Strategic Management Toyota Japan

Introduction Toyota is one of the most popular companies in the automobile industry. This company started from a very humble beginning, but due to strategic planning, it has managed to achieve its organizational goals. Japan is the company’s headquarter, and this being its parent branch it has played a major role in inspiring the establishment of other branches (Chester, 2004).Advertising We will write a custom essay sample on Strategic Management: Toyota Japan specifically for you for only $16.05 $11/page Learn More Now that the company is ranked among the top organizations in the world, there is more work to be done to ensure that the position is retained. This is because there are other companies that are struggling to achieve the same goals. Currently Toyota manufactures a wide range of vehicles including Rav4, Prado, and Pajero among many others (Kendra, 2009). This paper focuses on Toyota’s company, particularly strategic methods and tools that have led to its superior performance. Policies of Toyota Japan Every organization has its own tailor-made policies that all employees must adhere to, and this is meant to guarantee the achievement of organizational goals. Without clear policies, an organization is most likely to divert to other concerns that were not included in the master plan. It is therefore important to employ salient policies that would act as the guidelines when the going gets tough (Johnson Scholes, 2008). For instance, if a passenger decided to commute to a given destination and it happens that the vehicle breaks down, he/she will look for another mode of transport to ensure that he/she gets to the intended destination. According to Dess and Allan (2006), Toyota mainly focuses on long-term goals regardless of whether those goals will hinder the achievement of short-term goals. This was evidenced back in 1973 during the oil crisis that caused many customers who had purchased Toyota models to repla ce them with other models. This was because the big cars were consuming a lot of fuel and thus, were not considered pocket friendly. In the years that followed, the company had to pay high taxes for it to export vehicles to other markets. The management of Toyota thus decided to collaborate with General Motors (GM). This move was logical because it would help in cutting back on the costs that were incurred on the exports.Advertising Looking for essay on business economics? Let's see if we can help you! Get your first paper with 15% OFF Learn More Additionally, Bremner and Dawson (2003) argue that Toyota was initially established as Toyoda and thus the brand name had to be changed for this company to be assimilated with its regional market. It was perceived that the initial brand name was not appealing to the local consumers probably because of its sound. It was then proposed that the brand name be renamed to Toyota, which sounded much better and uplifted the reputatio n of the logo and the brand. This approach was logical because it made it easy for Toyota to penetrate the Asian market due to its familiarity and association with the local dialects. At Toyota, the processes of production flow in a sequential manner and this is meant to unveil any underlying problems that can cause the quality of its products to be compromised. The policies of Toyota clearly states that in case a problem or a fault is discovered in the course of production, the processes should be halted until the problem has been solved. In the year 2009, Toyota recalled quite a number of vehicles that were believed to be having faulty accelerator pedals. Although the initiative cost the company dearly, it was considered to be noble because the image the company would have been tainted and the monetary fine would have been heftier (Valdes-Dapena, 2010). Lynch (2006) points out that strategic management in an organization’s set up requires collective participation of all the employees. This aspect is greatly emphasized at Toyota in Japan. This is because if decisions were made in a hurry, the participants would not grasp anything that is contained in the plan. The gradual process of making decisions is important because it creates room for the options provided to be analyzed. Besides, dialogue prepares the employees and the other stakeholders to be prepared for the changes that may cause changes regarding how things are done. Likewise, Toyota’s head office has established indicators that are used to dictate when the level of production should be increased and vice versa. Kendra (2009) agrees that this is because the automobile industry is a very dynamic sector and if the vehicles that are manufactured within a specified period are not sold, they will accumulate as dead- stock.Advertising We will write a custom essay sample on Strategic Management: Toyota Japan specifically for you for only $16.05 $11/page Learn More This implies that Toyota must regularly analyze the relationship between demand and supply by referring to its inventory system; this is through lean manufacturing. For instance, when the oil crisis struck in 1973, then it would have been illogical for the company to continue making the big trucks while it was apparent that the market was moving towards a new trend. Apparently, the demand of Toyota Prius is on the increase compared to other models. This argument has been cemented by the financial reports of 2010, which clearly indicate the sales of this particular vehicle model had increased (Micheline, 2010). Possible Causes of Future Changes When referring to strategic management, it is important to understand why the changes come about. The major inhibitor of changes is the environment that businesses exist. This is to say that organizations can be influenced to embrace the changes with the aim of conserving our environment. International organizations are exerting a lot of pres sure on manufacturers to make products using materials that are not harmful to the environment (Johnson Scholes, 2008). As far as this issue of environment is concerned, Toyota has had to adjust itself because there have been numerous awareness campaigns on the importance of eco-friendly products. Toyota therefore realized that if it did not adopt the new trend, it would soon be ejected out of the automobile business. Vehicles have been found to be the most notorious agents of pollution and thus, the manufacturers have been advised to come up with models that emit minimal amounts of carbon (Lynch, 2006). Toyota has already introduced hybrid plug-in vehicles, which are powered by a lithium battery and gasoline simultaneously. This suggests that such vehicles are fuel-efficient and at the same time eco-friendly. This is what the consumers in the automobile industry have been looking for. Toyota has therefore upped its game by integrating the needs of the consumers with their products .Advertising Looking for essay on business economics? Let's see if we can help you! Get your first paper with 15% OFF Learn More It is also obvious that the stiff competition in the automobile industry have also played a major role in inducing Toyota to employ a strategic plan. Chester (2004) points out that other companies like Ford are also making fuel-efficient vehicles besides Nissan and Honda brands. In business world, an organization must be on the look out to spot the emerging trends or risk being left out. Strategic management is purely driven by speculations because most people might think that Toyota is overreacting, but then if this company was to sit back and wait for the day when the demand for electric vehicles will swell, then it is bound to fail in its mission. This is because opportunities tend to favor the entities that are more crafty and prepared. In fact, this period is used to evaluate Toyota’s preparedness in handling the changes. This is because the company needs to be certain that the plans will work in its favor. However, it is important to have a backup plan because other cha nges could occur and hinder the realization of an organization’s mission (Dess Allan, 2006). For instance, the recent earthquake has greatly affected Toyota’s branch in Japan. This latest development reveals that humankind has no control over nature and thus backup plans should be put in place to ensure organizational goals are realized. There is a common phrase at Toyota that puts its managers under obligation to familiarize themselves with the situations as they unfold. This requires them to spend ample time with the employees. This is thought as the surest way of ensuring that all stakeholders are committed to the success of the organization. Competitive Positioning Toyota is completely committed to improving the quality of its products, but this initiative has cost the corporation a lot of money because the vehicles that are eco-friendly require more resources to manufacture. However, Vlasic and Fackler (2008) state that the situation is expected to remedy itself, as more customers purchase the new breed of vehicles. Among the changes incorporated lately, include the making of automobile engines that are powered by electricity and gasoline. This has placed Toyota at the top of the rankings compared to similar vehicles that are being manufactured by her competitors such as Ford. This is because Toyota’s models tend to be unique because the other brands that employ the same approach are only powered by electricity. Besides, Toyota has introduced automatic parking systems in its vehicles that are meant to assist Motorists Park their vehicles hustle-free. More features are yet to be incorporated in Toyota models because customers make their choice of a model depending on its specifications (Kendra, 2009). Furthermore, the approach of value improvement has really helped Toyota to reach greater heights. Similarly, the customers of Toyota have responded positively because they are always interested in unique products. Toyota has therefore wo rked had to earn its recognition as a household name. In fact, the government of Japan has acknowledged the progress of Toyota and this has resulted in Toyota being awarded the contract of manufacturing and maintaining the motorcade that is normally used by the mayor. This noble gesture by the government is truly an honor because it acts as an endorsement that will continue to develop the company’s portfolio (Valdes-Dapena, 2010). Other Open opportunities Toyota is looking for other areas that are yet to be exploited. Valdes-Dapena (2010) asserts that the need to diverse has been brought by the speculations that the future markets of vehicles could decline as new technologies continue to be developed in the transport sector. Toyota has already proposed a joint venture with Mitsubishi to manufacture airplanes for regional airlines. This is a smart move because the demand for air transport is increasing and only the entities that will align themselves to the growth of that indu stry will reap the benefits. For Toyota to make it in this venture, it has to observe the possible competitors such as Boeing, identify what is missing in their products, and incorporate the missing concept in its aircraft models. Although Toyota is a mature organization in the automobile industry, that growth is yet to be realized in the new ventures and thus, patience is required for growth to be experienced. Other areas that are potential for exploitation by Toyota include the manufacture of healthcare products such as assistive aids for the disabled (Kendra, 2009). Marketing The strategy employed by an organization in marketing its products is what helps in uplifting the image of its products (Lynch, 2006). Toyota has been able to penetrate the local market through re-branding. According to Micheline (2010), Toyota has managed to thrive in automobile business by developing models that are meant for both low and high-end markets. The success of Toyota would not have been realized if there was no balance between the two markets. The vehicles intended for low-end market have lesser specifications compared to the models intended for high-end markets. The Century Royal is a particular model that is specifically designed for the mayor of Japan. If Toyota were to concentrate on luxury vehicles, its sales would decline gradually because there are more prospects in the low-end market. In addition, Toyota has been using the field events such as motor sports to market itself. The company incorporates its models such as the Lexus in the local races including Formula 3, Super GT, and formula Nippon. Toyota makes money by making the engines of automobiles that participate in these races and uses them as an avenue for advertising itself. Engaging in the races was not enough and thus, another strategy had to be established to ensure the local market for engines remained stable. This entailed developing the models that are appropriate for racing. Besides, more talents had to be developed to ensure that the sport did not run out of talented drivers. This goal was achieved by establishing a program for nurturing drivers into seasoned motor sport drivers. The program is commonly known as TDP (Toyota Young Drivers Program) (Johnson Scholes, 2008). The technological institute was established to act as a reservoir of skills that are needed in this company. Though the initial founders of this initiative are non-existent, the project has served its intended purpose. The talents are derived from learning institutions, such as high schools and other tertiary institutions. The students who demonstrate competitiveness while still in high school are offered scholarship opportunities to enable them pursue further education and thereafter use their skills while working at Toyota Corporation. The initiative is more of a corporate social responsibility program. The program can be used as a succession plan for Toyota because the current crop of employees will one day retire and thus, they will have to be replaced by new skilled employees. Although the programs are expensive, the money is paid back when the trained individuals are absorbed into the company. Likewise, Toyota has its own rugby team known as Verblitz team. This team is sponsored by Toyota and therefore is a medium of marketing. This is done by making the players put on jerseys that are printed with the company logo and emblem. Johnson Scholes (2008) argue that the education programs are not only focused on inspiring upcoming talents, but also the existing employees. This is because the changes in the environment cause their skills to depreciate and thus they need to be regularly updated. As time moves by, the approaches that were once used as solutions cease to be useful and thus, new approaches have to be brought on board and this can only be acquired by investing in continuous learning to promote organizational development. Aspects of Strategic Management Goal Setting Toyota has been able to achieve its organizational goals because it had set the goals from the start. The managers and employees of this corporation are aware of what needs to be done to get to the company’s destiny. The goals are categorized into two: long-term and short-term. Short-term goals take less than five years to be experienced while long-term goals take more than five years. When the company was established the founders had one long-term goal, and it involved setting up a learning institution and in fact the goal took more than twenty years to be realized. Besides, Toyota had short-term goals that included increasing its market share within Japan and beyond its national boarders. This goal was near from being accomplished when the oil crisis struck and temporary goals had to be set (Vlasic Fackler, 2008). Analysis Analysis is another important aspect of strategic management because it enables an organization to get a clear picture of the happenings as they unfold and make t he necessary changes to be able to cope with the challenges (Lynch, 2006). Toyota has been very observant of the situation in the industry. Being analytic has helped Toyota to understand the needs of the customers. There are other companies in Japan that deal with automobiles. These other companies are competitors and Toyota has to analyze their operations and as well as their products. By being analytical, Toyota has been able to identify other opportunities that are yet to be exploited. However, before Toyota decided to venture into other resources it must have analyzed its strengths and weaknesses. This is because if the weaknesses outweighed the strengths then there is no point of venturing into other fields such as aviation, which are more complicated, and very demanding. Strategy Formation According to Dess and Allan (2006), strategic management requires an organization to have a clear vision of future expectations. Toyota has been visionary on the market and that is why it ha s developed options of venturing into other areas. When the options were first drafted, they must have been allocated priorities depending on the availability of resources that are needed to implement the decisions. The electric vehicles were accorded the first priority because the market is changing drastically – unless Toyota evolves with the market, then its products would be rendered useless in the automobile industry. The other options implemented include the development of robots used in the healthcare and entertainment industries. The above stated priorities were implemented because Toyota has the ability and the capacity that is required to implement them. This implies that Toyota has enough work forces skilled in this sector because if there were no skilled personnel, then the idea would have to wait until when the situation was favorable. As stated earlier, the plan of making an aircraft is a long-term goal, but then negotiations are underway and they involve other like-minded entities. Mitsubishi is an appropriate partner in this venture because it also deals with automobiles and therefore the two parties are compatible with each other. Currently, Toyota needs to merge its resources with those of Mitsubishi in order to realize its goals. However, this partnership may not last long because each entity would want to be independent in future (Micheline, 2010). It is therefore certain that there will be a merger between Toyota and Mitsubishi. Toyota has been successful in its mission because it has involved its members who include employees and stakeholders in decision-making processes; this approach must be reflected in its merger with Mitsubishi. Strategy Implementation Once a strategy has been established, an organization needs to embark on the mission of implementing the decisions that are contained in the strategy. Before implementing strategy, an organization must review the available resources just to be sure they are in good shape to deli ver the desired results (Johnson Scholes, 2008). For Toyota to be able to challenge its competitors, it must have upgraded its equipments to meet international standards. The staff at Toyota has been inspired to improve their skills. The availability of skilled personnel has cautioned the company from outsourcing its tasks. The main reason behind Toyota’s success lies under its goal setting strategies. From the look of things, Toyota has all along remained committed to fulfilling its long-term goals. Similarly, other companies in this industry have diverted their initial plans at the onset of challenges. It is this attribute of soldiering on that has enabled Toyota to excel in its ventures. In strategic management, it is important to note that short-term challenges and solutions do not last long, and it is therefore important to focus on long-term solutions. When the environmental and international organizations raised concerns about the amounts of carbon emitted by vehicles , Toyota thought of a solution that could solve the problem entirely. Short-term solutions are very expensive to implement because the processes have to be repeated regularly and they may not work as expected (Dess Allan, 2006). In this regard, Toyota established a production system commonly known as Toyota Production System (TPS).The system is used to manage inventories and in improving the quality of production. By having such a system in place, the company can be certain that there are minimal errors and that the customers only get what they require. When the suppliers of Toyota deliver the raw materials that are to be used in the manufacture of automobiles, the TPS is invoked to evaluate the materials and components needed and discard the others. In fact, this idea was borrowed from a very different field and hence it had to be configured to meet the needs of Toyota. Leadership at Toyota The success of Toyota is owed to its efficient leadership structures. The mangers at Toyota have good working relationships with their employees in their respective departments. This enables the two parties to communicate effectively and thus, move collectively towards a common destiny. This kind of interaction favors teamwork because it strengthens the bondage among employees and their superiors. From another concept, it favors innovation because the employees are free to incorporate their skills into their tasks (Johson Scholes, 2008). In fact, at Toyota, every employee is regarded as his/her own inspector – employees should not wait until the supervisor is physically present to implement a decision when things are not in the right order. This has instilled a strong sense of belonging, which makes employees to work as if they owned the company. Respect is highly emphasized at Toyota and this means that everyone commands respect regardless of his/her position in the company. Conclusion Toyota has emerged as one of the most successful companies in the automobile i ndustry. Having defined goals has helped Toyota to overcome the challenges as opposed to other companies that have resorted to remaining dormant. For the current success to be retained, Toyota must remain focused because the competitors are also designing new models that are intended to compete with those of Toyota, and hence more efforts must be directed towards remaining ahead of the game. Besides, the approaches that have worked in Japan’s branch should be extended to regional offices so that the entire organization can become uniform, such that the images of the other branches reflect the image of the parent branch. References Vlasic, B. and Fackler, M., 2008. Car slump jolts Toyota halting 70yrs of gain. New York Times. [online]. Bremner, B.B. and Dawson, C., 2003. Can anything stop Toyota? An inside look at how its reinventing the auto industry. Business week. November 17. Chester, D., 2004. Lexus: The Relentless pursuit. Singapore: John Wiley Sons. Dess, G. L. and Ala n, B. E., 2006. Strategic Management: Text and Cases. Boston: McGraw-Hill Irwin. Johnson, G. and Scholes, K., 2008. Exploring Corporate Strategy. 8th ed. London: Prentice Hall. Kendra, M., 2009. Toyota passes GM as world’s largest automaker. The Washington Post. January 22. Lynch, R. (2006), Corporate Strategy. 4th ed. London: Prentice Hall. Micheline, M., 2010. Toyota pays its $16.4 million fine over pedals. The New York Times. [online]. Valdes-Dapena, P., 2010. Witnesses: Toyota problems could be electronics. CNN. [online]. This essay on Strategic Management: Toyota Japan was written and submitted by user Leonel Daniels to help you with your own studies. You are free to use it for research and reference purposes in order to write your own paper; however, you must cite it accordingly. You can donate your paper here.

Unemployment as a social issue Research Paper Example

Unemployment as a social issue Research Paper Example Unemployment as a social issue Paper Unemployment as a social issue Paper Essay Topic: Social Issues Factors leading to unemployment In recent times developed countries including the United States and other developing countries continue to face high rates of unemployment with the impact visible in various sectors and industries feeling its pinch more than others. Experts associate these elevated levels with the recession, and the result is various economic and social issues. It is a negative economic phenomenon which has a significant impact on different parts of the society (Zamfir, 2012). It has effects on economic indicators, but the social implications are also important. An economy’s well-being depends on the financial capability of the said economy. It, therefore, means that for individuals in society to ensure that their holistic health is catered for, there is a need for employment for every eligible person. Unemployment, on the other hand, hinders affordability and delivery of the necessary forms of health. It is, therefore, an indication of the magnitude of influence unemployment has on health (Zamfir, 2012). People find fulfillment in the various employment opportunities they hold. Having a job means high levels of self-confidence, self-esteem, and self-worth for almost all people. Therefore when unemployed there are decreased levels of personal morale and other aspects that work within the person. Eventually, the effect extends to the society where negative personal feelings affect how people interact with each other in society. Unemployment is a prerequisite for various problem behaviors in society and specifically high rates of criminal activities, the prevalence in homicides and suicides. People have needs and demands that need employment to fulfill and maintain. Therefore unemployment will push people to places they do not want to go. The pressure may make some commit suicide or even steal just to survive (Pologeorgis, 2014). Another person may commit suicide due to high levels of stress or even depression as a result of unemployment. Effects of unemployment Effects of unemployment on parents trickle down to their children. Evidence indicates that those children whose parents get laid-off from work tend to redo a grade in school. Eventually, the annual income of those children whose fathers get displaced from work is ten percent lower than those whose parents remain employed. It is a clear indication of how the impact of unemployment affects the children. As time moves, it gets hard for an individual who is employed finding a job. It is a situation that causes frustration and high-stress levels within the individual. Unemployment also means that development in the society lags behind. There will be low quality housing, inadequate access to various services and other public amenities and underfunded schools and institutions. Diverse communities are often vulnerable to unemployment. The communities have higher levels of stress due to unemployment (Pologeorgis, 2014). They include the disabled, women and much more. The overall effects of unemployment on the society are often universal, and communities will experience almost similar consequences. Members of the community become frustrated, develop feelings of anger, go into alcoholism and drug abuse divorce and much more. Unemployment has significant effects on various economic indicators. It is however just one of its primary effects. Therefore unemployment is as much a social issue as it is an economic issue. The different effects it has on the society as a whole, and its members give an indication of the magnitude of the problem. Therefore unemployment affects society in many ways that people may recognize. It calls for identification and development of measures that deal with the social aspect of unemployment. References Pologeorgis, N. A. (2014). Unemployment, an Economic Problem or a Social Issue: empirical study. International Journal Of Business Economics Perspectives, 9(1). Zamfir, V. (2012). The effects of unemployment on social issues and health matters. Review of Economic Studies and Research, 5(1), 125-144.

Cry, The Beloved Country Quotes

Cry, The Beloved Country Quotes Cry, The Beloved Country is the famous African novel by Alan Paton. The story follows the journey of a minister, who travels to the big city in search of his prodigal son. Cry, The Beloved Country is said to have been inspired (or influenced) by Laurens van der Posts novel  In a Province (1934). Alan Paton started the novel in 1946, and the book was finally published in 1948. Paton was a South African author and anti-apartheid activist.   Quotes From Chapter One Through Chapter Ten There is a lovely road that runs from Ixopo into the hills... [T]hey go to Johannesburg, and there they are lost, and no one hears of them at all. One day in Johannesburg, and already the tribe was being rebuilt, the house and soul being restored. I have one great fear in my heart, that one day when they are turned to loving, they will find that we are turned to hating. All roads lead to Johannesburg. Now God be thanked that the name of a hill is such music, that the name of a river can heal. Quotes From Chapter Eleven Through Chapter Twenty for who is not silent when someone is dead, who was a small bright boy? Cry, the beloved country, for the unborn child that is the inheritor of our fear. Have no doubt it is fear in his eyes. You see, my brother, there is no proof that my son or this other young man was there at all. [W]e do what is in us, and why it is in us, that is also a secret. It is Christ in us, crying that men may be succoured and forgiven, even when He Himself is forsaken. Old man, leave him alone. You lead him so far and then you spring upon him. Quotes From Chapter Twenty Through Chapter Thirty It is not permissible to add to ones possessions if these things can only be done at the cost of other men. Such development has only one true name, and that is exploitation. The truth is, our civilization is not Christian; it is a tragic compound of great ideal and fearful practice, of loving charity and fearful clutching of possessions. In a land of fear this incorruptibility is like a lamp set upon a stand, giving light to all that are in the house. [T]his thing that is the heaviest thing of all my years, is the heaviest thing of all your years also. Nothing is ever quiet, except for fools. I shall care for your child, my son, even as if it were my own. I am a weak and sinful man, but God put His hands on me, that is all. Something deep is touched here, something that is good and deep. Forgive us all, for we all have trespasses. I have learned that kindness and love can pay for pain and suffering. Quotes From Chapter Thirty-One Through Chapter Thirty-Five When you go, something bright will go out of Ndotsheni. that is a small angel from God. Although nothing has come yet, something is here already. One thing is about to be finished, but here is something that is only begun. But when the dawn will come, of our emancipation, from the fear of bondage and the bondage of fear, why, that is a secret.

English Language Learner do not Need to Become Perfect Speakers Essay

English Language Learner do not Need to Become Perfect Speakers - Essay Example One of the popular perceptions is that English learners needs to be perfect in the learning and should acquire the capability to speak flawless English. This is not a true scenario and it is just a general perception which could be disproved. It is not that the world comprises only of those people who know to read, write and speak English (Carrasquillo, A 1994). This paper will deal with the popular perceptions that are generally associated with language and its uses. Through a thorough, analysis and discussion, the paper will open up through facts that a person who is learning English need not have a great command over it in order to attain success in all of his dealings. It will also bring a clear picture that not all are good at English and there is no necessity to be afraid of being singled out in the learning process. Learning the basics of English is necessary for an effective communication and if one can put across the information confidently in an understandable manner, then the purpose is served well. There are different versions of English language available in the global scenario and this stands evidence that the language does not have a particular form. It adapts and evolves according to the place where the language is spoken. Thus, the essential part here remains the ability to communicate to the other party so that they can understand what is being said. Many people across the world give preference in learning their native language and take up English only as their second language. Except few English speaking countries, a vast majority of countries have only second language English speakers. This stands evident to the fact that a person who is learning the language need not be too specific about speaking perfect, flawless English as the person may often get to interact with other second language speakers of English rather than perfect English speakers (Mukherjee, J & Hundt, M 2011). Business English is fast evolving as the perfect medium of commun ication when it comes to trade and commerce. Business English learning is taken by non-native people who want to learn English as a second language. The learning form helps the people to communicate effectively in the world business forum and they were able to turn out great results using the communication. In this particular form of English learning, the rules as to strict grammar and sentences are not used; rather, the language is used for communicating effectively so that the other party can get to understand the conveyed message immediately. All the aspects of business communications like presentations, meetings and negotiations can be delivered with greater efficiency (Goudswaard, G 2006) If we take the case of International English, it is not something that is too perfect if the rules of English are concerned but it is the widely used form of communication. The world is composed of people speaking different languages and thus, it is not a necessity that the perfect English spe aker tag need to be carried around. Ultimately, we need to deal with more number of second languages English speakers than the native English speakers. All that the second language English speaker needs to do is to master the art of putting across the information in an understandable manner and there is no necessity to make rigid. In fact, many people would prefer a casual business discussion where only the subject matter of discussion is given utmost importance rather

Santanville and its Five Issues Case Study Example | Topics and Well Written Essays - 500 words - 94

Santanville and its Five Issues - Case Study Example On the other hand, the employees do not trust their supervisor with the evaluation process since they feel that he favors some individuals. The employees also believe that their jobs have evolved thus they are advocating the organization to upgrade their jobs. Another issue from the case study is how the supervisor treats the Union Workers. He grants permission to other employees to attend some chores, but denies an employee who wanted to attend to a family issue; to attend the daughter’s play. The action has prompted the Union steward to request a meeting with Santa. There is also a problem with the toy designer who is threatening resignation if the company does not offer him pay increment. The Sales Manager is pointing at the abandonment of the company's base salary with minimum discretionary bonus and focus on incentive-based payment approach to the sales staff. The Manager is having difficulties in retaining or recruiting candidates with the inadequate payment plan. Lack of payment incentive is, therefore, the reason as to why many employees are leaving after a short period (Sathyanarayana, & Maran, 2011). There is also a problem with underpayment of workers. For instance, the North Pole and South Pole salary ranges are different. The employees suspect that company is not adhering to the National Labor Salary Range Act Book. Before deciding on the compensation plan, the company should consider the implication of poor remuneration to the company’s performance (Sathyanarayana, & Maran, 2011). Better still, Santa can avoid the secretary's demands by implementing a new compensation policy that will ensure that employees receive more insurance benefits. However, before arriving at the decision, it is imperative to consider implications on the company's competitive advantage. If an increment on employee overtime can convince them to stay, then it will be best to implement it since replacing talents is always difficult. About job evaluation, the supervisor should use  performance-based evaluation strategy rather than depend on the ranks of employees (Sathyanarayana, & Maran, 2011).

Assessment of the Extent by which the Introduction of Euro Essay Example for Free

Assessment of the Extent by which the Introduction of Euro Essay January 1, 1999 was a memorable date for eleven European Countries as this became the official date that they have come to adopt the Euro as their official currency. All eleven countries would undergo changes in their systems especially the currencies by which they would adopt an official exchange rate that would govern their circulation. The new currency would begin circulation in their respective countries and would then accommodate the transactions that would result from international trade with their allied countries. Allied countries are the countries belonging to the European Trade Union. They are bound by the cause of establishing their economies worldwide as a major economy like the US. Little by little, the currencies mark, guilder, punt, and franc ceased to exist. It was in January of 2002 that all of the twelve countries have fully applied the transition from their native currencies to the new currency. See more: how to start an essay about yourself for college   Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   From its initial release, fears sprang forth from the population, especially that of the market. First would be the inflation. It occurred to the people that the conversion of their old currency versus the Euro might be affected by the factor of inflation. They feared that the inflation would also result in the weakening of their respective economies and added burden to the population. Second fear would be that the delivery of the new currencies in banks might rouse plans of robberies and would then fail the government’s plan of replacing their old currency. Another fear of the people would be the replacing of the currencies may not be accepted by their own people. The currency have long been a symbol of a countries identity and pride that it might be a futile attempt to replace it with a new currency that involves other countries and would therefore be an extinct example of national pride. Furthermore, the rate of inflation would greatly affect a country’s exchange of the old currency to the new currency. The greater the inflation would result lower amounts of Euro that a country would get. Second, for a standardization of emerging currencies would mean that banks need to be equipped with the currency in order for them to accommodate the exchange that the population would demand. In the process of transportation of the currency, there may be a possibility of occurrence a robbery by which the banks may not be able to receive the currencies needed for the exchange by the population. This would result to inflation since the central bank would have to produce more money than the actual measure of its resources that we all know contributes to the factor of inflation. And lastly, the general acceptance of the public of the currency is a very important factor since this would affect the overall trade and economy of the country. Since the currency is generally viewed as a country’s identity, it can be predicted that the country would not accept the new currency that would be a medium of exchange between its allies, losing its won country’s identity in the process. However, the results were of the opposite as each country’s people accepted the currency as they believed that the currency may be the answer to their economic problems.   Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   These fears proved to be of no basis as people readily accepted the new policy for their new currency. This was somehow given a negative vibe as it looked liked their countrymen easily gave up a symbol national pride. But this was also explained thru economics. Money is still money; thus it was used as something that would provide you with needs such as food, clothing and other necessities. It became evident then that the introduced currency was preferred by the greater number.   Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   The new currency also brought about quite a good side of the economy. Gains were scattered here and there as transaction costs have fallen. This was explained that the conversion costs were stripped by the conversion of the twelve countries monetary units. It became easier to transact with other countries with the use of the Euro. It also brought about the completion of the European Monetary Union. With this, the member countries would expect bigger gains in their growth and steady in the international market. Before the union was established, barriers remain to be visible as banks still charge higher rates in inter-territorial transactions. With this barrier, domestic transactions would be preferred by the people. With this new monetary policy, barriers have disappeared and transaction costs have been made uniform throughout the countries of its members.   Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   The framework of the union remains complete and no finance ministry of the member countries wanted to be in charge of the said framework, especially that of the finance and fiscal part. The said framework is the framework by which the European Union has agreed to be the guidelines of the system of the implementation for the new currency Euro. Before a specific change would occur that involves a country’s economy, frameworks are done to study the effects that would be associated with the change. Although this is the case, the change in the currency may be the catalyst for change in the member countries target reforms. The said framework is the framework by which the European Union has agreed to be the guidelines of the system of the implementation for the new currency Euro. Before a specific change would occur that involves a country’s economy, frameworks are done to study the effects that would be associated with the change. The target reforms are those reforms in which the countries have conceived for their countries. These reforms are in connection to the change in the currency, but are not discussed with the European Union. Since these topics are different from those of the other member countries, they do not discuss this in the meetings of the currency change since the best interest of the European Union is a major economic change in their region, and not only of specific countries. With this, the countries would begin the change in economic policies that would jumpstart economies in synchronization with the change in currency. Differences in taxation would arise as it would be under observation of each country’s finance ministry. With this, the union would want to target standardization of taxes. This would greatly help the export and import sector as the countries would then be forced to standardize the taxes and tariffs on the goods that they ship. Integration would also be achieved as the basic unit of currency for all members would be that of the Euro. The last good thing brought about by the establishment of the Euro as currency is that the member countries found a way to reform other sectors and even bring the other countries closer to them. Other sectors that do not flourish because of the exchange rate begin to be of better state when the change occurred. Furthermore, the countries that benefited from the change in currency, especially that of the countries that have the abovementioned sectors, got closer in hopes of making the other sectors that are connected to the aforementioned sectors. For example, the agriculture sector was jumpstarted, so the other countries would begin to have major ties with other member countries that have sectors that benefit from agriculture like beverage industries and the like. The result would be less taxes and tariffs in exchange for other advantageous measures for the agricultural country. This also enabled them to make new systems that would be for the benefit not only of one country but all of them. They also found out that different policies can be made as one and this paved way for the making of new policies that may be all-encompassing in their point of views.   Ã‚  Ã‚  Ã‚  Ã‚   Although this may be the case we should still take a closer look in the effects of the establishment of the Euro as the new monetary value for the European Union. Things that we would use in this analysis would be that of the Absorption Model: Using Absorption Model to explain the effect of devaluation on national income, employment effect, trade effect, real balance effect, income redistribution effect, money illusion effect, expectation effect,Laursen-Metzler effect, and so on; Mundell-Fleming Model and explain the graph both internal and external aspects; Analysis of the stability of foreign exchange market, and elasticity approach to balance of payment according to Marshall-Lerner Condition; and finally Foreign exchange risk (foreign currency)for importers, exporters, and investors.   Ã‚   To start of, we have to explain the different measures that we have to use. The Absorption Model or Approach makes use of the balance of payments and exchange rate as the factors or determinants in the measure of the real domestic income of a nation. This approach treats prices as the constants, making the other factors as real measures. A nation’s real income may be measured as the sum of the government’s expenditures, consumption, investments and exports.  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   The Mundell-Fleming Model states that an increase in the money supply would lower domestic interest rates than that of the global rate. Essentially, the Euro is in effect in the export/import markets that would be in relation to the country’s overall economy because of the exchange rates that would be in effect of a country’s money supply. Net export would then increase as local goods would become cheaper than that of the imported goods. Consequently, imports would then decrease as demand would decrease, in turn, exports also increase to meet the demand of higher exports. An increase in the net exports would force the Investment/Savings towards the level of the global interest rate. This equalizer increases the income of the economy of the country. In this case, as the union moved to change its currency, the money supply increased to accommodate the public in the changing of currencies. As this adjustment takes place, the effect of the supply made a change in the export market as the demand for exports and imports changed. The increase in the net export in the end, gave the country an increase in its income.   Ã‚  Ã‚   The Foreign Exchange Risk would also be taken into account as this involves the probability that an investor, exporter or importer would earn; how much they would ear, and if they would lose. This gains or losses are commonly related to the exchange rates of the two countries involved in the transaction. This also shows whether a country has a weaker currency compared to another. By this, we would be able to show if the establishment of the new currency eliminates this factors as this factors are also related to the barriers of trade between the member countries.    Meanwhile, the Lauren-Metzler effect determines the effect of savings and net exports and consequently, in the purchasing power due to a favorable terms-of-trade shock in the improvement in real income. This draws our attention to the state of the economy in exports and imports with respect to its exchange rate.   Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   The Marshall-Lerner Condition explains that a devaluation in the currency leads a positive effect in the trades as it increases the demand for exports, giving the country more real income. This lays out the positive effect of the devaluation of the Euro currency at first and how it affected the economy of the member countries.    Finally, with all these factors mentioned, how did it affect the member countries generally? What are the aspects of the Euro-member countries that have improved thru the establishment of the new currency, Euro, into their respective economies?                                                                                                                                                                                                                                        à ‚                                                                              We start off the analysis with the discussion of the effects. The Mundell-Fleming Model states that an increase in the money supply would lower domestic interest rates than that of the global rate. The money supply is the black line denoted in the figure above, while the red line denotes the interest rate. The movement in the money supply curve towards the right decreases the interest rate since it does not shift. The shift would occur as the interest rate moves to an equilibrium.                With the same effect in the graph of net exports and imports, the figure above agrees with the first figure on the effect of the money supply. Net export would then increase as local goods would become cheaper than that of the imported goods. Consequently, imports would then decrease as demand would decrease, in turn, exports also increase to meet the demand of higher exports. An increase in the net exports would force the Investment/Savings towards the level of the global interest rate. This equalizer increases the income of the economy of the country. In this case, as the union moved to change its currency, the money supply increased to accommodate the public in the changing of currencies. As this adjustment takes place, the effect of the supply mad a change in the export market as the demand for exports and imports changed. The increase in the net export in the end, gave the country an increase in its income.   Ã‚  Ã‚  Ã‚  Ã‚   Meanwhile, the change in government expenditure caused an increase in the local interest rate that caused the currency to be stronger than other foreign currencies. This may be the effect that happened to the member countries as they have decreased the foreign currencies (member countries having the same currency) and by this strengthened their currencies against the US dollar. This however, increases the net import and net export decreases. The increase would also trigger the global interest to equalize with the local interest.   Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   On the side of the global interest rate, however, since the net export increased, this prompted a slight weakening of the Euro but also increased exports, making the Euro available to the world market. An increase of the net export would weaken the Euro since the exchange rate would then be fixed with other countries. This would be comparable to making domestic shipments that would neither benefit nor harm a country’s economy. At the same time, since the Euro has become their medium of exchange then the currency would be available to the market as this would be exchanged in the world market. Availability of the currency would ensure circulation in the world market, employing the stabilization of the currency in the world market. As the Euro weakened, exports flowed out of the country and this in effect increased the net income of the member countries. However, as the local interest rate closed in on the global interest rate. The global interest rate affects the currencies indirectly by affecting a country’s income through the import/export market. The Euro seemed to strengthen and this somehow stabilized the new currency. Elasticities are the rate of reaction by which a good undergoes whenever a change in demand occurs. The next model would explain the effect of the Euro in the demand and the reaction of the goods with the new currency available. In the Elasticities Approach, the Euro countries were forced to make the demand and supplies elastic in order for them to have a smaller depreciation in their current accounts deficit. By doing this, they begin to slowly, recover the current accounts deficit and eventually overcome it. With this situation, elasticities would then be slowly changed. As the global interest rates’ effects as shown by the previous models, the effect of it in the real income made the change in the elasticities possible. Thus:                               The effects on the savings of the real income and savings of each country may be further explained by now. Since the increase in savings and net exports was explained through the change in the level of the global interest rates, the improvement in real income is then realized through the increase in the purchasing power of exports. This then proved to be of positive effects on the member countries as this somehow, improved the real income in the economies of the member countries. Lauren-Metzler Model in simple representation. The Lauren-Metzler Model can be further explained by the rate of change not only in export-import industry but also that of the effect of these changes in the exchange rates. As the exchange rates between member companies remain constant because of the uniformality of their currency what would transpire is the difference in the currency between the member-countries and its export-import industry and the exchange rate. Since an increase in the export can be viewed as an indication of a weaker currency, this also indicates that the real income of the country experiencing the export growth is on the rise. This would eventually be accompanied by the strengthening of its currency as the end product. At the same time, the demand of the member-countries import market tends to be on the lower level as their currency seemed to be of the weaker quality. The positive effect on this however is that this picture encouraged the internal flow of the currency until the supply of imports and demand equalizes in equilibrium. When the time approached however, the Euro appeared to be of better quality with respect to the change in its real income and the real income of other countries that are members of the European Union. With these factors in mind, we shift our sights into what happened in the exchange rates. The Exchange rates of the Euro seemed to be on the decrease at first because of the lower currency as compared to others but eventually proved that it would only be momentary as the real income boosted the exchange rate, eventually ending up higher than the US dollar at a certain time. This, together with the positive effects on the import-export market made much difference, not only to the emerging currency but also to the emerging union’s countries’ economies. The emerging union’s countries are the countries that are members of the European Trade Union that has the highest upward boost of the economies. Since not all of the countries had a very high boost, the most significant boosts came from these countries. Significance would differ from each perspective. In more simple terms, the effect of the lower currency (Euro was weak at first) was the improvement of the export market. But since the income effect boosted the currency as it is also a factor of the economy of a country, then combining it with the positive effects of the Euro’s strengthening, the countries that use Euro become boosted and improve their Economies. And since the Economy of the countries rose at an improved rate, the currency got boosted in the same way that the economies of member countries raised.   Ã‚   With the price on the y-axis and the x-axis denoting that of the quantity, the fall of the currency at first with respect to the rise in the export rate, implied a shift in the curve of the currency (red curve) to the right, denoting that in the long run, an export rate rise would result to a strong currency. The fall of the currency at first would be only due to the exchange rate and floatation costs.   Ã‚   In the Absorption Approach, the balance of payments and exchange rates is examined to the effects of it in the measure of the real income of a nation. The Absorption Approach is significant since this measures the balance of payments and exchange rates and how these affect the real income of a country. The two factors considered are said to be the considering factors in the since the effects considered are those that are in relationship to the income and economy. If the real income improves faster than that of the absorption, then the currency would rise. This may be the effect as the Euro strengthened in the first quarter of 2002, giving their value higher than the stable US dollar. The effects of the devaluation of the currency on national income seemed to be on the positive side as this increased their net exports, therefore giving them an improved real income for the economy. The employment then rose as an effect of the economy’s improvement of real income. This was enabled as the countries to attract more investors, creating job opportunities for their people. The overall employment effect on the member countries followed to a positive tune. Real balance increased as it accompanies the effect of real income. An increase in real income increases the real balance of the economy. This is essential to the analysis because this enables us to see the investing potential and the financial capability by which the country could bear itself.(Flood, 2006) The specific question to be asked: how does the country fare with its neighboring countries’ economies in their real balances? This is very important as this may measure the stability of the country especially in the eyes of potential investors that may think of putting up businesses and other ventures in the European Countries. Basic supply and demand in the Trade Effect  Basic y-axis of price and x-axis denoted by quantity, the shift in the supply curve was due to the invisible hand of the law of supply and demand. Trade effect also became evident as the laws of supply and demand are constantly in the work. The increase in the quantity demanded ensured the right path of the trade effect to the plans of the European Union. This enabled them to exercise the free-trade among its co-members. This also enforced the Euro consequently as it continued to circulate non-stop among the member countries. This also ensured that not only is the market gaining in stocks, it also ensured a strong currency that may be strengthening in the future.   Ã‚   The money illusion decreased as the negative views in unemployment and inflation subside. The unemployment rates subside creating a hole in which they could throw the unemployment problem and bury it there. The inflation was treated the same way as neighboring countries would also experience the same way as they also have the same currency as the country they have. The money illusion is essential in explaining the other rise in the economy including the abovementioned factor of unemployment and inflation. To reinforce this, the money illusion would have to decrease as this affects the unemployment by reinforcement. A decrease would also mean that the unemployment rate is decreasing, which is a measure of a country’s economy. The unity of the currency forged the singleness of mind that was needed to erase the doubts governed by the unemployment and inflation.   Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   The expectation effect of these occurrences may result to the expectance of more Nash equilibriums, where everyone would be on a stable state. The Nash equilibrium employed in this part deals with the output and expenditure ratio. The more that a government puts input should generate a proportional output; in this case, income. As the reliance of the people on the currency grows and their reliance towards the stability of the currency, they would come to terms that they have indeed been placed in good fortunes. This would lead to the stability of the minds of employees, and in turn to the investor that made the investment or business.   The stability of minds would be the likelihood that an employee would remain in the job rather than find their jobs elsewhere. This occurs when the currency of a country remains weak despite the efforts of the workforce to bring it on a development. With these effects in hand, it became evident that the emergence of the Euro has been a good sign for the economy and even looked better in the eyes of the common people as they have been provided work and salary, and even the pride of having their currency among the top as one of the most stable.   Ã‚  Ã‚  Ã‚  Ã‚   13.  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   The Marshall-Lerner Condition further enforced that the decrease in the value of the Euro at first improved the real income of each member. The effect of the devaluation increased their exports, raking in income more then before. As a currency gets weak, demands of good from the country with the weak currency increases. The goods react spontaneously, or elasticly. The rise in demand raises the price of its goods and with this; the rise in income is justified. The chain effect would be the strengthening of a nation’s economy, ending up with currency stability. After which, as the currency begins to regain the strength, the exports would decrease as importers from other countries realize that the price of goods increased, decreasing their profits. However, the export industry of the host country is unharmed as other European member nations see this as an opportunity to increase their imports from the country with the same currency as them, increasing demands for export from the country in question. With this, the export and import market stabilized. This effect not only increased the income of the exporters, but the economy as well. The short-run effect of the condition is further shown as the currency approached its strengthening thru the increase of real income, the export then decreased. Furthermore, the law of demand states that, a decrease in the price of a commodity, then an increase in demand would be evident; an increase in price however would put the demand down until equilibrium happens. In this case, the price of exports decreases, paving way for the increase in the exports and consequent rise in the country’s income. This would also be affected by the consequent taking place of the equilibrium that would happen as the supply would be able to meet the demand, giving the market an equilibrium quantity.   As there were shifts in the part of the supply (black) and demand (red) curves, the equilibrium price of commodities would also make a change. The price line is the broken lines with the color blue. Taking in mind that the y-axis would be the price and the x-axis is the quantity, the decrease in demand, coupled with the increase in supply, not only decreased price but also made the equilibrium quantity lower than before.   Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   One of the places that the change showed great effects would be that of the financial markets, the bonds/stock market being the main targets. Main issues have risen that the European stock and bonds are very much volatile. This proved that the policy makers of the European Union have set their eyes in the processes towards the financial integration of its members. This started off with the introduction of the new currency. The release of the new currency was seen as one of the initiatives made by the Union to integrate the financial aspects of each. It looked like a very good move on their part as real income of the member countries went on a rise during the initial stages of the developments. The effect of the large demand for the stocks and bonds from the European Union and its sudden drop is something out of the ordinary for other countries. It seemed like they failed to account for the strength of the member countries and their foresight on financial market as they were surprised with the sudden rise in this new commodity. We therefore have to take an even closer look at the effects at the financial markets.   Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   Before the emergence of the Euro, aggregate European Bonds, mainly caused by own bond market effects and that of the aggregate effects of European Bonds, made significant effects on the conditional variances, as this reflects unexpected returns. In addition to that, US bond and stock markets represents a fairly large space in the market. However, after the Euro was made to be a reality, the US markets only became second-runners after that of the European Union.(McCreevy, 2006) This also caused a decrease in the effect of their own bond markets and it’s not just a decrease but a dramatic decrease in their part.   Ã‚  Ã‚  Ã‚   Also before the Euro emergence, a significant volatility spillover is present in the US bond markets. But after the Euro emerged, it seemed like a dream come true for the European countries as the spillover have changed. Not only was the European Bond become in demand in the market but it also proved to be of commanding force in the Stock Market. After the emergence of the As mentioned earlier, the US was just second then to the European Bonds and Stocks. This happened in 2003.(2004) In the introduction of European Bonds and Securities in 1999, it has successfully grown from 9% to 14% shares. Also in 2003, Euro’s currency in international bank notes has overtaken US’s 40.5 and emerged with a 43.5.( as a percentage of outstanding volume totaling to 100) This was further reinforced by the fact that before the emergence of the Union’s own stocks, the US commands the market. However, that all changed with the appearance of the European Bonds, giving the US market someone to contend with in terms of leadership in the market.   Ã‚   The financial market offered many effects in various submarkets. The capital market, for one, tries to keep the inflation in check this past days.(Dennis, 2006) It seems that the first effects were very good that they didn’t seem to think the effect on their capital market would be these troublesome. On the other hand, the equities market is also suffering as the inflation kicks in on their prices. It seemed they cannot cope with the inflation that continues to rise. However, in the place of Currencies, the Eurozone countries may be in a winning mood as they continue to outpace the US by their good growth.(Atkins, 2006) The bonds market is also sharing some suffering although not that evident. What the bonds market shows ,however, is a positive outlook in the future as it slowly goes for a good turn. The commodities market is also suffering a loss as they import more oil. This is not a very good sign for the Euro as oil is a very important commodity. However, this is just as normal as everyone else, says analysts.(Chisholm, 2006)  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   The overall effects of these economic theories have been equally represented and analyzed, what then remained is the effect in the foreign exchange market. The foreign exchange found that the weak-at-first currency strengthened as the economic forces turned into their works. The Euro eventually found its way to the top and eventually became one of the top currencies in the foreign exchange. The Euro is now currently viewed as one of the â€Å"high† currencies and is even viewed in the market as one of the stable s, aligning itself to the dollar and yen. Market analysts view the currency as one of the top as it tends to appreciate more than devaluate.   Ã‚  Ã‚  Ã‚   The GDP and the GNP of the Euro countries are suffering on a low this 2006 and it was issued as a great challenge for the European Union to make policies that may prevent this.(Flood, 2006) This was stressed out earlier in the elasticities effect and the absorption approach. This may be overcome in many ways possible but it would be for the policymakers to do. The PPP and the PFI was sought for improvement of the economy and as of the plans in 2002(2002), few were impressed by the effect of the Euro on these. However, as 2006 draws to a close in December, it would be wise for the policymakers to rethink their strategies.   Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   The sudden emergence of the new currency, Euro, was such a surprise that the market adjusted drastically. This proved to be of good sign for the members of the European Union as this eventually lead to the leadership of the stock markets and bond markets abroad. This also lead to the development of their own countries as far as the union is concerned. More businesses have been established, more investors expressing interest in putting up enterprises in the European Union’s member countries, perspective buyers in the financial markets looking for more of bonds and stock belonging to the Union, and even the population of the European Union expressing relief that after the Great Depression, there appeared a silver lining that would express hope for their economies.   Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   Furthermore, the effect on the financial market is good as it removed the exchange rate risk involved in the international trade. Exchange rate risk was great before since the countries of the union have different currencies. However, with the emergence of the Euro, investors can now remove the exchange rate risk in their concerns since this is not present anymore. Countries of the Union can now trade with each other without having to think of the floatation risks that involve the exchange rate risk. The removal of this factor was about the same time that the changeover was made in 2002. (2001)   Ã‚  Ã‚   The smart move of the European union may be brought about by the good planning of the financial ministries that governed them. The taking advantage of the lower currency at first to increase their real income, the lowering of its local interest seemed to be a well-planned way to be at par with a superpower such as the US. Now that they have the upperhand in the stock and bonds market, economists wonder on what else is next on the agenda of the European Union, now that they have proven to the world that their combined currency would mobilize and command stability in their areas. This also seemed a good bragging right to their decision making skills as more of the European Countries seek membership to the Union. With this in their worksheets, they can again make another policy that would again prove to be of great importance to the history of World Economics.   Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   The replacement of the currencies by the Euro may have been a smart move after all. It didn’t look that bad and it never looked like throwing out of national sympathies eventually. But thus, it looked like a well-orchestrated plan of the European Union to gain access to the top echelons of the world market. Now that they have gained access, it seemed like there would be no stopping the union in toppling the US as an economic superpower and industrial zone. Now that the other members are continuing their development, and not just by the numbers, but on exponential terms, there might be bright things to look forward to in the years to come. BIBLIOGRAPHIES Antweiler, W. 2001. 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(http://www.cosmopolis.ch/english/cosmo25/euro_significance.htm) Obstfeld, M., 2000. International Macroeconomics: Beyond the Mundell-Fleming Model. University of California, Berkeley. Retrieved November 5, 2006. (http://emlab.berkeley.edu/users/obstfeld/ftp/mundell-fleming/mundell-fleming.pdf#search=MundellFleming%20Model) Obringer, L. A. 2006. How the Euro Works. Howstuffworks. Retrieved November 4, 2006(http://money.howstuffworks.com/euro.htm) Parke, W. R. .2002. The Mundell-Fleming Model. EconModel. Retrieved November 5, 2006. (http://www.econmodel.com/classic/mf.htm)    The Euro’s History. Providence College. Rhode Island. Retrieved November 4, 2006. (http://www.providence.edu/polisci/students/euro/history.htm) The European Union. The Euro: Our Currency. Retrieved November 4, 2006. (http://ec.europa.eu/economy_finance/euro/our_currency_en.htm) The Gallup Organization. Introduction of the Euro in the New Member States. EuroBarometer. 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Essay --

EFL students always have comprehension problems in listening for many complicated reasons. The listening materials are considered to be too fast and variable for EFL students, especially for the beginning language learners. Renandya and Farrell (2011) believed that â€Å"any increase in speech rate tends to result in a decrease in comprehension† (p. 53). What’s more, when the speaker modifies the sound or blend several words together when they are speaking, listeners will get confused. When we talk with others outside class, communication seems much easier compared with the in-class formal listening practice, and that is because face-to-face communication is a two-way listening. If we have any difficulty or miss any information, we can easily go back and ask the speaker to speak more slowly and clearly, or to repeat the information. In this case, listening is not that difficult. On the contrary, formal listening exercises are usually one-way tasks; listeners cannot get any extra clue except the listening material itself. This is even more difficult for beginning listeners, and they have nothing to do except following the so-called good listeners’ strategies, which are actually ineffective for them. According to traditional listening researches, the lower-level listener should be able to solve their comprehension problems by themselves with a lot of formal strategy training. However, the reality is a different situation. In this article, Renandya and Farrell (2011) stated that the traditional training of listening strategies is very popular, but many problems still exist. For example, it is a great burden for teachers to acquire many different strategies and theories in order to train their students; and the so-called effective listen... ...few projects; instead, students at different language proficiency levels should have their own listening plans and designs. For those beginning learners, easier and more interesting listening resources would be appropriate. They may listen to kids’ songs; watch cartoons and movies with simpler conversations; listen to podcast; or read latest news that they are interested in and communicate with their classmates and friends. Their focus should be on fluency and adequacy. For those at higher proficiency level, more complicated video and audio resources could be a good try, and they may also focus on complexity. Teachers should also notice that, extensive listening does not only refer to outside class and self-monitoring activities. Teachers must take charge of some tasks in order to better control the effect and guide students to practice toward the correct direction.

Farewell School

The last day in our school life is an indelible memory with sweet memories of our school life. It is a record of pleasant memories that occupy a special place in our life. Though it is a traditional affair, it has a very deep impact on the students who are leaving their â€Å"alma mater† after a period of studies there. The memories of my school farewell day still linger in my mind with ever fresh emotions. The Farewell Day It is a day of excitement. I am going to have different way of life. So far, for the past twelve years of high school studies, everyday it dawned with the thoughts of studies and home work.But from tomorrow onwards I will have different kinds of thoughts and burdens. No homework of writing pages of answers. My friends Mani, Kumar, Saru and Joe will have different plans which I may not be able to join. I may not be able to spend hours and hours with them in combined study. This very thought about them brought tears in my eyes. Farewell Party My teachers and the school authorities have arranged for a farewell party. I remember the party of the of the previous year, when our seniors handed over the lighting candles symbolically asking us to keep up the tradition of the school and bring glory and fame to the school and students.They loved us and wept bitterly when they passed on the light to us. But I could not meet any of them afterwards. That is the beauty of life. To meet, to love and then to depart! Is it the fate of life? On the day of the farewell party we exchanged our feelings and emotions and the party came to an end with some light snacks. Farewell To Our Teachers I still remember the farewell advice given by the head of our school. It should be the â€Å"Magna Charta† of every student. It suits all ages though it is quoted from the Taittireya Upanishad, a part of the Vedas. More about  Ã¢â‚¬Å"Farewell to Manzanar† here.This advice had been passed on from generation to generation. The fifteen points he mentioned should be followed by every student. The Fifteen Points of Taittireya, Upanishad These fifteen points were mentioned every year in the farewell talk of our school. It is an advice to a student who finishes his learning at the feet of a Guru staying with him day and night for a number of years away from his home. It is a way of life prescribed by the ancient Vedas for the uplift of humanity. Here are those fifteen points. 1) Always speak the truth. Only truth prevails.Truth can protect you from every evil. 2) Follow the Dharma of life. Every walk of life has its own duties or Dharma. The Dharma that you follow will become the Karma of your life and lead you to eternity. 3) Study something daily. That should become a habit of life. 4) Everyday learn something new. Share your knowledge daily with others. Knowledge not shared is a mere waste. Only by sharing and discussing it can be improved. It gives you more and more enlightenment. 5) Don't commit anything untrue. It will lead you to darkness. This stresses the importance of Truth. ) Don't step on anything which is against Dharma. It is nothing but suicide. 7) Give your Guru or the teacher his due. Don't disappoint him in any way. He may not be avaricious in getting from you. It is not fitting for a Guru to go after wealth. Even a handful of grain given by you with all your heart may please him. 8) Extend your generation either by marrying a fitting lady or having a good group of disciples. Through your children and through your disciples you can promote your knowledge. 9) Do everything to save your immortal soul. You are free now.There may not be any Guru to guide you hereafter. But if you lead a careless life and lose your soul what will be the ultimate benefit? 10) Earn wealth enough for your existence. Spend your wealth diligently without wasting. Wealth is necess ary for life; but wealth is not all life. 11) May your mother be your visible god. â€Å"Matru deva bava†. Respect to maternity is very important because the mother bears you in her womb. 12) In the same way father has he right of your respect. Their blessing will be a cause of flourishing in all your generations. They are not to be thrown away in their old age. 3) Your ancestors have to be commemorated on certain days and sacrifices are to be offered. 14) â€Å"Acharadevabava† means elders have to be respected. Reverence to parents, teachers and elders is the channel of grace and fortune. 15) â€Å"Athithidevabava' means treating guests and the needy with reverence as they are the images of Almighty. The farewell day of my school life and the message I got on that day are still directing my life to success. Education is not a means of finding a job or spending some years in a place. It is the blossoming of personality into fullness!

Nestle CSR Essay

Corporate Social Responsibility is about how companies manage the business processes to produce an overall positive impact on society. Also you could say that it is a company’s sense of responsibility towards the community and environment in which it operates. Nestlà © believes that for a company to be successful in the long term and create value for its shareholders, it must also create value for society. At Nestlà © this begins with the creation of superior long term value for shareholders by offering products and services that help people improve their nutrition, health and wellness. This is what they call Creating Shared Value. Creating shared value begins with the understanding that for Nestlà © to succeed over the long term, the communities we serve must also be succeeded. It explains how businesses can create competitive advantage, which in turn will deliver better returns for shareholders, through actions that substantially address a social or environmental challenge. Nestlà © focuses on six point, which are the following: -nutrition. – CSV, water. – Rural development. – environment. – sourcing. And human rights. Now we will explain these six points. Starting with nutrition: Nestlà © plays an important role in offering the right kind of products and helping consumers make the right nutritional choices. The second is CSV- Water. A global water crisis is threatening food security because two-third of all fresh water is used in agriculture. With demand for water to set rise by 50 % by 2030, water scarity is a likely scenario for billions of people. Nestlà © is determined to help in addressing this crisis. Rural development. As a global population increases and continues to shift to urban areas, the challenge of producing sufficient agricultural raw materials is becoming ever more difficult. This is why nestle is working hard to ensure they source raw materials in a responsible and sustainable way. (farmers, workers, com munities) Environment: Nestlà © is helping to protect the environment and scarce resources, now and for future generations.

Human Nature, Examples from Macbeth

Human Nature, Examples from Macbeth Free Online Research Papers Life is a reality that forces individuals to choose between right and wrong. Decisions are made to have a lasting effect that decides the outcome of a person’s future. Macbeth has a great deal of trouble deciding the difference between moral and immoral decisions during his rise to power. Macbeth’s character experienced a string of questionable decisions that consequently led to his dethroning. First, Macbeth became engulfed in greed and would stop at nothing to obtain what he felt was his own. Next, he displayed disloyalty towards his friends and superiors while trying to reach his goals. Finally, Macbeth exhibited gullibility. These three traits are what ultimately led to the downfall of Macbeth, not only as a king, but also his life. Macbeth first displayed his greediness after his first conversation with the three witches. The witches spoke to Macbeth and provided him with a glimpse into the future. This small act awakened the greed that Macbeth had always possessed. Macbeth then felt he deserved to be crowned king and stopped at nothing to fulfill his goals. This is the first sign that Macbeth’s character is losing control of reality. Macbeth also exhibited greed after he honorably received the title of Thane of Cawdor. However, he was still not satisfied, and craved more power. Therefore, Macbeth plotted to kill his best friend Banquo, and his son Fleance just to further ensure his prophecy to become king. For example, in the quote, â€Å"Upon my head they placed a fruitless crown, And put a barren sceptre in my gripe, Thence to be wrenchd with an unlineal hand, No son of mine succeeding,† Macbeth exhibits greed and jealousy. He trusts the witches’ prophecy saying Banquo’s children will become kings, thus he believes he must kill Banquo and Fleance to secure the throne. Macbeth’s greed began to cloud his mind even more when he planned the murders of Macduff’s innocent wife and children. Macbeth’s greed began controlling his life, and forced him to make rash decisions. This ultimately exposed his evil ways and he was killed because of it. Disloyalty is the second character flaw Macbeth exhibits. Macbeth displays this when he murders his king and longtime friend, Duncan. Macbeth does not comprehend his actions anymore. He felt no fear or remorse for this murder; his only concerns were his safety and well being. For instance, in Act 2, Scene 1, Macbeth says, â€Å"The bell invites me. Hear it not, Duncan; for it is a knell that summons thee to heaven or to hell.† In this scene, Macbeth is about to kill Duncan, which paves the way for his future disloyalties. This murder was a stepping stone for Macbeth’s future plans. Once Macbeth had murdered Duncan he underwent a transformation from a realistic, loyal commander to a fantasy living, traitor. This act drove a wedge between many people and Macbeth. These were the same people that would eventually drive him from power. Macbeth’s second act of disloyalty occurs when he murders his best friend and fellow commander Banquo. Banquo had suspicions that Macb eth’s plans were not honorable, so Macbeth became frightened. Macbeth then came to the decision to eliminate who he though was his adversary, but was really his friend. Macbeth accomplished this feat, and reached a new low point where friends and loyalty were meaningless. Finally, the third character flaw Macbeth revealed was gullibility. Macbeth allowed himself to believe the first series of premonitions the witches gave him. Macbeth felt that it was the witches who gave him this good fortune and not fate. However, Macbeth did not realize that he was already the Thane of Cawdor before he even spoke to the witches. Macbeth fully believed the witches were sources of good fortune. This causes Macbeth to lose all belief in the natural order of events, leaving him alone and friendless. Macbeth also displayed gullibility when he made himself feel invincible after the witches gave him the second series of premonitions. The three witches convinced Macbeth that a son born of a woman could not kill him. However, Macbeth would end up being killed by a son pulled from his mother’s dead womb. This exposed a loophole in the assurance the witches gave Macbeth that lead to his death. Macbeth allowed his goals and wants to control his life and this ultimately led to his downfall. Macbeth’s mind became so clouded he did not realize how greedy, disloyal and gullible he had become. His greed controlled his life and forced him to only concentrate on his desires. Macbeth’s did not understand the meaning of loyalty anymore, because he murdered his friends with no remorse. Finally, if Macbeth had a better grip on reality he would not have been taken in by the witches and lost his head. These three flaws along with other circumstances ultimately led to his downfall and death. Research Papers on Human Nature, Examples from MacbethCapital PunishmentComparison: Letter from Birmingham and CritoBringing Democracy to AfricaAssess the importance of Nationalism 1815-1850 EuropeHonest Iagos Truth through Deception19 Century Society: A Deeply Divided EraCanaanite Influence on the Early Israelite ReligionEffects of Television Violence on ChildrenWhere Wild and West MeetAppeasement Policy Towards the Outbreak of World War 2

Meaning of Interpreted or Compiled in JavaScript

Meaning of Interpreted or Compiled in JavaScript Computers cannot actually run the code that you write in JavaScript (or any other language for that matter). Computers can only run machine code. The machine code that a particular computer can run is defined within the processor that is going to run those commands and can be different for different processors. Obviously, writing machine code was difficult for people to do (is 125 an add command or is it 126 or perhaps 27). To get around that problem what are known as assembly  languages were created. These languages used more obvious names for the commands (such as ADD for adding) and thus did away with the need to remember the exact machine codes. Assembly languages still have a one to one relationship with the particular processor and machine code that the computer converts those commands into. Assembly Languages Must Be Compiled or Interpreted Very early on it was realized that easier to write languages were needed and that the computer itself could be used to translate those into the machine code instructions that the computer can actually understand. There were two approaches that could be taken with this translation and both alternatives were chosen (either one or the other will be used depending on the language being used and where it is being run). A compiled language is one where once the program has been written you feed the code through a program called a compiler and that produces a machine code version of the program. When you want to then run the program you just call the machine code version. If you make changes to the program you need to recompile it before being able to test the changed code. An interpreted language is one where the instructions are converted from what you have written into machine code as the program is being run. An interpreted language basically gets an instruction from the program source, converts it to machine code, runs that machine code and then grabs the next instruction from the source to repeat the process. Two Variants on Compiling and Interpreting One variant uses a two-stage process. With this variant, the source of your program is compiled not directly into the machine code but instead is converted to an assembly-like language that is still independent of the particular processor. When you want to run the code it then processes that compiled code through an interpreter specific to the processor so as to get the machine code appropriate to that processor. This approach has many of the benefits of compiling while maintaining processor independence since the same compiled code can be interpreted by many different processors. Java is one language that often uses this variant. The other variant is called a Just in Time compiler (or JIT). With this approach, you dont actually run the compiler after you have written your code. Instead, that happens automatically when you run the code. Using a Just in Time compiler the code isnt interpreted statement by statement, it is compiled all in one go each time when it is called to be run and then the compiled version that it just created is what gets run. This approach makes it look a lot like the code is being interpreted except that instead of errors only being found when the statement with the error is reached, any errors detected by the compiler result in none of the code being run instead of all of the code up to that point being run. PHP is an example of a language that usually uses just in time compilation. Is JavaScript Compiled or Interpreted? So now we know what interpreted  code  and compiled code  mean, the question we next need to answer is what does all of this have to do with JavaScript? Depending on exactly where you run your JavaScript the code may be compiled or interpreted or use either of the other two variants mentioned. Most of the time you are ​running your JavaScript in a web browser and there the JavaScript is usually interpreted. Interpreted languages are usually slower than compiled languages. There are two reasons for this. Firstly the code to be interpreted actually has to be interpreted before it can be run and  secondly, that has to happen every time that the statement is to be run (not only every time you run the JavaScript but if it is in a loop then it needs to be done every time around the loop). This means that code written in JavaScript will run slower than code written in many other languages. How does knowing this help us where JavaScript is the only language available for us to run across all web browsers? The JavaScript interpreter itself that is built into the web browser is not written in JavaScript.  Instead, it is written in some other language that was then compiled. What this means is that you can make your JavaScript run faster if you can take advantage of any commands that JavaScript provides that allow you to offload the task to the JavaScript engine itself. Examples for Getting JavaScript to Run Faster An example of this is that some but not all browsers have implemented a document.getElementsByClassName() method within the JavaScript engine while others have yet to do so. When we need this particular functionality we can make out code run faster in those browsers where the JavaScript engine provides it by using feature sensing to see if the method already exists and only creating our own version of that code in JavaScript when the JavaScript engine doesnt provide it for us. Where the JavaScript engine does provide that functionality it should run faster if we use that rather than running our own version written in JavaScript. The same applies to any processing that the JavaScript engine makes available for us to call directly. There will also be instances where JavaScript provides multiple ways of making the same request. In those  instances, one of the ways of accessing the information may be more specific than the other. For example document.getElementsByTagName(table)[0].tBodies and document.getElementsByTagName(table)[0].getElementsByTagName(tbody) both retrieve the same  nodelist  of the  tbody  tags in the first table in the web page however the first of these is a specific command for retrieving the  tbody  tags where the second identifies that we are retrieving  tbody  tags in a parameter and other values can be substituted to retrieve other tags. In most  browsers, the shorter and more specific variant of the code will run faster (in some instances much faster) than the second variant and so it makes sense to use the shorter and more specific version. It also makes the code easier to read and maintain. Now in many of these  cases, the actual difference in the processing time will be very small and it will only be when you add many such code choices together that you will get any noticeable difference in the time your code takes to run. It is fairly rare though that changing your code to make it run faster is going to make the code significantly longer or harder to maintain, and often the reverse will be true.There is also the added benefit that future versions of JavaScript engines may be created that speed up the more specific variant even further so that using the specific variant may mean that your code will run faster in the future without you having to change anything.