AIG accounting scandal (2005) - Income Statement report Essay

AIG bookkeeping embarrassment (2005) - Income Statement report - Essay Example hese embarrassments, posthumous outcomes demonstrate nearness of an innovative bookkeeping process, a marvel described by complex strategies for reserves diverting and abuse just as exaggerated incomes and inappropriate detailing of costs and liabilities. As indicated by Roddy (2011, pp 34), the most noteworthy embarrassment of the most recent decade included Tyco, HealthSouth, Enron, WorldCom, and AIG among others. This paper targets investigating the bookkeeping outrage that influenced American Insurance Group in 2005. American Insurance Group (AIG) is a worldwide protection enterprise. It is viewed as the World’s biggest insurance agency with more than 90,000 laborers and workplaces in more than 130 nations. The organization is likewise engaged with different types of business including airplane renting and resources the executives in numerous pieces of the world. During this season of the outrage, the organization was driven by Maurice Greenburg, the long-lasting serving pioneer, having driven the organization since 1968. He was named as the individual associated with the outrage, and inevitably constrained to step down in 2005. The organization went under investigation first in 2001 after it was understood that a customer organization had been helped to fortify their monetary record falsely. Examinations were begun and in 2003, a punishment of $10 Million was passed by SEC to settle the issue. The company’s pay smoothing items were explored in 2004 and an offer gear protest documented. Kay (2005) composed that the organization confessed to having directed ill-advised bookkeeping works out. At the point when the organization at long last discharged the 2004 yearly profit, it was found that re-protection manages GenRe were not represented in the stores. A rehashing of this came about to a lessening in the income by $1.32 Billion. As indicated by Martin and Wesley (2005), a few claims were recorded against AIG beginning with one by the Attorney General concerning deluding bookkeeping which Greenberg excused as political war. Others were documented by the government office prompting

Commercialization of Education Essay

Microscopic organisms, Virus, and Parasites †Years prior, waterborne ailments represented a large number of passings. Indeed, even today in immature nations, an expected 25,000 individuals will bite the dust every day from waterborne sickness. Impacts of waterborne microorganisms can be prompt and pulverizing. Along these lines, microorganisms are the first and most significant thought in making water satisfactory for human utilization. As a rule, present day civil supplies are generally liberated from destructive living beings in light of routine cleansing with chlorine or chloramines and successive examining. This doesn't mean metropolitan water is liberated from all microscopic organisms. Those of us with private wells and little rustic water frameworks have motivation to be progressively worried about the chance of microorganism tainting from septic tanks, creature squanders, and different issues. There is a little network in California, where 4,000,000 gallons of pee hits the ground day by day from dairy bovines! Specialists state that in any event 4000 instances of waterborne sicknesses are accounted for consistently in the U.S. They likewise gauge that a significant part of the brief ills and ordinary gastrointestinal issue that go routinely unreported can be credited to life forms found in our water supplies. INORGANIC IMPURITIES: Earth and Sediment or Turbidity †Most waters contain some suspended particles which may comprise of fine sand, mud, soil, and encouraged salts. Turbidity is upsetting to take a gander at, can be a wellspring of food and housing for microbes, and can meddle with powerful sterilization. Absolute Dissolved Solids †These substances are disintegrated rock and different mixes from the earth. The whole rundown of them could fill this page. The nearness and measure of absolute broke down solids in water speaks to a state of discussion among the individuals who advance water treatment items. Here are a few realities about the results of more significant levels of TDS in water: 1. High TDS brings about bothersome taste which could be salty, harsh, or metallic. 2. High TDS water is less refreshing. 3. A portion of the individual mineral salts that make up TDS represent an assortment of wellbeing risks. The most dangerous are Nitrates, Sodium, Sulfates, Barium, Copper, and Fluoride. 4. The EPA Secondary Regulations instruct a greatest level with respect to 500mg/litter (500 sections for each million-ppm) for TDS. Various water supplies surpass this level. When TDS levels surpass 1000mg/L it is commonly viewed as unfit for human utilization. 5. High TDS meddles with the flavor of nourishments and refreshments, and makes them less alluring to expend. 6. High TDS make ice 3D shapes overcast, milder, and quicker dissolving. 7. Minerals exist in water for the most part as INORGANIC salts. Conversely, minerals having gone through a living framework are known as ORGANIC minerals. They are joined with proteins and sugars. As indicated by numerous nutritionists minerals are a lot simpler to acclimatize when they originate from nourishments. Would you be able to envision going out to your nursery for some soil to eat instead of a decent carrot; or drinking an entire bath of water for LESS calcium than that in a 8 ounce glass of milk? 8. Water with higher TDS is considered by some wellbeing backers to have a less fortunate purifying impact in the body than water with a low degree of TDS. This is on the grounds that water with low broke up solids has a more prominent limit of assimilation than water with higher solids. Poisonous Metals or Heavy Metals †Among the best dangers to wellbeing are the nearness of significant levels of harmful metals in drinking water †Arsenic, Cadmium, Lead, Mercury, and Silver. Most extreme cutoff points for each are built up by the EPA Primary Drinking Water Regulations. Different metals, for example, Chromium and Selenium, while fundamental follow components in our eating regimens, have limits forced upon them when in water in light of the fact that the structure wherein they exist may represent a wellbeing risk. Poisonous metals are related with nerve harm, birth abandons, mental impediment, certain malignant growths, and expanded weakness to sickness. Asbestos †Asbest os exists as tiny suspended mineral filaments in water. Its essential source is asbestos-concrete channel which was regularly utilized after World War II for city water supplies. It has been evaluated that somewhere in the range of 200,000 miles of this funnel is directly being used to move our drinking water. Since these channels are wearing, the fatal substance of asbestos is appearing with expanding recurrence in drinking water. It has been connected with gastrointestinal malignant growth. Radioactivity †Even however follow measures of radioactive components can be found in practically all drinking water, levels that present genuine wellbeing risks are decently rareâ€for now. Radioactive squanders drain from mining tasks into groundwater supplies. The best danger is presented by atomic mishaps, atomic handling plants, and radioactive waste removal locales. As compartments containing these burns through break down with time, the danger of debasing our aquifers’ develops into a poisonous time bomb. Natural IMPURITIES: Tastes and Odors †If your water has an unpalatable taste or smell, odds are it is because of at least one of numerous natural substances extending from rotting vegetation to green growth; hydrocarbons to phenols. It could likewise be TDS and a large group of different things. Pesticides and Herbicides †The expanding utilization of pesticides and herbicides in horticulture appears in the water we drink. Downpour and water system convey these lethal synthetic concoctions down into the groundwater just as into surface waters †There are in excess of 100,000,000 individuals in the US who rely on groundwater for sources entire or in part of their drinking water. As our dependence upon groundwater is raising, so is its defilement. Our own family utilization of herbicide and pesticide substances likewise adds to genuine pollution. These synthetic compounds can cause circulatory, respiratory and nerve issue. Harmful Organic Chemicals †The most squeezing and across the boar d water pollution issue is an aftereffect of the natural synthetics made by industry. The American Chemical Society records 4,039,907 particular substance mixes starting late 1977! This rundown just is involved synthetic compounds announced since 1965. The rundown can develop by around 6,000 synthetic substances for every week! 70,000 synthetic compounds may in any case be underway in the US. As of December, 1978, 50 synthetic substances were being delivered in more noteworthy amounts than 1,300,000,000 pounds for each year in the US. 115,000 foundations are engaged with the creation and circulation of synthetic substances, with the business being worth $113,000,000,000 every year. As indicated by the EPA, there are 77,000,000,000 pounds of perilous waste being created every year in the US. 90 percent of this isn't discarded appropriately. This would approach 19,192 pounds of risky waste arranged every year on each square mile of land and water surface in the US including Alaska and Hawaii!! There are 181,000 artificial tidal ponds at mechanical and civil locales in t he US. At any rate 75 percent of these are unlined. Indeed, even the lined ones will spill as indicated by the EPA. A portion of these are inside 1 mile of wells or water supplies. There is as yet an absence of data on the area of these destinations, their condition, and regulations. THIS IS A HORROR STORY OF THE MILLENNIUM. Synthetic concoctions end up in our drinking water from several unique sources. There are several distributions every year featuring this issue. The impacts of constant long haul presentation to these poisonous organics, even in minute sums, are incredibly hard to recognize. Sullied drinking water may look and taste splendidly typical. The users’ manifestations may incorporate repeating migraine, rash, or weakness †which are all difficult to analyze as being water related. The more genuine outcomes of drinking polluted water are higher malignancy rates, birth abandons, development variations from the norm, fruitlessness, and nerve and organ harm. A portion of these disarranges may go unnoticed for quite a long time!! Exactly how harmful these synthetics are might be delineated by taking a gander at two models: TCE is a broadly utilized concoction which routinely appears in water supplies. Only two glassfuls of TCE can debase 27,000,000 gallons of drinking water! One pound of the pesticide, Endrin can pollute 5,000,000,000 gallons of water. Chlorine †Trihalomethanes (THM’s) are shaped when chlorine, used to sanitize water supplies, collaborates with regular natural materials (for example side-effects of rotted vegetation, green growth, and so on.). This makes poisonous natural synthetic substances, for example, chloroform, and Bromodichloromethane. A further word about chlorine: Scientists at Colombia University found that ladies who drank chlorinated water ran a 44% more serious danger of biting the dust of malignancy of the gastrointestinal or urinary tract than did ladies who drank non-chlorinated water! Chlorinated water has likewise been connected to hypertension and iron deficiency. Weakness is brought about by the harmful impact of chlorine on red platelets.

September 23, 2014 Happy first day of autumn! COLUMBIA UNIVERSITY - SIPA Admissions Blog

September 23, 2014 Happy first day of autumn! COLUMBIA UNIVERSITY - SIPA Admissions Blog A wonderful way to learn more about the School of International and Public Affairs (SIPA) and its programs is by attending an information session. We offer in-person visits for those of you that will be in the New York area, as well as virtual sessions online. We invite you to get to know us this fall! For in-person information sessions, reservations are required so if you would like to attend, please let us know which date you would like to visit and we will reserve a space for you. Please call our office at 212-854-6216 or email us at sipa_admission@columbia.edu to make your reservation. For in-person information session dates this fall, please click here. Our fall virtual information sessions will be held on the following dates: Thursday, October 2nd: 11:00am-12:00pm Wednesday, October 15th: 9:30am-10:30am Tuesday, October 28th: 11:00am-12:00pm Thursday, November 20th: 12:00pm-1:00pm Tuesday, December 2nd: 12:00pm-1:00pm Wednesday, December 17th: 10:00 am-11:00am You are also welcome to come and stop by the office Monday through Friday between 9am and 5pm, excluding holidays, to meet with an Admissions counselor and discuss SIPA’s curriculum, application process, and any questions that you may have for us. Directions and travel information to our office may be found on the SIPA page. We look forward to meeting you! The beauty of Columbia in the fall Photo courtesy of the Morningside Post

Evolution Scientific Inaccuracies - 820 Words

The 2001 film â€Å"Evolution†, is an entertaining film about an alien species being introduced to earth via meteor. However, this film seems to contain a copious amount scientific inaccuracies. For example, when the meteor is traveling through space, the movie presents the meteor rushing towards Earth with sound. However, space is a vacuum, so there for there would be no sound in space. To continue with the lengthy list, the meteor, after piercing the atmosphere of earth, still remains around the same size, not withering at all through the intense heat and weathering that would occur by doing so. Also, last time I checked, meteors did not contain explosives. I only bring that up because when it impacts, it creates a huge explosion, rather†¦show more content†¦Evolution of man kind took countless number of years, however, this â€Å"blood† took less than a few weeks to evolve from single cell to multicellular, complex organisms. With that, of course those organ isms can’t breathe oxygen, so doesn’t the rock just create its own atmosphere for the aliens to inhibit? How nice of it! I didn’t know that a rock, that happens to bleed, could convert an atmosphere into something else to help allow its blood to evolve and live. Along the path of the bloods evolution, it seems all of the once single celled organisms became, what looked to be, flat worms. So, the doctors took a few worms for testing. But of course, something must go astray! Avast, the worms undergo mitosis! Yeah, they split themselves into another identical worm. COME ON, really? How long are they going to push the buttons of many scientists, who were probably screaming at the T.V. with intense violence? Well, obviously they will, its gone on this long anyway... So the professors next visit leaves them in shock-and-awe (not to mention any science enriched person), they find that an entirely different world has emerged underground. With that new habitat, comes new species (that mind you, somehow, all evolved from those magical worms who can undergo mitosis). This species list ranged from flies and two headed creatures to pterodactyl and primates! What a wide range of evolved forms for a worm, its like Pokemon all over again! Now, toShow MoreRelated Evolution vs. Creation Essay915 Words   |  4 Pagespiece is that of whether or not evolution should be taught in classrooms. Also, if it is to be taught, should it be taught as fact or theory? It is also intended to present enough evidence to disprove evolution altogether and, as a result, make it much less than a theory, but actually the vain opinions of a man who chose not to accept the truth. nbsp;nbsp;nbsp;nbsp;nbsp;The entire point of this essay is to breakdown the theory of evolution, invalidate its scientific reliability, and support theRead MoreFear Is A Necessary Evil Essay1505 Words   |  7 PagesFear is a necessary evil. 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Because the Bible was so important in society, critics began to judge the book harshly, pointing out its inaccuracies and attacking some of the arguments, specifically, the punishmentRead MoreEvolution Of Science And Society Essay1714 Words   |  7 Pagescould this image be so different? Scientific knowledge is limited by technology and the obser vations it produces. As technology evolves, so do previous scientific observations. One of the most notable examples of this evolution of scientific observation are the dinosaurs. Since their discovery in the 1800’s, dinosaurs have helped make the prehistoric era one of the most popular periods of Earth’s history, for science and society alike. However, while new scientific observations challenge the previouslyRead MoreThe War Of A Forest Fire1380 Words   |  6 Pageson the poor and increase their likelihood of being exposed to infections diseases.( ) The casualties from war have diminished many of the harmful effects overpopulation brings. War has accounted for a multitudinous array of inventions and scientific improvements. There has been vast development in the medical field as a result of war. In the last hundred years ultrasound, plastic surgery and penicillin have all been created at the whim of war. During World War II ultrasound was used to detectRead MoreGalen s Theory Of The Circulatory System1093 Words   |  5 Pagestheory had many flaws. According to Galen, the septum had many tiny pores which allowed blood from the arteries to pass through from the right side of the heart. Many years after, Andreas Vesalius, a Belgian physician was the first to identify the inaccuracy in this statement; the septum does not have any pores to allow the blood to flow through. This was able to be proven as Vesalius experimented on human bodies, whereas Galen’s experiments were all conducted on Apes and pigs. His error, which hasRead More Creationism vs Evolutionism Essay2392 Words   |  10 Pagesnbsp;nbsp;nbsp;nbsp;nbsp;Most people view the theory of evolution as being a feasible explanation of how life became what is today. Evolution is a theory that the various organisms are descended from others that lived in earlier times and that the differences are due to inherited changes that occurred over many generations. It must be realized that evolution is a theory and cannot be considered a fact. Even though it’s roots are from Greek anatomists, the theory of evolution came to light in 1859 when Charles Darwin

The Importance of Marketing - 1341 Words

Marketing helps the business to develop a strong brand, inform the customers about new products or services, influence consumers in some way to buy specific products, assist with sales and provide up-selling services. American Marketing Association (AMA) describes marketing as the set of actions and processes within the company that generate, communicate and deliver offers that have some sort of value for the customers and the general public (link to source). Dr. Philip Kotler provides another description for the marketing and defines it as â€Å"the science and art of exploring, creating, and delivering value to satisfy the needs of a target market at a profit (link to source). Marketing helps to recognise unsatisfied customer needs. It also outlines the potential market with profit and designs suitable products for it. While marketing includes quite broad set of implementation models and techniques, there are a number of foundation elements that hold all marketing theories together. Understanding the core essentials of marketing can enhance effectiveness of the marketing and business overall. One of the main ideas of marketing is the concept that successful businesses offer products with unique benefits, not only with exclusive features. The below example demonstrates this model very well. Cinemas are part of the entertainment industry, with its purpose to delight and entertain audiences. Like all other entertainment mediums, Village cinema was greatly affected by theShow MoreRelatedImportance of Marketing882 Words   |  4 PagesRunning head: THE IMPORTANCE OF MARKETING IN ORGANIZATIONS The Importance of Marketing in Organizations Verisha Barrett University of Phoenix Marketing MKT/421 Marc Mosko Apr 22, 2006 The Importance of Marketing in Organizations Marketing has become one of the most critical increasing forces which drive today’s companies. With marketing a company has power to carefully plan and implement the strategies to make a company successful. 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Bird in the House Free Essays

REVISED Vanessa: Distressed Female In Margaret Laurence’s A Bird in the House By: Adeline Hartono #20336566 For: Professor Vardon Date: Monday November 14th, 2011 In Margaret Laurence’s A Bird in the House, the female characters in the story are helpless and distressed. Each character struggles to reach their own personal freedoms and is constantly battling through the ups and downs of life. This issue brings about the essence of entrapment, which is apparent in the collection. We will write a custom essay sample on Bird in the House or any similar topic only for you Order Now It can be further seen in regards to the female and main character, Vanessa Macleod. A Bird in the House tells a story about the life of Vanessa Macleod, the protagonist, and the rocky journey she endures throughout the process of growing up. Life is never easy for Vanessa, for she faces many challenges and tragedies throughout her childhood. In the collection, Vanessa possesses a unique quality in that she is able to find ways to deal and cope with the harsh events taking place in her life. One way in which she illustrates this is through her many writings of creative stories. When she wrote and developed ideas, Vanessa escapes any feelings of entrapment and helplessness; however, one of the hardest things Vanessa has to endure is the numerous losses of her loved ones: firstly, the passing of her beloved Grandmother Connor, whom she adored and loved very much, and shortly, in months after her death, the passing of her father, Ewen Macleod. Out of the two, the greatest lost in which Vanessa continues to struggle through is her father’s death. Throughout her childhood, she has always wanted to be closer with her father, but with the profession in which he holds, a doctor, it is difficult for the both of them to ever have any time to spend together. She not only believes that her father is the best doctor there is in Manawaka, but also the best doctor in the whole of Manitoba. With this being said, her father frequently travels out of town for work. During one winter in Manawaka, Vanessa’s father became very ill and had developed pneumonia. Almost immediately, in days after, he unfortunately passed away due to being unable to recover from the illness. In the days following her father’s death, Vanessa continues to fight back feelings of regret that she could have somehow been closer to her father and conversed with him more, â€Å"I took the letter and picture outside and burned them. That was all I could do for him. Now that we might have talked together, it was many years too late. Perhaps it would not have been possible anyway. I did not know† (Laurence 107) Hence, Vanessa never got the closure she has wanted with her father and this prevents her from fully reaching happiness. Although Vanessa has suffered the tremendous loss of her father, the pain and struggle of her life did not end there. She continues to endure obstacles while growing up, as she faces the dominance of her Grandfather Connor. Throughout the novel, Grandfather Connor is shown as someone of a high power who wanted things to go his way. He has a strong character and will, which gives him authority and as a result, overpowering almost all the members in Vanessa’s family. In one of Vanessa’s first creative stories, she realizes that her writing bears no relation to the life around her, but instead resembles her Grandfather Connor. She realizes that her Pillars of the Nation about pioneer life may well incorporate her Grandfather Connor, who is a real pioneer. She is troubled by the connection of the hateful old man she feared and fought with being apart of her creative writing so much so that she decides to set it aside. Only then does she see how similar she is to Grandfather Connor and how she will never be free of his control, â€Å"I had not thought it would hurt me to see it in other hands, but it did. I wanted to tell them to trim their hedges, to repaint the window frames, to pay heed to repairs. I had feared and fought the old man, yet he proclaimed himself in my veins† (Laurence 191) Thus, Vanessa continues to be trapped in the dominance of her Grandfather, and continually feels distressed and helpless. Ultimately, the theme of entrapment is evident in the book. One of the obvious ways in which readers see this idea clearly is in the character of Vanessa Macleod, the protagonist. The death of her father and the dominance of her Grandfather Connor prevent Vanessa from fully reaching happiness. As a result, she often struggles with feelings of regret and sorrow. All in all, the female characters in the book can be seen as distressed and helpless, for Vanessa was a perfect example of this. How to cite Bird in the House, Papers

Business Strategy of Tesco Plc. Click Now to Get Solution

Question: Scenario Planning is not just important for individuals but is also vital for the success of organisations. The strategic planning process (Johnson et al 2014) provides a guide to the complex series of actions which individuals and teams in organisations need to carry out over an extended period to achieve organisational goals. Planning makes it possible to evaluate the effectiveness of action against the business aims and objectives, and also helps to establish a sense of common purpose and corporate identity. Organisations need to continuously monitor and evaluate the factors affecting their products, services and their customers, both in terms of what is happening in the general business environment and their own internal capability to cope with these changing factors.Tesco PLC is the third largest retailer in the world by profit, and the fourth by sales revenue. Estimates vary, but it is claimed that for every 7 spent in UK retail outlets 1 is spent in Tesco. In terms of the groc ery market, Tesco has a market share of well over 30%. The company was founded by Jack Cohen, a Polish, Jewish immigrant, in 1919, as a group of market stalls in the East End of London (Well Street Market, Hackney). The name Tesco was adopted in 1924. By the outbreak of the Second World War (1939) the company had one hundred stores around the UK. The first Tesco supermarket opened in 1956. Since the 1990s the company has increasingly diversified into areas such as books, clothing, furniture, petrol, software, telecommunications, financial services, internet services and music downloads. As well as this organic growth Tesco has also acquired other business; buying competitive supermarket chains, such as Safeway, in order to increase their market coverage. Tesco were one of the first supermarkets to introduce a loyalty card. They have a presence in eleven countries around the world internationally including Thailand and Malaysia. They were pioneers of internet shopping.However, since 2012 the company has reported a dip in sales. New competitors, including Lidl, Netto and Aldi have entered the market, and their aggressive cut-price marketing efforts appear to be eroding Tescos market share. Recently Tesco appointed a new Chief Executive Officer, David Lewis (Drastic Dave) who used to work for Unilever, and put Matt Davies (ex Halfords) in charge of UK operations, in a bid to reverse the downward sales trend and breathe new life into the company.These are interesting times for Tesco. The new CEO and his directors face challenges from a variety of sources; from competitors, from changes in customer behaviour, and from pressures in the economic and technological environment. Your assignment will consider the strategic factors affecting the company, evaluate its current and future strategy and discuss the implementation of possible new strategic options.Task 1: Process of Strategic Planning AC1.1 Assess how the business mission, vision, objectives, goals and core com petencies might inform the strategic planning in Tesco plc. Your answer may consider the competitive pressures, ownership and management, and a general overview of organizational strengths and weaknesses. AC1.2 Analyse the factors (barriers or facilitators) that have to be considered by Tesco when formulating strategic plans for the organization. These could include issues from environmental scanning, challenges related, but not limited, to resources required, targets, stakeholders to be involved, management roles and culture, etc.AC1.3 Explain and evaluate the effectiveness of techniques used when developing strategic business plans for Tesco. Your answer may focus on strategic planning techniques such as BCG growth-share matrix, SPACE, PIMS, Scenario Planning.Task 2: Formulating a New StrategyAC2.1 Produce an organisational audit for Tesco. You should use techniques and academic frameworks such as Capability matrix (analysis of resources competences), Value Chain analysis, SWOT a nalysis (strengths and weaknesses) etc. AC2.2 Carry out an environmental audit for Tesco. You should use techniques or academic frameworks such as PESTEL analysis, Porters 5 forces, SWOT analysis (opportunities and threats) etc.AC2.3 Assess the significance of stakeholder analysis when formulating new strategy. Your answer should identify the key stakeholders of Tesco and explain the significance of their analysis in the formulation of a new strategy for the organisation. A stakeholder diagram (mapping) can be used to present the stakeholders and their analysis can be carried out using a power/interest matrix.AC2.4 Suggest and present a new possible strategy for AirbnbTask 3: Approaches to Strategy Evaluation and SelectionAC3.1 Analyse the appropriateness of alternative strategies relating to market entry, substantive growth, limited growth or retrenchment or turnaround for TescoYour answer should focus on examples of alternative strategies relating to market entry, substantive grow th strategies such as horizontal and vertical integration; related and unrelated diversification as well as limited growth strategies such as do nothing; market penetration; market development; product development; innovation, and disinvestment strategies (e.g retrenchment, divestment, liquidation, turnaround strategies)AC3.2 Justify the selection of a most appropriate strategy for Tesco using a criteria such as suitability, acceptability/desirability and feasibility.Task 4: Implementing a Chosen StrategyAC4.1 Assess the roles and responsibilities of personnel who should be involved in strategy implementation for TescoYour answer should consider examples such as top management, middle management, teams, individuals, owners, investors, strategic partners etc. AC4.2 Analyse the resources required for implementing a new strategy for TescoYour answer should consider examples such as finance, human resources, time, materials, technology etc.AC4.3 Discuss suitable targets and timescales t o be considered by Tesco in the implementation of the new strategy using techniques such the SMART method of analysis. Answers: Introduction Khojastehpour and Johns (2014) commented on the fact that marketing strategy can be referred to as the combination of marketing plans that are comprehensively created in order to fulfill the organizational goals. Marketing strategies are thereby flexible and are created for the long term basis that can only be changed if required with the changing competition. Moreover, Gamble (2010) strategically had an opinion that in order to increase the sales as well as to achieve a sustainable growth, strategies are formulated by the organization. For the successful accomplishment of the assignment, the researcher has chosen Tesco Plc. whose marketing strategies will be widely discussed. This assignment will be discussing about the procedure of strategic planning, formulation of innovative and new strategies and evaluation of these strategies followed by selection and implementation of the chosen strategy. Tesco Plc. is one of the leading multinational retailers in the world thereby occupying fourth position with respect to sales and revenue collection. Tesco has a diversified product range such as electronics, grocery, books, clothings, internet services, furniture, telecoms along with financial services. It has expanded its business from UK to many parts of Asia as well as Europe having its market share over 30% (Barnes, 2011). Discussion and Evaluation Task 1: Process of Strategic Planning AC 1.1 Assessing business mission, vision, goals, objectives and core competencies in Tesco Plc. According to Dong (2014) Tesco Plc. is currently occupying the fourth position in the world and is also facing a cut-throat competition from new competitors such as Aldi, Lidl, Netto etc. have entered the market with a low price strategy. The mission of Tesco is creating value for its customers for earning their loyalty on a lifetime basis. The vision of this company is to serve the customer, communities who in return will be giving value to the company. Moreover, from the opinion of Kotler and Armstrong (2012) the company also aims in operating ethically with the shareholders, employees, suppliers for a sustainable growth strategy by applying the skills and knowledge globally. In addition to this, the entry of new competitors having low price strategy is a competitive pressure on the organization. The management of Tesco has been operating successfully and ethically throughout the world thereby fulfilling the customer satisfaction as well as increasing the revenue of the company. Apart from this, Mattsson (2012) also commented that the strength of Tesco is its global prestigious position, maintenance of good quality products and servicing the customers as well as handling their grievances to the maximum. In addition to this, the ethical business, following the ETI rules and regulations, transparent business and good organizational culture are the strengths of Tesco. Along with this the introduction of innovative strategies such as loyalty cards and pioneers of e-commerce are the strengths of the company. Moreover, according to the opinion of Truong and Simmons (2010) Tesco cannot compete with the low price rates of the new competitors that turned to be its weakness. Moreover, Tesco has reached a market saturation that is affecting its sales and has turned to be its another major weakness. AC 1.2 Analyzing factors that consider both barriers and facilitators while formulating strategic plans for Tesco Plc. As commented by Piercy (2010) while operating globally, Tesco had to face several barriers as well as opportunities that need to be focused on while formulating strategic plans. Though Tesco is operating globally, it is still planning of expanding its business in other countries of the world by opening new offline stores. Moreover, according to the opinion of Temporal and Lee (2001) Tesco is also focused in creating new ecommerce strategies for reaching the potential customers all around the world. For that reason, Tesco needs to acknowledge the culture, customs and religious beliefs of the customers so that the sentiments of the customers are not hurt. The other factors that also need to focused on while trading globally is the low price strategy. Customers generally are inclined towards those companies that provide quality products at low prices. In addition to this, Noy (2010) also had an opinion that while operating globally, the company needs to hire employees from those areas and trainings also need to be given for making them expertise as per their requirement. Moreover, the rise of cost of raw materials, fluctuations of taxes and tough competitions from giant retailers also affect the strategic plans for Tesco. AC 1.3 Explaining and evaluating effectiveness of the techniques that are used while development of strategic business plans for Tesco Plc. Miles et al. (2014) commented on the essential fact that BCG growth matrix, PIMS, SPACE and Scenario Planning are used for evaluating the effectiveness of the business plans formulated for Tesco. Through BCG matrix, the company understands the Stars that which sectors Tesco have high market share and market growth. It also helps in understanding the Question Mark sectors of Tesco that have high growth and low market shares. Moreover, Bruhn and Georgi (2006) also had a view that Cash Cows sectors of Tesco have low growth but high prices of share. The Dog section of Tesco denotes the low market share and growth. These sectors need to be analyzed and then strategies need to be made for strengthening the strengths more and rectifying the weakness and turning the treats positively so that it becomes opportunities for the company. Moreover, PIMS which is also known as Profit Impact of Marketing Strategy helps Tesco in understanding the business environment, allocation of budget, competitive position of Tesco and the structure of the process of production. According to Eastham et al. (2001) this helps in understanding the total market scenario including the market growth, expansion and image for successfully evaluating the strategic planning techniques. Moreover, SPACE matrix also helps in analyzing the status and position of the company. In the verdict of Crick and Crick (2015) this helps in determination of the kind of strategy the company needs to undertake for a successful and sustainable business. The SPACE matrix also helps in analyzing the financial factors that includes liquidity, turnover, and cash flow along with the competitive advantages the company has over others. In addition to this, Leitner (2014) had an opinion that Scenario Planning also helps Tesco in making long term as well as flexible plan s. This takes into account the time as well as scope of the analysis including the identification of important stakeholders for which the strategies will be made. Task 2: Formulation of new strategy AC 2.1 Organizational audit for Tesco Value Chain Analysis- According to Mattsson (2010) Tesco has adopted value chain that includes the analysis of Inbound Logistics, Operations, Outbound Logistics, Marketing and Sales and Sales. Review is essential for the cost of inventory, raw materials etc. that are essential for organizational audit for Tesco. The operations also need to be concerned as it takes into account the inputs and output process. Moreover, from the opinion of Patnaik (2014) the outbound logistics is the process that is related to the storage of final products that need to be moved from one place to another. The marketing and sales department also needs to analyze for seeing the market revenues and sales. SWOT Analysis- Lunt et al. (2014) commented that the strength of Tesco is its global position, innovation of ecommerce and introduction of loyalty cards. Moreover the quality and global customer loyalty are the strengths. In addition to this, the weakness of the organization is the saturated market and falling behind the low price strategy. AC 2.2 Environmental audit for Tesco PESTEL Analysis- Tollin et al. (2014) had a view that Political factors are important to consider since the organization is operating globally and different countries have different political issues. The Economic factor includes the inflation rates, FDI rates, economic growth and interest rates that need to be analyzed before making the strategies. In addition to this, Crick and Crick (2015) also commented that Social factor include the population, demographics and culture of the place where it is trading or is thinking of expanding. The Technological factors include the usage of modern technology in formulation of strategies and trading. Moreover, from the view point of Wright (2012) the Environmental factor also includes the global environment, climate and geographical areas based on which fair trading will be done by the company. The Legal factors also include the labor laws, consumer laws, and employment laws etc that need to be analyzed while formulating the strategies. Porters 5 Force Analysis- Mamula (2012) opined that the threat of new entrants affect largely the strategies of Tesco. The low price strategy of entrants is affecting the sales of Tesco to a considerable extent. Moreover, the threat of substitute products also needs to be analyzed as because, if the substitute products at low prices become available to the market, Tesco will be suffering loss. Moreover, Khojastehpour and Johns (2014) also had a view that the bargaining power of suppliers includes the presence of substitute inputs, strength of distribution channel and switching cost of the suppliers. Again, the bargaining power of buyers is also be concentrated due to presence of substitute products etc and low price products. Moreover, the intensity of competitive rivalry that depends on the transparency and expenses incurred due to advertisement. SWOT Analysis- Gamble (2010) commented that the opportunities of Tesco are its expanding global market as well as greater flexibility to the customers. The introduction of ecommerce sites has given more opportunity to the organization for reaching their potential customers to the great extent. According to Dawson et al. (2006) the threats of Tesco are the introduction of rivalries with low price strategy. Moreover, the presence of the competitors adaptation of low price strategy is also another threat. AC 2.3 Assess the importance of stakeholder analysis while formulating new strategy Kotler and Armstrong (2012) had an opinion that stakeholders are the important part of the organization and their interest levels also need to be concerned while making strategies. This is because; the customers who are the stakeholders of the organization, based on their interests and needs the strategies of Tesco are formulated. Barnes (2011) had a view that the employees being an integral part of Tesco and important stakeholders, their interest also need to be considered. Organizational cultures along with good salary package and compensation are also considered while making the strategies. The directors and higher managers who are the important stakeholders also formulate the strategies based on the interest of the company, increasing the sales and revenues of the organization. In addition to this, Noy (2010) also had a view that the organization can operate well and run successfully globally. This is done only if the new strategies that are formulated cover the interest of all t he stakeholders and are made concerning them. Figure 1: Stakeholder Mapping (Source: Mattsson, 2010, pp. 138) AC 2.4 Suggestion of new strategy for Tesco In order to compete with the changing and competitive environment, Tesco need to implement new strategies. The prices can be made low thereby keeping the profit margin low as much as possible. This will help the organization in giving a tough competition to new entries as well as old competitors. Moreover, Tollin et al. (2014) has also opined that with the improvement of technology and usage of Smartphone, Tesco App also need to be introduced in the market for the easy access of the customers. This will also lead to increase in customer database and reaching out the global world. Task 3: Approaches towards evaluation of strategy and selection AC 3.1 Analyzing appropriateness of alternative strategies for market entry, substantive growth, limited growth for Tesco According to Dawson et al. (2006) Tesco is a global organization and is trading globally and successfully. With the entry to the new market, the prices of the products need to be lowered and the products that are traded need to be traditional based on that geographical areas This will automatically attract the customers to a great extent and hence the revenue and sales of the company will increase. In addition to this, Bruhn and Georgi (2006) also commented that for a sustainable and firm growth the prices need to penetrated and innovative so that the company captures the untouched market initially before the competitors and new entrants. The areas where is limited growth, the organization need to flourish more by both development of market and product. AC 3.2 Justification of the appropriateness of the adopted strategy Leitner (2014) had a view that the adopted strategy that is low price strategy is appropriate in this competitive market. This is because, it is the mentality of the customers to buy products that are of low price and are of good quality. The new entrants and old competitors are keeping their profit margin low as much as possible and are focusing on increasing the customer database. Lunt et al. (2014) commented on the fact that Tesco also need to operate by keeping low pricing strategy that will help the organization in reaching a better position than its competitors. So, the strategy of Tesco needs to focus on the traditional items while trading globally since this will make the customers happy and they will be inclined towards the company. Task 4: Implementation of chosen strategy AC 4.1 Assessing roles and responsibilities of personnel those are involved in implementation of strategy for Tesco According to Mattsson (2010) the top management is highly involved in formulating the strategies and implementing it for Tesco. The top management needs to be conscious and responsible enough to understand the current market scenario and the market trend along with future market scenario for the better implementation of the strategy. The top management considers the pros, cons along with the environment both external and internal along with the demand and supply of the products and raw materials before formulating the strategies. In addition to this, Patnaik (2014) also strategically commented that the middle management helps the top management with the updates of the organizational performance both internally and externally that also help in effective strategy implementation. According to the opinion of Noy (2010) the team members are also equally responsible for better performance within the organization that motivates the top management and managers in taking reliable and strong steps to enter the new market or old market with modification. In addition to this, Miles et al. (2014) had a view that the strategic partners play an important role while implementing the strategies for Tesco. They collect the data from the market and analyze it and depending on the analysis, strategies are formulated and later implemented. AC 4.2 Analyzing resources required for implementation of new strategies for Tesco Dawson et al. (2006) had a view that Tesco requires enough resources such as finance, time, raw materials, upgraded technology and effective human resources for successful implementation of the new strategy. The organization need to be financially stable and sound and also need to have sufficient working capital for the execution of the low pricing strategy and expanding the store to other geographical areas. In addition to this, Bruhn and Georgi (2006) also commented that time bound is also necessary since the organization need to operate within a certain time period. The raw materials also need to be easily available and at reasonable prices and also need to be of good quality. This will also help in implementation of the new strategy. Along with the usage of modern technology Eastham et al. (2001) had commented that discounts need to be given to those customers sing the Tesco apps. This will make the customers use the app to a high extent and the customer database will also increa se. AC 4.3 Discussion of suitable targets and timescales considered by Tesco SMART Method- Lunt et al. (2014) had strategically commented that Tesco use SMART method that help the organization in fulfilling its targets at given time. Specific in SMART method help Tesco in targeting a specific area that needs improvement. The targets need to be Measurable as per the method so that it indicates the progress of the strategy that is implemented. According to Piercy (2009) the strategy fulfillment needs to be Assignable that denotes the group or team r employees who will be doing it. The new strategy that needs to be implemented also should be Realistic on the basis of resource availability that should be practically implemented. 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