Customer Based Brand Equity Essay

Customer based brand equality is very important for both local and foreign businesses. Many local based brands have been facing increased competition and challenges from other foreign brands. Both foreign and local brands have been taking turns capitalizing on their competitive position within the Chinese mobile phone market. Because of this, there is a need for both local and foreign brands to gain a clear understanding of their customer’s preferences, in regards to mobile phone features and the perception of their competitive position from their customers. Building a brand and properly managing it has become very important for all companies. Companies are now beginning to realize that brand equity is a most powerful tool and a valuable asset to them. The maintenance and enhancement of a company brand has become a very important part of the management tasks in companies. Brand knowledge structures in the minds of customers are the foundation of brand equity. Brand equity is widely perceived as consisting of brand loyalty, brand awareness, perceived quality and brand associations, among other things. Building brand equity has specific rewards that are quite obvious. But there is a problem in that very few managers are able to objectively assess the strengths and weakness of their brands. Measuring brand equity is very important in assessing the value of the brand. Customer based brand equality helps companies to become aware of the likes and dislikes of their customers. This article shows that customers have three important attributes that they prefer; which are service, durability and brand image. Brand features uniqueness is the least important factor that affects consumers’ mobile phone preference. Price, distinctiveness, place, promotion and advertisements are the second tier attributes of consideration for customers. Attention should be given to improving the brand equity within the Chinese market. All mobile brands should pay very close attention to the improvement of their services and the enhancement of their products durability and brand imager, rather than focusing on intense price competition. The foreign brands are consistent across the board, clearly outperforming their foreign competitors with regard to customer attitudes in the Chinese market. The local foreign companies should begin to focus their attention on enhancing the quality of their product and building up their brand personality and their image. There is still room for the foreign brands to improve their brand equity. Strong brand equity means that customers have high brand awareness, maintain a favorable brand image, perceive high quality and are loyal towards the brand. Reference for the journal: Liaogang, Chongyan, Zian Source: International Management Review, Volume 3, Number 3, 1 April 2007, pp. 76-106

Foreign Direct Investment: Starbucks Case Essay

Requirements:The case should address all the questions provided plus any additional issues the group members feel are pertinent to the case and include a comprehensive update on the company’s situation since the time of the case. The case should be written up and presented in case format: scenario, problem to be solved or decision to be made, alternatives with the pros and cons of each and finally the recommendation with the accompanying rationale. Foreign Direct Investment: Starbucks Case Background General Thirty years ago Starbucks was a single store in Seattle’s Pike Place Market selling premium roasted coffee. Today it is a global roaster and retailer of coffee with over 7,000 stores in U.S. and outside U.S. Starbucks Co. set out on its current course in the 1980s when the company’s director of marketing came back from a trip to Italy enchanted with the Italian coffeehouse experience. Schultz persuaded the company’s owner to experiment with the coffeehouse format-and the Starbucks’ experience was born. The basic strategy was to sell the company’s own premium roasted coffee, along with freshly brewed espresso-style coffee beverages, a variety of pastries, coffee accessories, teas, and other products, in a tastefully designed coffeehouse setting. The company also stressed providing superior customer service. Reasoning that motivated employees provide the best customer service, Starbucks’ executives devoted a lot of attention to employee hiring and training programs and progressive compensation policies that gave even part-time employees stock option grants and medical benefits. The formula met with spectacular success in the United States, where Starbucks went from obscurity to one of the best known brands in the country in a decade. (Hill, 2003) The Company’s objective is to establish Starbucks as the most recognized and respected brand in the world. Starbucks purchases and roasts high-quality  whole bean coffees and sells them along with fresh, rich-brewed, Italian style espresso beverages, a variety of pastries and confections, and coffee-related accessories and equipment — primarily through its company-operated retail stores. In addition to sales through our company-operated retail stores, Starbucks sells whole bean coffees through a specialty sales group and supermarkets. Additionally, Starbucks produces and sells bottled Frappuccino ® coffee drink and a line of premium ice creams through its joint venture partnerships and offers a line of innovative premium teas produced by its wholly owned subsidiary, Tazo Tea Company. The Company divides its operation into two segments, United States and International, each of which include Company-operated retail stores and Specialty Operations. 1.Company-operated Retail Stores The Company’s retail goal is to become the leading retailer and brand of coffee in each of its target markets by selling the finest quality coffee and related products and by providing superior customer service, thereby building a high degree of customer loyalty. Starbucks strategy for expanding its retail business is to increase its market share in existing markets primarily by opening additional stores and to open stores in new markets where the opportunity exists to become the leading specialty coffee retailer. All Starbucks stores offer a choice of regular and decaffeinated coffee beverages, a broad selection of Italian-style espresso beverages, cold blended beverages, iced shaken refreshment beverages and a selection of teas and distinctively packaged roasted whole bean coffees. Starbucks stores also offer a selection of fresh pastries and other food items, sodas, juices, coffee-making equipment and accessories, a selection of compact discs, games and seasonal novelty items. Each Starbucks store varies its product mix depending upon the size of the store and its location. Larger stores carry a broad selection of the Company’s whole bean coffees in various sizes and types of packaging, as well as an assortment of coffee and espresso-making equipment and accessories such as coffee grinders, coffeemakers, coffee  filters, storage containers, travel tumblers and mugs. Smaller Starbucks stores and kiosks typically sell a full line of coffee beverages, a limited selection of whole bean coffees and a few accessories such as travel tumblers and logo mugs. Approximately 1,200 stores carry a selection of â€Å"grab and go† sandwiches and salads. During fiscal 2003, the Company’s retail sales mix by product type was comprised of approximately 78% beverages, 12% food items, 5% whole bean coffees and 5% coffee-making equipment and accessories. 2.Specialty Operations Starbucks Specialty Operations strive to develop the Starbucks brand outside the Company-operated retail store environment through a number of channels. Starbucks strategy is to reach customers where they work, travel, shop and dine by establishing relationships with prominent third parties that share the Company’s values and commitment to quality. These relationships take various forms including licensing arrangements, foodservice accounts and other initiatives related to the Company’s core businesses. In certain situations, Starbucks has an equity ownership interest in licensee operations. During fiscal 2003, specialty revenues (which include royalties and fees from licensees as well as product sales derived from Specialty Operations) accounted for approximately 15% of total net revenues. Go International The US coffee-bar market may be reaching saturation. Further, Starbucks’ store base is also maturing, leading to a slowdown in the growth of unit volume and firm profitability. In response, Starbucks has turned its attention to foreign markets for continued growth. Objective Starbucks mission for international development is to be a global company, making a difference in peoples’ lives by leveraging our brand and the coffee experience to foster human connections. The Starbucks Experience is about  passion for a quality product, excellent customer service, and people. The Company’s objective is to establish Starbucks as the most recognized and respected brand in the world. To achieve this goal, the company plans to continue rapid expansion of its retail operations, to grow its Specialty Operations and to selectively pursue other opportunities to leverage the Starbucks brand through the introduction of new products and the development of new channels of distribution. In doing global business, Starbucks greatly consider local culture as mentioned by Howard Schultz that Starbucks remain highly respectful of the culture and traditions of the countries in which we do business. Starbucks also recognizes that its success is not an entitlement, and Starbucks must continue to earn the trust and respect of customers every day. Entry Mode In 1995, the firm established a subsidiary called Starbucks Coffee International Inc. This group is responsible for all Starbucks business development outside North America, including developing new businesses, financing and planning stores, managing operations and logistics, merchandising, and training and developing Starbucks’ international managers. Starbucks’ first non-North American store was opened in 1996 in Tokyo. Starbucks initially used licensing agreement for its global strategy. Because Starbucks wanted to control business strategy in Japan market, it changed the strategy by establishing joint venture with a local retailer, Sazaby, Inc. Then, Starbucks licensed its business format to the joint venture company. After entering into the Japanese market, Starbucks increased the pace of international expansion significantly. In 1998, Starbucks acquired Seattle Coffee Company in the United Kingdom, a chain with more than 60 retail locations. That same year, it opened stores in Taiwan, Thailand, New Zealand, and Malaysia. In 1999, Starbucks opened in China (Beijing), Kuwait,  South Korea, and Lebanon. In 2000, it entered another seven markets (China – Hong Kong and Shanghai, Dubai, Australia, Qatar, Saudi Arabia, and Bahrain). It added three markets in 2001 (Switzerland, Israel, and Austria). In 2002, another nine markets were opened (Oman, Spain, Indonesia, Germany, Southern China – Macau and Shenzhen, Mexico, Puerto Rico, and Greece). In Asia, the most common strategy used by Starbucks was under licensing agreement. But due to similar reason such as in Japan, Starbucks converted licensing format to joint venture or wholly owned subsidiaries. Thailand, for example, Starbucks acquired its licensee operator to gain control over the expansion strategy in Thailand. In South Korea, Starbucks chose to use joint venture. However, Starbucks development strategy adapts to different markets addressing local needs and requirements. They currently use three business strategies: Joint ventures Licenses Company-owned operations As of At fiscal year end 2003, the Company had a total of 1,257 licensed retail stores in 28 countries managed by the Company’s international divisions and located as follows: Asia-Pacific (9 countries) 968 Europe/Middle East/Africa (13 countries) 176 Americas (6 countries) 113 Total1.257 Results Starbucks is well on its way to becoming a global brand. According to Business Week The Starbucks name and image connect with millions of consumers around the globe. It was one of the fastest-growing brands in a Business Week survey of the top 100 global brands published August 5 [2002]. But becoming a global company is not without risks. Global expansion poses huge risks for Starbucks. For one thing, it makes less money on each overseas store because most of them are operated with local partners. While that makes it easier to start up on foreign turf, it reduces the company’s share of the profits to only 20% to 50%.† The Company’s financial performance is highly dependent upon the retail operations of the United States operating segment. The Company’s International operating segment (excluding Canada) is not currently profitable, and its international stores and licensees may not be successful in their operations or in achieving expected growth. Some factors critical to the success of the Company’s international stores and licensees are different than those affecting the United States stores and licensees. The economies of a number of the international markets in which Starbucks and its licensees operate have been weak in recent years. Tastes naturally vary by region, and consumers in the new international markets into which Starbucks and its licensees expand may not embrace products and services to the same extent as consumers in the Company’s existing United States markets. Occupancy costs and store operating expenses are sometimes higher internationally than in the United States due to higher rents for prime, inner-city store locations or due to local laws that make it more expensive to retain or terminate employees. The Company’s International operations are also subject to the inherent risks of foreign currency fluctuations and changes in economic, social and political conditions. Because the Company’s International operations are in an early phase of development and have country-specific regulatory requirements, they require a more comprehensive field organization, compared to the United States, to provide resources and respond to the business needs in each region. Though international total net revenues increased by $142.4 million, or 30.9%, to International specialty revenues increased $26.1 million, or 28.1%, to $119.1million in fiscal 2003, excluding Canadian operations, operating losses increased by 11.1% to $18.5 million in fiscal 2003, compared to an operating loss of $16.7 million in fiscal 2002. Recommendations Alternative Starbucks can simply choose licensing for all international expansion. This method will reduce possibility that company absorbs operating loss from business partners. By licensing its format, Starbucks gain license fees and royalty from licensee. Another benefit is that license agreement requires relatively low initial investment for company. This will greatly improve company cash flow. However, behind the some benefits, licensing also has disadvantages. Company can not hope tight control over licensee for business strategy or marketing. For company like Starbucks which has aggressive business passion, license agreement doesn’t provide sufficient freedom to develop potential market. Another reason is that company know-how need to be delivered. Starbucks has competitive advantage in valuable management knowledge related to branding and operations of retail coffee stores. The other reason is that licensing opens possibility for potential foreign company’s competitors to learn about company’s know-how. Recommendations Though Starbucks triumphed in North American, the other international segment hasn’t significantly contributed to Starbucks’ income yet. This was partially contributed by International’s proportionate share of net losses in Starbucks Japan reporting an annual net loss of $3.87 million. Japan market is a good example. With 486 stores, it is easy to find Starbucks  logo in Japan, the site of its biggest expansion outside the US. The issue worrying investors is over saturation. Starbucks are vying for too few customers in Japan where also has so many coffee shops. Starbucks should consider about its strategy for international market. In U.S. and Canada market, the strategy to blanket an area completely, even if the stores cannibalize one another’s business, might be applicable. But for each international market, which has unique regional and community acceptance, the strategy shouldn’t be so aggressive. Furthermore, Starbucks should address local taste in every region. For example, in Asia country such in Japan and China, people have more long experience to drink tea rather than coffee. Therefore, demands on coffee beverages in those regions are different from market in North America. Starbucks should also setup a standardized methodology to select markets for entry or further expansion. In addition, Starbucks should investigate further to identify which investment approach is the best in the intended market because the market environment is changing. A certain investment approach maybe is not suitable for a market anymore. By joint venture as an investment approach, Starbucks has tight control over business strategy in a certain country. In other hand, the consequence of joint venture approach is that Starbucks has to absorb proportionately when the joint venture company suffers loss. Update Starbucks enter France One of the traditional of French cafe life – the small, china cup of strong, black coffee – is under assault from a giant of American cultural globalization. France’s first Starbucks coffeehouse opened on January, 2004, giving Parisians a smoke-free – but generally more expensive (An espresso at a counter of a French cafe typically sets you back $1.25, while a shot of coffee costs $2 at Starbucks and a medium caramel frappuccino, for example, goes for $5.62.). Starbucks offers a new cafà © atmosphere which will sweep  away a centuries-old addiction to espresso coffee and croissants in a noisy cafe spiced with the smoke of Gauloise. In the world’s cafe capital, the Seattle-based chain has much the same feel as anywhere else: there are comfortable sofas, and the soundtrack is jazz music and frappuccinos in the blender. However, with an increasing number of young French people living and traveling abroad, the company hopes its concept of bright, friendly coffee bars will find a warm welcome among those who dislike grumpy barmen and cigarette smoke. Starbucks is confident that a younger generation holds the key to financial success, but the figures show that even they haven’t completely abandoned the idea of corner cafes. Only 15 percent of clients to French coffee bars have their coffee to take away. The rest prefer to take a seat and drink it there. Reference Starbucks website. www.starbucks.com Charles W. L. Hill. International Business: Competing in the Global Marketplace – 4th Edition. New York: McGraw Hill/Irwin, 2003 â€Å"Starbucks Corporation: Competing in a Global Market†. UW Business School. April 7, 2003 Starbucks 10-K Report. SEC Fillings. September 28, 2003. â€Å"Planet Starbucks.† Business Week. September 9, 2002. p.102 â€Å"Trouble brewing for Starbucks in Japan†. Bloomberg. June 11 2003. http://www.theage.com.au Ian Messer.†Japan’s coffee shops spill over†. Bloomberg News. May 21, 2003 Caroline Wyatt. â€Å"Starbucks invades Parisian cafe culture†. January 15, 2004. http://news.bbc.co.uk.

A Study Of The Superiority Of Man Over The Environment As Depicted In Never Cry Wolf

A Study Of The Superiority Of Man Over The Environment As Depicted In Never Cry Wolf Man over Nature? In Never Cry Wolf Ootek tells Farley a legend that links man, wolves, and caribou in a perfectly balanced, continuos, natural cycle. Nevertheless, the whole novel uncovers the sad truth that man has altered this unique cycle and its own denial of it threatens to destroy it. This theme, suggests the idea that man, although being a part of nature, has abused the power that was granted to him only to have a better life at the expense of other living beings. In Ooteks tale, man is clearly referred as a superior being who plays the main role in nature. For example, the woman in the story and her sons, which in a way represent humanity, are given the caribou as a gift from the gods, a gift that would supply all their needs. so the sons of the Woman hunted well, and they were fed and clothed and had good skins to live in, all from the caribou (Mowat 84). In the same way, nature has provided humanity entirely with all its needs in a way where it can coexist harmonically with the living things around it. People, in a somewhat self-centric way, have viciously transformed the natural world for their own good in order to supply themselves with superficial things. Nevertheless, though hominids basically make nature work for their profit, they too form a part of it. On the other hand, man has surpassed its use of nature and has begun to destroy the delicate cycle it forms. No one can deny, how civilization has basically stripped jungles, polluted air and water, exterminated species and contaminated the land. The human beings have lost complete respect for nature and will probably have to face the consequences. It is incongruent to think that exploiting a planet will not end up harming all the living things that coexist together in it. In Never Cry Wolf, hunters face the problem of having few caribou to hunt. They immediately blame the wolves of being monstrous and obnoxious beats who savagely devour deer, and never stop to consider the possibility that this problem might be caused by their own addiction to make money by over killing animals. my predecessor supplied the Minister with an explanation of this situation in which it was his contention that there were fewer deer because the hunters had increased to the point where they outnumbered the deer about five to one. He was promptly shouted down by Members howling Liar! and Wolf-lover! (Mowat 9) The hunters in the story also lost respect for nature and the vital role the wolf plays in the life of the caribou. They decide to exterminate it. Slowly but surely, the lack of wolves will alter the caribou-wolf cycle by allowing the caribou population to grow weak and sick; this will eventually have repercussions on man himself. It could now be concluded, that man, as well as the hunters in Never Cry Wolf, have abused nature and have not tried to give something back by contributing to the circle of life. Because the discrimination against wolves, it cause an extensive rumor, numerous rumors, and several lies. Evidently the denial of this situation will soon backfire on man. This would bring out the question: why can man not look over his shoulder and care for others if this means caring for himself? It is now up to the future generations to become responsible for nature and give something back for all it has been taken from it.

ABC Financial Business Research Paper Example | Topics and Well Written Essays - 750 words

ABC Financial Business - Research Paper Example Business planning to expand its sales with a 25% increase requires the management and its shareholders to set their targets and goals through a forecast budget. An effective business will lays out the perfect strategy in realizing the companies’ goal of profit maximization. By having the capability to read the agency’s future, it is practical to form feasible strategies that work in favor of the additional products that can leverage the current ABC employee skill-set as well as the manufacturing facilities. In this case, it is critical to form a financial plan to assist the agency’s long term objectives. This is especially if it is the first time trying to make it in this entrepreneurial venture. Some of the aspects that surround this business need addressing so as to make it simpler to deal with the hurdles that these project faces. This paper will examine such a plan in bide of setting aggressive growth target of reaching $3 million annual sales within the next 3 years and how it may impact the growth and development of the business, in the long run. The paper also analyses the overall risk profile of the company based on current economic and industrial issues that it may be facing based on the track records of its financial statements. Discussion It is fundamental for one to be apprehensive about the issues the market may be facing. One of these issues may be an economic downturn. The economic activities that surround this manufacturing industry are a vital aspect in the continuation of the new proposed project (Chandra, 2011). An expansion of the activities occurring in the manufacturing environment means that, there is a chance of having restructuring other interdepartmental that do facilitate the production of final product. As a growing business, the board of management needs to be sensitive to such customer needs and requirements. Overall customer satisfaction is another sensitive area to look into in the business. Customers prefer to have access to information. The ability to provide this access at a rapid pace means that, they will be inclined to get more involved with the business (Brigham, & Ehrhardt, 2011). This works in boosting the annual revenue acquisition. This is where technology comes into play in the business. Offering customers information leads to more interaction, which is the primary focus of the product. Government regulations are also a sensitive area to look into while trying to grow the business in order not to derail the quality of their product (Chandra, 2011). The government policies could also improved access to financial services which on the other hand is help-full in raising the funds for such proposed expansion. All these sensitive areas might determine if the business will grow after expansion, or if it will remain stagnant as at the commencement of the pursuit of new venture. It is very pertinent to acknowledge the presence of all factors present in the industry that might enable it to grow, decline, or remain stagnant (Brigham, & Ehrhardt, 2011). In order to attract a wide variety of customers, it is vital to have an image of the build cedar dollhouses that are to be offered in the market. The price would depends on alternative product which the competitors also do offer in market, that reflect the loyalty of the client, and how much they are invested in the business as a cost of production. Loyalty in any business is fundamental in its growth as cabalist. However, diverting customers from the competition is instrumental in covering the business and some of its costs. In order to provide capital to enable the business to grow and give the shareholders their share,

In the light of the modern case law on review on the grounds of error Essay

In the light of the modern case law on review on the grounds of error of law and error of fact, is it still possible to say that - Essay Example In light of modern case law on review on the grounds of error of law and error of fact, to say that judicial review is concerned with the legality and not the merits of a decision remains to be seen in how they determine such cases. A critical analysis reveals that error of law and error of facts are indeed only errors inasmuch as the rules of natural justice apply during decision-making. Even so, sometimes a decision maker may not adhere to legal requirement that makes it mandatory for them to comply with the statutory procedure such as wrongfully admitting evidence in the absence of evidence. There have been concerns and various interpretation as to what happens in such a failure, whether it is reviewable as an error of the law2. It is vital to note that failure has the probability of being an error of the law or just a ground for review. For any possible review, the admissibility for a review is only that the ground is an error of the law and an applicant fit into that ground or t here is a failure. On the grounds of consideration of certiorari, a prerogative writ overturns a defective decision. As such, it is usually up to a plaintiff seeking certiorari to show that a legal defect in making the decision in question is indeed an error of the law. Taking into consideration judicial authority, there are a number of cases that hold in their specific circumstances that a failure by a decision maker to comply with judicial requirement is an error of the law. For instance, it is an error of the law if a tribunal remitted a matter being determined to an office, which had been abolished as was in the case Commonwealth v Angel3. Besides, a failure to give reasons in beach of a statutory obligation is an error of the law as demonstrated in Dornan v Riodan4. Likewise, the same applies when a judge fails to give proper reasons for a decision in breach of the common obligation law to do so as was seen in the case Commissioner for Railways v Peter5. Error of facts on the o ther hand may be seen to have a close relationship with error of law. It appears then that there is always a need to engage in fresh analysis whenever there is a need to distinguish between law and facts, and consequently between error of .aw and error of fact. One should observe that the fundamental part to this analysis between error of fact and error of law is anchored on the fundamentals of the law, which are achieved through interpretation of the law, establishing facts, applying the law, and analysis of their compliance with legal procedure. In layman’s language, an error is committed when something is not done in the way it should be done. Therefore, it is determining of an error using law that creates an error of law. The relationship with error of facts errors of fact are always judicially admissible as errors of law. Even though, errors of fact have two claims. The first one is that wrong findings of material facts impede the very purpose of the law by preventing th e law from applying to material facts when it should. The law fails to apply to material facts in the sense that the real facts do not come before the law for consideration. On the other hand, the law may also fail by failing to apply wen it should indeed apply6. To understand better the error of facts, a

Advanced Fire Administration Essay Example | Topics and Well Written Essays - 1250 words

Advanced Fire Administration - Essay Example The chief of police recognized and respected me over the years due to the services I led my unit to offer. It started with frontline supervision and rose to command with many daring rescues. The team leadership I provided with the support and trust of my unit led to effective decisions in a hard and demanding environment. I started as an active firefighter in 1983 where I held the ranks of lieutenant and captain by the year 1989. In 1989, my administrative duties began after my election as the departmental third assistant chief by my colleagues. By the year 1989 to 1991 I had risen to the first assistant chief of the department, it was, therefore, a pleasant surprise when in 1992, my colleagues saw me as best suited for the position of fire chief. I held this position for four years before serving as the vice president and fire ground safety officer to the fire company between 1996 and 2009 (Randy 56). In 2010, I became president to the fire company, this company which is the C.E.O for the fire organization. Its responsibilities were to offer detailed plans, procedures, and standards for implementation at a volunteer fire department serving a unique population comprised of large and small businesses, single-family homes, high buildings, and municipal facilities. My duties as president were to offer expert technical knowledge, to train and safely lead approximately 50 volunteer firefighters and engage in controlling and extinguishing fires to protect property. I also aided in rescuing people endangered by fire, reducing and trying to eliminate potential fire hazards, controlling hazardous materials incidents, coordinating emergency medical services, training volunteers in fire protection and prevention, operating and maintaining fire communications equipment, and advising on improvements to structures for better fire prevention.

Go or No-go Decisions Assignment Example | Topics and Well Written Essays - 1000 words

Go or No-go Decisions - Assignment Example Fuzzy-gate concept helps manufacturers know whether they are going in the right direction of new product development or they need some changes or improvements. A firm should make the decisions regarding product development at both stages of the development, which include before development and during development. The reason for before development is that when the firm will be making appropriate decisions before developing the product, it will be able to manufacture right product for the customers. Similarly, when the firm will evaluate its decisions according to the market business during product development, it will be able to achieve desired results from the product. Essay Answer: 2 The techniques, which a company can use to attain speed in a new product project, include proper management of organization, intensifying resource commitments, designing for speed, preparing for rapid manufacturing, and preparing for rapid marketing. The techniques, which can be used in proper managemen t of organization while bringing a new cosmetics division in an established skincare company, include use of a good idea, properly analyzing customers’ demands, encouraging and protecting team, and clearing tracks in shared supporting departments. Similarly, some techniques for intensification of resource commitments include integration of channel members and use of parallel engineering. In case of design for speed, some good techniques include rapid prototyping, computer-aided design, and design-aided manufacturing. In case of preparing for rapid marketing, use of rollouts and facilitating trial purchasing are good options for a firm to attain speed. Some risks included in speed to market approach include improper analysis of the market, improper analysis of the customers’ demands, and development of an improper marketing strategy. Essay Answer: 3 New product ideas hold great importance in the process of new product development. ABC Company needs many ideas to select the best ideas for the product development. The department of new product development should look at the ideas generating from various sources, such as, employees, customers, research and development, competitors, distributors, psychologists, and outside sources. The department can collect valuable information from these sources because all of these sources play an important role in the overall process of product development. Sources, such as, competitors, research and development, employees, and outside sources can make the manufacturers aware of the needs and demands of the market regarding any specific product. Lead users are the people who use the product developed by the company. The role of lad users is very important in the development process because they can give the exact idea regarding what actually is demanded and expected by the intended users of the product. Therefore, manufacturers need to consider the opinion of led users while developing new products in order to ach ieve success in market. Essay Answer: 4 Social responsibility must be a key initiative because it builds a positive image of the brand in the minds of the customers. Being the new product development manager of motorized scooter, I will incorporate social responsibility to protect the environment as much as possible. I will develop an eco-friendly motorized scooter, which will have no noise and pollutant emissions. I will use the concept of green marketing to

Visit to California Science Center Essay Example | Topics and Well Written Essays - 750 words

Visit to California Science Center - Essay Example In contrast with the other institutions, the California Science Center has sufficient hands-on exhibitions to go around (Falk, pg 38). For children under seven years of age, the discovery rooms create an imaginative world over there. Apart from this, it has some great gift shops, technical museum books, geeky t-shirts and souvenirs, games, which are based on science and technology and a superb collection of books for every age group. Admission to the science center is free of cost if we do not seek an IMAX film or any other special thing but we can give donations inside the center. Although everything was of great interest, but the thing, which attracted me the most was the model of solar energy transportation and a wind tunnel. I saw the model of solar energy transportation at the creative world, which explores the discoveries of people from communication to transportation. At the creative world, one can learn about the historical as well as latest technologies of transmitting sound and fuel-cell technology. Besides this, visitors can run the cars, which are solar powered and can discover the ways in which buildings were created to be free from the threats of earthquake. I learnt about the solar energy transportation by visiting there. The transport, which runs through solar energy travels at a speed of 200 miles at 35-40 mph. Such type of transport does not produce any kind of pollution because it generates energy through the Photovoltaic effect (Falk, pg 38). Photovoltaic Effect The photovoltaic effect was discovered by Edmond Becquerel. According to his research, when some type of solid is exposed to the sunlight, it generates some amount of electricity. This effect further showed that it is a transformation of light energy into electricity at the atomic level. It is due to this effect that electricity is generated through the light energy to run the transport (Fonash, pg 39). Solar Panels By combining many photovoltaic cells, solar panels are produced. The se solar panels generate one and two watts by operating fifteen percent efficiently. In order to form modules, these cells are linked into a group of 40. For forming an array, a group of 10 is formed. Array can generate 800 watts of electricity (Fonash, pg 34). Batteries Since storing of the solar energy was difficult, so for this purpose, Lithium ion and Nickel-metal hydride batteries are made. Nickel-metal hydride battery can bear heavy load. These batteries lose half of their charge in a year but this obstacle is not of much significance. Other Obstacles The transport model, which I saw at the California Science Center, has the capacity of only two persons. This is a great obstacle of transportation through solar energy because solar transportation does not have much engine power. In spite of these little barriers, it is likely that the transportation through solar energy will bring a rapid change in the transportation industry in the near future. The other thing, which excited m e the most, was a wind tunnel, which had both ends open. When one person speaks from one end of the tunnel, the other person hearing at the other end of the tunnel can clearly hear the person. It was looking like a magic and attracted me so much. Although it seems to be a magic but there is a logical theory behind it. Sound is a complete set of ordinary decompression and compressions, which are also referred as rarefactions. The theory behind the wind tunnel was that sound wave is a longitudinal

It has been said that modern developments such as ABC are sometimes Essay - 1

It has been said that modern developments such as ABC are sometimes implemented because they are fashionable and not because they provide extra information to management. (Discuss the above statement) - Essay Example Job costing is another modern development, where the management gets information concerning the costs for each job order, their specifications and scope. Contract costing is yet another development that provides the management with information concerning heavy expenditure which takes a long period of time (Brimson, J. A. 1991). Historically, most of the companies placed their focus on the creation of value rather than investing in assets and organization. The dramatic development of companies led to the realization of the need to have practical accounting systems. The development of the ABC system has led to a positive change in productivity by espousing the identification of inefficient products, the allocation of more profits on resources, and cost reduction (Gosselin, M. 2005). However, most firms are experiencing problems ascribed to the implementation of ABC and in extreme cases; the implementation of the system fails to work out. For instance, in highly developed countries, some of the companies fail to grow and became stagnant owing to the use of ABC. Most companies that carry out a cost-benefit analysis on the use of ABC discontinue the implementation of the system since it is costly. The management should get constant updates on a company’s cost performance (Grieco, P. L., & Pilachowski, M. 1995). In using ABC system, some of the overhead costs are difficult to separate and the allocation of the cost on a product unit poses difficulties. An example of such an overhead cost is the Chief Executive Officer’s salary; this does not provide the management with appropriate reports on costs (Hansen, D. R., & Mowen, M. M. 2000). The ABC method allocates business costs to its products on a proportionate basis or based on assumptions. This translates into the generation of inaccurate reports on costs by the management. Affording the management accurate information