...the transaction costs during transaction progress. In other words, ‘best value for money’ is the purpose that firms seeking for long-term sustainable development. Thus it can be seen that more and more entities experienced the importance of manage suppliers. Moreover, the savings from transaction progress could contribute to a significant amount and also lead company products more competitive as well as provide funds for innovation. Therefore, it seems like procurers play an important role within firms. But how the firms could achieve best value for money in procurement management? It seems likely that firms should seek to ‘get their own house in order’ before attempting to deal with suppliers. This essay aims to discuss this issue and illustrated the discussion with some successful examples. In the following sections, it shows a standard purchasing & supply management process. Additionally, the factors of outsourcing decision will be pointed out, organization buying behaviour will also be included in the essay. 2. Purchasing & Supply Management Process 3.1 Standard Process In Figure1, this is a commonly standard purchasing and management process which used by different sizes of firms worldwide. However, some smaller entities probably skip some stages of purchasing process, but basically it appears sequence of operating procurement principle. It illustrated clearly that the best value for money involves internal and external management, not a single...
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...Buying a House MGT/230 August 13, 2013 Buying a House In everyday life, human beings have to make decisions. While some decisions appear simple, others are complex and require one to take time deliberating on them. In their context, some of the decisions that people have to make include changing of careers, joining learning institutions, buying a home or even opening a business, among others. This essay explores the process I followed while I finally decided to buy a home. While making a decision to buy a home, I engaged six processes. Firstly, I established a constructive surrounding that would allow me to identify my objectives (Taylor, 2010). Additionally, I consulted with my parents and friends to avoid making a decision on my own, which might not be good at the end. While making consultations, I allowed all involved parties to give their opinions, with an aim to come up with the best decision. Secondly, I embarked on generating alternatives, with an aim of making a comprehensive final decision. I employed brainstorming in order to generate more ideas (Montgomery & Lipshitz, 2004). I managed to gather ideas that provided me with reliable alternatives. Thirdly, I embarked on exploring the alternatives in order to determine the implications, risks, and validation (Jasper, 2007). I managed to identify the risks I was likely to encounter while buying a house, the effects of my decision. In terms of validation, I engaged cost analysis, and determined...
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...Introduction: In this essay, the discussion will focus on the vertical chain of a major pharmaceutical company as well as TCE and its effect on make or buy decision. The vertical chain is ‘’ the process that begins with the acquisition of raw materials and ends with the distribution and sale of finished goods and service.’’ (Besanko et al, 2010, p119) The term vertical integration is used to describe firms that produce and sell their goods without relying on external co-ordination. Firm’s vertical boundaries can identify what to make (internally inside the organization) and what to buy (externally by using the market). Some of the pharmaceutical companies like Pfizer have strong vertical chains. So as to market its drugs in 150 countries, it gives high importance for production that starts by acquiring active pharmaceutical ingredients (API) and shifting them to manufacturing sites all across the globe. These manufacturing sites are either approved under the stringent laws of FDA or EMEA (2 important bodies responsible in monitoring the quality of registered products across the globe). Sometimes Pfizer also uses loan-licensing companies as external manufacturers when in-house facilities are not available or feasible. Once the product is manufactured, it is sent for quality control release and then packed and shipped to the first point of distribution (global hubs). From these locations; depending on the demand from each region; packed products (formulated products) move...
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...Apartment versus Buying a Home Composition II / 156 March.20, 2011 Outline for my Essay Why should we buy a home vs. rent an apartment? There are a lot of factors to consider for both. There are a lot of steps to finding out what you would want if you buy a home and if you rent an apartment. The factors can be overwhelming and yet very important. So the first thing you need to do is get all of the information that you are looking for and put it down on paper. Then you need to weigh the pros and cons of them. Just to make sure you understand what it is you have gain and give up for each type of dwelling and how you want to own it. You also want to look at the financial part of it as well. Make sure you can afford what you are looking for or look for what you can afford. In the end you will be able to logically decide on what to do with your dilemma. So there are many factors however there are also the benefits and what you want to be responsible for and not be responsible for. So the choice is up to you and only you can make it happen. I am just giving you the information to make an educated decision. I rented for years before my husband and I decided to buy a home. It came years after and when our daughters were elementary age. I enjoy being a homeowner however I also enjoyed renting cause of not having to worry about doing all the stuff the apartment complex had to do because I paid rent. This is just a scratch on the surface of the renting vs. buying dilemma...
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...FUNDING A BUSINESS VENTURE Unit 2-IP 1 THE FUNDING OF A BUSINESS RUDOLPH LUCIEN Introduction to Business BUSN105-1203B AIU July 29, 2012 FUNDING OF A BUSINESS VENTURE Unit 2-IP 2 ABSTRACT This essay will cover a list of issues facing the start of a new business and the funding of one. I will talk about the 4 terms investment banker, the stock market, financial management, risk financing, and how each one of them works. I will also discuss 1 of 3 ways that you can use when funding your business. Finally I will identify, describe, and explain everything else that deals with making a funding decision. FUNDING A BUSINESS VENTURE Unit 2-IP 3 Investment Banker Investment bankers are: They are critical figures in financial markets. They are involved in virtually all large financial transactions including mergers and acquisitions, initial public offering, and other securities offerings. An investment banker is someone who also helps companies raise capital by trading in securities and other investments. They function as: Investigation, Analysis and Research (Origination), Underwriting (Public cash offering) and Distribution. Most of the time a single investor banker performs all...
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...revolutionised after HOWARD SCHULTZ became the director of retail operations. (Strategic development of starbucks) MISSION STATEMENT: "TO INSPIRE AND NURTURE THE HUMAN SPIRIT- ONE PERSON, ONE CUP AND ONE NEIGHBOUR AT A TIME". (Our starbucks mission statement 2013) STARBUCKS mission statement clearly depicts that they are not only giving importance of coffee, also to bestow the customer with rich experience. To enact these principles, Starbucks does everything in order to accomplish their aims and objectives. Starbucks treats their employees in prominent manner and respects them in each and every aspect. Starbucks always believes that they serve the customer with the best coffee possible. Starbucks does everything in a perfect and particular genre like buying coffee beans. They buy coffee beans by travelling personally to coffee farms in Latin America, Africa and Asia. After careful consideration and selecting the beans, the beans are then transported to Starbucks roasting plant. Once the beans reach the roasting plant, starbucks experts make out the balance and rich flavour of beans. On the other hand Starbucks also develops its loyalty toward towards customers with services. They make sure that customer gets satisfied in all aspects with their services. Having created a brand image in market, Starbucks achieves its aims and goals and also...
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...Profile Essay Real Estate Imagine a society and it’s market, what do people want most when buying/selling an object/item? Great prices? Better service? or even Good quality? well George Seraydarian, an experienced broker tries to combine and provide all of these benefits to his customers. All these attributes make George set. a great Real Estate broker. “most R.E. brokers don’t really care about their customers. They just try to make the most money they can.” Honesty might be the last element when it comes to ethical possession, but indeed there are people like Mr. Seraydarian who his honesty is his key to success. “Sometimes people come in to my office and tell me that they have been referred by one of my other clients because of my service.” The word of mouth is the best way to get clients. George’s clientele consists of mostly loyal clients that keep coming back to him if they ever need anything. “This is how i get most of my clients.” George rarely has to use any marketing strategies to bring in new clients. George come to the U.S. at the age of 27 with barely any education. He use to work as a lunch truck driver until he decided to get a salesperson license and started working at a century 21 franchise. After 8 years of experience at center 21, George decide that he finally “ had enough of managing about 50 brokers at the franchise.” George rubbed his eyes and then continued; “ i decided to open my own real estate shop. Most of my loyal customers followed me...
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...services, others are indirectly responsible for selling. As a financial analyst, I feel that I also make sales in the form of convincing my clients about the stock recommendations. In this process, I make sale of my ideas and research to them. As a customer also, I have dealt with several sales people. While some of them leave a positive impression, others create a bitter experience in my mind. In this essay, I would discuss one positive and negative incident with a sales person and would also discuss the impact of these incidents on my selling ability. Positive experience with a salesman I went to buy a vacuum cleaner for personal use from Fry’s Electronics. That was the first time when I was buying a vacuum cleaner and I also did not have much experience about the product. As I was looking in a confused manner across the available products, one salesman approached me and asked me if I was doing all right. I told him about my problem and he motivated me by saying that buying a vacuum cleaner was a very easy and simple task and I should not be confused. He started asking me questions about the size of my home, the type of furniture and furnishing used and my main expectations from my vacuum cleaner. I told him that I was living with my friend and we did not have much time to manually clean up the house. So I was looking for some automatic cleaner which could be programmed and also had attachments that could be used to clean corners and surfaces which are difficult to reach. The salesperson...
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...The global sourcing challenges of IKEA Who does not know IKEA? Famous for its design and very affordable house furniture, IKEA is the leader on its market. Founded in 1943 by Ingvar Kamprad this business grew tremendous fast that it has become the reference in term of low-cost self assemble furniture in the world. The sourcing strategy of IKEA follows a manufacturing Code of Conduct towards its suppliers named “The IKEA Way in Purchasing Home Furnishing Products” (IWAY) . Besides this code, the strategy is rather well established especially regarding the relationships between the company and its suppliers from the economically developing countries. But the question is; are Ikea’s international procurements processes efficient? Can they be improved? This essay will focus on Ikea’s global sourcing’s tradeoffs and will highlight the way they can be enhanced. The first part of this essay will describe the regular sourcing process of IKEA including the strategy, the second part will emphasize how the sourcing should be done to be successful and the last part will provide recommendations about the processes according to the analysis. For a company, global sourcing is basically choosing different suppliers all around the world in order to use worldwide efficiencies and reduce costs. Global sourcing offers various advantages such as low cost materials and skilled labour, diminution of lead times, and also economical advantages like low taxes or low trade tariffs. These benefits...
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...KOLEJ UNIVERSITI TUNKU ABDUL RAHMAN Faculty of Accountancy, Finance & Business Academic Year 2014/2015 ( SEMESTER 1 ) Executive Summary Marks & Spencer is a company which had a history of 56 years and operating till now. The co-founder is actually Michael Marks and later joined by Thomas Spencer in 1894 to create Marks & Spencer. The main product which produced by Marks & Spencer is clothing line and then expand to food industries. Marks & Spencer are successful because of they know how to apply the sourcing strategies within their supplier around the world. There are two types of strategies implemented by Marks & Spencer, combination of in-house and third party manufacturing for food s line and third party contracting or sourcing for clothing section. Tesco is the choice from us to compete with Marks &Spencer; Tesco had their own sourcing strategy to compete with their rival within the same industries line such as group food sourcing (GSF) and regional supply base making the right product at affordable pricing. Tesco do developed its own brand which is cheaper in price and better qualities control. The last sourcing Strategies is Sourcing global, which they have contract with the supplier around the world. The sourcing strategy for Marks and Spencer has disadvantages and advantages which affect the company performance. Lastly, we recommended enhancement in their sourcing strategy by comply with China supplier in Clothing line or green field investment...
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...but it is a question mark when referring to the Growth Share Matrix. In my opinion it has a high market growth rate, or attractiveness to the market, but right now its strengths is not there, referring to it relative market share. This idea of a mouse trap that can catch mice and not make a mess and is easy to set up is attractive to everyone. While the case states that women are the target market, I feel that men can like this product as well. The trick is marketing it the right way. It seems that the major problem is a huge lack in advertising. The cases states that she is very successful at the National Hardware Show in Chicago, but its seems that nobody cares that Trap-Ease mouse traps won the Best New Product Award or that it got good press from the show. What Martha House needs to do is go back to the drawing board and stop investing so much of her budget in these stupid hardware shows. She even says it doesn’t help her much. It’s probably because nobody cares about a hardware show. Before reading this case I didn’t even know that they had hardware shows. So you need a way to connect to people other than just going to hardware shows, where the only people that are going to be there are people who are enthusiast in hardware, which I assume is a very small percentage of people who buy these mouse traps. The case mentions how she wants to target women, since consumers like less of a mess and is easy to set up. Do you think women are going to be a Hardware shows? I feel her...
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............................................................................5&6 5.o SWOT …..............................................................................................................6&7 6.o Segmentation..............................................................................................................7&8 6.1 Targeting.......................................................................................................... 6.2Positioning.......................................................................................................... 6.2Positioning............................................................................................................. 7.o Consumer buying process …............................................................................8&9 8.0...
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...OD Implemented in Starbucks 1 ORGANIZATION DEVELOPMENT IMPLEMENTED IN STARBUCKS INDIRAN MBS141104 LEE YEW HOONG MBS141102 CHONG KUEN SOON MBS1133 CHIA WI PEAW MBS141106 MOHD FAIZAL MBS141114 SEM I 2015/2016 UBSE1123 – Session 01 International Business School, UTM Lecturer Name: Dr Harcharanjit Singh Submission Date: 05th Dec 2015 OD Implemented in Starbucks 2 Table of Contents 1.0 Introduction ............................................................................................................................... 3 1.1 Problem Statement ............................................................................................................... 3 1.2 Challenges ............................................................................................................................ 4 1.3 Opportunities ........................................................................................................................ 5 2.0 Industry Background ................................................................................................................. 5 2.1 Relevant to Issue .................................................................................................................. 6 3.0 Organization Background ......................................................................................................... 7 3.1 Historical Background .............................................................................
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...The Evolution of selling The essay titled “Evolution of Selling “is based upon how selling has developed with the various key changes back into the industrial revolution era that has had an huge impact upon and led to the ways and approaches of selling today and looks into the ancient and modern methods, techniques and attitudes of selling which altogether has contributed to its modernization. The age of selling has brought about many advancements and developments in the world of Marketing through the encouragement of improving technology and people’s hard working attitude towards it, although, the question that remains is how personal selling even started at the first place? For which, Williams et al. (2001) has said in one of his books, Sales Management, that a street peddler was the first person ever who made a door-to-door sale by collecting the produce from the local farmers and selling it to the townspeople. Selling today would never have been so convincing if door-to-door selling was never introduced in the market because without understanding the customer’s needs and wants in detail by discussing with them, the company wouldn’t know what satisfies a customer, what products for whom and how they should be made according to their needs. Salespeople who earned a living only by selling products did not happen to be many in numbers until the Industrial Revolution(mid 1700s) hit England as traders, merchants, and artisans used to fill in the selling function before this era...
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