...Name Instructor Task Date Winning strategy The measure of number of times that an inventory is converted to sales in a given period is refered to as inventory turns. It is calculated as the cost of goods sold divided by the average investment in the stock for the period. Generally, the faster the products sell the better and more efficient is the inventory operation. The higher the inventory turnover is, the less of a financial investment you need to put into inventory to keep the operation running. It is therefore either advisable come up with a strategy to improve the inventory turnover rate by increasing goods sold or decreasing the company’s investment (Brigham and Eugene, 102). The following explanations will be some strategies that would help to double the turns ratio of McSemi technologies. McSemi should increase demand for the product line by working with the marketing team. The marketing department should focus on advertisements to locations frequented by a majority of the target market. This may be achieved by offering a sales promotion such as a buy-one, get-one-half-off special to increase the quantity of inventory leaving the warehouse in a given period and to lure more customers. The marketing department should work closely with the operations department and the sales department in that they should both have the relevant information of the overall costs to design wining strategies to attract more customers who will purchase products hence increasing...
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...constitute a trade or business for federal income tax purposes and whether or not you think his gambling activities qualify for trade of business status. In the case of Commissioner v. Groetzinger, 480 U.S. 23 (1987), the Supreme Court "requires an examination of the facts in each case." In addition, the court ruled, "if one’s gambling activity is pursued full time, in good faith, and with regularity, to the production of income for a livelihood, and is not a mere hobby, it is a trade or business within the meaning of the statutes…." The factors which must be considered in determining whether your gambling activity constitute as a trade or business for federal income tax purposes include: * gambling activities are entered into and carried on in good faith for the purpose of making a profit; * gambling activities are carried on with regularity; * gambling activities are pursued on a full-time basis, or to the fullest extent possible if taxpayer is engaged in another trade or business or has employment elsewhere; * gambling activities are solely for the taxpayer’s own account and taxpayer does not function as a bookmaker; * taxpayer maintains adequate records, including accounting of daily wagers, winnings and losses (IRS Rev Proc. 77-29); * the extent and nature of taxpayer’s activities which further the development of a gambling enterprise; and * taxpayer claims deductions associated with the conduct of a trade or business for gambling-related expenses...
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...A company's strategy consists of A. | actions to develop a more appealing business model than rivals. | B. | plans involving alignment of organizational activities and strategic objectives. | C. | offensive and defensive moves to generate revenues and increase profit margins. | D. | competitive moves and approaches that managers have developed to grow the business, attract and please customers, conduct operations, and achieve targeted objectives. | E. | its strategic vision, its strategic objectives, and its strategic intent. | | 3. | The competitive moves and business approaches a company's management is using to grow the business, compete successfully, attract and please customers, conduct operations, respond to changing economic and market conditions, and achieve organizational objectives is referred to as its A. | strategy. | B. | mission statement. | C. | strategic intent. | D. | business model. | E. | strategic vision. | | 4. | A company's strategy is most accurately defined as A. | management's approaches to building revenues, controlling costs, and generating an attractive profit. | B. | management's game plan for growing the business, attracting and pleasing customers, conducting operations, and achieving financial and market performance objectives. | C. | management's concept of "where we are headed." | D. | the business model that a company's board of directors has approved for outcompeting rivals and...
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...would like to know what criteria are used to determine whether his gambling activities constitute a trade or business for federal income tax purposes and whether or not you think his gambling activities qualify for trade or business status. The fact that Dr. Green's gambling activities constitute a trade or a business depend on the examination of the facts in each case. The stipulation is that if the gambling activity of Dr. Green is pursued full time, in good faith, and with regularity, for the production of income for livelihood and is not a hobby, it is a trade or business. In other words, Green must carry out the activity in good faith and for the purpose of making a profit, the gambling is carried on with regularity, the gambling activities are carried out on full time basis or in case of Green's case carried out to the fullest extent possible since Green is practicing physician, Green is not a bookmaker and maintains adequate records including the accounting of tax wagers, winnings and losses. (See Publication 525 (2010), Taxable and Nontaxable Income) Since Dr. Green does not carry out gambling activities to the fullest extent since he gambles on every other weekend and Dr. Green does not seem to maintain accounts of wagers and winnings and losses on day to day basis nor does he account for day to day gains and losses Dr. Green will not qualify as a trade or a business. If Green's earnings are more than $600, or earnings from bingo or slot machines is $1200 or more, or $1500...
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...like to know what criteria are used to determine whether his gambling activities constitute a trade or business for federal income tax purposes and whether or not you think his gambling activities qualify for trade or business status. The fact that Dr. Green's gambling activities constitute a trade or a business depend on the examination of the facts in each case. The stipulation is that if the gambling activity of Dr. Green is pursued full time, in good faith, and with regularity, for the production of income for livelihood and is not a hobby, it is a trade or business. In other words, Green must carry out the activity in good faith and for the purpose of making a profit, the gambling is carried on with regularity, the gambling activities are carried out on full time basis or in case of Green's case carried out to the fullest extent possible since Green is practicing physician, Green is not a bookmaker and maintains adequate records including the accounting of tax wagers, winnings and losses. (See Publication 525 (2010), Taxable and Nontaxable Income) Since Dr. Green does not carry out gambling activities to the fullest extent since he gambles on every other weekend and Dr. Green does not seem to maintain accounts of wagers and winnings and losses on day to day basis nor does he account for day to day gains and losses Dr. Green will not qualify as a trade or a business. If Green's earnings are more than $600, or earnings from bingo or slot machines is $1200 or more, or...
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...Winning Book Review Welch, J., & Welch, S. (2005). Winning. New York: Harper Business. In the book Winning by Jack Welch with Suzy Welch, Jack Welch talks about how winning is everything in business. If you are not in it to win it, then do not be in it at all. When companies are winning, there are far more opportunities than when a company is losing. A winning company can give back to society by providing more jobs and resources. A losing company is worried about finances; and because there isn’t a lot of profit going around, people can become scared of things like their jobs and families. The book breaks down on how to win into four sections. The first section is the philosophy on management such as mission and values and how everyone should have a voice in any kind of business. The next section is about the inside of a company. It talks about the mechanics of a company which are “people, processes, and culture” (pg.8). The next section talks about the outside of a company such as competitors, growth, and strategic advantages. The next section is the professional life. This section talks about how to find the right job, working with a bad boss, and getting promoted. The final section is about how Jack Welch “answer[s] nine questions that did not fall into any of the above categories” (pg. 8) such as the “China threat” diversity. The purpose of this book is to show that winning isn’t impossible. From these four sections of the book, Jack Welch shows us that in every aspect...
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...Talented people, of course. But when asked in an interview with Harvard Business Review what best explains the company’s spectacular success over the years, Dell founder Michael Dell and CEO Kevin Rollins focused on something else. “While Dell does have a superior business model,” said Rollins, “the key to our success is years and years of DNA development that is not replicable outside the company.” Added Michael Dell, “Culture plays a huge role.” They’re hardly alone in their belief that culture is at the heart of competitive advantage, particularly when it comes to sustaining high performance. Bain & Company research found that nearly 70% of business leaders agree: Culture provides the greatest source of competitive advantage. In fact, more than 80% believe an organization that lacks a high-performance culture is doomed to mediocrity. (See Figure 1.) At a time when enterprises can stretch around the globe, culture is the glue that holds a complex organization together. It inspires loyalty in employees and makes them want to be a part of a team. It motivates people to do the right thing, not just the easy thing. At companies with winning cultures, people not only know what they should do, they know why they should do it. Yet, while business leaders recognize culture’s crucial role, our research also indicates that fewer than 10% of companies succeed in building a winning culture. According to a Bain survey of 365 companies in Europe, Asia and...
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...leadership creates successful teamwork; it’s the formula that every leader must understand in order to win in the 21st century. The relationship between the effectiveness of an individual as a leader and the creation of successful teamwork becomes the secret of a successful business. Effective leaders understand more than ever the importance of teamwork in the corporate organization and how the concept can impact every winning element of the organization. The relationships between team members and how leadership competencies can harmonize these people toward a specific goal become the foundation of all leadership development and people management programs. The Chattanooga Ice Cream Division has been faced with a decline in sales for five consecutive years, leading the family-controlled business to a financial crisis. The team at Chattanooga is very dysfunctional; they exhibit a lack of candor, they are high in conflict and disrespectful of each other, and they exhibit avoidance issues with accountability. Team members seem to always lay blame on other members. Leadership needs to convey that teamwork is a must, and this should be a sustainable teamwork approach to help ensure no further loss in the business. Team Dysfunctions The Chattanooga Ice Cream Team is dysfunctional for several reasons. Some of those reasons are related to the team members themselves, and others are related to the leadership. The team is suffering from an absence of candor, lack of trust, avoidance, and...
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...But when asked in an interview with Harvard Business Review what best explains the company’sspectacular success over the years, Dell founder Michael Dell and CEO Kevin Rollins focused on something else.“While Dell does have a superior business model,” said Rollins, “the key to our success is years and years of DNA development that is not replicable outside the company.” Added Michael Dell, “Culture plays a huge role.” They’re hardly alone in their belief that culture is at the heart of competitive advantage, particularly when it comes to sustaining high performance. Bain & Company research found that nearly 70% of business leaders agree: Culture provides the greatest source of competitive advantage. In fact, more than 80% believe an organization that lacks a high-performance culture is doomed to mediocrity. At a time when enterprises can stretch around the globe, culture is the glue that holds a complex organization together. It inspires loyalty in employees and makes them want to be a part of a team. It motivates people to do the right thing, not just the easy thing. At companies with winning cultures, people not only know what they should do, they know why they should do it. Yet, while business leaders recognize culture’s crucial role, research also indicates that fewer than 10% of companies succeed in building a winning culture. The best companies succeed, we found, on two dimensions simultaneously. First, every winning culture has a unique personality and soul that...
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...Review of Winning by Jack Welch When former General Electric CEO Jack Welch reflected on the thousands of questions he has been asked over the years, he realized they could be summed up by one question, “What does it take to win” (Welch Pg.3). Welch believes when companies win, everybody wins and the world is a better place. In his book, Winning, Welch attempts to answer the question of what it takes to win. He uses his experience at General Electric, the experiences of close friends and other corporate examples to provide a detailed roadmap for creating the foundation and corporate culture required to obtain a competitive advantage and win. Welch outlines and details three central pillars to his winning formula: strong management philosophy, effective management, and a focus on competitive advantage. This review will discuss each of these three pillars and their key elements. Welch’s first pillar to winning is management philosophy. A company’s management philosophy forms the foundation of the company and is based on four principles: strong mission and resolute values, candor, voice and dignity and differentiation. The management philosophy and four principles are critical to the goal of winning as they are a recurring theme throughout the other two pillars. According to Welch, in order for a company to determine where it can profitably compete within an industry it needs a strong mission and resolute values. In defining a company’s mission and values, Welch cautions...
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...comment and have the challenging job of managing a franchise. Pursing the right business opportunities, how to maintain and better spectator league relationship, increase profits, promote attendance, and capture fan desire to return to the event, are just a few of challenges faced by management. A solid working knowledge of economics and constant review of long run model of team decisions will help a franchise accomplish its goals. Franchise decisions are paramount as one decision can either move a franchise forward or set it back...
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...“Winning starts here” may be a Nike slogan, but it has broad implications for anyone running a business. In sports, winning doesn't merely occur at the finish line: it starts in early mornings at the gym, in choosing spinach over ice cream and in pushing ourselves to do another rep when we’re sure we can’t. In business, when we define the win as one outcome -- a sale, an innovation, or reaching a quarterly goal, for example -- our definition is too narrow. It creates a culture where we “fail” more than we succeed. Creating an environment where you and your team can win every day allows you to build on previous successes and improve morale. There are 260 workdays a year. Consider a car salesperson who sells four or five cars a month. At 48 sales a year, she “fails” the other 212 days. Similarly, a realtor may sell two houses a month, or 24 in a year, which means he “fails” more than 90 percent of the time. This is overwhelming for even the most dedicated person. We must create a culture where we can celebrate every day. We must redefine the win. Related: Lessons on Leadership Inspired by ‘American Sniper’ Instead of focusing on the sale, consider all the behaviors (such as having an engaging conversation with a potential prospect, taking an opportunity to present the company’s brand, or making an initial contact with a future prospect) that lead to that victory. Since they lead to the sale, they are part of the win. It’s not just salespeople who benefit from this...
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...government. The US government is missing out on an opportunity. This illegal activity could be legalized which would in turn lead to much needed additional revenue and creation of additional jobs. Sports gambling is a big business, currently the only people capitalizing on this business is the state of Nevada,...
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...through, while working with suppliers and shippers to develop lower cost – high quality flowers, helped the company’s concept and model grow to substantial revenue potential. The in-store experience created a perceived value to its customers; embedding to them that not only is this company a great place to buy flowers, but it’s also an enjoyable shopping experience that will keep shoppers coming back time after time. The perceived value and supply chain are integral parts to this business model that helped it succeed. It was clearly thought out, and the reason I believe it to be a great business model. Playing to Win Assignment #1 1) I believe there are many broad conditions in Figure 1.1 in Playing to Win that are useful for firms to be successful and to formulate and execute a strategy framework. Start-up and small business may already know their winning aspirations and may need to focus more on the, where do they play and how do they win questions. A pizzeria shop start-up already knows their winning aspirations; make pizzas that can be picked up or delivered and make a profit. But many where-do-they-play questions must follow. Do I produce quantity over quantity as the likes of Little Caesars, or do I focus on making the best dough and sauce and use the freshest ingredients to make a one-of-a-kind pizza? How will they win must fit with how they play. The low-cost pizza shop may need to open their shop in a lower-income neighborhood where customers are more willing to perceive...
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...accounting is an important internal business function. Many companies use managerial accounting to record and report their internal financial information. There are differences between financial accounting and managerial accounting. Financial accounting focuses on preparing financial reports and releasing information to the public while managerial accounting focuses on preparing financial information for internal review and decision making. Managerial accounting offers several important tools for measuring the company operational performance. Common types of managerial accounting include job costing, process costing, activity-based costing and also budgeting. 2.0 Benefits of Managerial Accounting Practices Towards Business Organization Create Competitive Advantage Management accounting can help businesses create a competitive advantage. Many business owners focus on creating consumer goods with lowest-priced and highest-quality product in the market. The ability to review financial information through managerial accounting is important in creating a financial competitive advantage. In 2010, Maxis Berhad wins excellence award in management accounting from the national award for management accounting (NAfMA). One of the winning criteria is the company ability to create the financial competitive advantage over the competitor. B) Reduce Operational Expenses Managerial accounting can help companies reduce their operational expenses. Business owners often use managerial accounting...
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