trading company with a $2,000 nest egg and 40 employees. He called it Samsung, which means ‘three stars' in Korean. The company enjoyed moderate growth before the Communist invasion in 1950 forced Lee to abandon his operations in Seoul. Lee established a sugar refinery in 1953, a move that was criticized at the time because sugar could be easily obtained through American aid.But for Lee, the act was important because it was the first manufacturing facility built in South Korea after the Korean War. From sugar, wool, and other commodity businesses, Lee moved into heavier manufacturing. The company prospered under Lee's philosophy of making Samsung the leader in each industry he entered. In addition to the electronics division, which is the most profitable and successful one in the world, the company also has forayed into finance, chemicals, retail, and straight-up entertainment – all with great degrees of success.The company employs many of South Korea's finest employees, including many with PHD level education. This is not surprising, seeing as the company's assets total somewhere around $300 billion. The company has some of the most loyal employees around and many work every day – that means no holiday time off or weekends — both because they want to and it is expected. Sa msung as A Learning Organization A learning organization have five component of knowledge management, there are : Culture and Trust; Knowledge Worker; Supporting Facilities;