Against Animal Testing Why It Is Still Being Used if So Many People Are Against

Coursework Business Economics Essays

Coursework Business Economics Essays Coursework Business Economics Essays Coursework Yana Galiyeva Business economics Question 1 1) Why do many firms use cost-plus pricing for supply contracts The cos-plus approach to pricing is an alternative approach by using a general formula for setting a price adds a mark-up to the cost base. Cost-plus prising approach is calculated by the average of total cost (variable and fixed costs), which is a cost base, and the mark-up. One of the methods to calculate the mark-up is to set a target rate on return on investments. The mark-up on full product costs are much lower than on variable manufacturing costs. The reason for that is that when you calculate mark-up based on variable costs you assume that you should generate profit and to recoup fixed costs and other costs, such as R&D, distribution and marketing. The mark-up on full costs is lower because these costs are already include all costs incurred to sell the product ( Bhimani A. Horngren C.T, Datar S.M, Rajan M.V 2012, chapter 12, ‘Management and Cost Accounting’, p386). Because this technique calculate average full costs, the cost base includes a fixed costs and there are some advantages of including fixed costs per unit for pricing decisions. Three main advantages are: full product cost recovery, price stability and simplicity. The logical reason of using cost-plus pricing is that if you charge a full cost plus mark up as a selling price you will break even and because companies are tend to produce a percentage increase in wealth it seems logical (Peter Atrill, Eddie McLaney, 2007, Management Accounting for Decision Makers). Another reason for using cost-plus prising method is that it makes calculations easier and provides clear and objective formula for the calculations. Because of the simplicity of the calculations, it is easy to justify price with the changes in cost (increase of labour costs in our example). Last reason for applying this method is that according to the market structure and the competitions, managers of the company can set target return and the target sales volume. Is the market closed and not competitive, they can set highe r prices and earn more. 2) What potential problems do you envision with cost-plus pricing? In a book The Strategy and Tactics of Pricing: a guide to profitable decision making by T.Nagel 1994 author’s define following problem of cost-plus pricing: ‘The problem with cost-plus pricing is fundamental. In most industries it is impossible to determine a product’s unit cost before determining its price. Because unit costs change with volume. This costs change occurs because a significant portion of costs are ‘fixed’ must somehow be allocated to determine the full unit cost. Unfortunately, since there allocation depend on volume, which changes in price, unit cost is a moving target. ’ Another problem of this strategy is that market not always agrees with the price. Cost-plus price model is not taking to account a price sensitivity of customer and ignore the demand for the product. This model is not taking to account the marked demand function and it could lead to reduction in sales, because market will not buy at the price, which was set by the cost-plus price. This model may work only if the company is a prise maker, not a price take. In other case, if company is a price taker it could lead to zero sales. It is important to remember, that non-cost factors are relevant in price setting and this model is not taking them into account. Another problem is that because this pricing model is very simple and consist only of cost factor and mark-up, this model is not focused on reducing firm costs and it leads to an increase in price, which consumers will pay ( in our case an increase of 3$ according to increase of labour costs). 3) Should Gina contest the price increase? Explain. According to the given information and taking into account that Rich Manufacturing Company and Bhagat have signed the contract, it means that Gina could not argue with the contract. We know

Public Sector Accounting Essay Example | Topics and Well Written Essays - 750 words

Public Sector Accounting - Essay Example The financial information is presents the comparative past informations and budgets expectation for future years in available form hence a foundation for budgeting. The ability to separately present the financial information of donor and those of the municipality enhances the decision making of those who provide funds to review the operations involved and how their funds were utilized thereby providing them with better information for decision making. Those charged with governance of Yorba Linda are not only responsible for the inflow and outflow of cash, but also the resources and obligations to which they are in charge of. In accrual accounting, the information obtained provides a better measure for evaluating performance as it enables those charged with governance to evaluate their performance of service against the full costs of providing such services. This improves accountability as compared to fund accounting in which those charge with governance are only accountable to those which the government requires. For example, assets administered by the municipal on behalf of the central government may not appear in the federal accounts. Yorba Linda municipality has significant assets and liabilities under which they manage and through accrual accounting which requires disclosure of material financial information which enhances fiscal transparency and accountability (JONES, 2011). Compared to fund accounting that segregates the funds into different categories, accrual accounting requires full financial statements that are interrelated to one another. This provides an integrated view of the municipality and provides better information for decision making. Accrual accounting will include information of non-cash transactions of the municipality such as creation and settlement of liabilities including payments due thus show the true

Four Aspects of a Community College President Research Paper

Four Aspects of a Community College President - Research Paper Example Such responsibilities become even more important when considering the fact that the personality traits to complete the jobs are far and few between (Dearlove, 1997). Community college Presidents require the ability to communicate enthusiastically and energetically the role of the college to internal/external constituencies to achieve a sense of common purpose. Moreover, they must possess the ability to provide for the common purpose of the students, teachers, and community at large. Additionally, Presidents require the ability to provide for the fostering of excellence in all college offerings through enthusiasm, vision and innovation. The President must also demonstrate the capacity to assume a leadership role in involving the college in the economic growth of the community. This means that the President must have a commitment to keep the college technologically up to date while expressing a level of sensitivity to the unique needs of faculty, staff and students. In this paper I wil l focus on 4 primary tasks for the President: 1. The CEO Contracts and Performance Evaluations 2. Institutional Advancements 3. Politics and Media (Damage Control) 4. Institutional Governance The President of a community college must function as a CEO and provide regular evaluations of the faculty and other individuals that help make up the organization. In fact, the Community College's mission statement cannot be realized without a competent, motivated, and efficient workforce. The performance evaluation is a necessary component to any performance management and professional development program for employees. Performance evaluations are intended to support skill building of each employee and to encourage an efficient and effective operation (Brubacher, 1982). They are extremely important not only for identifying weak links within an organizational structure, but also for identifying the strong points that are responsible for much success. Meaning that performance evaluations will n ot only show individuals how to improve where their staff is lacking, but also it can indicate where an organization is succeeding. In fact, performance evaluations are created for 3 primary reasons. The first is that it measures the extent to which the employee's performance meets the requirements of the position. It is the opportunity to appraise past performance by recognizing and supporting good performance and identifying areas that might require improvement. The second purpose of performance evaluations are to establish goals for the future. This is important because it allows institutions to identify a method through which they can advance their human resources and consequentially the organization as a collective institution. The third and final objective of the performance evaluations is to strengthen the relationship between the supervisor and the employee. This is done so by opening channels of communication and creating opportunities to assess the employee, the position a nd plan for the future of the departmental human resources (Brubacher, 1982). These goals are best accomplished through interactive review of the position description, identifying opportunities for performance growth and focusing on enhancement of all areas of performance. While there are many professors at a single community college, most Presidents do not personally interview each professor, instead they select department heads who are in control of each of their departments. Beyond the presidents specific roles,

Adoption of the Euro and the European Countries Economies Essay

Adoption of the Euro and the European Countries Economies - Essay Example It is evident from the study that the need to achieve a stable monetary and economic stability for these countries, the need for appropriate rule of law and respect for the human rights and the protection for the minorities, the proper and efficient functioning of the market economy, to enhance the capability of all the countries to work together in the face of economic as well as political crises and pressure of the market forces etc. It was also aimed to achieve full cost transparency and price transparency. These were aimed to achieve for the single market for goods and services as well as for labour and capital. They aim was focused on the achievement of the exchange rate stability and economies of scale in the production process and hence on an efficient market mechanism with efficient market allocation and distribution of resources. Among the other major economic goals, the need for an introduction of low inflation and low level of long-term interest rates for the member countr ies. The benefits obtained from the adoption of the euro can be discussed considering two perspectives. One is from the point of view of the economies of each countries and the other from the perspective of the euro zone as a whole. Considering first the entire euro area it can be said that the adoption has helped all the countries to achieve greater economic and monetary stability. It also helped to achieve greater economies of scale as well as greater economies of scope in the production of goods and services. ... g the other major economic goals, the need for an introduction of low inflation and low level of long-term interest rates for the member countries (Tumpel-Gugerell, 2007). Benefits: The benefits obtained from the adoption of the euro can be discussed considering two perspectives. One is from the point of view of the economies of each countries and the other from the perspective of the euro zone as a whole. Considering first the entire euro area it can be said that the adoption has helped all the countries to achieve greater economic and monetary stability. It also helped to achieve greater economies of scale as well as greater economies of scope in the production of goods and services. It also helped in achieving efficient market outcomes with efficient allocation of scarce resources of the economies along with efficient distributions. The biggest benefit from the adoption was the exchange rate stability and the price stability among the member countries. After the adoption, the Euro pean countries experienced low rate of inflation and lower rate of long-term interest rates (Tumpel-Gugerell, 2007). There has been a process of convergences with respect to stable long-term interest rates and low inflation rates. After the adoption of the euro, monetary policies became more credible to the markets compared to the pre-adoption period. This was one of the major benefits that the eurozone has acquired from the introduction of a single monetary authority. The monetary policies were initiated with the major goal of reaching price stability and interest rate stability. The targeted inflation rate was mentioned to be within 2 % in the medium run (Schadler, 2005, pp. 106-110). Events, such as oil price shock in the early 1990s, have created great barriers to achieve this price and

Market analysis of Engro Corporation in Pakistan

Market analysis of Engro Corporation in Pakistan Around 45 years back from today, Mari Gas field was discovered by Esso Mobil joint venture that led to the basis of Esso Pakistan that is now popularly known as Engro Corporation. Today it is one of the largest companies operating in Pakistan with diversified operations ranging from fertilizers to polymer and has also established itself in the field of dairy products with Engro Foods. As the website says, Engro stands for energy for growth. From inception, ours is a legacy of continuous growth, new challenges and fulfilled promises. From fertilizers to dairy products, business solutions to PVC resin, power generation to commodity trade, at Engro our ambition is to become the premier Pakistani enterprise with a global reach. ENGRO FOODS: After establishing its firm footing in the chemicals and fertilizers sector, Engro decided to try its fate in the foods and came up with a spin off in the form of Engro Foods. Engro Foods Limited was officially launched as a fully owned subsidiary of Engro in 2004. Using dairy as a stepping stone to enter into the food business, the Company has established state-of-the-art processing units in Sukkur and Sahiwal, along with an ice cream production facility in Sahiwal. Top quality brands like Olpers, Olwell, Tarang, Omore and Owsum have been successfully launched under the helm of Companys dairy products. To support these brands and their highest standards of quality, Engro Foods has invested heavily in milk processing and milk collection infrastructure. (Engros website) VISION: Engro Foods vision is Elevating Consumer Delight Worldwide and the Company aims to generate a significant portion of its revenue from foreign operations. SUCCESS OF OLPERS: Olpers has had an overwhelming success ever since it entered the market. It has now become one of the leading brands in the dairy industry. When Engro foods back in 2006 decided to launch Olpers, experts were of the opinion that the brand would eventually fail considering the fact that there were established brands like Haleeb and Nestle Milk Pak. However, by the end of 2006, Olpers annual sales were of Rs. 1 billion and in 2008 the brand had 22% of the market share of worlds fourth largest milk producing country. Following factors have significantly contributed to it: Tag line Subha Bakher zindagi Ramzan campaing The World of Olpers, for example, involves reaching out to the different locations in various cities and having the housewives participate in learning and showcasing milk-based recipes. Morning shows The Olpers Consumer Relationship Party, another ongoing BTL based program, which intends to create and maintain loyalty amongst the brands users. Olpers, however, stepped into the foray by launching a massive campaign that started off with an introductory slice-of-life television commercial featuring some of the biggest stars in Pakistan. Total Quality Management (TQM): A concept that focuses on managing the total organization to deliver quality to customers. Four significant elements of TQM are employee involvement, focus on the customer, benchmarking and continuous improvement. (MANAGEMENT, DANNY SAMSON RICHARD L DAFT). Employee Involvement: Employee involvement maybe referred to as a participative strategy to engage the employees of the organization, designed to encourage employee commitment to organizational success. Employee involvement emphasizes making the employee a stakeholder in business performance through rewards systems such as gain sharing and through business education. Focus on Customers: Any business largely depends on its customers in order to flourish; therefore, customer satisfaction is a key aspect that the organizations need to take proper care of. Your company will need to outstandingly serve the customer. It may be achieved through the following: Quickly responding to customer queries. Providing information as needed Creating custom surveys to capture your customer needs Benchmarking: Benchmarking refers to the process through which organizations evaluate various aspects of their processes in relation to the best practices that are present within their own industry. They then plan to adopt these best practices in order to enhance performance. Benchmarking is a basic tool for implementation of Total Quality Management. TQM focuses on how to improve the work processes in order to get better products. And with the help of benchmarking one can measure a work process or procedure and then to set a standard and improve the processes to that standard. This would improve the effectiveness and efficiency and thus TQMs goal will be achieved Continuous Improvement: Continuous improvement is one of the four stages that are involved in TQM. It deals with the organization employing various R D techniques in order to make improvements that can lead them to be competitive in their industry. As it is said that competitiveness may only be achieved through innovation and that can only be attained through continuous R D. As most of Engros food products are milk based, therefore the Milk Procurement Department of theirs plays a pivotal role in ensuring that quality is delivered to the customers. Collection of milk from rural areas is one of the key features of the milk industry and since Olpers recognize its importance therefore, the department is responsible for regular collection of milk and to ensure the freshness of it. Moving on, in its overwhelming success, the Quality Assurance department also has played its part. There are qualified food technologists that are responsible to make sure that the end product reaches the customer with the quality that is promised and that Engro aims to deliver, thus focusing on its customers. Like any other company it was not an easy task for Engro to step in and for this it had to carry out a market research. First thing that the management noticed was that people wanted milk for all purpose and later that became Engros top priority. Moving on, Engro wanted to further expand its product varities and then came up with Owsum milk, Olwell, Tarang etc. (continuous improvement). However, to them customer feedback was particularly of great importance and hence after Olperss launch in the market, they conducted market research to obtain customer feedback. Customer feedback came as a positive sign and then Engro decided to make further investment by setting up a plant in Sahiwal. (focus on customers) Not only was it helpful for the company to determine its own standing in the market but at the same time it proved beneficial to have a measure of the competitors. The customer survey was particularly important to estimate the number of loyal customers of competing brands and also i n making decisions and drawing strategies for times to come. SWOT ANALYSIS: STRENGTHS: Engro as parent company. Good relations with farmers Customer Feedback Research Third Generation Plant- only one in Pakistan who has it, removes bacteria content effectively. WEAKNESSES: Collection of loose milk Milk collection and distribution costs OPPORTUNITIES: People switching from loose milk to Tetra pack Improving economic conditions of the country. Pakistan one of the largest milk producing countries in the world THREATS: Fierce rivalry and competition Different prices Principles of Management Survey Q1. Name: ________________________________ Q2. Gender: a) Male b) Female Q3. Age: a) 10-20yrs b) 20-30yrs c) 30-40yrs d) 40-50yrs e) 50 above Q4. Profession: a) Student b) Housewife c) Working Q5. Brand that you prefer is: a) Milk Pak b) Haleeb c) Olpers d) Pakola e) Other Q6. Reasons for your choice: _________________________________________ _________________________________________ __________________________________________ Q7. Did you prefer any other brand before switching to the current one? Yes b) No Q8. If yes, then which brand did you use earlier? ____________________ Q9. Reason(s) for switching: ___________________________________________ ___________________________________________ Q10. Any recommendations that you would want to make (only in case of Olpers): ______________________________________________________________________________________________________________________________________________________________________________________________________________.

Richard Cory, by Edwin Arlington Robinson :: Richard Cory Analysis

A. Title: The title of this poem suggests that it is about a man, possibly a man people like and possibly a man they do not like. From the vagueness of the title the man could be an outcast. B. Paraphrase: When Richard Cory goes downtown, people look at him. He was dressed nice from head to toe, clean and very thin. He was alway quietly well-ordered and human when he talked. But he fluttered when he said, "Good morning," and glittered when he walked. He was richer than a king and very well mannered and graceful. We thought he was everything, and wanted to be him. So he worked and waited for light, didn't eat meat and hated the bread, one summer night he went home and shot himself in the head. C: Connotations:The poem is written in quatrains ABAB, CDCD, EFEF, GHGH and has an irregular rhythm to it. There is imagery in the poem when it says, "he glittered when he walked." Everyone liked Richard Cory and wanted to be him because he was so perfect, however Richard Cory was still unhappy which caused his untimely demise. D. Attitude: The speaker in this poem is most likely a person from the town that represents the town as a whole, a synecdoche. "We," being everyone who had ever seen Richard Cory. The attitude of the speaker is one of possibly reverence. The townspeople liked Richard Cory because of how he was and they were sad to hear that he had killed himself. The attitude of the poet is that what happened had happened and it couldn't be changed. Even though Richard Cory had everything a man could ask for, he was still unhappy. E. Shifts: There are no shifts in speaker throughout the poem but the attitude of the poem takes a turn towards morbid at the end of the final quatrain when he kills himself. The shift is important because it gets to the main point of the story. Just because someone has everything and appears happy, does not mean that is truly how they are. F. Title: The title for this poem after reading it could be seen as his epitaph on his gravestone; his name posted at the top and then a small story about his life and