Macroeconomic in Finance Essay Example | Topics and Well Written Essays - 2000 words

Macroeconomic in Finance - Essay Example These models also highlight the interrelatedness of variables in the economy, which is one of the core concepts in contemporary macroeconomics. Explain how the effectiveness of both fiscal and monetary policy is dependent on the sensitivity of money demand to the interest rate in the closed-economy. Explain how other factors may also impact on policy effectiveness. Monetary policy is "the government or central bank process of managing the money supply to achieve specific goals such as constraining inflation, maintaining an exchange rate, achieving full employment, or economic growth." The monetary policy tools refer to the policy tools of the central bank used to affect the money supply and interest rates such as open market operations, changes in the discount rates, and changes in the reserve requirements (Mishkin 2004). It should be noted that the effectiveness of all these policies rests on the relationship between money supply and interest rate. Accordingly, an increase in the money supply tends to bring a reduction in the interest rate while a decrease in money supply brings about a rise in interest rates. It is notable that without affecting the interest rate, monetary policy renders no effect on the economy. For example, a government wishing to eliminate unemployment pursues an expansionary monetary policy lowering the reserve ratio. Th is in effect will lead to excess reserve rates and encourages bank lending while increasing the money supply. Since interest rate is inversely related with money supply, interest rate falls which encourages investment. Aggregate demand increases and unemployment is reduced or eliminated through the creation of

Engneering mechanics Lab reports Report Example | Topics and Well Written Essays - 1500 words

Engneering mechanics reports - Lab Report Example tting acquainted with a wide range of structural testing components (HEILES & SCHÄFER, 2013).   To this extent a number of tools and equipment that were used in the entire experiment have been duly described to a greater extent based on their usage and the conditions that should be kept constant while performing the experiment using those kinds of pivotal tools and equipment. The beam of length 1.3 meters was initially placed firmly on the cast iron bed with the assistance of simple supports A and B placed 1 meter apart. The load was then applied by use of the mass hangers at a gradual incremental rate, while the measurements were recorded at each and every stage. The next step that ensued was the aspect of bringing in some sort of variations with regards to the length while the initial procedure was repeatedly done. The material under test was then altered such that, in each and every instance it was only the cross sectional breath that changed. This was repeatedly done at various levels as the mid span deflection at each stage was measured (in mm) with regards to the subjected conditions. The next step that followed suit was the aspect of altering the tested material such that in each and every instance the cross-sectional depth was the only variable that changed. Under this stage, the rate of deflections were also measured and recorded accordingly. Al l the obtained values were then clearly recorded and compiled so as to assist later during analysis whereby, the values that were arrived at were subjected to massive scrutiny and comparisons with the existing facts and figures under each and every experimented condition. Using 0N as the minimum and 150N as the maximum, the mass of the load was adjusted by increasing each trial consequentially by 25N. All this was done keeping these values constant: L=1m, b=20mm and d=14mm. Values obtained were recorded as below Using a minimum length of 0.6m and a maximum of 1.2m, length of the load was varied in split

Structural Change Management Process: The NHS

Structural Change Management Process: The NHS The case study report below is complete dissection of the undertaken structural change process by the Rossett NHS Hospital Trust to achieve its business objectives. Rossett NHS Hospital Trust attempted to introduce generic worker concept involving about 250 employees from its huge employee base of 2800. This change was part of a wider, strategic transformation in the NHS hospital with its focus on human resources issues, and in compliance with government initiatives, in the process realise continual improvement in quality of services rendered to patients and improve value for money. The nature of and rationale for the attempt of introduction of the generic worker concept was to achieve significant reduction in waiting times, improve flexibility, responsiveness to the patient needs by combining the roles right to the ward level and creating a central pool. This would enhance multiskilled work force who are eligible enough to conduct other full range of domestic and portering roles and other services including serving patient, clearing, and portering. The management through this structural change i.e. adapting to generic worker concept wanted to improve the working atmosphere of its employees by improving the flexibility in task allocation and rendering by its employee base and motivation of impacted employee base which in-turn reduce the absenteeism, which, is currently among the highest, when compared to the industry average. The finance department claimed that successful implementation would help to provide good value for money and make cost savings and proposed single grade and pay spine to the impacted employees and performance bonuses on attendance. From the operations perspective, this would bring about enormous benefits of flexibility and would simply and improve efficiency by avoiding waiting for action time and wasted journey and other duplication of efforts. The report below tries to analyze in depth about. Literature review Team Management and Team Constitution When two or more people interact among each other to accomplish a goal then it is called group. A group of people who work intensively with each other to achieve a set goal is called a TEAM. Team members should always be driving by the goal rather than individual results. The success of a team depends on the accomplishment of set objective or the drive to excel the same. Team functionality impacts the organizations effectiveness and performance. The contributing factors from the both the individual and organization context which are the driving factors for team existence and performance: Contributing factors for team cohesiveness and performance There are different types of teams which include functional or departmental, cross-functional, and self-managing. Each of these types of teams have certain characteristic features which differentiate their functioning style and objectives set to achieve. There are four essential elements that make the team successful or adventurous; goals/objectives, interdependence, commitment, and accountability. There are basically three different formats of team functionalities which explain how each team exhibits their cohesiveness and working style, as explained below. Basic functional team structure Team should be encouraged to develop: Positive Interdependence Face-to-Face promotive Interaction Individual Accountability/Personal Responsibility: Teamwork Skills Reduce social loafing as it is human tendency to put forth less effort in team than individually. Conflict management among the team members. Team Development and Management: Team development is a process which needs to be carried along cautiously and in controlled manner. Team management is set of processes and/or procedures carried out along to achieve the teams set objectives or goals. As Bruce Tuckman (65) explained the process is formed of five major steps as forming, storming, norming, performing, and adjourning. Following these steps in true intentions would only build the team to be together, build constructive consensus of ideas/thoughts, and explore newer avenues leading to effective result oriented team. Bruce Tuckmans five stage team development Motivation The processes that account for an individuals intensity, direction, and persistence of effort toward attaining goal is called motivation. Motivation is said to be intrinsic, that drives from within or from intangible benefits or extrinsic, that drives from outside facilitators or from the tangible benefits. The term motivation can be described in many different formats and views, as of author mentions, DrÂÂ  Stephen P. Robbins, this is the process that account for an individuals intensity, direction and persistence of effort toward attaining a goal (S. P. Robbins). In general there are broadly two types of motivation; Process theory Content theory A process theory defines motivation as a rational cognitive process occurring within the individual as explained through Adams Equity theory. While on the other hand, a content theory defines motivation in terms of need satisfaction as explained through the Maslows Hierarchy of needs theory. Hence, the above two theories defer in many ways because each recognize motivation and its application due to the circumstances. Motivation Factors that will motivate if they are present are the claim of achievement, advancement, recognition, and responsibility. Dissatisfaction is not normally blamed on Motivation Factors, but they are cited as the cause of job satisfaction. Herzberg believed that organizations should motivate employees by adopting a democratic approach to management and by improving the nature and content of the actual job through certain methods. Some of the methods managers could use to achieve this are: Job enlargement workers being given a greater variety of tasks to perform which should make the work more interesting. Job enrichment workers being given a wider range of more complex, interesting, and challenging tasks. This should give a greater sense of achievement. Empowerment delegating more power to employees to make their own decisions over areas of their working life. Hygiene Factors that de-motivate (in absence) Such as supervision, interpersonal relations, physical working conditions, and salary. Hygiene Factors affect the level of dissatisfaction, but are rarely quoted as creators of job satisfaction. C07NF006 Herzbergs Two-factor Theory In the case study provided, the two main types of motivational theories which through me reading are most adaptable are the Porter and Lawyers theory which is a Process theory, its features and how it adapts to the workplace. And on the content theory side I find the Herzbergs Motivation-Hygiene Theory, its features and how it adapts to the workplace to be most suitable. Porters and Lawler Theory Porter and Lawler (1968) explained that modulating the work atmosphere so that effective performance would lead to both intrinsic and extrinsic rewards, which would implicate to increase in complete job satisfaction. Understandably in this model is the assumption that intrinsic and extrinsic rewards are additive and correlated, yielding complete job satisfaction. According to Porter Lawler Theory, any premises that felt needs cause human behavior and that the effort expended to accomplish a task is determined by the perceived value of rewards will result from finishing the task and the probability that those rewards will materialize (GAGNE and DECI, 2005) Porter and Lawler (1968) expanded Vrooms initial work to recognize the role of individual differences (e.g., employee abilities and skills) and role clarity in linking job effort to actual job performance. This is one of most comprehensive motivational structure based on the expectation theory which elaborates on all the factors which can influence each individuals motivation. Porter and Lawler incorporated a feedback loop to recognize learning by employees about past relationships. Leadership Leader is one who can impress upon a group to behave or act according to his/her objectives. The leaders ability in doing so depends on the ability in process application of both knowledge and skills. According to Northouses (2007) definition Leadership is a process whereby an individual influences a group of individuals to achieve a common goal. The ability of process application of a leader can be explained through the process leadership explanation. (Jago 1982). But, in general there are traits which influences our action, this can be explained through the Trait Leadership (Jago 1982). Jagos Leadership theories This explains that the leadership is learned, leaders ability of application of process of skills and knowledge depends on the traits or attributes he posses or believes in. Today, leadership is increasingly associated not with command and control but with the concept of inspiration, of getting along with other people and creating a vision with which others can identify. For example, Adair sees leadership as a combination of example, persuasion and compulsion that results in making people do things they might not otherwise have done. According to Levine, leaders need to concentrate upon moving people and organisations forward by increasing the competency of staff and the co-operation of teams in order to improve the organisation. A leaders job is to constantly challenge the bureaucracy that smothers individual enthusiasm and the desire to contribute to an organization. Leadership and management Management is more usually viewed as getting things done through other people in order to achieve stated organisational objectives. The manager may react to specific situations and be more concerned with solving short-term problems. Management is regarded as relating to people working within a structured organisation and with prescribed roles. Management may arguably be viewed more in terms of planning, organizing, directing and controlling the activities of subordinate staff. Leadership, however, is concerned more with attention to communicating with, motivating, encouraging and involving people. The emphasis of leadership is on interpersonal behaviour in a broader context. It is often associated with the willing and enthusiastic behaviour of followers. There are other differences between leadership and management. For example, Zaleznik explores difference in attitudes towards goals, conceptions of work, relations with others, self-perception and development. Managers tend to adopt impersonal or passive attitudes towards goals. Leaders adopt a more personal and active attitude towards goals. In order to get people to accept solutions, the manager needs continually to co-ordinate and balance in order to compromise conflicting values. The leader creates excitement in work and develops choices that give substance to images that excite people. In their relationships with other people, managers maintain a low level of emotional involvement. Leaders have empathy with other people and give attention to what events and actions mean. Managers see themselves more as conservators and regulators of the existing order of affairs with which they identify, and from which they gain rewards. Leaders work in, but do not belong to, the organisation. Their sense of identity does not depend upon membership or work roles and they search out opportunities for change. Transactional and Transformational There are two fundamental forms of leaderships Transactional and Transformational Transactional leadership is based on legitimate authority within the bureaucratic structure of the organisation. The emphasis is on the clarification of goals and objectives, work task and outcomes, and organisational rewards and punishments. Transactional leadership appeals to the self-interest of followers. It is based on a relationship of mutual dependence and an exchange process of: I will give you this, if you do that. Transformational leadership, by contrast, is a process of generating higher levels of motivation and commitment among followers. The emphasis is on generating a vision for the organisation and the leaders ability to appeal to higher ideals and values of followers, and creating a feeling of justice, loyalty and trust. In the organisational sense, transformational leadership is about transforming the performance or fortunes of a business. This type of leadership is best suited during the structural change circumstances. Critical Analysis Proposed change The management of the Rossett NHS Hospital Trust hospital envisioned to revamp the organizational structure through seven key changes in their business plan for the yea. Of them the reports elaborates on the attempt to introduce multiskilled, ward based teams of support workers. This transformation would impact around 250 employees. The objective of the changes was to achieve competitive advantage over other hospitals and earn greater customer satisfaction. The proposed change is an attempt to introduce the generic worker concept to significantly reduce the waiting time and improve the compliance with government initiatives and introduction of major information systems. The Site service Directorate was responsible for this implementation. It was broadly constituted of Hotel Services (domestic and portering staff), which was managed by Deputy Director of Site Services, but the actual ownership of the change was owned by Director (Anita Patel). The changed comprised all the porter and domestic staff. The staff was divided into three groups under three managers while some of the staff were stationed at specific departments but majority were placed in the central pool to attend to various duties including serving food and assisting nurse ancillary staff. These staffs were to report to the managers at Site Services Directorate (which was a conflict reason in practice). This change required additional training to get acquaintance with new jobs they would have to perform. The staff had to embrace to work flexibility and teamwork and some needed to face change in shifts. This change is structure came out with great news with structured payment system and pay rise along with performance bonuses aimed at improving the employee motivation and job satisfaction. Actual change The vision of management was taken bitter tone when it came out open and functional though they envisioned greater and positive response from all involved including middle managers and the actual employees impacted but the story in practice was completely different which lead to failure in implementation to achieve the objectives. The actual impacted staff showed little or no interest in the change as thought it to be invasive into their working schedule and their interest of work. Though certain women staff were happy to see the men staff doing the cleaning and others and but the nurse felt they were neglected and their duties were invaded by the lower ranked staff. Majority of staff had no clear idea has what kind of activities they would be involved which lead to reduced job identification and satisfaction. These changes brought out major conflicts among the middle managers and actual working staff as there were not clear demarcation of duties or jobs and who would be involved where and when would be the staff put at work, all this created lots of confusion and job dissatisfaction and conflicts among the actual working staff and also between the department involved. The managers (middle) were not able to clearly identify the conflicts which lead to ineffective actions to tap these differences. The managers were not able to distinguish out the problems and gel the differences due to loss of ownership of job. As one of porter staff mentioned the change as fire-fighting- there is no service level agreement in place against which to measure performance. The other area where conflict and confusion rose was with the rota preparation as manager were having hard time to track who can do what and where to place and when to place them since they to pick from the general pool of employees. The manager were facing difficulty in tracking and employees felt bias treatment bestowed upon few employees and that rota system preparation was not in-line with conditions laid down for change. The other major problem was the gender issue which came out in open when most of men openly showed their dissatisfaction to working as cleaners. This issue was completely neglected, as no manager looked into it right from the planning stage to the implementation stage. From the managers point of view they seemed to be completely powerless as no clear demarcation of rules and regulations, which lead to ineffective control by them on the change and could not initiate any mending ways or improvise the circumstances. To add to the present situation even the union (UNISON) was against the change implementation saying it would radically change employee benefit agreements and that this is just a cost improvement exercise without considering the employee and their concerns and advocated employees to vote against the change. So, to conclude this whole generic working concept was utter failure, though there was last ditch effort to save the change by the management but could not succeed in their effort. Recommendations and conclusions On careful dissection of the whole of the happenings during the trial period of the change envisioned by the Rossett NHS Hospital Trust I deem the following recommendations and conclusions as the most suitable and adaptable the trust should have taken to the successful accomplishment of their business vision. Of note, there were certain positive points to the envisioned generic worker concept, these were (to mention a few); Simplified pay structure. Performance bounces linked to attendance. Option of shift changes. Job profile enhancement and new job cultivation. Opportunity of greater team building avenues. Greater customer satisfaction feasibility. Improvement to the financial health of the trust. But these good points were not communicated down to the employees in practical. On the leadership front, the management though had these benefits on the paper and on the discussion table with the down line managers but did not clear demarcate roles and regulations for the immediate line managers to exhibit and propagate these benefits and also let them exploit their leadership skills in handling the circumstances in day-to-day running during the trial period. The immediate line or reporting managers were left stranded having nothing to do to with various grievances of the actual and effected work force under them. These restrictions and inability led the team manager and members to have job dissatisfaction and lack of motivation to pursue the management vision. There was need for a transformational leader who took up the responsibility and courage to stand up to the occasion driven the team to envision the same vision as seen by the management. The moral of the image above, when during any change the leaders transformational ability comes handy as he has to tackle and win over the employee resistance, depending on the complexity of the task, and also the magnitude of change envisioned by the management. But none these ever exhibited by any of line and immediate managers of Trust Hospital. On the motivational front, after careful literature review the basics of the Porters and Lawler Theory which was based on the expectancy theory was completely neglected by all levels of management in the Trust Hospital. The line managers did nothing to motivate the employee effected, or should say, had no say in taking control of the situation, this lead the team to be completely de-motivated and resultant being them to be less inclined to pursue management vision of structural change though it benefited them greatly. Motivational level at the line manager was equally demoralized as the top management did not let them express themselves during any of the meetings and only positive points were discussed rather taking the holistic view of the structural change into consideration. Both the intrinsic and extrinsic rewards though were present in the structural change present but were not explained to the team effectively which lead to demotivation of the work force. On the team management front, members were not cohesive with each other and always in their old stigma of work culture and they were confronted upon before going ahead with the changes which lead to the feeling of neglect growing in them. The basic contributing factor of team cohesiveness were not put to practice, when the members felt that their rota was prepared as the change structure specification there was no one to provide them with consolidating reasons showing single lane attitude from the management. The trial team formed (reciprocal task based team) where exposed and were happy with the structural change (voted in favor of vote) but management could not duplicate their satisfaction and motivation to the rest of the actual work force impacted by the proposed structural change envisioned. Team members were not introduced to the new change and their conflicts and concerns never made to the change meetings between the line managers and top management. The delicate gender issues were also equally neglected. This clearly shows the areas where the management completely failed and needs to improve if they ever needed to achieve their objective in the future. To conclude for the failure of the envisioned structural change proposed by the management cannot be restricted to one area or department but a complete collapse of non-adherence to basics of structural management theories to mention a few team building and management, motivation, and leadership as discussed in the report above. Had the top management been able to clearly embark the capacity and specified roles along with rules and regulations to the line managers and taken into consideration the concerns of the actual work force to be effected by the generic workers concept the results would have been in favor of the structural change. To sum up, there was utter chaos and neglect to stick to the basic structural change management theories which lead to negate the structural change to generic worker concept by the actual work force to be impacted though there were numerous benefits to the Trust hospital and employees to be impacted.

Schizophrenia and the Brain Essay -- Mental Health, Diseases

Over the last few decades Schizophrenia has become embedded in mainstream vernacular as any behavior or emotional response that is out of touch with reality. However even with its popularity heightened through movies and headline news stories, schizophrenia is still one of the most enigmatic and least understood disorders of the brain. With current research focused on the role of neurobiology and functioning on a cellular level, investigative analysis has merited new innovations towards its source, however a single organic cause for the disorder still eludes scientists. Although the foundation of the affliction is still unknown, its effects are well documented and over the next few pages will show the changes in the brain as the disease develops, and how those alterations impact the rest of the body and alter various other functions throughout the viscera. The term Schizophrenia was first coined in 1911 by Swiss psychiatrist Dr. Eugen Bleuler and translates from the original Greek as schizo (split) and phrene (mind), making a literal translation of split-mind, in reference to the disjointed thinking of those with the disease (Johnstone, 1994). Although the term was first used in the early twentieth century, according to scholars a ‘madness’ was described in The Ebers Papyrus, a collection of ancient Egyptian medical papers dating back to 1550 BC, which accurately depicts some of schizophrenia’s symptoms (Johnstone, 1994). With its possible documentation over three millennia ago and its symptoms documented in a myriad of medical journals throughout history, the disorder itself is very rare. Those who are at the highest risk of manifestation are offspring whose parents are both schizophrenic, although even at this rate the risk o... ...hrenia is unique disorder that affects the brain in many ways, yet manifests itself differently from person to person. As there is no tangible rubric for how the disorder will impact the person, it can be a difficult illness to treat. Its effects on the brain, from enlarged ventricles to a decline in dendrite spines, shows the major impact the illness can have on living a normal life. Although the disorder afflicts just over fifty-eight million people worldwide it is still devastating to those who are affected and while the medical community makes leaps and bounds in understanding the disease, a cure is still far from the horizon. With psychology grant money from universities being invested predominantly in neuropsychology, perhaps sometime in the near future scientists will be able to fully understand this illness and find a successful and permanent cure for it.

Bibilical Illusions With The Novel Cry Essay

Biblical reference within the story Cry the Beloved Country Many times in literary pieces, allusions are put in novels, used to foreshadow the ending of a book. The most common types of allusions are those from the bible. This is probably because many are familiar with the bible and its stories. The goal of foreshadowing is to provide a way for the reader to think more about the big picture, rather than what is happening page by page. In the novel, Cry the Beloved County, allusions to the Bible are very apparent and hold high significance in the story. The character Absalom shows tremendous similarities to the Biblical Absalom and almost seem to be made out of the same mold. Steven Kumalo from the novel and the simple man Job from the bible are tested in the same way and come out in the end in the same way. Biblical Absalom is essentially wronged by his half-brother Amnon, when his half brother forced his sister Tamar to sleep with him. Similarly Absalom Kumalo is wronged by his father’s, brother’s, son, Matthew, when he will not admit to the court that he was an accessory to murder. Basically, both are wronged by a close family member, Biblical Absalom by his brother, and Absalom Kumalo by his cousin. In both stories, though not shown in depth, the men show a close trusting relationship with the one whom have wronged them. Before Amnon slept with his sister Tamar, Biblical Absalom would have no reason not to trust his brother, just as Absalom Kumalo would not doubt his cousin whom aided him in the murder. Later on, both men find out that, Amnon and Matthew are in it for themselves, not unlike both Absaloms. Absalom Kumalo shot Arthur Jarvis with the intentions of becoming richer. Even though Biblical Absalom killed his brother for sleeping with his sister, with Amnon dead, Absalom would inherit his fathers throne. (Bible p372-380) (Ward pp.188-189) In retrospect, both men were ultimately driven to commit the murder. Absalom Kumalo probably felt that if a white man can underhand him, and deny him money, then he deserves some of his fortune. So because whites men, kept blacks unskilled and did not allow them the same rights, many rebelled against the whites. In the same frame of mind, biblical Absalom’s hatred for his brother was built up until he decided to go through with his murder. Even though Absalom Kumalo shot the white man on accident, he was doing it for his own gain. He went into the  house with the intention of stealing and instead shot a white man out of fear. Though it may seem that he regretted what he had done, which he in some ways did, his crime could not be fully repented. More than anything he probably wishes for Arthur Jarvis to be alive. He doesn’t feels bad about killing him, he simply does not want to deal with the consequences. Biblical Absalom plans out t he murder of his brother when he has him over for dinner. Neither men regret killing a man that was as family to them. (Bible p372-380) (Davis p184) Biblical Absalom murdered his brother Amnon for raping his sister Tamar two years earlier. Absalom Kumalo, on the same note, accidentally murdered a white man, while attempting to rob him. Absalom Kumalo, like biblical Absalom essentially murdered his own brother. Arthur Jarvis, the man Absalom Kumalo shot, was like a brother to the black men. He devoted his life to make a difference in blacks rights in South Africa. For both men, the act of murder on their part, ultimately led to their own demise. Biblical Absalom killed his brother Amnon and when king David found out that Absalom had indeed killed his brother Amnon. After the murder, both men flee the scene. Absalom Kumalo, runs because the price for killing a white man is high. Biblical Absalom flees because he also knows, that if he stays, hash consequences will be enforced. (Bible p372-380) Eventually, both man are captured and die in an unusual manner against both their fathers’ wishes. Absalom Kumalo is hung for his crime, so as to set an example. Though, the hanging of Absalom is not so strange in itself, its almost foretold in the biblical story of Absalom. After biblical Absalom flees his home on a horse, his head gets caught in a tree while passing under. This act is almost too familiar. As biblical Absalom dies with his body off the ground, struggling to get down, Absalom Kumalo dies with his head in a noose, and body dangling above the ground. (Bible p372-380) (Davis p184) In the bible, Job is developed as a man whom would never speak ill of god. Job is tested by Satan, who believes that Job will curse God if his prosperity is taken away. Satan kills Job’s children and all of his livestock, but Job does not lose his faith. Satan then takes away Job health by planting boils all over his body. Job eventually become very disappointed with his life and curses the day he was born. This is a classic example of how no man is perfect and when  Steven was introduced into Cry, the Beloved Country, he seemed to strive for perfection just as Job had in the bible. Job in theory seemed perfect but, Satan proved Job not to be, just as Steven’s family proved him not to be. (Davis pp.265-272) (Bible p572-600) When brought into the story, both Steven and Job seem to be perfect and upright men. Steven, as a simple black parson and Job, as a upright man whom has shown no flaws. Though Steven’s flaws are shown early on the novel, Cry, the Beloved County, he is still seen as a good man. Both men are examples of how bad things sometimes happen to good people. They both try to be the best men they can be, by fixing others mistakes and trying to be good people. Job offered burnt offerings to god everyday for his children who may have cursed god in their hearts and Steven prayed everyday to repent the sins of others and his own. The main thing that made these men eligible to lose so much, was because they had gained so much earlier in life. Though Steven want a rich man, he was far better off than any man in his village, and Job was a very prosperous man and looked well upon by god. (Davis pp.265-272) (Bible p572-600) Since Job was thought so highly of by God, he was tested by Satan in order to see if he would lose his faith. Steven Kumalo is tested in the same way as Job. Steven receives a letter from a priest informing him with the news that his sister, Gertrude, is sick. He leaves his normal life in the valley and travels to the city, with the intentions of bringing her home. When he arrives there, he is confronted with the horrifying news that she is selling herself to men. Steven goes in search of his son Absalom, and eventually finds him. Absalom had shot a white man and is sentence to be hung. Everything that went on in Jhonnaneburg hurt Steven and just like Job, he is tortured to the point where he will break if anything else were to happen. (Bible p572-600) (Ward p.222) In the end, though both men had lost practically everything they cared about, Steven his son and sister, and Job all his children and his prosperity, but then things got significantly better. Steven loses a son but gains a daughter carrying baby, and his sister Gertrude’s son. Job loses all his children but gains ten new children and all his livestock back. It’s an interesting coincidence how both men lose their child or children, but as they regain faith, new children are restored to them. (Davis pp.265-272)  (Bible p572-600) Paton used the name Absalom as an allusion in the story. His goal was probably to allow people to see into the future of Absalom’s mortality. When I first read the story of Absalom, I didn’t any definite similarities but as the stories start intertwining, I understood why he used the name Absalom for Steven’s son. Absalom in general was a greedy boy, who really thought he deserved more and makes the mistake of killing a man which ultimately leads to his own death. Job and Steven, on the other hand, are generally men who strived to be good men. They were tested with their faith and both men failed, but they do gain their faith back, and their happiness along with it.

Business: Luxury Good and Competitive Advantage Essay

5. What is Coach’s strategy to compete in the ladies handbag and leather accessories industry? Has the company’s competitive strategy yielded a sustainable competitive advantage? If so, has that advantage translated into superior financial and market performance? A business strategy refers to the means by which it sets out to achieve its desired objectives and goals. Coach’s competitive strategy deals exclusively with management’s game plan for competing successfully and securing a competitive advantage over rivals Michael Kors, Salvatore Ferragamo, Prada, Giorgio Armani, Dolce & Gabbana, and Versace. The different types of strategies used by these companies include, but are not limited to, low-cost provider strategies, differentiation strategies, focused low-cost and differentiation strategies, and best-cost provider strategies. Coach Inc. ’s strategy that created the accessible luxury market in ladies handbags made it among the best-known luxury brands in North America and Asia and had allowed its sales to grow at an annual rate of 20 percent between 2000 and 2011, reaching $4. 2 billion. The company’s strategy focuses on five key initiatives. First, Coach built a market share in North America by 15 new full- price retail stores and 25 factory outlets. They have built a market share in Japan through the addition of 15 new locations. Coach seeks to raise brand awareness and build share in underpenetrated markets, including Europe and South America, and Asia, with 30 new locations planned in the region. It also looks to increase sales of products targeted towards men by offering dual gender lines. Lastly, Coach raised brand awareness and built market share through coach. com, global e-commerce sites, and social networking initiatives. Coach Inc. implements various advertising strategies, marketing strategies, sourcing strategies, and differentiation strategies, etc. Coach’s strategy, which focused on matching key luxury rivals in quality and styling while beating them on price by 50 percent or more, yielded a competitive advantage in attracting middle-income consumers desiring the taste of luxury, but also affluent and wealthy consumers with the means to spend more money. Another distinctive element was its multichannel distribution model, which included indirect wholesale sales to third-party retailers but focused primarily on direct-to-consumer sales. Coach appears to be using the best-cost provider strategy because it gives customers more value for their money while satisfying buyer expectations on key quality features, performance and service attributes. For example Coach uses attractive pricing to enable it to appeal to consumers who would not normally consider luxury brands, while the quality and styling of its products were sufficient to satisfy luxury consumers. Coach has the ability to do this through its factory outlet stores and its prices are way below the price of its competitors. Coach also displays differentiation by offering distinctive, easily recognizable luxury products that are extremely well made and provide excellent value. Coach has a unique approach to its differentiation. Each quarter, major consumer research is undertaken to define product trends, selection, and consumer desires. Monthly product launches enhance the company’s voguish image and give consumers reason to make purchases. They also use frequent product introductions because consumers always want the newest items and fashions. Coach sought to make consumer service experience an additional differentiating factor. It has agreed to refurbish or replace damaged handbags, regardless of the age of the bag. Through the company’s Special Request, customers were allowed to order merchandise for home delivery. Overall Coach displays a great mix of low cost and differentiation. A sustainable competitive advantage refers to a long-term competitive advantage that is not easily duplicable or surpassable by the competitors. Coach’s competitive advantage has proven to yield a sustainable competitive advantage. When it comes to anticipating fashion trends, Coach has 1 / 3 proven to be successful. Each year Coach interviews its customers through Internet questionnaires, phone surveys, and face-to-face encounters with shoppers at its stores. Such intense market research has helped Coach executives spot trends well before its competitors. This in turn has helped it to extend the brand far beyond the leather bags that long were its trademark and into watches, accessories, cosmetic cases, key fobs, belts, electronic accessories, gloves, hats, scarves, business cases, luggage, eyewear, fragrance, and clothing. According to the case study and further research, sales have grown an average of 29% over each of the past three years, fueling a strong 63% averaged return on invested capital during the same period. Currently Coach is a leading American marketer of fine accessories and gifts for women and men. Its sustainable competitive advantage is a result of employee engagement, supply chain capabilities, environmental conservation, and community. Coach seeks to hire and train the best employees in a supportive and engaging environment. Coach collaborates with their raw material suppliers and manufacturing partners. Coach continues to improve the way it makes it products in order to protect the resources of the environment. Coach also supports the local communities in which they operate. Results show that Coach has increased its net sales from $3,230,468 to $4,158,507, its market share increased by nearly 6%, and its common stock price is $60, which is a result of superior financial and market performance. 6. What are the strengths and weaknesses of Coach Inc.? What competencies and capabilities does it have that its chief rivals don’t have? What new market opportunities does Coach have? What threats do you see to the company’s future well being? Coach has many strengths and weaknesses. Coach strengths include its wide range of accessories such as its handbags, watches, accessories, cosmetic cases, key fobs, belts, electronic accessories, gloves, hats, scarves, business cases, luggage, eyewear, fragrance, and clothing. It is the leading luxury leather goods company in the United States, with expansion in Japan, China, and Asia. Coach has developed a respected reputation by providing their customers with quality products and its 70+ years of being in business. They do a great job of advertising through press releases, catalogs, internet, and shopping centers. Coach has a larger range of pricing which attracts lower income consumers and wealthier consumers. They also allow their products to be sold at stores (department and full price stores) and online. Coach prides themselves on creating customer value. However, Coach also displays weaknesses as well. They have a limited selection for men and a poor inventory turnover rate. Coach has no direct announcements to the public about the promotion of new products. Their new products first sell at full price which keeps the lower income consumers away. This could lead to the problem of selling more at their outlet stores versus their full price stores. Currently Coach relies on the United States, Japan, and Canada for the majority of its sales by not fully expanding into other countries. A core competency refers to a defining capability or advantage that distinguishes an enterprise from its competitors. Coach believes that external coaching and leadership workshops are powerful tools in increasing a leader’s awareness and insight on their management approach, which leads to core competencies and capabilities. Coach has the skill and expertise to create unique and differentiated luxury items at a lower cost than its competitors. It also has valuable physical assets, human assets, organizational assets, intangible assets, and alliances and cooperative ventures. All of these resources and capabilities are valuable, rare, hard to copy, and non-substitutable. Some of the defining characteristics that distinguish Coach from its competitors include its wide selection of luxury items, its low cost strategy, store location (outlet and full price), advertising, online shopping, meeting customer desires, superior value and quality, its direct-to-consumer channels and indirect channels, 970 wholesale locations in the United States and Canada, specialty retailers in 18 countries, and its relationships with consumers (customer loyalty). Coach’s strategy, which focused on matching key luxury rivals in quality and styling while beating them on price by 50 percent or more, yielded a competitive advantage in attracting middle-income consumers desiring the taste of luxury, but also affluent and wealthy consumers with the means to spend more money. Another 2 / 3 distinctive element was its multichannel distribution model, which included indirect wholesale sales to third-party retailers but focused primarily on direct-to-consumer sales. Coach has many new opportunities in its market of luxury goods. It has a high potential for increased sales with new product lines. The promotion in other countries can bring awareness to the brand and company. Its pricing can attract more customers because of the lower priced items compared to its competitors. Its online option of purchasing will increase as technology increases. Coach also has the opportunity to increase the number of stores in North America, expand stores in other countries, and use its flexible dependency on suppliers. However, Coach also faces numerous threats. There is always the threat of rivalry, competition, and substitutes in the luxury market. One of the major threats is counterfeit products and the economic downturn in the United States. Young adults and teens often go through phases of fashion and may later chose a different brand other than Coach. Coach faces exchange rate risks if they enter new foreign markets. Lastly there is a threat of not having enough stores around the world which could hurt the consumer market. These threats could hurt the well-being of the company, but its strengths and opportunities seem to outweigh them for the time being.