Marketing Metrics Answers

Metrics Mastery Worksheets are designed to be in class exercises that your students can work on in class. This is a master document that provides all worksheets questions and answers. You can modify or change it as needed in order to prepare one page two sided exercises for your students to hand out in class. You can also easily turn the answers into powerpoint slides to review the answers in class. Table of Contents Worksheet: Metric 1 Expense Types2 Worksheet: Metric 2 Percentage Change5 Worksheet: Metric 3 Market Share & Market Analytics8 Worksheet: Metric 4 Contribution Margin11Worksheet: Metric 5 Mark-up & Margin14 Worksheet: Metric 6 Pricing Wholesale to Retail17 Worksheet: Metric 7 Break-Even20 Worksheet: Metric 8 Return on Marketing Investment (ROMI)23 Worksheet: Metric 1 Expense Types 1) The Comfy Chair Company makes reclining chairs at its plant and sells them exclusively through its own retail store. It has the following expenses: Plant rent and taxes = $12,000. 00 Office and management expenses = $220,000. 00 Machinery and equipment purchased = $100,000. 00 Direct materials = $27. 00/chair Direct labour = 4 hours/chair @ $14. 00/hour Transportation = $5. 0/chair Commercial store front unit purchase = $500,000. 00 Advertising costs = $100,000. 00 Sales staff wages before commissions = $250,000. 00 Commission = $12. 00/chair a) Identify the Comfy Chair Company’s variable costs. b) What is the total cost to produce and sell each reclining chair? c) Identify the Comfy Chair Company’s fixed costs. d) What are the total fixed costs? e) Identify the one-time fixed costs incurred by the Comfy Chair Company. f) What are the total one-time fixed costs? Answer: (a)Direct materials = $27. 00/chair Direct labour = 4 hours/chair @ $14. 0/hour Transportation = $5. 00/chair Commission = $12. 00/chair (b)$100. 00/chair (c)Plant rent and taxes = $12,000. 00 Office and management expenses = $220,000. 00 Advertising costs = $100,000. 00 Sales staff wages = $250,000. 00 (d)$582,000. 00 (e)Machinery and equipment purchased = $100,000. 00 Commercial store front unit = $500,000. 00 (f)$600,000. 00 2) Thompson Toiletries, Inc. has developed an addition to its mens’ cologne line tentatively branded Ode d’Toad Cologne. It costs 45 cents to produce each 60mL bottle, and heavy advertising expenditures in the first year would cost $900,000.Ode d’Toad Cologne is priced at $7. 50 for a 60mL bottle. a) What is the variable cost per unit to produce a bottle of Ode d’Toad? b) What are the total fixed costs to produce and sell Ode d’Toad? Answer: (a)Variable cost per unit = $0. 45 (b)Total fixed costs = $900,000 3) Executives of Radical Recordings Ltd. produced an album entitled Sunshine/Moonshine by the Starshine Sisters Band. The cost and price information was as follows: |Album cover |$1. 00 | |Songwriter’s royalties |$0. 0 | |Recording artist’s royalties |$0. 70 | |Direct material and labour cost s to produce each album |$1. 00 | |Cost of producing the album (studio fee, advertising, promotional|$100,000. 00 | |expenses, etc) | | |Selling price |$7. 00 | ) Identify the variable costs, and amounts, that go into producing each album b) Identify the fixed costs, and amount, for producing the album Answer: a) Variable costs: Album cover$1. 00 Songwriter’s royalties$0. 30 Recording artist’s royalties$0. 70 Direct material and labout$1. 00 Total Variable Cost per Unit$3. 00 b) Fixed costs: Cost of producing the album = Total Fixed Costs = $100,000. 00 4) You are the owner of a travel agency that sells trips to university students. You are creating a package to sell an overnight trip to Blue Mountain. Identify the fixed and variable costs associated with the package ased on the information below. After identifying the costs, calculate the total cost based on 3 full busses of students. The package will include ski lift tickets, access to a VIP party and one night†™s hotel accommodation. It will cost you $300 to print 1,000 full colour posters and another $400 to purchase party supplies for the VIP Party. Each room costs $80 per night, with four people per room. A bus holds 40 people and the bus company will charge you $500 per bus. The ski hill is offering you a rate of $20 per ski lift pass. You also know that you need to purchase a ? page ad in the campus paper at a cost of $100 per week for 6 weeks. Variable Costs |Total |Fixed Costs |Total | |(description & Unit Cost) | |(Description) | | |Busses ($500/bus) |$1500 |Posters |$300 | |Hotel Rooms ($80/room) |$2400 |Party Supplies |$400 | |Ski lift passes ($20/pass) |$2400 |Newspaper ad ($100/wk) |$600 | | | | | | | | | | | | | | | | |Total Variable Costs |$6300 |Total Fixed Costs |$1300 | Worksheet: Metric 2 Percentage Change 1) Ed’s is a small deli, which has had great success in its second year of operation. Revenues in Year 2 are $570,000, compared with $380,000 in Year 1. What is Ed’s year-over-year sales growth rate? Answer: Year-over-Year Sales Growth = (Year 2 – Year 1) / Year 1 * 100% = ($570,000 – $380,000) / $380,000 * 100% = 50% 2) A pair of jeans that normally sells for $75 is marked down 30% and then reduced at the cash register another 10%?Is this a total reduction of 40%? If not, what is the percent reduction? Answer: Let Price 1 be the initial price of $75, let Price 2 be the price after the 30% mark down, and Price 3 be the price after additional 10% reduction at the cash register. Initial Reduction = -30% = (Price 2 – Price 1) / Price 1 -0. 3 = (Price 2 – $75) / $75 -0. 3 * $75 = Price 2 – $75 Price 2 = -0. 3 * $75 + $75 = $52. 50 Second Reduction = -10% = (Price 3 – Price 2) / Price 2 -0. 1 = (Price 3 – $52. 50) / $52. 50 -0. 1 * $52. 50 = Price 3 – $52. 50 Price 3 = -0. 1 * $52. 50 + $52. 50 = $47. 25 Total Percent Reduction = (Price 3 – Price 1) / Price 1 * 100% = ($47. 5 – $75) / $75 * 100% = 37% 3) A small retain chain posts impressive percentage growth figures, moving from $58 million to $107 million in sales from one year to the next. Despite this dynamic growth, however, analysts cast doubt on the firm’s business model, warning that its existing stores’ growth measure suggests that its concept is failing. Based on the chart below, and assuming that stores were opened on the first day of Years 1 and 2: What is the retail chain’s year-over-year sales growth rate? What is the year-over-year sales growth or decrease for each store, as appropriate? What is the same store (existing and not expansion) year-over-year growth? Store |Opened |Revenue Year 1 (millions) |Revenue Year 2 (millions) | |A |Year 1 |$10 |$9 | |B |Year 1 |$19 |$20 | |C |Year 1 |$20 |$15 | |D |Year 1 |$9 |$11 | |E |Year 2 |n/a |$15 | |F |Year 2 |n/a |$12 | |G |Year 2 |n/a |$7 | |H |Year 2 |n/a |$18 | | | |$58 |$107 | Answer:Chain-wide Year-over-Year Sales Growth = (Year 2 – Year 1) / Year 1 * 100% = ($107 – $58) / $58 = 84. 5% Store A Year-over-Year Sales = (Year 2 – Year 1) / Year 1 * 100% = ($9 – $10) / $10 = -10% Store B Year-over-Year Sales = (Year 2 – Year 1) / Year 1 * 100% = ($20 – $19) / $19 = 5. 26% Store C Year-over-Year Sales = (Year 2 – Year 1) / Year 1 * 100% = ($15 – $20) / $20 = -25% Store D Year-over-Year Sales = (Year 2 – Year 1) / Year 1 * 100% = ($11 – $9) / $9 = 22. 22% Same Store Sales Year 1 = $10 + $19 + $20 + $9 = $58 million Same Store Sales Year 2 = $9 + $20 + $15 + $11 = $55 million Same Store Year-over-Year Growth = (Year 2 – Year 1) / Year 1 * 100% = ($55 – $58) / $58 = – 5. 17% ) Do you agree with the analysts’ position regarding the retail chain in question 3, why or why not? If you were the owner of the retail chain would you continue to open stores? If not what would you do? Answer: – Agree with the analysts. Existing stores sales decreased from Year 1 to Year 2; growth declined 5. 17%. – I would not continue to open stores. I would address the decline in revenue / find out why the stores have negative growth in year 2. Worksheet: Metric 3 Market Share & Market Analytics Use the industry overview below to answer the questions that follow: Mobile Phones in the United States The mobile phone market in the United States covers the sales of mobile phone devices, smart phones, and PDAs (personal digital assistants).Table X below provides the annual sales volume of mobile phones from 2004 to 2009. Table XX details the market share of the top handset manufacturers. Table 1: US Mobile Phones: Sales Volume & Value 2004-2009 | |2004 |2005 |2006 |2007 |2008 |2009 | |‘000 units |66,556. 1 |87,543. 1 |110,228. 1 |120,629. 4 |130,309. 9 |134,673. 5 | |US$ bn |4. 1 |5. 4 |6. 9 |8. 3 |10. 1 |10. 6 | Table 2: Mobile Phones Company Shares 2005-2009 % retail revenue share |2 005 |2006 |2007 |2008 |2009 | |Samsung America Inc |15. 7 |15. 1 |17. 3 |22. 1 |25. 4 | |L. G. Electronics USA |15. 9 |16. 5 |15. 2 |20. 6 |21. 5 | |Motorola Inc |30. 4 |34. 8 |33. 5 |22. 8 |16. 4 | |Kyocera International Inc |5. 4 |4. 9 |4. 0 |9. 2 |9. 9 | |Research in Motion Ltd |0. 7 |1. 1 |2. |6. 0 |9. 0 | |Apple Inc |- |- |- |4. 9 |7. 4 | |Nokia United States |15. 4 |18. 1 |12. 5 |7. 5 |6. 5 | |Sanyo North America Corp |4. 3 |4. 2 |4. 5 |- |- | |Apple Computer Inc |- |- |1. 4 |- |- | |Others |12. 1 |5. |9. 0 |6. 9 |3. 8 | |Total |100. 0 |100. 0 |100. 0 |100. 0 |100. 0 | 1) What is the annual 2009 revenue in dollars of the top 4 mobile phone companies? Answer: Revenue Market Share (%) = Revenue ($) / Total Market Sales Revenue ($) Revenue ($) = Revenue Market Share (%) * Total Market Sales Revenue ($) Samsung America Inc: Revenue = 25. 4% * $10. 6 billion = 0. 254 * $10. 6 billion = $2. 6924 billion L. G. Electronics USA: Revenue = 21. 5% * $10. 6 billion = 0. 215 * $10. 6 bill ion = $2. 279 billionMotorola Inc: Revenue = 16. 4% * $10. 6 billion = 0. 164 * $10. 6 billion = $1. 7384 billion Kyocera International Inc: Revenue = 9. 9% * $10. 6 billion = 0. 099 * $10. 6 billion = $1. 0494 billion 2) If the performance of the US mobile phone market is expected to continue to grow from 2009 to 2012 at a rate of 5% per year, what will the size of the market be by the end of 2012? Answer: Revenue 2009 = $10. 6 billion Revenue 2010 = Revenue 2009 + 5% * Revenue 2009 = $10. 6 billion + 0. 05 * $10. 6 billion = $10. 6 billion + $0. 53 billion = $ 11. 13 billion Revenue 2011 = Revenue 2010 + 5% * Revenue 2010 = $11. 13 billion + 0. 05 * $11. 13 billion = $11. 3 billion + $0. 5565 billion = $11. 6865 billion Revenue 2012 = Revenue 2011 + 5% * Revenue 2011 = $11. 6865 billion + 0. 05 * $11. 6865 billion = $11. 6865 billion + $0. 584325 billion = $12. 270825 billion = $12. 271 billion 3) Large retail chains form a leading distribution channel in the US mobile phone marke t, accounting for 28% of the total value in 2009. In comparison, wireless service providers account for 23%, independent retailers 15%, and other sources account for 32%. Based on the 2009 revenues for the mobile phone market in the US, what is the share of revenue in dollars for each of the different distribution channels? Answer:Revenue Market Share (%) = Revenue ($) / Total Market Sales Revenue ($) Revenue ($) = Revenue Market Share (%) * Total Market Sales Revenue ($) Large Retail Chains: Revenue = 28% * $10. 6 billion = 0. 28 * $10. 6 billion = $2. 968 billion Wireless Service Providers: Revenue = 23% * $10. 6 billion = 0. 23 * $10. 6 billion = $2. 438 billion Independent Retailers: Revenue = 15% * $10. 6 billion = 0. 15 * $10. 6 billion = $1. 590 billion Other: Revenue = 32% * $10. 6 billion = 0. 32 * $10. 6 billion = $3. 392 billion 4) Calculate the Three Firm Concentration Ratio and the Herfindahl Index for the US Mobile Phone market (using 2009 market share values).What can you infer about the market concentration from these two metrics? Answer: Three Firm Concentration Ratio = 25. 4% + 21. 5% + 16. 4% = 63. 3% Herfindahl Index = Sum ([market share)(2] = Sum (. 254(2 + . 215(2 + . 164(2 + . 099(2 + . 090(2 + .074(2 + . 065(2 + . 038(2) = 0. 167 With the top 3 companies accounting for 63. 3% of the market and a Herfindahl Index of 0. 167 the market is not highly concentrated. 5) You have just become the Director of Retail Sales for a large US retail chain. What impact will the growing sales of mobile phones have on your business? Answer: – With a 5% increase per year, impact will be minor. Large retail chains sell thousands of products. There will likely be a similar increase in related products, such as chargers, skins, cases, travel chargers, prepaid phone cards, etc. – There may be a need to increase inventory levels and shelf space devoted to mobile phones and related products – There may be a slight increase in consumer flow i nto stores, which would affect cross and upselling other products to consumers walking in for mobile phones. Worksheet: Metric 4 Contribution Margin 1) Mohan, an artist, draws caricatures on the waterfront pier. It costs him approximately $5 in materials (paper and markers) for each caricature he makes. He sells each caricature for $20. Calculate the contribution margin in terms of dollars and percent. Answer: Contribution Margin ($) = Revenue – COGS = $20 – $5 = $15Contribution Margin (%) = [Contribution per Unit ($) / Sale Price per Unit ($)] * 100% = [(Sale Price per Unit – Variable Cost per Unit) / Sale Price per Unit] *100% = [($20 – $5) / $20] * 100% = [$15 / $20] * 100% = 0. 75 * 100% = 75% 2) The Hotel Grill Bar sells a set lunch for $12. The food cost of sales used in producing each set lunch is $5. Additional variable costs are $3 per lunch. The fixed costs of the restaurant are $3 per meal. What is the contribution margin expressed in dollars a nd percent? Variable Expenses = $5 + $3 = $8 Contribution Margin ($) = Revenue – Variable Expense = $12 – $8 = $4Contribution Margin (%) = [Contribution per Unit ($) / Sale Price per Unit ($)] * 100% = [(Sale Price per Unit – Variable Cost per Unit) / Sale Price per Unit] * 100% = [($12 – $8) / $12] * 100% = $4 / $12 * 100% = 0. 33 * 100% = 33. 3% 3) You are an online retailer of CDs, promoting sales via a ‘no postage and packaging’ offer. You purchase your CDs from record companies for $18. 75. Packaging and a padded envelope cost $1. 00 per CD; and postage is $2. 00. If you sell the CDs for $25 what is your contribution margin in dollars and percent? Variable Expenses = $18. 75 + $1. 00 + $2. 00 = $21. 75Contribution Margin ($) = Revenue – Variable Expense = $25 – $21. 75 = $3. 25 Contribution Margin (%) = [Contribution per Unit ($) / Sale Price per Unit ($)] * 100% = [(Sale Price per Unit – Variable Cost per Unit) / Sa le Price per Unit] * 100% = [($25 – $21. 75) / $25] * 100% = [$3. 25 / $25] * 100% = 0. 13 * 100% = 13% 4) You are the owner of an exclusive nightclub that is considering holding a New Year’s Eve party. You have determined that you need a minimum contribution margin of 40% in order to turn a profit for a single night event at your club.Additionally, in hosting all-you-can-eat and all-you-can-drink events in the past, you know that the food cost is $20 per person and the beverage cost is $17 per person. Finally, the house band charges a fee of $5 per person in attendance. What should you charge for a ticket? Answer: Variable Expenses = Food + Beverage + Band = $20 + $17 + $5 = $42 Contribution Margin (%) = [Contribution per Unit ($) / Sale Price per Unit ($)]* 100% = [(Sale Price per Unit – Variable Cost per Unit) / Sale Price per Unit] * 100% 40% = [(Sale Price per Unit – $42) / Sale Price per Unit] * 100% 0. 0 * Sale Price per Unit = Sale Price per Unit – $42 $42 = Sale Price per Unit – 0. 4 * Sale Price per Unit $42 = (1 – 0. 4) * Sale Price Per Unit Sale Price per Unit = $42 / 0. 6 Sale Price per Unit = $70 5) As the owner of the nightclub in question 4, you learn that a neighbouring nightclub is selling tickets for their New Year’s Eve party at $60/ticket, which is making your event less attractive. Should you lower your ticket price to match theirs given the variable costs in question 4 and knowing that your fixed costs will be $20/person? If not, why not and what might you do to increase tickets sales? Answer: No. The nightclub would lose $2 per ticket sold if they matched the neighbouring club’s price.To increase sales: – Reduce ticket price and reduce variable costs (lower priced food, drink, band) – Ensure that event is differentiated in a way that justifies the premium ticket price – Perhaps the other club is not offering all-you-can-eat or all-you-can-drink, or the b and is not as well-known, if that’s the case, ensure that your potential customers are aware of the differences Worksheet: Metric 5 Mark-up & Margin 1) A computer software retailer uses a markup rate of 40%. If the retailer pays $25 each for computer games sold in its stores, how much do the games sell for? Answer: The markup is 40% of the $25 cost, so the markup is: (0. 0) * ($25) = $10 Then the selling price, being the cost plus markup, is: $25 + $10 = $35 Therefore the games sell for $35. 2) A golf pro shop pays its wholesaler $40 for a certain club, and then sells that club to golfers for $75. What is the retail markup rate? Answer: The gross profit in dollars is calculated as sales price less cost: $75 – $40 = $35 The markup rate is then calculated: Markup (%) = Gross Profit / Cost *100 = $35 / $40 *100 = 87. 5% 3) A shoe store uses a 40% markup on cost. Find the cost of a pair of shoes that sells for $63. Answer: The cost of the shoes is calculated as follows: Se lling Price = Cost + Markup ($) Cost + (Markup (%) * Cost) $63 = Cost + (40% * Cost) $63 = Cost + (0. 4 * Cost) $63 = (1 + 0. 4) * Cost $63 = 1. 4 * Cost Cost = $63 / 1. 4 = $45 4) In 2009, Donna Manufacturing sold 100,000 widgets for $5 each, with a cost of goods sold of $2. What is the company’s margin? Identify a way that Donna Manufacturing can increase its profit margin? Answer: First we have to calculate the gross profit: Gross Profit = Selling Price – Cost of Goods Sold = $5 – $2 = $3 Now we can calculate the margin: Margin (%) = Gross Profit / Sales * 100 = $3 / $5 * 100 = 60% Ways to increase the profit margin: – Decrease cost of material – Decrease cost of manufacturing Increase sales price per unit – Decrease COGS 5) If a product costs $100 and is sold with a 25% markup at a retail store, what would be the retailer’s margin on the product? What should be the markup and selling price if the retailer desires a 25% margin? Why might the retailer be seeking to increase their margin? Answer: a) To calculate the margin, we first have to determine the sales price: Markup ($) = Markup (%) * Cost = 25% * $100 = $25 Selling Price = Cost + Markup ($) = $100 + $25 = $125 Margin (%) = Markup / Price * 100 = $25 / $125 * 100 = 20% Therefore the retailer’s margin would be 20% when the product is sold at a 25% markup. ) To calculate the markup and selling price at a 25% margin: Selling Price = Cost / (1 – Margin (%)) = $100 / (1 – 25%) = $100 / (1 – 0. 25) = $133. 33 Markup ($) = Selling Price – Cost = $133. 33 – $100 = $33. 33 Markup (%) = Markup ($) / Cost * 100 = $33. 33 / $100 * 100 = 33. 33% Therefore to obtain 25% margins, the product would have to be sold at $133. 33 with a markup of 33. 33%. c) Reasons for increase include: – Increase in fixed costs (rent, tax, commission, wages, etc. ) – Increase in demand and/or decrease in supply – Other compet itors/retailers charge more for the product and the higher margin is a result of increasing sales price to match Worksheet: Metric 6 Pricing Wholesale to Retail ) You are a manufacturer of widgets that sells your products to a wholesaler who in turn sells directly to retailers. You have developed a new widget and you know that your competition’s product retails for $23 in hardware stores. You know yours is slightly better, and are pretty sure your product could sell for $27. Assuming a retail margin of 33. 3% and a wholesale margin of 25%, what is the wholesaler’s selling price, and how much can you sell the widgets to the wholesaler for? Answer: If the suggested retail price of the widget is $27, then: Wholesaler Selling Price ($) = Retail Selling Price * [1 – Retail Margin (%)] = $27 * (1 – 33. 3%) $27 * (1 – 0. 333) = $18. 00 Manufacturer Selling Price = Wholesale Selling Price * [1 – Wholesale Margin] = $18. 00 * (1 – 25%) = $18. 00 * (1 – 0. 25) = $13. 50 2) As a small appliance manufacturer, your cost to manufacture and package your coffee maker is $10/unit. You want this to be a cash cow, so you decide to sell the coffee maker to your wholesaler for $19/unit. You know that the wholesaler’s margin is 25%, and that retailers typically take 33. 3% margins on small appliances. What will your coffee maker retail for rounded to the nearest whole number? Answer: Manufacturer Selling Price = Wholesale Selling Price * [1 – Wholesale Margin]Wholesale Selling Price = Manufacturer Selling Price / [1 – Wholesale Margin] = $19 / (1 – 25%) = $19 / (1 – 0. 25) = $25. 33 Wholesale Selling Price = Retail Selling Price * [1 – Retail Margin] Retail Selling Price = Wholesale Selling Price / [1 – Retail Margin] = $$25. 33 / (1 – 33. 3%) = $25. 33 / (1 – 0. 333) = $37. 98 Therefore the coffee maker will retail for $38. 00 3) A bearing manufacturer buys raw ma terials for $0. 50 per unit, turns the raw materials into a roller bearing, and then sells the bearings to a wholesaler for $1. 00 per unit. The wholesaler then sells the bearings to retailers for $2. 00 per unit, and finally consumers buy the bearings for $3. 00 per unit.What is the per unit margin in dollars for the manufacturer, wholesaler and retailer? What is the percentage margin for the manufacturer, wholesaler and retailer? What is the per unit margin in dollars and percentage margin for the entire chain? Answer: (a) Manufacturer margin ($) = $1. 00 – $0. 50 = $0. 50 Wholesaler margin ($) = $2. 00 – $1. 00 = $1. 00 Retailer margin ($) = $3. 00 – $2. 00 = $1. 00 (b)Manufacturer margin (%) = $0. 50 / $1. 00 * 100 = 50% Wholesaler margin (%) = $1. 00 / $2. 00 * 100 = 50% Retailer margin (%) = $1. 00 / $3. 00 * 100 = 33. 3% (c)Chain margin ($) = $3. 00 – $0. 50 = $2. 50 Chain margin (%) = $2. 50 / $3. 00 * 100 = 83. 3% 4) If the raw material cost goes up by $0. 5 per unit for the bearing manufacturer in question 3, what will be the retail price charged to consumers if all members in the chain maintain the same percent margin? What is the effect of the raw material increase to the consumer? Why is it important to understand channel margins and pricing practices? Answer: (a) Manufacturer margin = 50% Wholesaler margin = 50% Retailer margin = 33. 3% Raw material cost = $0. 50 + $0. 25 = $0. 75 Manufacturer margin = (Price – Cost) / Price * 100 50 = (Price – $0. 75) / Price *100 0. 5 * Price = Price – $0. 75 $0. 75 = Price – 0. 5 * Price $0. 75 = Price (1 – 0. 5) Price = $0. 75 / 0. 5 = $1. 50 Therefore the manufacturer sells the bearings for $1. 50 Wholesaler margin = (Price – Cost) / Price * 100 50 = (Price – $1. 0) / Price *100 0. 5 * Price = Price – $1. 50 $1. 50 = Price – 0. 5 * Price $1. 50 = Price (1 – 0. 5) Price = $1. 50 / 0. 5 = $3. 00 Therefore the whol esaler sells the bearings for $3. 00 Retailer margin = (Price – Cost) / Price * 100 33. 3 = (Price – $3. 00) / Price *100 0. 333 * Price = Price – $3. 00 $3. 00 = Price – 0. 333 * Price $3. 00 = Price (1 – 0. 333) Price = $3. 00 / 0. 667 = $4. 50 Therefore the retailer sells the bearings for $4. 50 (b) The price has increased by $1. 50 to the consumer (or 50% increase). (c) To evaluate the effects of price changes within the channel to the end consumer. Worksheet: Metric 7 Break-Even ) Apprentice Mousetraps wants to know how many units of its â€Å"Magic Mouse Trapper† it must sell to break even. The product sells for $20. It costs $5 per unit to make. The company’s fixed costs are $30,000. Answer: Break-Even Volume (#) = Fixed Costs ($) / Contribution per Unit ($) Contribution per Unit = Sales Price per Unit – Variable Cost per Unit = $20 – $5 = $15 Break-Even Volume (#) = $30,000 / $15 = 2,000 mousetraps 2) Apprentice Mousetraps wants to know how many dollars’ worth of its â€Å"Deluxe Mighty Mouse Trapper† it must sell to break even. The product sells for $40 per unit. It costs $10 per unit to make. The company’s fixed costs are $30,000. Answer:Break-Even Revenue ($) = Fixed Costs ($) / Contribution Margin (%) Contribution Margin (%) = Contribution per Unit / Selling Price per Unit Contribution per Unit ($) = Price per Unit – Variable Cost per Unit = $40 – $10 = $30 Contribution Margin (%) = $30 / $40 * 100 = 75% Break-Even Revenue ($) = $30,000 / 75% = $40,000 -OR- Break-Even Revenue ($) = Break-Even Volume (#) * Price per Unit ($) Break-Even Volume (#) = Fixed Costs ($) / Contribution per Unit ($) Contribution per Unit = Sales Price per Unit – Variable Cost per Unit = $40 – $10 = $30 Break-Even Volume (#) = $30,000 / $30 = 1,000 units Break-Even Revenue ($) = 1,000 * $40 = $40,000 3) John’s Clothing Store employs three salespeople.It gene rates annual sales of $1 million and an average contribution margin of 30%. Rent is $50,000. Each sales person costs $50,000 per year in salary and benefits. How much would sales have to increase for John to break even on hiring an additional salesperson? Answer: If the additional fixed cost of a salesperson is $50,000 and with an average contribution margin of 30%, then: Break-Even Revenue ($) = Fixed Costs ($) / Contribution Margin (%) = $50,000 / 30% = $166,666. 67 Therefore sales would have to increase by $166,666. 67 for John to break even on hiring an additional salesperson. 4) A corn farmer wishes to identify how many bushels of corn he must sell to cover his fixed cost at a given price.The farmer has costs consisting of $500 in real estate taxes, $700 interest on a bank loan, and $800 in other fixed expenses. The variable cost per bushel is $1, and covers labour, corn seed, herbicides and pesticides. If the price per bushel is $2, how many bushels must he sell to break even? Answer: Break-Even Volume (#) = Fixed Costs / Contribution per Unit Fixed Costs = $500 + $700 + $800 = $2000 Contribution per Unit ($) = Price – Variable Cost per Unit = $2 – $1 = $1 Break-Even Volume (#) = $2000 / $1 = 2000 bushels 5) If the farmer in question 4 sells only enough bushels to break even, what is his annual profit? Identify two ways the farmer could increase his annual profit.Answer: Farmer’s annual profit = $0. The farmer could increase his profit by: – Growing more corn – Increasing the price he charges per bushel – Reducing his costs: – Pay off loan or find lower interest rate – Reduce labour costs – Find lower seed costs – Find lower herbicide and pesticide costs – Changing to a more lucrative crop – Find alternative use for the land that offers a better return Worksheet: Metric 8 Return on Marketing Investment (ROMI) 1) A marketer is evaluating two marketing campaigns. It is esti mated that Campaign 1 would generate incremental revenues of $250,000, at an incremental cost of $50,000 and a contribution margin of 30%.Campaign 2 would generate incremental revenues of $50,000, at an incremental cost of $20,000 and a contribution margin of 50%. If the marketer is basing their decision solely on ROMI, which campaign should they go ahead with? Answer: ROMI for Campaign 1 is found by: ROMICampaign1 = (Incremental Revenue * Contribution Margin – Cost) / Cost = ($250,000 * 30% – $50,000) / $50,000 = 50% ROMICampaign2 = (Incremental Revenue * Contribution Margin – Cost) / Cost = ($50,000 * 50% – $20,000) / $20,000 = 25% Therefore the marketer should select Campaign 1. 2) A clothing retailer is considering investing in a newspaper advertising campaign to generate more sales.The campaign is expected to cost $3,000 in creative agency fees and $9,000 in circulation costs, while increasing revenues from $110,000 to $170,000. The retailer’s contribution margin averages 25%. What would be the return on the marketing investment of the newspaper campaign? Answer: Incremental Revenue = $170,000 – $110,000 = $60,000 Marketing Costs = $3,000 + $9,000 = $12,000 ROMI = (Incremental Revenue * Contribution Margin – Cost) / Cost = ($60,000 * 25% – $12,000) / $12,000 = 25% 3) An alternative option for the clothing retailer (in the previous question) is to invest in a direct mail campaign targeting previous customers – only a fraction of the reach of the newspaper campaign .The cost of the direct mail campaign would be $1,000, but would only result in increasing revenues to $150,000. What is the return on marketing investment in this case? Answer: Incremental Revenue = $150,000 – $110,000 = $40,000 ROMI = (Incremental Revenue * Contribution Margin – Cost) / Cost = ($40,000 * 25% – $1,000) / $1,000 = 900% 4) If the clothing retailer (in the previous questions) decides to execute both the newspaper and direct mail campaign what would be the combined return on marketing investment. Answer: Newspaper Incremental Revenue = $60,000 Direct Mail Incremental Revenue = $40,000 Total Incremental Revenue = $60,000 + $40,000 = $100,000 Total Cost = $12,000 + $1,000 = $13,000ROMI = (Incremental Revenue * Contribution Margin – Cost) / Cost = ($100,000 * 25% – $13,000) / $13,000 = 92. 31% 5) Which campaign should the clothing retailer in the previous questions execute for maximum return on marketing investment? If the retailer is more concerned with maximizing revenue growth, should they execute the newspaper campaign, direct mail campaign or both? Why? Answer: a) Direct mail campaign (900% ROMI) as it is significantly greater than the newspaper campaign (25%) and combined execution (92. 31%). b) Execute both as the revenue increase is $100,000; greater than the $60,000 as a result of the newspaper campaign and the $40,000 as a result of the direct mail campaign .

People are not free to make moral decisions Essay

Is it right to say that our actions are determined, or are they free? Hard determinists argue that when we make a moral decision, we have no free will. This is significant because if we do not choose our actions we cannot be held morally responsible. Given our experience of decision making this determinist position is hard to accept and perhaps the compatabilist approach of soft determinism is more valid. Soft Determinists recognise that we can make a decision freely that is coerced but the choices in themselves may be determined themselves. This contrasts with libertarianism, which states that we freely choose our actions and rejects determinism. To fully examine whether we are in fact free or not to make moral decisions, we must first analyse what particular factors affect our decision making. When we debate over a decision we consider/ weigh up our options, we know that we have a choice and only we can make that choice, this is known as a libertarian view. Libertarians believe that we have full responsibility of our actions and nothing else affects our decision, however genes, environment, lifestyle and our upbringing affect or sometimes might determine our choices. Determinism objects libertarianism and believes that our choices are influenced by factors other than the will of the individual, events and actions are predetermined by other events therefore freedom of choice is an illusion. Free will is the term made up of ‘autos’ meaning self and ‘nomos’ meaning rule. Many philosophers such as Kant say that you can only be responsible for actions that you undertake of your own will, this is opposed to Determinism. Libertarianism is the belief that humans are free to make moral choices and therefore morally responsible. â€Å"By liberty we can only mean a power of acting of not acting according to the determinations of the will†. David Hume. In the definition of libertarianism a distinction between the persons character or personality and his/or her moral self. It is this moral self or will that is free. â€Å"Your destiny is allotted to you, but you shall choose it for yourselves†. Plato. There are many arguments that support libertarianism, the most predominant of these being the argument from experience, this states that we all experience making choices, such as the very fact that I am sat here writing this essay is the result of a choice, I did have another option so I could’ve chose otherwise. We are also aware of going through a decision making process, we can weigh up our options and act upon this. Libertarians also believe in the necessary cause stating that for Y to happen X must have caused it, without X Y will not happen. This is a determinist understanding, However Libertarians recognise that causes are contingent and not necessary, they may or may not cause Y, this is a libertarian view. However opposed to this Determinists would argue that if free will exists then what actually causes our actions, surely our actions are caused by something, for example what about our past experiences and emotions? Also a determinist would argue is it part of human nature to assume that we are free and what exactly is moral responsibility, and how is this separate from our personality. If it comes from the soul then what causes the soul. Hard determinism states that people do not have free will to act in moral situations. It also states that everything has a prior cause which precedes it; everything is a product of the cause which is unchangeable and fixed. Therefore we cannot be held morally responsible or blameworthy for their actions because their actions are determined. When we think that we are making a moral decision, hard determinists believe that this is an illusion that we are free but in fact we are not and the decision that we made was already determined. John Locke’s example of the man in the locked room shows that we believe that we are free but we are actually not. However libertarians would argue that we had the choice whether or not to go into the locked room. Psychological determinism is another form of Hard Determinism. This suggests that our characters are determined by our upbringing and experiences. There are many influencing factors on human behaviour such as hereditary, society, culture and environment. Freud taught that our early years have impact on our actions in the future, there is also much evidence to support this view such as Pavlov’s dogs which operant conditioning demonstrates that we can mould our behaviour through rewards and sanctions, it also demonstrates how our behaviour is determined. However a libertarian would argue that just because you can condition one element of decision making doesn’t mean that all behaviour is determined, we always have a choice. Theological determinism is also another form of hard determinism. This is the view that the causal chain can be traced back to an uncaused causer, as shown in Aquinas’ Cosmological argument, and this uncaused causer is God. If God is, as suggested by Calvin through his predestination view which suggests that God has already determined a plan for us so we are either damned (going to hell) or elect (going to heaven) , an omnipotent and omniscient God then we cannot have free will as our actions must be predetermined because of this. There are many criticisms for this view that Libertarians would address as it conflicts with biblical teachings as in Genesis it states that God gave us free will and also for theological determinism to be accepted, libertarians would also argue that there is no proof of this God, so in their view we still have a choice. A form of Hard Determinism that contrasts and argues this view is scientific determinism; this approach states that science tells us that for every physical event there is a physical cause. If we consider the mind to be material activity in the brain, so then our thoughts are also pre determined. Another form of hard determinism is Biological determinism which states that our characters are determined by our genes, this is partly true as genes do give us our characteristics such as what we look like, even our IQ, all this can determine our behaviour for example the violent gene as evidence can be traced back to the genome (e. g. a violent gene recognised by the Italian supreme court). However libertarians would argue that because there is only 0. 2% variation in our DNA, so this doesn’t seem efficient enough to explain all the variations in human behaviour, it’s not just our genetic makeup that influences our behaviour, and they would argue that we always have a choice. Soft determinism states that we are morally responsible for our actions; this approach allows libertarianism and hard determinism to be compatible. It states that as long as no one forces you to make a decision then you are free, this can be described as internal freedom. However soft determinists make a distinction between internal and external causes, these explain why freedom and Jeremy moral responsibility are not only compatible with determinism but actually require it. Soft Determinism, unlike hard determinism, allows for moral responsibility, for example if person A does not save a drowning child because person A cannot swim, he is not morally responsible. However, if he chooses not to because of his personality, a combination of his conditioning, an upbringing and so forth, then he is to be held responsible. Soft determinists believe that all human actions are caused and when we say that a person acted freely we are not saying that there was no cause but rather they were not forced to do it, here they act as free agents even though their actions are still caused. A main philosopher associated with soft determinism is Hume whom was a soft-determinist. He stated that all things are necessary and believed that some things are uncaused or happen as the result of chance. Hume also believed that we are free, he goes on to say that we don’t blame people for things they do ignorantly, and blame them less for things that are not premeditated, and any sense of moral blame can only come if something we do is the result of our character. Hume believed that free will, and moral responsibility, require determinism. Soft determinists are criticised by hard determinists for failing to realise the extent to which human freedom is limited and also by libertarians for failing to recognise the true extent of freedom. Whilst Soft determinism offers a ‘middle ground’ between hard determinism and libertinism an agreeable account of moral freedom, a line still has to be drawn between that which is determined and that which is open to choice. The major fault with soft determinism is that they have to try and agree on what is a determining factor and what is not and the complexities of genetics, psychology makes such a line difficult for them to draw. So In conclusion, through the arguments expressed in this essay, I believe that perhaps a Soft Determinist approach is more susceptible towards moral decision making, as although it allows us to make our own decisions, they are to an extent determined due to numerous factors such as our upbringing, environment and culture, however it also allows us to accept responsibility for our actions whatever they may be.

Summary of “The Radical Idea of Marrying for Love”

Summary of â€Å"The Radical Idea of Marrying for Love† In the essay â€Å"The Radical Idea of Marrying for Love†, Stephanie Coontz surveys the history of marriage throughout the world, revealing its historical purposes and the philosophies surrounding it. Coontz gives examples of how once people married for utility, necessity, and social advantages. She explains how over time and through the changing ideas about love and the sexes that people now marry for love, companionship, and personal happiness. Before modern time the idea of marrying for love was discouraged.Men and women participated in arranged marriages or married for reasons of practicality rather than affection. Some considered marital love a hindrance to more valued relationships between family and god; whereas in modern time it is expected that you put your spouse before any other family member or obligation. Although some cultures believed that love would develop after marriage, it was not a requirement f or a successful marriage as it is today; the measurement of a successful marriage then was financial prosperity and healthy children.Historically in some instances love was meant only for a mistress or concubine, not a wife or husband. In some parts of the world there is no marital exclusivity that we see in modern Europe and America. In these places, men and women take multiple wives or husbands, or even extra marital sexual partners without the jealousy that would surely arise in modern relationships. In these places multiple partners are acceptable because they benefit the family in providing for children and in sharing responsibility.Coontz attributes the shift in martial expectations from marrying for practicality to marrying for love, to the social enlightenments, political revisions, and financial changes that occurred from the 17th century forward. She states that, â€Å"basing marriage on love and companionship represented a break with thousands of years of tradition†. These breaks in tradition lead to many new fears about the future of marriage, the family, and how its new structure would affect society. Ultimately these changes would â€Å"pose a serious threat to the stability of the new system of marriage. †

Disaster Recovery Plan Term Paper Example | Topics and Well Written Essays - 1500 words

Disaster Recovery Plan - Term Paper Example This paper discusses disaster recovery plan in respect of Share Broking House. Disaster recovery plan in Share Broking House The disaster causing damages in an environment may be either temporary as in the case of Sandy storm or permanent as in the case of attack on World Trade Center. The planning for the latter one involves substantial capital investment for establishing the required facilities for continuity of the business in an alternative site. The geographical locations should be dispersed with sufficient distance between the head office and the alternate site proposed for disaster recovery plan. Disasters may be categorized into two types at company level based on the nature of damages: disaster causing damages to the system and disaster causing damages to the entire facilities and properties. Establishing disaster recovery system at a different site will take care of both the types of disasters. Since the business of share broking house under study is spread all over the cou ntry, the disaster recovery site should be away by more than 300 kilo meters from the head office, in another city which is not prone to earth quakes. Goals The important goals in installing the disaster recovery plan are given below: 1. Training the employees in the recovery activities anticipated. 2. Testing the system for compatibility in real-life situations. 3. Establishing the necessary back-up facilities to provide the best services at all times. 4. Putting alternate communication system in place in the event of disaster. 5. Mitigating the effects of the impacts in the event of disaster. Objectives 1. Ensuring normalcy in clearing and settlement operations in the business without loss of time. 2. Ensuring accessibility to staff for disaster recovery process. 3. Assessment of the financial and operational support needed for reporting to the banks and financial institutions. 4. Making arrangements for survey by insurance companies. 5. Coordination with the service providers and vendors in recovery process. 6. Early resumption of the disrupted business operations. 7. Keeping the customers informed of the situation. 8. Keeping the regulatory and local authorities informed of the extent of disaster and the progress of recovery process. Overview of the organization The organization needs to be studied and analyzed with particular reference to disaster management. The structure has been designed to meet the needs of the industry where the business is carried out online. There are more than 100 branches which are connected to the head office. There are more than 1000 terminals in head office and branch offices. The company appointed dealers place orders into the system as per the instructions received over phone or internet from the customers. Also, some of these terminals are allocated to the day traders for day-trading. The important tasks involved in the day-to-day operations can be classified into: 1) Buying and selling of shares and Securities including Fu tures and Options, 2) Transfer of Securities to the depositories, depository participants and customers, 3) Settlement of payments arising out of transactions

(Employment and Society) Discuss the significance of the psychological Essay

(Employment and Society) Discuss the significance of the psychological contract for the occurrence of emotional issues in the work situation - Essay Example bserved that each year more and more managers turn to these contracts to maintain and retain motivation in their workforce to achieve higher efficiency, effectiveness and productivity. An unspoken contract between the organization and the job holder begins at the recruitment level. This contract also plays a central role to maintain a healthier relationship between the manager and the job holder. As the nature of the employment changes, so does the psychological contract. Once the organization and the job holder get a thorough and deep understanding of the changing nature of the contract, it benefits both the parties, employers and employees. Psychological contract is the best way to understand and get a deeper knowledge regarding human responses, because these responses may result in some ambiguous challenges if not learned. This is a contract which proves to be really beneficial to control the emotional issues that are experienced in a work situation. Dealing with problematic issues between employers and employees, it makes their relationship stronger, removes communication barriers between them and results in increased efficiency, from both parties. This contract works well in both small and large groups within an organization. The issues which are emotionally laden can be treated and covered by this psychological contract. Unlike legal contracts, these psychological contracts have unspoken expectations. A psychological contract profoundly affects one thing the most - loyalty. It is because of this contract that parties expect, in one way or the other, that they need each other. This leads to interdependency among them and there is no doubt that interdependency is a key to manage dependency in a very mature relationship. The working staff will be able to answer one important question: ‘Who needs who and what?’ This helps in resolving many emotional issues in a workplace. Psychological contracts help an individual to maintain the right psychological

Engineering application - Marketing Essay Example | Topics and Well Written Essays - 1000 words

Engineering application - Marketing - Essay Example Information technology enabled adequate programming of the speed and the direction that the hover board travels in. Since innovation, the safety, convenience and comfort of the technology have been assured through numerous scientific tests. The marketing plan also strives to increase the sales of the hover boards among the targeted market. The company aims at achieving 500% increase in sales in the financial year 2015/2016. The expected market share target in this the 2015/2016 trading period is 10% of the international human transportation market. The financial value of the marketing plan involves enhancing the sales revenue and the profitability levels of the company. The enhanced financial value has the beneficial effect of improving shareholder returns, and financial new production system that creates more superior products for the future transportation market. The desired trading period sales turnover is USD 100 million, and the expected profit level is USD 30 million. The improved products and services for the hoover boards illustrated by the marketing plan are enhanced entertainment and protection features such as automatic stereo systems, comfort features, and superior safety products. The desired timescale of achieving the marketing results is just on trading period, 2015/2016. The marketing project will use a budget of USD 50 million. The company will experience several consequences if the marketing plan is not implemented. A major negative consequence is that publicity will be minimal; hence, the target customer base will not understand features of the product. Positive aspect of not implementing the plan entails making savings on the bu dgeted amount (USD 70 million) for the marketing project. The marketing plan aims at illustrating the marketing strategies adopted by the company (Future Technologies), for the new technology product referred to as hover boards. The strategies are further analyzed in terms

In what way Antigone may inform us about the the war on terror, which Essay

In what way Antigone may inform us about the the war on terror, which the government of the United States is engaged in - Essay Example Antigone’s story could relate to the war on terrorism in multiple ways. In some way, Antigone and Polynices could be assumed the terrorists within the government of Thebes as presided over Creon. They chose to pursue some political goals that are not consistent with the wishes of the Creon. As such, they represented the enemy within. Creon had various options to handle the challenges brought about by the defiance of Antigone and the presumed disobedience of Polynices. However, his approach became inflexible as he was not willing to heed to the counsel of his own son and other people who had advised him to exercise some caution in handling the matter. It would be important to regard the various points of difference, which lead into the eventual tragedy of the kingdom of Thebes. Creon refused to heed to the counsel of the old seer who had warned him of the impeding tragedy. Some of the lessons about terrorism, which could be learnt from this tragedy relates to the approaches adopted. Usually, the method involved in handling terrorism determines the levels of success. It is important to consider some of the problems that relate to the matter of handling terrorism. In the context of the United States, it would be important to consider some of the issues that relate to the challenge of resolving terrorism. One of the problems of terrorism is that it operates within the system. The elements of terror in the society of Thebes were part and parcel of the establishment. Due to the insider element of terror, it is important to develop the most cautious approach that would settle the system. The tragedy in Thebes occurred because Creon refused could not reckon with his own vulnerability. It was essentially difficult to engage a system that was tied into his establishment. By destroying Antigone, Creon actually destroyed his own government. The events that followed the tragic demise of Antigone proved to be catastrophic

Foundation Law Assignment Example | Topics and Well Written Essays - 1500 words

Foundation Law - Assignment Example The compensation claimed in major cases are a) road accidents b) accidents at work place c) accidents due to ill equipped / ill planned safety and security measures d) gadget deficient to meet accident eventualities e) accidents at home f) accidents during holidays. In order to broaden the base of personal injury, we may include medical and dental injuries under the purview of personal injury. The chronic diseases found in the work force at industrial work places are termed as industrial diseases2. In case of non-responsible attitude of one party towards another party, if proved, is a ripe case to claim monetary compensation from the party at fault through the competent court of law. In western countries claim of compensation that relates to personal injury is a complex issue. Usually the solicitor charge in terms of percentage according to the volume of compensation claim at the end of the case provided it is awarded. Since the compensation under medical malpractices is rampant in t he western countries, therefore it is necessary for a claimant to engage a counsel of repute to plead his or her case in a competent court of law3. In the given scenario, Matthew, who is the warehouse operator is the claimant while the defendant is the pharmaceutical company, which has to follow certain employment rules and regulations under employment law. English employment law is applicable here as it is the employer’s responsibility to handle situations related to the employees at the workplaces. The English law does not provide an indefinite period of time to the claimant of compensation under personal injury. In the English territorial jurisdiction, an individual can claim compensation within a period of three years from the date of its occurrence. Therefore, under the law in vogue, court proceedings should be commenced within the given time limit. Otherwise the claimant might lose the opportunity to seek relief from the court of competent jurisdiction. The only excepti on is that if a person met with an accident under the age of 18 years, he or she may have the opportunity to claim compensation before the maturity of 21 years through court proceedings. The court has the discretion to waive the time limit if convinced. Another remedy available to ignorant person is that if he or she comes to know that he or she may claim compensation of personal injury under the law. In that situation claimant may file compensation within a period of three years which starts from when he or she comes to know that they are entitled for compensation under personal injury4. The key element is determining the veracity of negligence of the coworker that caused compensation to the claimant. No doubt that the claimant has suffered in both ways a) physically and b) economically. Therefore, both losses (disability of Mathew to perform duty / inability to pay off liabilities) are to be taken into consideration while deciding the case of compensation. It was held by the compe tent court of law in the case of Lunney and Oliphant (2008) that law of tort merits restoration of victim to its original physical status prior to the incident. It is the court to decide the amount of compensation keeping in mind the level of damages that occurred due to incident / accident. In the case of Overseas Tankship (UK) Ltd v Morts Dock and Engineering Co Ltd, it was held that the defendant can be liable for foreseeable consequences. Further,

The Eden project Assignment Example | Topics and Well Written Essays - 2000 words

The Eden project - Assignment Example The prime objective of Eden project is to enhance the awareness of greenery within the economy of UK thereby reducing the impacts of pollution and harmful gases. However, the initiative of Eden project became successful mainly due to the sheer intelligence and confident nature of Tim Smit. This acted as a boon for the project thereby amplifying its popularity and prosperity in the entire globe. Apart from this, the bureaucratic structure of the project of Eden is also another effective cause for its success. It helped in proper allocation and standardization of the tasks such as (allocation of funds, commercial loans sanctions etc) so as to amplify the intensity of success thereby reducing the defects or negative impacts. This helped in improvement of the level of inspiration and devotion of the supporting team members such as Danny Almagor, Deon Kamien, Malki Rose, Tracie Olcha, Amanda Miller and Romy Grace. Along with this, such type of organizational structure also helps in enhanc ing the interpersonal relationship among the members thereby reducing the range of arguments and conflicts. This is mainly due to the presence of extremely clear and defined roles and responsibilities to the members of the Eden project (Vidal, 2004). Along with this, in a bureaucratic structure, the members of the organization or project include very less authority to present any sort of suggestions or ideas regarding its betterment. As the entire control and power is within the hands of the hierarchy i.e. the board members as well as Tim Smit. This is mainly because in such type of organizational structure, the manager or organizer (Tim Smit) is the most powerful person as compared to others. And he is responsible to delegate all sorts of activities and policies within the team members or architects. And so the engineers or architects are bound to follow his ideas and thoughts for the betterment of Eden project. In Eden project, all the members had to obey the orders and responsibi lities delegated by Tim Smit, as he is the supreme authority to assign the varied types of responsibilities among the members of the team as compared to other Pre-bureaucratic or post bureaucratic organization structures. Moreover, in this type of organizational structure, the head or founder (Tim Smit) presents varied types of ideas and suggestions such as (utilization of commercial loans for the betterment of the operations) so as to enhance its level of supremacy and reputation in the market among others. Along with this, high level of contribution and commitment of Tim Smit towards implementation of the idea of Eden project to enhance the level of awareness towards green and sustainable planet proved extremely effective for the economy of UK. Hence, it might be clearly depicted from the above mentioned paragraph that the success of Eden project is mainly dependent over its hierarchical structure and uniform culture. Other than structure, the culture of the organization of Eden p roject is extremely uniform and homogeneous. It is mainly due to the hierarchical structure in which, a single individual is the delegating authority, i.e. Tim Smit. Each and every decision and suggestion is presented before him by all other members, so as to get his accent. Moreover, by doing so, all the members associated with the Eden project might become aware about the information and may also present their

Free trade, international business and globalisation continue to Essay

Free trade, international business and globalisation continue to increase inexorabley if they are so beneficial to our world and - Essay Example From the point of view of international business, globalization is not a mere sale in the overseas, but an operation in the overseas. Producing companies or the runners of business decide to produce in foreign countries for making this operation successfully. By producing in the foreign countries, the companies obtain access to the preferred inputs and to markets. The cheap inputs may be labor or raw materials like minerals or agricultural products. The relevant implications of the international business or globalization of business is free trade and competition. The overall interest of most of the global companies lies in free access to market. Similarly, the companies support the reduction of investment barriers in the individual countries. The competition is brought by the companies into the markets where there exists a limited number of local producers. The competition may be with local producers or among these companies them selves (Stewadson, 1999). Positive Roles of Internatio nal trade and business in the era of Globalization Free trade in the context of globalization attribute to i) the demand expansion and increasing returns to scale, ii) technological dynamism and investment, iii) specialization of production, technological advances and spill over, and above all to the iv) employment generation in a country, where the multi national countries produce or run the business. The goods and services which are produced locally have access to a larger market and the demand expansion effect of trade make the economy capable of overcoming the constraints of its local and domestic market size. The increasing returns to scale as a result of access to international markets can further reinforce the benefit of operating at a higher output level. The manufactured goods propose better prospects for export earnings by allowing for a more rapid productivity growth and production expansion and also offer the promise of greater price stability as volumes expand, thereby avoiding the declining terms of trade which hinders the long run economic performance of many developing countries (UNCTAD 2002) Trade leads to acquisition of newly affordable goods that are necessary for technological dynamisms, poverty reduction and increasing economic development. Those goods would not available unless export or import occurs properly and even if they are available, those may not be for the scarce domestic resources. If the foreign earnings from exports are appropriately re-invested, competitiveness would be enhanced and this leads to expansion of exports and greater investment. Trade with sufficient strategic support, incentives and guidance of the government can lead the economy to industrial diversification and other crucial economic development. The experience of South Korea is very relevant in this context. Export earnings have been used to import the selective capital goods and technologies which led to the inception of new and outstanding industries (in wh ich the country had any initial comparative advantage) which are internationally competitive (for eg., Steel and Ship Building). The trade theories indicate that a nation exports the commodities which are produ

Mothers Against Drunk Driving Essay Example | Topics and Well Written Essays - 750 words

Mothers Against Drunk Driving - Essay Example She then went on to found MADD in May 1980. Now MADD has over 600 chapters and 2 million members and supporters (http://en.wikipedia.org/wiki/Mothers_Against_Drunk_Driving#History). This interest group, which according to the website is made up of "dads and daughters, sons and uncles, friends and neighbors, and mothers"( http://www.madd.org/) has worked very hard over the years to help reduce the number of fatalities involving people who drink and drive. Starting just two years later in 1982, MADD helped pushed for a resolution for the first national Drunk and Drugged Driving Awareness Week to become law. By the end of this second year, MADD has already expanded into over 100 chapters. By the end of their third year, the government reported that 129 new anti-drunk driving laws had been passed (http://www.madd.org/aboutus/1179). The success story for MADD only continues as The Federal Minimum Drinking Age Law was signed by Ronald Regan on July 17,1984. By the end of 1984, MADD had expanded into Canada, and now had more than 330 chapters in 47 states. Just a few years later, in 1988, MADD helped push for another law, the Omnibus Anti-Drug Abuse Act, which extended the same right of other crime victims to the victims of DWI. Also, by the end of 1988, all 50 states had signed the federal bill, making the minimum drinking age throughout the county 21. All of MADD's grass roots style of work has only continued to expand through out the years. Because of the hard work of the organization, the numbers of drinking while driving deaths has decreased from the 1980s. Following statistics from the National Highway Traffic Safety Administration (NHTSA), alcohol related deaths per year have declined from 26,173 in 1982 to 16,885 in 2005(http://en.wikipedia.org/wiki/Mothers_Against_Drunk_Driving#History). This is a significant decrease in the number of deaths caused by drunk driving, and the numbers alone help show how much work MADD has done, and how greatly it had effected out society. By the hard work, telecommunications, and fighting for their loved ones, the people of MADD have been able to become, what they call a "non-profit grass roots organization with more than 400 entities nationwide" (http://www.madd.org/aboutus/1094). Recently, MADD has announced a new, national, campaign to end drunk driving. With a combination of new, stronger laws, and advanced technology, MADD hopes it can continue its battle against drunk driving into the future, and keep drunk drivers off the road. The new MADD campaign may seem extreme to some, but it has decided that it wants to "completely" get rid of drunk driving ( http://www.madd.org/campaign). Even thought MADD has seen its share of victories, there is some contempt for the group. The founder of MADD, Candy Lightner, left the organization in 1985 and has since then gone on to criticize what the group has become. She has called the group "new-prohibitionists", and that is worries to much about the problems of alcohol, and is not focused on specifically drunk driving, as was her original intent (Bresnahan). Writer Radley Balko says that, "In fairness, MADD deserves credit for raising awareness of the dangers of driving while intoxicated. It was almost certainly MADD's dogged efforts to spark public debate that affected the drop in fatalities since 1980, when Candy Lightner founded the group

Julius Caesar Essay Example for Free

Julius Caesar Essay The play Julius Caesar by William Shakespear, contains no true friendships. Friendship is an important element in the play and it also seals the protagonist’s, Julius Caesar’s, fate. The friendships in the play are used to blind Caesar from the truth and the plots against him. Little gestures the main characters bring about provide trust with Caesar, therefore portraying the key to all friendships. The trust would later be lost and transform into betrayal. Although Caesar is murdered because of the plots against him, friendship is still considered a valid theme because it had covered the conspirators intentions of murdering Caesar. Caesar was vulnerable to the power of friendship and was blinded by his trust in Decius, Brutus, and the other conspirators. Decius uses flattery and persuasion to form a strong union with Caesar. Decius is an active member of the Conspirators, so he is motivated into getting Caesar to go to the Senate House. The first thing that Decius says when he walks into Caesars house is Caesar, all hail! Good morrow, worthy Caesar. (2. 2. 61) Decius would also refer to Caesar as most mighty. This would only make Caesar grow comfortable with Decius. Caesar lost all feelings of doubt and did not presume any plot against him. Decius deceived Julius into thinking that they had a resilient friendship by using his devious words. Caesar was not able to foresee his true faithful friends, such as Antony. Antony grieved the killing of Julius and tried to justify his murder by killing Brutus and Cassius. Antony was one of Juliuss true and trustworthy friends. The conspirators had planned the death of Caesar. Brutus and Cassius, along with Decius, knew they had draw in to Caesar close. Proving Caesar that they had a firm friendship, that would solidify their situation and leave Julius completely sightless to his doomed fate. Caesars wife Calphurnia has a dream. She sees Caesars statue run with blood and men with swords surrounding him. This event alarms Julius making him weary, causing internal conflict. Decius would asses Calphurnias dream. Using his quick wit, he would distort Calphurnias foreshadowing dream by stating that it was simply miss-interpreted. He explains that the dream Signifies that from (Caesar) Rome shall suck Reviving blood, and that great men shall press for tinctures, stains, relics, and cognizance(2. 3. 58) Caesar seems to be amazed by this version of the interpretation. This would be a key point in the play because this vision made by Decius would capture Caesars gullible mind, and the conspirators would gain Juliuss trust; therefore gain his friendship as well. Antony proves to be crafty with his actions and words towards Brutus and the conspirators. He deceives Brutus and the other conspirators to gain their reliance and friendship. Antony is angered by the death of Caesar because he was a true friend to Julius. He would mourn Caesars death. After a brief minute of expressing sorrow, Antony would state Friend am I with you all, and love you all Antony is using these words to manipulate Brutus, he would say this so he could persuade Brutus and put his doubts at ease. Antony asks to give the tribute at Caesars funeral, and Brutus agrees without any hesitation. Antony then gets up to the stage and uses his witty charm and wise words. He starts off with You gentle Romans, Friends, Romans, countrymen, lend me your ears. (3. 2. 72) Antony would manipulate and persuade the whole crowd of plebeians to despise Brutus. This betrayal was all led from the murder of Julius. Antony and Brutus would only go to war causing an external conflict. Friendship unfolds throughout the whole play. There are many persuasive and manipulating moments. Caesars weakness of flattery and manipulation would let him be blinded by friendship; it is his character flaw and downfall. Trust was very fragile and the key to friendship, and in some cases it was easily gained. Brutus and Cassius are very persuasive and clever in their ways of plotting against Caesar. Antony, who was Caesars true friend in all of the conspiracy, gains Brutuss trust only to betray him and justify Juliuss murder. All of these men are fooled or betrayed by the manipulation of trust and friendship.

Translation And Interpretation

Translation And Interpretation Introduction The world has become like a global village as the systems of communication and information technology are developing and becoming more sophisticated .In the process of such rapid exchange of information and for the purpose of improving cultural contacts, one thing is inevitable, and that is translating. This is why there is need for competent translators who not only posses language proficiency but also general knowledge of the source culture and the intricate meanings of the many cultural references that may be of significance in one culture and not in another. Today many idiomatic expressions are found in the business domain. Examples such as: The economy went into a free fall, Obama is seeking to stake out and the solution will cut both ways are all found in various articles in Newsweek (a reputable magazine, widely and internationally distributed around the world and officially translated into Arabic.)One common characteristic associated with idioms used in the business and/or an y other domain is that their meaning can not be inferred from the individual words that constitute them. Although idioms have been connected to informal language and tabloid newspapers, however there is much evidence in the Bank of English that states they are also commonly used in magazines and journals where writers seek to give their articles a more vivid and effective effect on the reader Minugh (2000).It is also stated in the same source that most politicians and journalists use idioms as briefer way to express and convey opinions and ready made evaluations. Translation students in general and specifically the ones who major in Business Translation are assumed to have general knowledge of all language intricacies. For this, knowledge of idiomatic expressions, which constitute today an integral part of the language used in business conferences, debates and meetings, in addition to their use in a variation of magazine and newspaper articles of which there is a great chance that t hey may be asked to translate, is one of the essential requirements of the competent translator. Statement of the problem In principal translating from one language into another is not an easy task, but when the translation occurs between two distinct languages such as English and Arabic the task is aggravated. One of the more prominent translation problems occurs when the translator encounters idioms or culturally bound expressions. Idioms pose a great challenge for translation students as they are bound to the cultural identities and history of any nation; therefore it is assumed that if such culturally bound expressions were introduced to the students through authentic contexts relevant to their field of speciality and considered as an integral part of their educational program, the students will be given insight into the culture, history ,traditions ,values and morals reflected through the language of that nation.While many researches investigated the difficulties linked to the translation of idiomatic expressions by non-native speakers, the majority of these researches and studies have focused, gen erally, on the different theories of idiom comprehension Bortfeld (1998/2002.), and Bortfeld Brennan (1997). There exists ,however, a small body of academic literature which focuses on the study of idiomatic expressions occurring in the business domain ,specifically in journalism,(magazines and newspapers)and their effects and implications on both readers and learners Ulland(1997) .This research aims to contribute to the afore mentioned literature by making a case for the translation of idioms, occurring in business magazine articles, by MA students in their final academic semester at the Academy Of Post Graduate studies/Tripoli to find out what strategies and techniques they are using in contrast with the translation strategies they were taught in their study of translation and with reference to Bakers(1992)strategies .The research also aims at identifying the problems they encounter in the process of translating idioms from English to Arabic. Due to time and space limitation it is not possible to collect all the used idioms and the study will focus on one specific magazine (Newsweek). Significance of the study The translation section in the Academy of Postgraduate Studies has two majors: Translation Interpreting and Business Translation. The latter was introduced three years ago .Translation students majoring in the business translation MA programme are likely to work as translators in companies, agencies, media or as teachers. In fact they may already be in one of the aforesaid posts. They may be asked to translate or even interpret in a meeting where the lingua franca is English (SL) and the (TL) is Arabic, and as mentioned before idioms today are used and can be encountered in a wide range of texts ranging from economic ,financial, administrative, political ,advertising and many others .A competent translator has to have knowledge of all the intricate features of the language they are translating from as well as being competent in their own native language to be able to convey the meaning accurately. This study aims at shedding the light on the importance of learning and comprehension o f idiomatic expressions in the field of business, it will also serve a dual purpose of testing the implementation of previously taught translation strategies to the translation of business idioms as well as offering reference material for further relevant researches to be used as a good ground for their knowledge reservoir. Research questions The researcher would like to address the following questions throughout the process of the study: Are students familiar with the idiomatic expressions encountered in the business field? Which strategies are used by MA students in the translation of idioms with reference to Bakers strategies? To what extent do the students find the available reference tools (dictionaries/internet) helpful and/or useful? Research Hypotheses The researcher hypothesizes the following: H1-MA students in their final semester at the Academy of Postgraduate Studies are not familiar with business idiomatic expressions; therefore, they will not produce accurate translations. H2-Omission or literal translation will most likely be used in the translation of the idioms. H3-The available reference tools are insufficient in aiding the students with their translations. Research Objectives : Expounding on the objectives of using idioms in various business field domains to enhance teachers and students awareness of the importance of teaching and learning such expressions as an integral part of language education and translators language proficiency. Evaluating the implementation of the strategies taught to the students during the course of their MA studies specifically referring to Bakers strategy in order to identify students problems in the application of translation strategies and consequently find solutions and suggest recommendations. Since business translation is a new domain for MA students this research may pave the way for further investigations in the area of idiomatic expressions, for example a comparative study of the use of idioms. in Arabic versus English language may be conducted. Methodology: Multi-word combinations are so numerous in the English language; they are characterized by carrying meanings that can not easily be deduced from knowledge of normal intrinsic meanings of words. General knowledge and competency in L2 would still not help a nonnative speaker to elicit the meaning of word combinations such as: fall flat, thin on the ground or lay something at somebodys door; because the individual words do not give a clear cue as to the intended meaning. To the best of my knowledge, a great number of researchers and previous studies tackled the problem of translating idiomatic expressions in general English, but not in specialized fields such as the use of idioms in the business field; business documents, newspapers, magazine articles.etc. It is worth noting that over the years idioms have entered the English language from the world of sports, for example slam dunk: great success, to classical literature, the goose that laid the golden egg and science technology;you ne ed to recharge your batteries and, they are on the same wave length. Today many idiomatic expressions are found in the business domain, for example: to throw money at a problem, call the shots, do a roaring trade and join the rat race. My objectives regarding this topic is twofold .First, to prove that today such idiomatic expressions constitute a high proportion in well reputed newspapers(Guardian) and magazines(Newsweek),and occur in major domains such as : politics ,economics ,art Hans(2007)à ¢Ã¢â€š ¬Ã‚ ¦ unlike what Baker(1992) states English uses idioms in many types of text,à ¢Ã¢â€š ¬Ã‚ ¦..Their use in quality press news reports is limited ,à ¢Ã¢â€š ¬Ã‚ ¦.in English advertisement, promotional material, and in the tabloid press Nippold(1991)emphasizes the challenges involved in the learning and mastering of idioms and states that nevertheless every learner must be prepared to meet the challenge simply because idioms occur so frequently in the spoken and written English Second, to discuss the role of context in idiom comprehension and the strategies used by Libyan novice translators in translating business idioms with reference to Bakers strategies(1992) in order to elicit the most applicable technique .Fina lly, concluding by making suggestions about teaching and learning strategies to encounter the problems related to translating idiomatic expressions (focusing on business idioms).I have used data from Newsweek magazine, and I also conducted an experiment test including 20 business idioms which were given to final semester masters students at the Academy of Graduate Studies. The students were divided into two groups A/B; the first group was given idioms in context and the second group was given the idioms as single unit expressions. They were all asked to translate the idioms and then answer four questions at the end. The questions were related to three sub-hypotheses:1-most of the students are not familiar with business idioms.2- Students have to be competent in both L1 and L2 to be able to benefit from bilingual dictionaries.3-Novice translators realize that it is important for them to learn and be trained to comprehend idioms because of the functional role they play in language com munication. As mentioned earlier, the whole world is undergoing complex changes in different areas such as technology and education. These changes necessarily have an important bearing on systems of higher education, including translator training programs.

Supply Chain Management in Tourism

Supply Chain Management in Tourism The integration of key business processes from end users through original suppliers that provides products, services and information that add value for customers and other stake holders. Supply chain management (SCM) is the process of planning, implementing, and controlling the operations of the supply chain as efficiently as possible. Supply Chain Management spans all movement and storage of raw materials, work-in-process inventory, and finished goods from point-of-origin to point-of-consumption. (wikipedia.com) SCM in tourism will start from planning of a product, identifying the different sectors to be included in the complete tourism product and also, in each sector of the product, The management of the raw material , inventory of raw material and delivery of the services. Tourism: An industry Tourism denotes the temporary, short term movement of people to destination outside the place where they normally live and work and their activities during their stay at these destinations. Tourism is a multi segment industry. It is an industry where the products are consumed on the spot forming invisible exports. It is also a fragmented industry with high complexity due to the price sensitive nature of demand and the intangibility, perish ability and inseparability. Tourism, like all other supply chains, operates through business-to-business relationships, and supply chain management can be applied to deliver sustainability performance improvements alongside financial performance, by working to improve the business operations of each supplier in the supply chain. The main differences between tourism supply chains and those of other sectors are that tourists travel to the product, and the product that they buy has a particularly high service component in other words, it involves a higher proportion of people in the immediate production of the holiday experience. Supply Chain Management in tourism The aim of supply chain management is to eliminate waste in the chain and to improve the customer service. The elimination of waste for example waiting time, inventory and production of non-requested products leads to lower costs. The improved customer service by means of, interlinked processes, lead to preferred suppliers and to a bigger turnover. All this leads to higher productivity (more income/ less costs). In tourism it plays a very important role to deliver the quality service with minimum gaps or reduced gaps. Shortened product life cycles, increased competition, and heightened expectations of customers have forced many leading edge companies to move from physical logistic management towards more advanced supply chain management. Therefore, in many cases, the only possible way to further reduce costs and lead times is with effective supply chain management. In addition to cost reduction, the supply chain management approach also facilitates customer service improvements. It enables the management of inventories, transportation systems and whole distribution networks so that organizations are able meet or even exceed their customers expectations. Tourism supply chains involve many components not just accommodation, transport and excursions, but also bars and restaurants, handicrafts, food production, waste disposal, and the infrastructure that supports tourism in destinations. These all form a part of the holiday product that is expected by tourists when they purchase holidays, quality, depends on performance at all the links in the tourism supply chain. A further aspect of the tourism supply chain is the activities of customers while on holiday, particularly in relation to their behavior, and what they source for themselves in particular situations. The main strategies in any supply chain are sourcing strategy, distribution strategy, inventory strategy, manufacturing strategy, customer service strategy and the strategy of integration. Tourism comprises of different industries product and service like of Hotels, accommodation, transport, destination etc. SCM strategies can be modified to suit the nature of the product. Sourcing Strategy -Sourcing mainly constitutes Make or buy decision Manufacturing management Capacity Management Make or buy decision: Services can be delivered directly or can be outsourced/Co-Sourced as done by Thomas Cook a reputed name in providing tourism services. Thomas Cook implemented strategic sourcing arrangement with Accenture by outsourcing its Back-Office activities. Through this model they were able to improve operations and reduce its cost, by US $ 243.72 million in just 16 months. Manufacturing management: In tourism, manufacturing component is limited only to certain sectors like food and craft, memento, gifts etc. Services are processed at each stage in the tourism. For example, in transport sector at airport different services like visa and immigration processing, waiting time etc are processed to deliver the maximum satisfaction to the travellers. At the destination the service is processed by providing safe environment and security to the tourists. Capacity Management: The tourism products are subject to instability of demand. Example during Muscat festival in Oman, the demand exceeds the supply in many of the sectors of tourism like in hotels and airlines. Airlines meet this excessive demand by increasing the capacity by introducing additional special flights at special rates. Distribution strategy In tourism industry, the distribution strategy has far reaching impact on the development of the industry. This makes it essential that the channel decisions are sound so that the beginning and end process of marketing are managed efficiently and effectively. A basic understanding of the structure and working of the distribution system in travel industry, including the middlemen who form the part of the system, is found essential to understand the Economics of the tourism industry. The current practices insist on four types of sales distribution of tourism as a product. One stage system: This system provides direct sales from primary suppliers of the services to consumers through its own reservation departments. E.g. airlines directly selling tickets to travellers through its reservation office. Two- stage system: This system involves single middlemen i.e travel agent. Three-stage system: This system involves two middlemen, retail travel agent and wholesaler or a tour operator. Four-stage system: This system involves a retail travel agent, wholesaler and additional middlemen known as Speciality Chancellor, who is instrumental in the development of tour packages. Inventory Strategy: An inventory of tourism products identifies the opportunities and constraints that a local authority has in attracting visitors to their town/ city/region. The number and range of attractions and activities, things visitors can see and do, are particularly important. Gaps in the product range and/or poor quality facilities will make places less attractive to visitors. In the same way lack of transport and accommodation will deter visitors from travelling to and stopping at the destination. Until an inventory of attractions, activities, accommodation and transport has been completed and this is matched with an understanding of visitor demand and Visitor satisfaction, destinations will be unsure whether they are meeting visitor expectations. In terms of prioritising tourism requirements, the attraction and activity sectors are the key areas. For Example, Tourist visit Switzerland for fun and excitement and it is the service provider that provides this opportunity to the tourists. Local government is often also, a key provider of visitor (and residents) theses attractions and amenities. Customer Service Strategy: The aim of the tour operator should be that he consistently makes the customers happy 100% of the time .Inconsistent service leads to customers not knowing what to expect. Customer service includes providing accommodation, flight details, and attractive tourist points. Employees are vital in this attempt to achieve consistently high customer service. Organisations must have the right systems in place in order to achieve their goals. If staff cannot take the right action when dealing with customers, the business will suffer. It is about five times as expensive to win over a new customer as it is to work with an existing one. Integration Strategy: Supply Chain integration Strategy links all the business entities in the supply chain. In tourism the tour operators act as producers as well as distributors. In an efficient supply chain, manufactures, suppliers, distribution channels and customers are linked in the form of a chain to develop and deliver products as a single organization of pooled skills and resources. Higher the integration process, greater is the success of supply chain system. Tour operator or service provider has to integrate all the services together effectively to design the preferred output to gain the competitive advantage. For effective supply chain management of tourism services, it is essential that different segments of product (tourism) are managed in tune with changing habits and desires of users. SCM in few of the important aspects of the tourism like accommodation, transport, food and crafts and destination are discussed briefly in this paper. Accommodation Accommodation facilities are found to be important aspect of Tourism product. For managing hotel services, at the very outset, the locational factors are found important. It is essential those hotels are easily accessible to the tourists sites or beaches or shop. The staff of the hotel should be trustworthy, well trained, and well versed with technology. Hilton Properties California manages their procurement and inventory using software application called Birch Street. There is need for development of Hotels of different Grades and categories to accommodate the tourists of all segments. The restaurants and cafeterias are also found to be image creators. The accessibility and comfort of user is important factor in satisfying experience. The place should be free from all industrial Hazards. The guests staying in hotel should be able to avail the facilities like Quality Bedrooms, conference halls, bars, shopping arcade, swimming pool, transportation arrangement, first aid facilities etc. While developing the product, the quality of services comprising of efficiency, personal attention become significant. According to Carla Gold GM Radisson hotel, Cleveland A good supply chain management starts with Hotel operator knowing the upcoming business demand. Optimum inventory management is required to minimize the cost. The tourist organizations cant think in favour of an optimal product strategy, if classified and unclassified hotels of different grades or stars are not easily available to the tourists. Unplanned development of accommodation sector can hamper the quality holiday experience of the tourist. Transport All ingredients of tourism product fail in getting positive response, if the tourists do not experience comforts while travelling or while coming to the destination. It is not possible that all the tourist sites are directly linked to the airports. Hence other transportation facilities like railways and road transport facilities become significant. The tourist organization may also offer services but most of the guest prefers to avail private transportation services. This makes it essential that the transport facilities are well integrated. The tourist should be offered safe, fast, convenient and economic transport services. Since all the tourists cannot avail air services, the railways and roadways are required to develop planned way. The schedule and speed should be maintained. The number of visitors to a country also depends on the ease with which tourists are able to obtain Visas and sail through immigration procedures. At Muscat international airport immigration procedures are b eing modernised to cut the wait for travellers. To speed up the processing of registration and to take care of security of the travellers electronic gates are installed. Hong Kong International Airport has been named best airport in the world by Skytrax. Travellers look for speed and maximum time utilization in the airport, clean washrooms, seating availability, and prices charged at food and beverage outlets, and how helpful the airport staffs are. The transport operators should behave properly, so that the tourists are motivated. The seating arrangements should be comfortable. The drivers and the conductors and other window staff should behave properly. At any cost, there should not be any compromise with the safety principles. It is important to mention that the inadequate airline capacity is critical bottle neck in are travel to and fro India, particularly during peak season. Charters not only augment air capacity but also help in promoting new destinations. This necessitates adequate attention for upgrading transporting facilities, in important tourist centres. Rail transportation needs to develop special fascination for foreign tourists. It is appreciated palace on wheels scheme. The coast line and back water areas need an intensive care. The possibility of having ship cruises along with coast line and the potential offered by the back waters of Kerela and sunderbans (West Bengal) for river cruises are required to be fully tapped. Food and crafts In many cases tour operators use local food and crafts as one of the tourist attractions of their packages Food and crafts can generate considerable profits for the local population, when volume production and delivery at set quality standards can be met by local producers. Key issues for local sourcing of food supplies in the tourism sector are quality, reliability and quantity of supply. Promotion of local sourcing therefore requires training and technical support and investment for example in storage and distribution facilities to meet quality and reliability standards, as well as the development of production and distribution networks to gather supplies from different local producers into the quantities required by hotels. Few tour operators have supply chain initiatives on the production and distribution of local, sustainable food and crafts, but some work with their local suppliers to promote local sourcing of food and other local products. Small hotels are more likely to buy from local suppliers, while some large hotels have developed programmes to encourage local production at the standards they require. This generally requires constant supervision and commitment, and success is often linked to championing of local sourcing by hotel chefs. Local sourcing and production will usually improve the contribution of tourism to the local economy, both financially and in terms of employment, and may also help to preserve local skills in craft production. For example Surajkund Crafts Mela, is the prominent tourist destination of Haryana, India. The Mela attracts lakhs of visitors, both for the amazing range of interesting crafts it showcases as well as the relaxing rural ambience of the Mela grounds. Besides shopping to your hearts content, you can also witness beautiful, colourful folk dances and also savour delicacies of various states of India. Destinations In relation to the tourism supply chain and direct inputs to tourism, destinations provide infrastructure and services. Destination initiatives for sustainable tourism seek to improve the quality of infrastructure for example, through improvements to waste management infrastructure for solid wastes and awareness raising programmes on waste management practices , to transport systems and to reduce vehicle impacts and to increase the ability of the destination to gain from tourism. Other initiatives include the promotion of linkages between tourism sites, and promotion of a wider range of tourism activities to encourage tourists to sample different aspects of the country and thereby diversify and spread the economic benefits of tourism. A number of initiatives in destinations in many developing countries are designed to enhance local employment in tourism, such as by supporting the substitution of locally-grown and locally-manufactured products in place of imports in the tourism sector, the establishment of investment and loan funds to assist local tourism businesses to start and expand, or the setting up of employment bureaux to match employees with tourism jobs. Some destinations have set up local quality of life and sustainability programmes using sustainability indicators to monitor environmental quality, and in some cases, biodiversity, as well as monitoring visitor satisfaction and changes in tourism markets. Marketing, products and operations can then be adapted according to the monitoring information obtained. The Taj Mahal one of the Seven Wonders of the World in India attracts 2 to 4 million visitors every year with more than 200,000 from overseas. Polluting traffic is not allowed near the complex and tourist must either walk from the car parks or catch an electric bus. For security reasons only five items water in transparent bottles, small video cameras, still cameras, mobile phones and small ladies-purse are not allowed inside the Taj Mahal. Conclusions Based on various discussions in the above paper, it can be concluded that rules/ trends/models of supply chain management of manufacturing technology holds good for service sector also with reference to tourism Various aspects of services with reference to tourism are discussed separately. This paper discusses that there are many components in tourism. In each component like Accommodation, transport, food and Crafts Destination etc. there is need for Supply Chain Management to deliver quality service resulting in satisfying experience or tourist satisfaction. From the discussions in the paper it can be concluded, higher the integration of services within a particular sector (intra relationship) and also amongst the different sectors (inter relationship) of tourism, greater is the competitive advantage. Services in tourism like security of tourists, minimum waiting time at different locations, Environment friendly operations etc forms the important constituents in strategies of SCM. Supply Chain Management is a strategic tool which leads in cost reduction, optimum utilization of resource, sustainability resulting in leadership in todays global competitive market. References Jha, S.M.: Services marketing; H.P.H., Bombay, 1994. Predictions that will make you rethink your supply Chain; Supply chain management review; September/October 2002; Anderson Supplier OEM Sahay, B. S. (2000). Supply Chain Management for global competitiveness, Macmillan India Berry and Parsuraman, Marketing Services: Competing through quality (New York: The Free Press), 1991 Web sites visited: http://tourism.gov.in/statistics/statistics.htm http://en.wikipedia.org/wiki/Supply_chain_management www.http:// ITT9603 Tourism and Information Technology.htm http://www.fincorp.net/reports/tourism sector report-09-04.pdf http://www.tourism.govt.nz/tourism-toolkit/toolkit-word-docs/planning-checklist-TOUR-IND-INVEN.doc