Monday, January 20, 2020

Epiphany in Astronomer’s Wife, When I consider how my light is spent and Everything That Rises Must :: Comparison Compare Contrast Essays

Epiphany in Astronomer’s Wife, When I consider how my light is spent and Everything That Rises Must Converge The short story, â€Å"Astronomer’s Wife,† by Kay Boyle is one of perseverance and change. Mrs. Ames, because of neglect from her husband, becomes an emotionless and almost childlike woman. As a result, Mrs. Ames, much like John Milton in his poem, â€Å"When I consider how my light is spent† (974), is in darkness, unaware of the reality and truth of the outside world. However, the plumber who is trying to repair leaking pipes in her house, starts by repairing the leaking pipes in her heart. He helps her realize that the life she is living is not a fulfilling one. In short, to Mrs. Ames, â€Å"[†¦] life is an open sea, she sought to explain in sorrow, and to survive women cling to the floating debris on the tide† (Boyle 59). Similarly, in Flannery O’Connor’s short story, â€Å"Everything That Rises Must Converge,† the mother is also â€Å"cling[ing] to floating debris† (Boyle 59). She is trying to hold on to her old life, the one in which she is socially better than blacks and other women. But, like Milton and Mrs. Ames, she is soon forced to see the world in a new perspective. Thus, a new life is created for Mrs. Ames and the mother after their epiphanies, with the realization of a new world, one in which hard work and understanding can lead to change in one’s life and of one’s identity. Before Mrs. Ames and the mother realize the restrictions of their old lives, their worlds have been full of disillusionment and ignorance. Mrs. Ames, for example, is oppressed by her husband’s silence and the search for love and tenderness from anyone, because she lives each day alone, ignored by her scornful husband. And, as a result of being left companionless, she does not mature, rather she longs for tenderness. In other words, Boyle explains her dysfunctional relationship with her husband, â€Å"The mystery and silence of her husband’s mind lay like a chiding finger of her lips. Her eyes were gray for the light had been extinguished in them† (57). That is, Mrs. Ames’ spirit remains oppressed by her husband who treats her as a child, and, in doing so, isolates her from his world.

Sunday, January 12, 2020

Entrepreneurial Leadership

Using the WileyPlus resources, go to the Interactive Case Study â€Å"Five Guys Burgers and Fries: Ingredients for Success† example located in Chapter 3. To access the entire textbook, use the WileyPLUS Read, Study & Practice link located in the Student Center. Write a three to four (3-4) page paper in which you: 1. Determine how Five Guys’ philosophy sets it apart from other fast-food chains. 2. Analyze the original values for the start-up company and how it remains strong today. . Enumerate three (3) factors that contributed to Five Guys’ success in such a short time and what effect, if any, external markets had on these factors. 4. Assess how ethical and social practices are part of the Five Guys’ culture and provide examples to support your choices. 5. Use at least five (5) quality academic resources in this assignment. Note: Wikipedia and other Websites do not quality as academic resources. Your assignment must follow these formatting requirements: Be typed, double spaced, using Times New Roman font (size 12), with one-inch margins on all sides; citations and references must follow APA or school-specific format. Check with your professor for any additional instructions. †¢Include a cover page containing the title of the assignment, the student’s name, the professor’s name, the course title, and the date. The cover page and the reference page are not included in the required assignment page length. The specific course learning outcomes associated with this assignment are: Examine the private enterprise systems, drivers of change on the system, ethical and social responsibilities of business, and the requirements for success in today’s business environment. †¢Analyze the factors that drive supply and demand, different types of market structures in a free enterprise system, and factors of stability in a nation’s economy. †¢Use technology and information resources to research issues in contemporary business. †¢Write clearly and concisely about contemporary business using proper writing mechanics. Entrepreneurial Leadership Using the WileyPlus resources, go to the Interactive Case Study â€Å"Five Guys Burgers and Fries: Ingredients for Success† example located in Chapter 3. To access the entire textbook, use the WileyPLUS Read, Study & Practice link located in the Student Center. Write a three to four (3-4) page paper in which you: 1. Determine how Five Guys’ philosophy sets it apart from other fast-food chains. 2. Analyze the original values for the start-up company and how it remains strong today. . Enumerate three (3) factors that contributed to Five Guys’ success in such a short time and what effect, if any, external markets had on these factors. 4. Assess how ethical and social practices are part of the Five Guys’ culture and provide examples to support your choices. 5. Use at least five (5) quality academic resources in this assignment. Note: Wikipedia and other Websites do not quality as academic resources. Your assignment must follow these formatting requirements: Be typed, double spaced, using Times New Roman font (size 12), with one-inch margins on all sides; citations and references must follow APA or school-specific format. Check with your professor for any additional instructions. †¢Include a cover page containing the title of the assignment, the student’s name, the professor’s name, the course title, and the date. The cover page and the reference page are not included in the required assignment page length. The specific course learning outcomes associated with this assignment are: Examine the private enterprise systems, drivers of change on the system, ethical and social responsibilities of business, and the requirements for success in today’s business environment. †¢Analyze the factors that drive supply and demand, different types of market structures in a free enterprise system, and factors of stability in a nation’s economy. †¢Use technology and information resources to research issues in contemporary business. †¢Write clearly and concisely about contemporary business using proper writing mechanics.

Saturday, January 4, 2020

Motivational Interviewing Motivation And Process

Motivational Interviewing The process of motivational interviewing is essentially about creating intrinsic motivation to change within the client (Moyers, 1998). The choice to change must originate with the client and the process for helping this occur begins with motivational interviewing. There are two phases within motivational interviewing, the first focuses on increasing the client’s motivation to change and the second phase is negotiating a plan and consolidating commitment. It is important to understand the traps that can be encountered within this process, such as the question/answer trap. In this trap the client is led by the counselor with little chance to have free speech to explain themselves because the counselor is just focused on the next question instead of focusing on where the client is leading them. This trap is very similar to the expert trap in the fact that the client is left to believe they cannot find answers for themselves; they instead must listen to the expert who is giving t hem the answers. This is most definitely not the way to motivate a client to make changes for themselves. Other traps include premature focus, denial, labeling, and blaming; all of which can prevent the client from opening up in the treatment process. Motivational interviewing includes opening strategies to allow the process of eliciting readiness, providing feedback or information to the patient, and then eliciting the patient s interpretation of the information to flowShow MoreRelatedNutrition Counseling : The Process Of Guiding A Client Toward A Healthy Nutrition Lifestyle1396 Words   |  6 PagesNutrition counselling can be defined as â€Å"the process of guiding a client toward a healthy nutrition lifestyle by meeting normal nutritional needs and solving problems that are barriers to change†. To change food habits effectively, nutrition counsellors work with clients to alter behaviours influenced by different social, ethnic, emotional and biological factors. It was once thought that by simply handing out diets and facts to clients that nutrition professionals could change food behaviours. TheRead MoreComparison of the Transtheratical, Motivational Interviewing and Solution Focused Interviewing Models1089 Words   |à ‚  4 PagesSolution-Focused Interviewing, The Transtheoretical Model, and Motivational Interviewing are three approaches used by practitioners to assist and guide people in changing their behavior. Each approach has its own format and process and this paper will compare and contrast some similarities and differences between these three approaches. This will be done by looking at five client scenarios and comparing and contrasting them with the approaches. The five client scenarios are; the client who wantsRead MoreBenefits Of Self Efficacy High While Recovery From An Addiction1479 Words   |  6 Pagesmore susceptible to relapse. They will not have the motivation to do those things that they need to do in order to maintain their sobriety. It may only take a few bumps on the recovery path to knock them completely off course and they will use this as justification to return to alcohol or drug abuse. This is why it is important that people keep their self-efficacy high while recover y from an addiction. Commitment to abstinence, a motivational construct, is a strong predictor of reductions in drugRead MorePsychology : Using Motivational Interviewing Essay907 Words   |  4 PagesChapter 29: Using Motivational Interviewing to Enhance Patient Behavior Change Section I: Introduction to Human Behavior Change -Patients with periodontal disease often have to change their behaviors to promote periodontal health. -This behavior change makes chronic periodontitis largely preventable. -Patients can often be resistant to the behavioral changes needed in many ways. -Dental hygienists typically approach patient education in a persuasive, direct manner offering facts about oralRead MoreEssay on My Personal Perspective of Coaching1659 Words   |  7 Pageshave an innate capacity to grow and develop a focus on mutually agreed upon goals, and an understanding that the relationship is relatively equal and collaborative as stated by the author (2009). Some techniques that are in seen during a coaching process include but are not limited to the following list as provided by the author: active listening, the use of powerful questions which are based on broad and open-ended to raise awareness of the client to take stock of their values and resources, cognitiveRead MoreMotivational Interviewing Model As Intervention Method For Eating Disorders Essay2911 Words   |  12 PagesIntroduction Motivational Interviewing model is particularly a client-focused and directive therapeutic model that helps prepare clients toward readiness for change by exploring and resolving factors that causes conflicting feelings toward change. I will be discussing Motivational Interviewing model as intervention method for eating disorders. This paper discusses Motivational Interviewing model as intervention model for correcting eating disorder behavior. I will adopt the model to develop interventionRead MoreNutrition And Motivational Interviewing : The Health And Healing1273 Words   |  6 PagesNutrition and Motivational Interviewing in Adolescence Health and Healing 1 Georgian College Harrison Klein 200321230 Although we all know what nutrition is, are we nutritious? Do we have the education and knowledge to be nutritious? A lot of people do not, and that is why this topic is relevant to society, especially adolescence. No matter what, good nutrition is essential for everyone, but it is especially important for growing teenagers. Proper nutritionRead MoreMotivational Interviewing An Evidence Based Psychotherapeutic Method That Was Developed By Dr. William R. Miller1827 Words   |  8 PagesAccording to Miller and Rose (2009), Motivational Interviewing is an evidence-based psychotherapeutic method that was developed by Dr. William R. Miller following unexplained outcomes that emphasized the impact of interpersonal processes on behavior change after Miller trained counselors on techniques of behavioral self-control and accurate empathy. The clinical method has been defined by Lewis Dana and Belvins (2015) and Miller and Rollnick (2002) as goal-directive, client-centered counseling methodR ead MoreEffective Communication Strategies For Patients With Chronic Conditions1429 Words   |  6 Pages The role of the primary care team is critical, but limited, in the patient engagement process. The main goal of the primary care team is to support the patient through the use of a tailored wellness plan based on the patient’s needs, values, and preferences. Here are a few effective communication strategies and discussion aids to initiate the patient engagement conversation. Motivational interviewing (MI) is a patient-centered technique that is associated with positive behavioral outcomesRead MoreNVQ Unit 91 Enable Individuals with Be2167 Words   |  6 PagesThere are a massive variety of different approaches and methods when attempting to change an individual’s behaviour. We will target only a specific few that are more prevalent within today’s industry. The methods and approaches will include motivational interviewing, cognitive behavioural therapy, solution-focused therapy and adult learning methods these will be the approaches and methods that I will expand upon throughout the chapter. CBT is a form of talking therapy that combines cognitive therapy

Friday, December 27, 2019

How Financial Statement Helps User Finance Essay - Free Essay Example

Sample details Pages: 13 Words: 3945 Downloads: 1 Date added: 2017/06/26 Category Finance Essay Type Argumentative essay Did you like this example? Your college-mate, Adam, who studies in an Engineering faculty thinks that preparing the financial statement annually is a waste of time. As an Accounting student, you do not agree with Adams opinion. Explain to Adam the purpose of preparing a financial statement. Definition of Financial Statement Nowadays, there are a lot of demands that will be made for its financial statements throughout the existence of a business. Profitability, financial health, as well as success of a particular organization conclude the main key of information of a financial statement. The financial numbers in a financial statement also supply a measure of the failure or achievement of its business strategies as well of its current management. There are four main factors of financial statement which are balance sheets, income statements, cash flow statements and retained earnings. Each of these statements is a part of the structure for the financial statements. Generally Accepted Accounting Practices or also can be known as GAAP is the structure of it. When it comes down to a company financial stability, each of a financial statement has a purpose and reason as well as to provide detailed information. Don’t waste time! Our writers will create an original "How Financial Statement Helps User Finance Essay" essay for you Create order In another way, financial statements are also some sorts of like a crucial reports. For a companys stockholders, board of directors, its managers and to the employees which also includes labor union, the statement shows them how a business is doing are a somehow very beneficially internally. They are also crucial to government agencies which are responsible for regulating and taxing, to stockbrokers and investment analysts, to lenders such as credit rating agencies and bank and not forgotten towards prospective investors externally. A lot of strategic thinking goes into the way businesses present their performance date given the competing demands for attention. Whole collecting financial worksheets for another group and comprehensive reports, they may have to prepare concise, straightforward data summaries for one group of investors. Tracking various factors such a liquidity and solvency are the main purpose for investors using financial statement. PURPOSE OF FINANCIAL STATEMENT The main use of a financial statement is to make sure a business establish the results of its operations over a certain period of time as well as to verify its worth at a specific date. Business people always prepared financial statement to help them in evaluating their financial health. In the other hand, it is also crucial to supply specific financial statement upon the demand of a supplier or even banker. When a business is involved, tax returns require a financial statement. In-house monthly financial statement can be in any form that is acceptable or easy to the management. However, they need to be in a standard format and the need to follow a certain rules of preparation when the financial statement provided to outside parties. A basic set of financial statement will also include of an Income Statement which generates the profit or loss over a period of time, a balance sheet which conclusion of the Assets, Liabilities and Equity of the business at a specific date. Occasionally, a Cash Flows Statements may also be generated, which concludes the disbursements and receipts of cash during the period of time. For management and owners, its a useful tool for them in order to supervise where the cash is really going. By providing relevant and trusted financial information, the important objective of every financial statement is of assistance to the intended users in their economic decision making process. General Purpose Financial StatementsÂÂ  are prepared for general users keeping general needs in mind but not able to supply all such information that users may want. Special Purpose Financial Statements are prepared keeping the information needs of some users and also may supply such additional data which normally general purpose financial statements may not contain. The special purpose financial statements tends to highlight a certain area as well as to supply information in that regards. It may be or may not be prepared under the same accounting structure which is used to prepare general purpose financial statement. Financial statements prepared for bank to request for a loan is one of the good examples. There are three aspects that the general Purpose Financial Statements provide information which are: 1) Changes in Financial Position Can be explained of how business activities had affected the investors stake in the entity. Users need this information to evaluate whether the entity has made satisfactory contribution towards their investment or not. Users are also eager to know how much cash and cash equivalents have been generated and where they have been use. Like for example, the cash flow. This information is obtainable in the form of statement of cash flow and statement of changes in equity. All of these statements should not be observed in isolation as they are linked together and in order to get the full impression of the business, people must look at them as a whole as well as in totality instead of considering them differently even through each of these statement serves a particular objective. 2) Financial Performance Is the entity which relates to the entitys skill to use the economic resources that are available in a profitable manner as well as how good entity managed to general considerable cash flows by using this resources. Statement of comprehensive Income is used for this information presented. 3) Financial Position Is the entity which can be explained by the position of the business liabilities and assets as well as how entity uses the resources at its disposal in order to survive the changing business solvency and requirements. Statement of Financial Position which also recognized as Balance Sheet is used for this information presented. TYPES OF FINANCIAL STATEMENT There are four different kind of financial statements. These statements are compulsory to be audited by the authentic, reliable and trusted, efficient audit firms in order to avoid exploitation of numbers. After a thorough study of an organization records, then the accounting firms only audited the statement. The four important types of financial statement as shown as below: 1) BALANCE SHEET Balance Sheet, is one of the four basic financial statement required by IFRS and GAAP. The purpose of this balance sheet statement can be explained as a better picture of a certain organization financial position. The balance sheet is the one and only statement that applies to a single point in time out of the other three statements. Usually, a normal balance sheet contained three parts such as assets, liabilities as well as shareholders equity. The asset subcategories are normally written down first and naturally listed in the order of liquidity. Assets are then followed by the liabilities. Shareholders equity or as the new assets/net worth of an organization are the main difference in between the assets and the liabilities. Assets are equal to the sum of liabilities and shareholders equity. A good example of items recorders as assets can also include plants and equipment, property and account receivable and for the example of liabilities includes long term bonds and account payable. Balance Sheet came from the fact that the total assets must always be in balance with the sum of liabilities and shareholders equity. An organization will have to finance its assets by either borrowing money from other sources in the form of liabilities or collecting the money from shareholders. The main formula for balance sheet is: Assets = 2) INCOME STATEMENT On a business cash generating ability, the income statement is a very straightforward and simple report. Its provides crucial information on the financial performance of the business that shows when expenses are incurred and when sales are made. Capital, revenue, cost of goods and expenses are example of information withdraw from the numerous financial models. The income statement is able to let an organization know how much their organization making, which can be either in profit or even loss during the year by subtracting the cost of goods and expenses from revenue to arrive at net results by combining these elements. Due to the income statement do not show when the expenses are paid or when revenue is collected, therefore it differs from a cash flow statement. In the other hand, it shows the predictable profitability of the business over a certain period of time covered by the plan. The income statement must be produced on a monthly basis during the first year, followed by quarterly for the year two and annually for the third year for a business plan. In the following manner, below is the financial projection in Income Statement: 1) Income ÂÂ  Includes all the income made by the business of an organization. 2) Cost Of Goods Include all the costs that are linked to the sale of products in the inventory. 3) Gross Profit Margin Its the difference in between revenue and cost of goods. It can be uttered as a percentage or in dollars or potentially even both. As a percentage, the margin of Gross Profit is constantly affirmed as a percentage of revenue. 4) Operating Expenses Includes labor spending and all overhead related with the operations of the business. 5) Total Expenses Sum of operating expenses and cost of goods. 6) Net Profit The difference between gross profit margin and total expenses. The net income depicts the business debt and capital capabilities. 7) Depreciation Show the downfall in value of capital assets that are used to produce profits. Its also used as an pointer of the stream of money into new capital and the basis for a tax deduction. 8) Earnings before interest and taxes Includes the capacity of a business to repay its obligations. 9) Interest Includes all interest payable for debts, both long-term and short-term. 10) Taxes Includes all taxes on the business. 11) Net Profit After Taxes Show the companys real bottom line. The basic equation on which an income statement is based is: Net Income = 3) CASH FLOW STATEMENT Cash flow statement is basically a report that reflects of the sources of organization cash and how the cash was used over a certain period of time. However, it doesnt include the non- cash items such as depreciation. To determine the short-term viability of an organization when it comes to paying the bills, this method is very useful. A lot of analysts propose that an entrepreneur study a cash flow statement at least every quarter of the year because the management of cash flow is very important towards the small businesses and for business as well. The income statement that was mentioned earlier is the same with the cash flow statement because it records down an organization performance over a certain period of time. The cash flow statement shows the exact amount of money that an organization produce while the income statement also takes into account of some non-cash accounting items such as depreciation. Therefore, thats the main difference between those two statements. Cash flow statement also show how an organization have performed in handling the inflows and outflows of their cash while also come in handy, which give a bigger and better view of an organization ability to pay their creditors as well as their financial growth. According to the accounting standards, it is not wrong for an organization that is shown to be profitable to go under if there isnt sufficient cash on hand to pay their utilities. Operating cash flow ratio, which can be explained of comparing the amount of cash generated to outstanding debt, prove the company skill to service their interest payment and loans. If a slight drop in an organization quarter cash flow would destroy their skill to make a loan payment that the organization is in a very danger position that one with less net income but a stronger cash flow level. There is not much an organization could do in order to manipulate its cash situation unlike the numerous ways in which reported earning can be offered. The cash flow statement will always be accurate whether the organization has cash or not. In order to recognize an organization overall health, an analysts will observe closely at the cash flow statement of any organization. 4) RETAINED EARNINGS The portion of net profit or net income which are abstract from the income statement that never been paid out as dividends are called retailed earnings. Therefore, these earnings are then used for some purpose or reinvested in an organization. It can be also used to further develop the organization through some investment for example like paying off debt, investment in development or even research and so on. Retained earnings are cumulative. They symbolize the past and present earnings of an organization that have been reinvested in the company. Under the Shareholders Equity section of the balance sheet, the retained earning account show the retained earnings since the establishment of the organization. It is also cumulative revenues from undistributed profits. Most of these analyses engage comparing retained earnings per share to profit per share over a certain period of time. They also sometimes evaluate the amount of capital retained to the change in share price during that same period of time. The return management generated on the profits it plowed back into the business are the methods that use to measure. A method that accounts for taxes is also used in this vein in the look through earnings. Developed industries often retain a large sum of their earnings than other industries because they need more asset investment to function or even operate. Older organization may report drastically higher retained earnings than those newer organization in the same industries because retained earnings symbolize the sum of profits lesser dividends since their establishment. This is the main reason of why the comparison of retained earnings is very hard but usually the most meaningful among other organization of the same time of establishment while the meaning of low and high retained earnings should be made within this circumstance. Just take an example of when Ali Maju Sdn Bhd, retained 72 percent of its net income for its retained earnings account and eventually gave out 50 percent of its net income as dividends to its shareholders. QUESTION 1B Your college-mate, Adam, who studies in an Engineering faculty thinks that preparing the financial statement annually is a waste of time. As an Accounting student, you do not agree with Adams opinion. Explain to Adam how the financial statement could help the user of the financial statement in their decision-making. Financial statements of a company or individual are the documents that reflect the historic financial information of the entity. This includes a detailed and accurate record of the assets and liabilities as well as the income and expenses and also the cash flow of the entity. These documents are written records that quantitatively explain the health of unit represent in the statements. Financial statement are decision-making tools because it helps use to see a better and clearer idea of how an organization financial position. Financial Statements also show business trends, the rate at which you are paying creditors and any cash flow problems and also the rate at which you are collecting receivables. Take an example of accounts reports show whose is paying on time or can even be 30 days late, 60 days late or up to 3 months late. By using this financial statement, we can determine which customers or supplier that is in a good standing or that are in need of collection efforts or have uncollectible open invoices. Lets just assume that an invoice has not been paid within the period of six months, after collection efforts, this is probably an uncollectible debt. Accounts payables reports let you know what is owed to whom and when. We are also able to generate the reports to further let us know the value of the inventory and what our inventory levels are. Not only that. We can produce a report to answer any question that we have about our business cooperation related to what we owe, what we own as well as how much money that our company makes, in a period of time which can be monthly, or yearly. These are basically the questions that we need to answer as we make strategic decision on how to make our business to be successful without losing any money in the near future. Businesses often need credit as a part of their strategy to remain financially viable. Then of course, businesses apply for credit cards and credit terms with a vendor as well as applying for business loan. The lender will always request to take a look of our balance sheet and run over our credit report to therefore make decision on whether to loan us the credit or rejects in all situation. A balance sheet will also show a creditor of how much debt we are carrying and how much money is flowing in and out of the business. In addition to that, the financial statement that we handed over to an internal account payable report will helps us to pay our bill and utilities on time while keeping our organizations credit score high. This is very important and crucial step because it will enable our firm to remain a good credit risk. In addition to that, we need financial statement to calculate our quarterly state as well as federal tax obligation which include sales and annual taxes. A sales report that separates taxable sales from nontaxable sales will give us the information that we need to pay the state the sales taxes that we collected from our customers. Federal tax obligation also include payroll related taxes and annual taxes. A payroll liability report is not only to the federal government but also for benefits but also outline all our payroll-related obligations; we must be able to give documentation of the information reported in our tax fillings if we are ever audited. Beginning with the primary financial statements and any additional statements auditors request, acceptable documentation is financial statements. We also must be able to back up thee statements with hard records such as pay stubs and receipts. In order to prepare both state and federal annual taxes, we have to start with the primary financial statement. We also may need to find out that we need to run additional reports to produce the specific information that we need to fill out our tax forms. Untitled.png Figure 1- ACCOUNTING PROCESS First of all, to financial accounting whose final products are financial statements. However from the users aspects and from the aspects of the scope of business, we distinguish the following types of accounting: financial accounting, cost accounting and managerial accounting. We usually say that cost and managerial accounting ensure different information for internal users and financial accounting ensures synthetically and quality information needed for preparing the financial statements for external users. Nevertheless, in the context of measuring the entire business quality, financial accounting is also directed towards internal users. chart.pngFigure 2- FINANCIAL STATEMENT The most important financial statements that we must consider when examining the entire business quality and making decision for the future are: 1) Balance Sheets 2) Income Statements 3) Cash Flow Statements 4) Retailed Earnings/ Changes In Owners THE BASIS OF DECISION MAKING We need to analyze the financial statement in order to improve the usage of financial information in the context of the decision making process, In that context, we only can describe financial statement analysis as the process where we convert data from financial statements into usable information for business quality measurement by different analytical techniques which is very important in the process of rational management. Since we try to ensure companys development and existence on the market, it is very significant in the context of future business management to know the current level of business quality. Financial statement analysis comes before the management process that is before the process of planning which is the component of the management process. Planning is very important for good management. Good financial plan has to consider all companys strength and weaknesses. The task of financial statement analysis is to recognize good characteristics of the company so that we could use the most of those advantages, but also to recognize companys weaknesses in order to take corrective actions. We can say that management of the company is the most significant user of financial statement analysis. In the process of financial statements analysis, it is possible to use the whole range of different instruments and procedures. First of all, it considers comparative financial statements and the horizontal analysis procedure together with structural financial statements and the vertical analysis procedure. By horizontal analysis which is based on the comparative financial statements we try to examine the tendency and dynamics of changes of particular basic financial statements positions. We estimate business efficiency and security of the company on the basis of observed changes. On the other hand, structural financial statements are the base for vertical analysis which allows insight into financial statement structure. Financial statements structure is very significant in the context of business quality. By financial statement analysis we get acquainted with the business quality, but the questions of the analysis are not solved by horizontal and vertical analysis procedures of balance sheet, profit and loss account and cash flow statement. In the context of measuring business quality on the basis of financial statements, the most significant are different financial ratios formed from basic financial statements Financial Statements supply helpful information to a variety of users: 1) Prospective Investors In the need of Financial Statement to have the review of capability of investing into an organization. Based on the statement, they also could have an idea of what the future dividends will be based on the earnings disclosed. Risks related with the investment may be gauged from the statement like for example, fluctuating profit indicate higher risk. 2) Financial Institutions ( Bank) They need Financial Statement to make decisions on whether to approve credit to a business or to give green light to a loan. They also need to review the financial state of an organization to decide of the chances of a bad loan. Their decision to lend must be heavily based with a enough asset base and liquidity. 3) Governments In the need of Financial Statement to decide the effectiveness of the tax announced in the tax returns. They will also need to have an eye of the economic development through analysis of Financial of businesses from numerous sectors of the economy. 4) Customers Use Financial Statements to assess whether a supplier has the resources to ensure the steady supply of goods in the future. This is especially vital where a customer is dependant on a supplier for a specialized component. 5) Suppliers Need Financial Statements to assess the credit worthiness of a business and ascertain whether to supply goods on credit. Suppliers need to know if they will be repaid. Terms of credit are set according to the assessment of their customers financial health. 6) Competitors Need Financial Statement in order to evaluate of their performance towards with their enemy organization as well as to learn and create strategic to advance their competiveness. 7) ManagersÂÂ   Need Financial Statement to handle the affairs of the organization by taking crucial business decision making and monitoring the financial performance and positions. 8) Employees In the need the use of Financial Statement in order to evaluate the organization profitability and its effects on job security and also their future remuneration 9) Shareholders Need Financial Statement to review the dangers, return as well as risk towards their investment in the organization. Also decide whether to or not to invest in the company based on the analysis. 10) General Public Like to know more about the property of an organization on the economy, surroundings as well as the local community.

Thursday, December 19, 2019

Problem of Induction Essay - 1214 Words

In the selection, ‘Skeptical doubts concerning the operations of the understanding’, David Hume poses a problem for knowledge about the world. This question is related to the problem of induction. David Hume was one of the first who decided to analyze this problem. He starts the selection by providing his form of dividing the human knowledge, and later discusses reasoning and its dependence on experience. Hume states that people believe that the future will resemble the past, but we have no evidence to support this belief. In this paper, I will clarify the forms of knowledge and reasoning and examine Hume’s problem of induction, which is a challenge to Justified True Belief account because we lack a justification for our†¦show more content†¦This kind of division also can be called as â€Å"Hume’s fork†. Relation of ideas are a priori which are â€Å"intuitively or demonstratively certain† and â€Å"discoverable by the mere operation s of thoughts† (Hume, 1748, p.422). In this group, we can include mathematical ideas and math proofs, for example, statement like two plus two equals four. So, the denial of such statements is inconceivable and logically impossible. For example, we can think about the triangle and we all know that it has three sides. Later, we can imagine a triangle with four sides and immediately face a contradiction because four-sided figure is rectangle. This statement is a priori true for the reason that it has nothing to do with the external world and gives us no information back about the world. The second kind is â€Å"matters of facts† which is a posteriori. â€Å"Matters of facts† are statements that give us knowledge about the world and the sources providing knowledge for these statements are â€Å"the present testimony of our senses† and â€Å"the record of our memory† (Hume, 1748, p.423). Statements of this group and the denial of these statements are no t self-contradictory and conceivable. For example, we can tell that the house of my neighbors is yellow, and we can easily conceive this statement as true, but we can at the same time conceive it as false, and imagine their house in blueShow MoreRelatedThe Problem Of Induction And Induction2197 Words   |  9 PagesThe problem of induction is a question that challenges the justification of premises and their conclusions. It also gathers empirical evidence through observations and experiences and questions their validity concerning circumstances that happen every day. In fact, Hume, one of the philosophers discussed in this paper says, that to claim something as â€Å"more probable† is invalid because the assumption that the past will predict the future is still required. One of the questions posed by the problemRead MoreThe Problem Of Induction And Its Metaphysical Implications1474 Words   |  6 PagesThe problem of induction and its metaphysical implications. The pursuit of knowledge and the desire to understand our world in terms of what is and what it is like has been the endeavor of mankind for centuries. One of the main methods used in order understand the reality presented to us is inductive inference. While humanity has no doubt advanced by employing inductive inference, the problem of induction, recognized by David Hume (1711-1776) forces us to question if induction is a justifiableRead MoreThe Problem Of Induction, And Can It Be Solved?1513 Words   |  7 PagesWhat is the problem of induction, and can it be solved? In this essay, I will highlight the problems of induction and critically assess them – arguing that. Inductive inference is not a way of reaching rationally justified conclusions; it is a leap in the dark (Jones, 1969). Inductive inferences are used throughout daily life, where we use past events to make predictions of future ones – moving from specific direct knowledge to general indirect knowledge. Inductive inferences are whereRead MoreScience : Conjectures And Refutations And The Problem Of Induction1149 Words   |  5 PagesThe Problem of Falsification In the two articles â€Å"Science: Conjectures and Refutations† and â€Å"The Problem of Induction,† the philosopher Karl Popper expresses discontent with the way that he sees science operating. In the first writing, Popper criticizes contemporary thinkers for supporting their theories with positive evidence. The second article offers a broader critique of the emphasis on confirmation in science. Both present a position that falsifiability, or the potential to be refuted, is theRead MoreThe Problem Of Induction, Inductive Reasoning, And Weather1890 Words   |  8 PagesThe problem of induction, inductive reasoning, and weather or not nature is uniform, are questions that have been raised by many a great philosopher. Induction, and Inductive reasoning is when you make observations of past events and occurrences and base your knowledge on those observations. From these observations you make generalizations, the problem with inductive reasoning and the problem with induc tion is that, your observations generalize and assume, sometimes too much, sometimes on a veryRead MoreDavid Hume s Theory Of Induction1203 Words   |  5 Pageschallenge many philosophers is The Problem of Induction. David Hume introduced the world to The Problem of Induction. The Problem of Induction claims that, past experiences can lead to future experiences. In this essay, I will explain how the problem of induction does not lead to reasonable solutions instead it causes philosophers more problems. Philosophers create new thesis all the time. Many times these thesis are challenged by other ideas. The Problem of induction was introduced by David Hume inRead MoreInduction And Induction : Induction1470 Words   |  6 PagesInduction is one of the most prominent concepts within the modern scientific community. Throughout many fields; from computer science to psychology, induction is used as a way to find the most probable result of an observation. However, despite its widespread use, induction has never been effectively proved. Currently, the only way to prove induction is through more induction. Since induction can only be proved through itself, can that mean induction does not work at all? Is it even possible to showRead MoreInduction As A General Law Or Principle From The Observation Of Particular Instances ( Induction )1707 Words   |  7 PagesThe Oxford English Dictionary refers to induction as, the process of inferring a general law or principle from the observation of pa rticular instances (Induction). Despite their reasoning’s, philosophers such as Hume and Popper have publicly voiced their disagreement and concerns with induction. Hume’s concern with casual connection and the uncertainty of something when individual has not personally experienced that given experience has lead me to contemplate the arguments brought forward by bothRead MoreSystem Theory Application For A Middle Georgia Labor And Delivery Unit1624 Words   |  7 Pagesdesigns will recognize potential problems and require adjustments in order to fine tune or maximize it productivity. The purpose of this paper is to describe the labor and delivery unit at Houston Healthcare using systems theory terminology. This paper will also identify a potential problem within the unit using an open- systems approach, and state where the problem exists using the systems theory model. Lastly, this article will explain a proposed resolution to the problem that would uphold the orga nization’sRead MoreInduction Motor Speed Control System1727 Words   |  7 Pages Induction Motor Speed Control Han Tang Faculty of Engineering and Information Technologies The University of Sydney Student ID:450188446 Areas of Investigation: 1) Methods of control 2) Problems associated with the speed control Introduction of Induction Motor and Speed Control Induction motor is widely used in many different industries, it is a kind of machine use AC electric power to generate magnetic force and field from the stator winding. The different

Tuesday, December 10, 2019

Supply Chain Management and its Importance

Question: Critically discuss how a company can sustain a long-term supply chain strategy that is well-aligned with its products and markets, especially in an increasingly complex global environment. Answer: Introduction Supply Chain Strategy is become important part in the operation of the company. It is known that if supply chain is not aligned then it directly impacts the productivity and efficiency of the business and also increase pressure on the company to sustain their market positioning. Therefore, it is important for the businesses to supply the product and services to the customers in due time and also arranging the products from suppliers in the business to meet the expected demand of the customers (Benton and McHenry, 2010). The current report will be highlighting on the effectiveness of supply chain strategy which will help in analyzing the characteristics of demand and supply. On the other hand, the study will be focusing on how company can make best utilization of supply chain strategy in order to survive in the competitive market. Apart from that, various kinds of generic supply chain strategies will be discussed as well along with examples. Moreover, the literature review will be und ertaken to have deeper understanding of the title. 2.0: Supply Chain Management and its Importance: Most of the companies in the global market use the supply chain management while controlling their business. The supply chain management helps the management of the company to find influential and commanding resources in the competitive market. The supply chain management encompasses all the activities which helps the management of the company to introduce and launch the products in the global competitive market and tries to satisfy their customers by fulfilling their requirements. The supply management is very essential in each and every organization because it helps the management of the organization to have a proper foundation for the organization and infrastructures for the organization (Bowersox, 2013). This will help the management of the institution to attract more consumers towards the organization by providing good quality products to their customers. The supply chain management depicts the management of the company by manufacturing the products, operations of the company while manufacturing the product, purchasing the resources of the products and in the transportation process of the product. Mainly it helps the management of the company in the distribution process and in the selling procedures of the product. The main objectives of the supply chain management cover a wide range in the organization (Cordon, et al, 2012). The supply chain management helps the organization in the incoming and outgoing activities of transporting and warehousing process and mainly controlling the inventory process. Another parts of the supply chain management is predicting, planning for the production and scheduling for the products (Drake, 2012). The main services provides by the supply chain management is in ordering process and providing best services to their customers while trading their products in the global competitive market. Mainly, the mai n functions of the supply chain management tracks all the records of the activities performed by the management of the company in the information system to keep the record for the future purposes. 2.1: Importance of Supply Chain Management: The main importance of the supply chain management is to track the record in the ordering process and providing best services to their customers while trading their products in the global competitive market (Lysons and Farrington, 2012). The supply chain management tracks all the records of the activities performed by the management of the company in the information system to keep the record for the future purposes. The supply chain management plays an important role in the operational functions of the organization. It helps the management of the organization in the manufacturing process of the product, purchasing the resources of the products and in the transportation process of the product (Myerson, 2012). It also helps the managers in the warehouse of the organization to improve the transportation quality of the organization. This transportation quality services will help the management of the organization to attract more customers towards the organization and will give more chances to reach the objectives of the company set by the management of the organization by earning more profit margins from the global competitive market. 3.0 Strategies of Supply Chain Management 1500 3.1 Resource-based view It is an approach in the supply chain management, which considers that the resources are the main component required by a firm for getting a superior performance (Benton, and McHenry, 2010). For this, it is crucial that the resource should contain certain attributes, which include VRIO for long term sustaining in the market and getting an edge over the competitors. The model has many components, which are the tangible assets and the intangible as well, these two should be both heterogeneous and immobile and having the VRIO attributes would categorize the components as the VRIO resources, which would in term give competitive advantage to the organization (Burritt, 2011). Tangible assets are those, which are the physical things and can be held. The land, machineries, capitals, and various equipments are the tangible assets whereas the intangible assets are the one, which does not have any physical presence. The trade marking, the reputation of any brand, are considered as the intangibl e assets of a company. The model has assumptions that the resources should be heterogeneous as well as immobile in nature. Heterogeneous means that the set of skills, and abilities should differ from one organization to another. This is essential, as in case of same capabilities all the companies would employ the same kind of strategies, eventually leading to the absence of any competitiveness among them or any advantages over one another. In short, run resources are static in one company and do not move from one firm to another. Resources that are intangible like the property, brand name are generally not mobile in nature (Christopher, 2011). The model emphasis on the fact that it is more of a sensible approach to take advantage of the opportunities available externally with proper utilization of resources in an innovative manner instead of developing a new set of skill for individual opportunity. Figure 1: Resource based view (Source: Drake, 2012) 3.2 Knowledge based Theory It was observed by Goetschalckx (2011), that the efficiency of the production can be increased not the utilization of better heterogeneous resources but in knowing that which resource will give more productive outcome. The theory believes that a company is an entity, which is responsible for the generation, integration and the distribution of the knowledge. The value creation by a firm is not completely dependent only on the resources, or the tangible and the intangible resources. This theory completely did not support the resource-based view. It says that a company can get a competitive advantage by developing more and more knowledge-based assets instead of just being based on the resources (Ivanov and Sokolov, 2010). These assets will help in creation of more core competent dimensions. The fundamental concept of the theory is that for a process of production the essential input and the very prime source of value is the knowledge. This concept has been helpful in analyzing the abili ties have brought the social, organizational level and also the human resources in the same level to that of technical resources. However as per Kildow (2011), there is a nature which is dual in the knowledge based concept which is capable of altering the prior resources that were beneficial. Therefore, it can become a liability on the long run instead of staying as a capability. This theory has three main functions, which are namely the creating of the knowledge, accumulating and then sharing it. So it can be said that the approach integrates the organizational level knowledge and the related routines in accordance to the competitiveness in the business environment. 3.3: Strategic Choice Theory: One of the strategies of supply chain management is strategic choice theory which helps the management of the organization to reach the objectives of the company set by the management of the organization. The concepts of strategic choice theory mean that in the global competitive market, any bigger organization can give a threat to a smaller organization about their operation systems in their business. To restrict the threat given by the larger size organization, the smaller size organization takes some strategies to sustain in the global competitive market. The strategies taken by the smaller size organization to sustain in the global competitive market is known as strategic choice theory (Olson, 2012). The management of the smaller size organization choose some strategies to compete against the larger size organization is known as the strategic choice adapted by the management of the smaller size organization. The theory of strategic choice helps the management of the organization to trend the future market conditions of the organization. It describes the relationships between the newly launched products from the organization against the market trends about the product launched by the organization. It explains the hypothesis of various relationships between the product and the market trend about various products in the global competitive market. The main function of the strategic choice theory is to avoid the threats given by the larger size organization to the smaller size organization and it also helps the management of the smaller size organization to attain the objectives of the company set by the management of the organization (Sodhi and Tang, 2012). The main functions of the organization to use strategic choice theory is to avoid the threats given by the larger size organization to the smaller size organization and it also helps the management of the smaller size organization to atta in the objectives of the company set by the management of the organization (Chopra and Meindl, 2013). 4: Generic Supply Chain Strategies Generic Supply Chain Strategy is undertaken by the companies to ensure sustainability in their supply chain operation. Therefore, it helps in supply of products and services to end users in definite time. According to Bowersox, Closs and Cooper (2010), there are two types of generic supply chain strategies such as Lean Strategies and Agile Strategies. Lean Strategies: This strategy is adopted by the firms in order to enhance their value by removing the level of wastage from their operation. It is known that lean supply chain is majorly involved in reducing cost by controlling waste. For instance, Wal-Mart has gain large benefit from lean supply chain strategy. It helped in decreasing their operations cost by engaging them into supply chain innovations. Moreover, the company has incorporated policy store-based inventory via lean principle which helped in managing their supply lead time. Apart from that, transportation optimization and inventory optimization process are being used by Wal-Mart for reducing their lean (cost) (Burritt, 2011). As a result of that, company is successful in meeting the demand of the customers and providing quality products to them. On the other hand, Burt et al. (2010) mentioned that prime function of lean supply chain can be attained by employing common type of data communication on stock/inventories, delivery plans, capacities and acknowledging changes in JIT framework. Therefore, it would help the company in taking order and delivering the product in promised time. It has been that many industries are involved in delivering value by lean supply chains to their customers and engaging in low cost of production and attaining logistics by ensuring economies of scale (Christopher, 2011). Therefore, lean supply chain would be effective in streamlining the process of business and ensuring better value to the customers by removing the non-value added elements and wastage. Agile Strategies: Drake (2012) discussed agility as a comprehensive response in relation to business challenges to generate profit from the continuous changing market conditions. On the other hand, it can be mentioned that agilitys main purpose relies on corporate structure, competition, business practice, strategic response, cooperation among businesses, adaptability, etc. The agile supply chain helps in aligning the operation and network of the business or organizations in order to meet the requirements of the consumers. Apart from that, Goetschalckx (2011) stated that management of the company focuses on market knowledge to capitulate on the available opportunities for strongly surviving in the volatile marketplace. Therefore, agile supply chain involves four factors such as market sensitive, virtual, process integration and network based. On the contrary, Hugos (2011) pointed that agile majorly concentrates on customer satisfaction and gives instantaneous response in context to l ogistics planning. The market qualifiers in context to agile supply are those companies that focus initially on quality, cost and lead time. Therefore, it helps in maximizing effectiveness of the business. Zara is one of the best examples that adopt agile supply chain strategies. Zara is an apparel company that deals in fashionable cloths. Due to agile supply chain the company is able to reach out to foreign target market and has strongly positioned itself in international market. Apart from that, Ivanov and Sokolov (2010) mentioned that agile supply chain helps in forecasting that assist in decreasing the need for meeting the crises of last minute. Moreover, in order to uphold agile network, the companies may need to adopt better standardized and structured approach in the selection and approval of new suppliers in relation to the markets that is witnessing temporary volatility. On the other hand, the companies may need to invest in the growth of the supplier ecosystem for better result. For instance, Nestle, IKEA and Diageo are strongly engaged in developing agile suppliers (Waters, 2010). Sustaining a Long Term Supply Chain Strategy Effective supply chain strategy helps in gaining the competitive advantage and sustaining the customer base for longer period of time. The supply chain supports the industry in focusing on the requirements of the customers and ensuring the growth of the business. On the other hand, the companies in order to sustain their supply chain, the companies have to focus on their level of cost incurred by them in the production or manufacture of the product. Apart from that, the companies have to also acknowledge the cost that is involved in the distribution of goods or services either through online or through offline (Jacobs et al. 2009). As a result of that, the company would be successful in ensuring quality service to consumers and also firms would be able to increase the customer base. Apart from that, the companies need to assess their efficiency in controlling and managing their level of wastage. Therefore, the company needs to develop effective plan so that chances of error can be minimized. As an outcome of that, the company would be able to ensure quality product and services to the customers (Kildow, 2011). Moreover, the company can be able to manage their lead time and time between order and delivery can be effectively managed. For instance, Tesco and J Sainsburys have significant success by controlling the wastage and lead time. As a result of that Tesco has become number one and Sainsbury as number two in UKs supermarket. On the other hand, the company has to check their level of output that whether it is under production or over production. Therefore, the company needs to ensure that production is done at definite level in order to eliminate the fear of product wastage or meeting the demand of customers (Scott, Lundgren and Thompson, 2011). Apart from tha t, in order to gain long term benefit from supply chain, companies build strong relationship with their suppliers so that required amount of product can be arranged in the stores for meeting the demand of the clients of customers. 5.0 Conclusion and Recommendations The study gives a clear view about the supply chain management aspects and the theories, which explain the concept further. The present supply chain operation in organizations is volatile, uncertain in nature and complex as well. This is due to the macroeconomic changes in the environment. However, with the change in the global business environment it is becoming crucial for organization to implement long-term beneficial supply chain strategies for attaining competitive advantage on the competitors (Scott et al. 2012). The study discusses the generic strategies and theories, which elaborates the concepts of sustainable supply chain. Based on the above discussion there are certain recommendations that can be made from the organizational perspective: Optimization of the cost along with more planned and customized structures of the supply chain management of organizations. The supply chain management should be more flexible in accordance to the global business environment. This will give a long-term competitive advantage to the firm. Improvement in the predictions and the visibility in the operational section by reduction of the uncertain factors with utilization of analytical tools will enable the dynamic analysis, visualization and better prediction for better risk management for future. Integrating logistical processes with the suppliers is also essential and it is something that is irrespective of the size of the organization, this will facilitate the communication and the synergy between business and its respective suppliers Another way of improved supply chain management is reducing the overheads by harnessing the variable cost delivery models. It demands the elimination of the investments in the infrastructure for increasing the internal efficiency of the operations. Real time reporting at dashboard for taking pulse of the supply chain Supply chain management can also be enhanced by the incorporation of the approach that is science based. This adopts a stimulation, which is dynamic, and also increases the cost effectiveness of operations. Employing system that will be cloud based will offer more cost affectivity and operations that are more efficient as well. Implementation of an ERP application, which fits within the system that already exists and fore mostly it is crucial to provide supply chain management training for the internal employees who are responsible for carrying out the operations. Reference List: Bowersox, D. (2013). Supply chain logistics management. New York: McGraw-Hill. Chopra, S. and Meindl, P. (2013). Supply chain management. Boston: Pearson. Cordon, C., Hald, K. and Seifert, R. (2012). Strategic supply chain management. Abingdon, Oxon: Routledge. Drake, M. (2012). Global supply chain management. [New York, N.Y.] (222 East 46th Street, New York, NY 10017): Business Expert Press. Lysons, K. and Farrington, B. (2012). Purchasing and supply chain management. Harlow, Essex: Pearson Financial Times. Myerson, P. (2012). Lean supply chain and logistics management. New York: McGraw-Hill. Olson, D. (2012). Supply chain risk management. [New York, N.Y.] (222 East 46th Street, New York, NY 10017): Business Expert Press. Sodhi, M. and Tang, C. (2012). Managing supply chain risk. New York: Springer. Benton, W. and McHenry, L. (2010). Construction purchasing supply chain management. New York: McGraw-Hill. Bowersox, D., Closs, D. and Cooper, M. (2010). Supply chain logistics management. Boston: McGraw-Hill/Irwin. Burritt, R. (2011). Environmental management accounting and supply chain management. Dordrecht: Springer. Burt, D., Petcavage, S., Pinkerton, R. and Burt, D. (2010). Supply management. Boston: McGraw-Hill Irwin. Christopher, M. (2011). Logistics supply chain management. Harlow, England: Financial Times Prentice Hall. Drake, M. (2012). Global supply chain management. [New York, N.Y.] (222 East 46th Street, New York, NY 10017): Business Expert Press. Frazelle, E. (2002). Supply chain strategy. New York: McGraw-Hill. Goetschalckx, M. (2011). Supply chain engineering. New York: Springer. Hugos, M. (2011). Essentials of supply chain management. Hoboken, N.J.: Wiley. Ivanov, D. and Sokolov, B. (2010). Adaptive supply chain management. London: Springer. Jacobs, F., Chase, R., Aquilano, N. and Chase, R. (2009). Operations and supply management. Boston: McGraw-Hill. Kildow, B. (2011). A supply chain management guide to business continuity. New York: American Management Association. Scott, C., Lundgren, H. and Thompson, P. (2011). Guide to supply chain management. Berlin: Springer. Waters, C. (2010). Global logistics. London: Kogan Page.

Tuesday, December 3, 2019

VisitBritain Britains National Tourism Agency

Britain’s national tourism agency that markets tourism industry in Britain and oversees is known as VisitBritain. VisitBritain is a non-departmental public body that receives its funding from the Department of Culture, Media, and Sport. To ensure effective and appropriate marketing of Britain in 35 global markets, VisitBritain collaborates with partners within and outside the United Kingdom.Advertising We will write a custom assessment sample on VisitBritain: Britain’s National Tourism Agency specifically for you for only $16.05 $11/page Learn More Some of the partners include Wales, Scotland, England, and London tourism boards as well as worldwide brands like the English Premier League, Samsung, and agencies run by the government such as operators, airlines, and UKTI (Miles Snow 1978, p. 64). The board of tourism in Great Britain Tourist Authority (BTA) formed under the Development of Tourism Act in 1969 employs the term â€Å"VisitBrita in.† The main aim of establishing VisitBritain was to promote the tourism industry within England and oversees. During its formation, the English Tourism Council and the British Tourism Authority had joined efforts. In an effort to promote tourism in Europe, VisitBritain and other members established the European Network for Accessible Tourism (ENAT) in 2006. VisitBritain also aims at promoting the tourism industry in the United Kingdom. According to a study conducted by a National Audit Study, planning and execution of marketing strategies applied by the organisation is excellent (Ramgulam, Raghunandan Raghunandan 2012, p. 331). Organisational Structure VisitBritain board comprises eight members, Christopher Rodrigues the acting chairperson, CBE, and other six. The secretary for Culture, Olympics, Media, and Sport appoints five members and the sixth member is appointed by Welsh Assembly. During Board meetings, the chairpersons of VisitScotland and VisitEngland join as ex-off icial members. Few observers are also invited during the meeting (Ramgulam, Raghunandan Raghunandan 2012, p. 333). Objectives of VisitBritainAdvertising Looking for assessment on communications media? Let's see if we can help you! Get your first paper with 15% OFF Learn More According to Ramgulam, Raghunandan, and Raghunandan (2012, p. 335), VisitBritain aims at motivating tourists from oversees to visit Britain and explore. Second, the organisation encourages residents of Britain to spend their holidays in Great Britain. It aims at improving and promoting the quality of facilities and services offered to tourists in Britain. It is its duty to offer advice on matters related to tourism to public bodies and the tourism industry in Britain. VisitBritain offers worldwide network to promote tourism oversees. Marketing strategies applied by VisitBritain VisitBritain inspires overseas tourists to tour Britain. A new partnership was launched by the Prime Minister between th e tourism sector and VisitBritain at the beginning of 2011. The joint venture formed a foundation for a marketing program expected to last for four years. Events like the 2012 Olympic Games that will take place in London, Paralympic games, and 2012 Diamond Jubilee will attract large numbers of people to visit Britain. VisitBritain cooperates with a variety of industries, carriers, public diplomacy, and brands to develop public relation programs, digital content, marketing, and inspirational websites that attract tourists from overseas to tour the country. Tourists are motivated to visit and gain knowledge of different regions and nations in Britain. The aim of VisitBritain is to ensure that even with increased competition in the tourism sector; Britain is still among the top tourist destinations in the world (Sarles 2011, p. 40). VisitBritain launched the first global campaign through the broadcast media in June 2011. The organisation had several short films and advertisements durin g which potential visitors received warm and personal invitations from celebrities. In September 2011, VisitBritain used 3D artwork and conducted several stunts advertising the quality of services and offers in 10 cities around the globe. In addition, the organisation campaigned online through the internet to create awareness and reach as many people as possible. Online partners use digital and social media. Working with internet search engines like Twitter, Facebook, Google, and Yahoo, the web-based television has enabled VisitBritain to reach the majority of young people. Internet search engines offer a quick and efficient communication means for people at distant places. This motivates people to visit Britain. The success of VisitBritain in online activities is evidenced by the honors it has received like the Group travel award for providing the best online information and times online award for developing the best tourism board twitter site (Sarles 2011, p. 45).Advertising We will write a custom assessment sample on VisitBritain: Britain’s National Tourism Agency specifically for you for only $16.05 $11/page Learn More Government agencies of the United Kingdom in overseas countries also play a major role in promoting Britain’s tourism industry through promoting Britain as a convenient place to do business, undertake studies as well as spent holidays and vacations. VisitBritain has worked hand-in-hand with other partners like P and O Ferries, DFDS Seaways, Easy Jet, British Airways, Hilton Hotels, and Resorts, STA travel, and Radisson Edwardian. The above industrial partners have offered financial support toward promotion of the tourism industry through the campaigns. VisitBritain’s partners contributed around  £20 million in support of the campaigns (Hudson 2008, p. 80). Other important partners are tourism agencies like VisitWales, VisitScotland, and VisitEngland in the United Kingdom. They offer a rich variety of contents in the tourist destination areas encouraging tourists to tour Britain. The organisation wishes to mobilise Britons to invite their relatives and friends to come to Britain. Britain reaches out to more than 60 million people through social media. VisitBritain aims at attracting more visitors from within the United Kingdom. VisitBritain has established trade, consumer, and media websites in 21 markets around the world that help in creating awareness of large numbers of people. These markets account for three-quarters of the expenditure of inbound tourism. Different traditional and innovative strategies of marketing like social media, PR activity, press, branding, digital, and tactical advertisements are applied. This makes it easy for the organisation to analyse and offer advice on issues and challenges hindering the growth of tourism (Buhalis 2003, p. 60). VisitBritain carries out research and analysis of tourism industry, organises, and facilitates trade and sal es events, and merges with public diplomacy partners like UKTI, British Council, and FCO to ensure worldwide promotion of Britain. The main focus of the organisation is core markets and online awareness as well as networked representatives that enable VisitBritain to reach many potential tourists. Some of the marketing services offered by VisitBritain include market intelligence and insights, B2B, and media connectivity, match-funding, funding, and providing security to local partners, diplomatic public works, and helping overseas tourist agencies working to promote the tourism industry in the United Kingdom (Schuler 1992, p. 23). VisitBritain analyses the trends and performance of the tourism industry to give insights to the industry on how to develop products of interest to international tourists for efficient marketing of the industry. The organisation advises the UK government on issues related to tourism. The advice focuses mainly on the position of the tourism industry in Brit ain in relation to her international competitors.Advertising Looking for assessment on communications media? Let's see if we can help you! Get your first paper with 15% OFF Learn More VisitBritain examines the core markets to determine the necessary steps to be taken to ensure effective competition of Britain’s tourism. VisitBritain analyses and identifies the strengths and weaknesses of the industry as well as establishing tourism strategies that could make the government, national board of tourism, public diplomacy bodies, and the tourist sector in Britain to cooperate. In 2010, Britain attained position seven in terms of international tourism and position six in the number of international tourists visiting the country. Turkey, Germany, and Australia are stiff competitors in terms of arrivals. This shows that there is a stiff worldwide competition in the tourism industry (Misiura 2006, p. 33). Britain’s tourism sector is competing with several emerging markets that are growing fast as well as cultural destination areas popular in other countries (Clarke Flaherty 2005, p. 46). For instance, China is among the three countries in the world with the highest number of tourists. Out of 130 tourist destination areas, Britain was ranked seven in the World Economic â€Å"Competitive Index† Forum in 2011. The aim of VisitBritain is to ensure that the tourism industry in Britain moves higher. Britain is ranked 21st in regulatory frameworks, 11th in infrastructure and business environment, and 3rd in as far as natural, cultural, and human assets are concerned. VisitBritain believes that if tourists are to travel from Latin America, Middle East, India, and Asia to Britain for the first time, necessary measures should be taken to make Britain a welcoming, accessible, and desirable destination area for tourists. To enhance competition and win the market share, VisitBritain has to cooperate with the tourism sector on issues pertaining to the development and packaging of products. Moreover, it has to cooperate with the government on issues concerning capacity of aviation and visas (French Runyard 2012, p. 60). For efficient marketi ng of Britain, VisitBritain works together with commercial partners to get marketing assets and funds. VisitBritain has established partners with Radisson Edwardian hotels, P and O Ferries, British Airways, DFDS Seaways, Hilton Hotels, and Resorts, American Express, and other boards. VisitBritain operates and distributes VisitBritain shop platforms through online and offline retail shops to third parties. Online shops enables tourists from all parts of the world to book for attractions in London and United Kingdom, sightseeing tours and make payments using their local currencies and language before travelling (Rogers 2012, p. 87). This is beneficial for tourists because they can plan for their holidays while at home countries to avoid long queues in Britain. The estimated number of annual visitors to the online shop is 1.8 million. Tourists are provided with quality products to enhance their stay in Britain. The organisation runs B2B marketing travel trade missions, workshops, and e xhibitions oversee that attract partners from the tourism sector. Around  £1.8 million of the expenses is generated in this way (Ashworth Kavaratzis 2010, p. 110). VisitBritain conducts campaigns that create awareness of potential visitors, thus contributing positively to tourism industry. The campaigns are mainly implemented in target markets through many events and channels to reach large numbers of people. Tourism businesses receive free insights, statistics, and market research from VisitBritain, including operator directories for tour and trade and market profiles. The relationship between VisitBritain and travel industries like B2B newsletters, exhibitions, workshops, assisted sales calls, workshops, and Agents training program help VisitBritain to create awareness on services and facilities available in tourist destination areas in Britain (Kotler Armstrong, p. 152). List of References Ashworth, G, Kavaratzis, M 2010, Towards effective place brand management: branding Eu ropean cities and regions, Edward Elgar Publishing, New York. Buhalis, D 2003, ETourism: Information technology for strategic tourism management, Prentice Hall, New York. Clarke, I, Flaherty, T 2005, Advances in Electronic Marketing, Idea Group Inc., London. French, Y, Runyard, S 2012, Marketing and public relations for museums, galleries, cultural and heritage attractions, Routledge, New York. Hudson, S 2008, Tourism and Hospitality Marketing: A Global Perspective, SAGE, New York. Kotler, P, Armstrong, G 2004, Principles of Marketing, (10th ed.), Prentice Hall, New Jersey. Miles, P, Snow, C 1978, Organizational Strategy, structure and Process, McGraw Hill, New York. Misiura, S 2006, Heritage marketing, Routledge, New York. Ramgulam, N, Raghunandan, M, Raghunandan, M 2012, ‘The quest for sustainable business tourism: an examination of its economic viability in Trinidad,’Global Conference on Business Finance Proceedings, 7, 2, pp. 331-342 Rogers, T 2012, Conference s and Conventions, Routledge, New York. Sarles, C 2011, ‘Introducing applied dissertations: Opportunities for industry connection in postgraduate study,’ Journal of Hospitality, Leisure, Sport Tourism Education, 10, 1, pp. 37-48 Schuler, R 1992, ‘Strategic human resource management: Linking the people with the strategic needs of the business,’ Organizational Dynamics, 21, 1, pp. 18 -32 This assessment on VisitBritain: Britain’s National Tourism Agency was written and submitted by user Judith Flowers to help you with your own studies. You are free to use it for research and reference purposes in order to write your own paper; however, you must cite it accordingly. You can donate your paper here.