Jollibee International Expansion Essay Example

Jollibee International Expansion Paper JOLIBEE CASE ANALYSIS Summary Jollibee, a fast food chain, based in Philippines was able to obtain a competitive advantage in its local market by keeping tight control over the operations and catering to the taste and appetite of the local people. With the success in the home country, the company then expanded its operations into other countries under the leadership of Tony Kitchner. When Noli Tingzon joined the company, it was at a critical point, where it began to revisit its strategies to expand its international operations and explore new markets. Advantages in the Filipino market Jollibee’s early strategy in the Philippines market was to concentrate on the taste of the burgers. The taste and the size of the Jollibee’s burgers were made for the Philippine market. The taste of their burger appealed to the local people. Jollibee entered the fast food business in 1977. When McDonald entered the Philippine market in 1981, Jollibee already had a brand name for itself. This gave the first mover advantage over McDonalds. MacDonald with its money power moved very quickly. Jollibee’s, having had some success with its burgers; start expanding quickly to compete with McDonalds. They build volume on the reputation they had earned before McDonalds entered their market. One more advantage Jollibee had in the Philippine market was that they were the local company. The people could associate themselves with the company. This was emphasized in 1983 when the political climate in the country became instable. Jollibee continued to expand where as McDonald slowed down its investment in this market. We will write a custom essay sample on Jollibee International Expansion specifically for you for only $16.38 $13.9/page Order now We will write a custom essay sample on Jollibee International Expansion specifically for you FOR ONLY $16.38 $13.9/page Hire Writer We will write a custom essay sample on Jollibee International Expansion specifically for you FOR ONLY $16.38 $13.9/page Hire Writer The subsequent rise in the nationalism and local pride helped Jollibee secure a dominant position in the Philippine market. International Expansion under Tony Kitchner When Tony Kitchner joined the company as the first head of the international division, Jollibee already had a few failed attempts to entry into international markets. Kitchner was very efficient in creating the international division and implementing his strategy. He was instrumental in getting partners with good market connection for Jollibee. This was one of the major problems for Jollibee in its initial shot at international expansion. Kitchner implemented a two-part international strategy which comprised of â€Å"targeting expats† and â€Å"planting the flag. † The idea behind the targeting expats was to ease the company into the unfamiliar market. Although the segment was very small, its success allowed the company to generate momentum for further expansion in the market. By targeting the niche market, Kitchner was trying to take advantage of the brand recognition in the home market. On the other hand, â€Å"plant the flag† proved to be a executed poorly. Kitchner wanted to create big organization under his leadership. In the haste to entry the markets quickly, Kitchner did not study the market thoroughly before entering it. Planting the flag did have competitive first mover advantage like the company found out in its local market. However, there is a need to study the market before entering it. The unprofitable venture in the Middle East could have been avoided has research been done prior to entering. Also, Kitchner neglected the high cost of establishing market in new countries. While Kitchner created the new division to higher international standard there was a growing distance between the local and the international division. The local team were looked down up on by the member in the international division. This did affect the day operational efficiency of the company. Kitchner could have taken some step to curb the growing distance between the two divisions. Future International expansion The undeveloped Papua Guinea market provides the best option to leverage the company’s organizational skills. However, the country is not big enough to support 20 stores which the company thinks is critical mass for a new country. Even though the perspective partner was willing to invest all the money for the stores, Jollibee would have its brand value at risk if the stores don’t work. The profits being offered by the partner is uncertain and understandably low, the company would be better off staying away from this market. The fourth store in Hong Kong can give Jollibee the brand awareness to expand its operations in the country. This could be useful in attracting better partners. However given that the current stores were unable to attract Chinese customers as well as employees, the success of a fourth store is highly unlikely. It would be better for Jollibee to concentrate on improving the operations of the current store than opening a new one at this juncture. The Daly City is currently best opportunity for expansion for Jollibee. With a huge affluent Philippine population and relatively less competition prospects for the success of this store were bright. Also, like in Guam, California has a large population of Asian American which the company could target with changing the menu a lot.

Why act essays

Why act essays Previously, if asked why I wanted to be an actor, Id say I didnt know. I just loved to act. Of course theres the obvious fame and fortune but thats not enough when choosing career, because if you dont attain that fame and fortune, you have to love it enough to keep doing it. What makes an actor want to act? More importantly, what makes someone an actor, and what makes that actor "good". Merriam-Webster defines an actor as, "a-one who represents a character in a dramatic production; b-a theatrical performer; c-one that behaves as if acting a part, " but I think theres more to it than that. Just because you represent a character in a production that doesnt necessarily mean you are an actor. If you want to be called an "actor," I believe you have to master the art of acting. Not simply pretending to be, or behaving like the your character, but becoming your character. A good actor simply does this very well. I dont think anyone knows what makes every actor want to act, but I can tell you my reasons. I love becoming another person on stage and having the power, along with the other cast members, to make my audience laugh or cry. Ever since I can remember Ive engaged in some form of acting, from kindergarten Christmas shows right up to High School. I believe I have always had a subconscious love for acting, beyond what I could explain. I started to understand more about the art, and my interest in it, as I grew older. What enhanced my respect for drama and awakened in me a passion for theatre was a class in theatre critique called the "Young Critics Institute." There, I attended and analyzed performances and got to work with very accomplished people like Ben Brantley and Frank Rich, of the New York Times; Joan Acocella, of The New Yorker; Gordon Cox, of Newsday, and Tony Kushner, Pulitzer Prize-winning author of "Angels in America." Taking that class also helped me as an aspiring pe ...

AquaBlu - The premier online swimwear company Dissertation

AquaBlu - The premier online swimwear company - Dissertation Example ....................... 1.4 Consumers most likely to utilise AquaBlu.................................................. 1.5 Structure of AquaBlu................................................................................... 1.6 Location of AquaBlu.................................................................................... 2.0 Business environment analysis................................................................................. 2.1 Analysis of the macro environment.............................................................. 2.2 Analysis of the micro environment............................................................... 2.2.1 Size of industry and market size..................................................... 2.2.2 Important industry trends............................................................... 2.2.3 Competitive environment................................................................ 2.3 Competitor analysis........................................... ............................................. 2.3.1 Perry Ellis International................................................................... 2.3.2 Seafolly............................................................................................ 2.3.3 Jantzen Inc....................................................................................... 2.3.4 Quiksilver......................................................................................... ... ........................................................ 4.0 Strategic analysis of the internal environment............................................................. 5.0 Evaluation of the strategic fit....................................................................................... 6.0 Marketing plan.............................................................................................................. 6.1 Marketing objectives......................................................................................... 6.2 Segmentation..................................................................................................... 6.3 Targeting............................................................................................................ 6.4 Positioning.......................................................................................................... 6.5 Brand Identity................................................................................... .................. 6.6 Brand DNA Pyramid.......................................................................................... 6.7 Marketing mix..................................................................................................... 6.7.1 Product................................................................................................. 6.7.2 Price...................................................................................................... 6.7.3 Place...................................................................................................... 6.7.4 Promotion.............................................................................................. 7.0 Operational

Assignment NOTE ) do not type the cites address Essay

Assignment NOTE ) do not type the cites address - Essay Example Human relation training will enable john as a manager to understand people and effectively work with them (Whetten & Cameron 67). The Conceptual training will enable him to think and have the ability to relate and organize the various departments of the organization. Contingency plans ensure continuity and sustainability of the organization’s operation. They help organizations plan in advance for the risks that are likely to occur. It helps organization prevent and mitigate risks that are likely to face the organization. It enables the organization to be future oriented and hence make the right decisions (Whetten & Cameron132). From my experience when the computer system crashed down in the organization because of fire, all the data would have been lost were in not for the company’s contingency plan of backing up the data in the internet. If the company is supplied with good quality raw materials then it definitely produces quality-finished goods. If the suppliers give poor quality materials then the final products will be of poor quality. To enhance productivity of high quality products and ensuring maximization of profits the company has to have good

Statement of objectives Essay Example | Topics and Well Written Essays - 500 words

Statement of objectives - Essay Example By January 2010, I would be fully conferred for the Master’s degree with concentration in Electronic Business. In addition, I will be credited with 3 Advanced Certificates in Management from the same university, to wit: Advanced Certificate in Information Management, Advanced Certificate in Telecommunication Management, and Advanced Certificate in Human Resource. Equipped with these academic achievements, I am prepared to undertake greater challenges in higher education. My ultimate goal is to be an instrument of change to my country once I completed the PhD Program in Community Economic Development (CED). The Southern New Hampshire University is the most prestigious institution which can accord a multi disciplinary approach to the program. I am optimistic in learning various CED issues affecting not only the local and national level, but more so, their impact and influence on international levels. I would like to be given the opportunity to share the theoretical and practical applications of CED in Saudi Arabia, which unselfishly provided me with 100% scholarship through the King Abdullah Graduate Studies Scholarship Program. I am aware that CED is a multi functional process of comprehensively interconnected strategies which enable people to develop corporations and business ventures for the betterment of communities. I plan to utilize the skills and theoretical background developed in my master’s degree to formulate policies which would facilitate and improve the application of electronic business initially in the local communities and later, on a national scale. As I delved into the intricacies of the theories, concepts and applications of e-business, I realized that I am extremely interested in pursuing higher education in a field of endeavor closely related to this. The courses that I took in my bachelor’s and master’s degree equipped me with the necessary skills and

Schrodinger Was A Genius Philosophy Essay

Schrodinger Was A Genius Philosophy Essay The task isnot so much to see what no one has yet seen; but to think what nobody has yet thought, about that which everybody sees.   à ¢Ã¢â€š ¬Ã¢â‚¬ ¢Ã‚  Erwin Schrodinger. Schrodinger was an intelligent man who worked in all fields of science. In his work with atoms, he had changed and improved the atomic model as they knew it. Statistical mechanics, thermodynamics, color and its perception, the general theory of relativity, unified field theory, particle physics, philosophy, the history of science, molecular genetics, and, especially, quantum mechanics-the multifaceted genius Erwin Schrodinger studied and contributed to all these fields in the early 20th century and earned half of the 1933 Nobel Prize in physics for his major accomplishment in quantum mechanics, the Schrodinger equation. He even invented a cat that possessed the amazing property of being alive and dead at the same time. The proverbial nine lives of an ordinary cat pale in comparison (Rosen). Erwin Rudolf Josef Alexander Schrodinger was born on August 12, 1887, in Vienna, Austria, to Rudolf and Emily Schrodinger (Rosen). His father was a well working chemist, painter and botanist, who owned an oilcloth factory. Schrodingers father, Rudolf Schrodinger, ran an oilcloth factory, but his true passions were painting and botany (Oakes). According to Rosen, Until age 10, Erwin was schooled at home, where he learned to speak both German and English, as both languages were spoken there. In 1898, he entered gymnasium (equivalent to high school in the United States). There he excelled in all fields but disliked the classes that required rote memorization. For example, Erwin loved physics, mathematics, and Latin grammar, which are all strictly logical, while he hated memorizing dates and facts. He grasped the physics and mathematics material right away, without doing any homework, and was easily able to solve problems in them immediately after class. After graduating from the Akademi sche Gymnasium in Vienna in 1906, Schrodinger entered the University of Vienna, where he first developed an interest in theoretical physics under the tutelage of Friedrich Hansenohrl. Upon receiving his Ph.D. in 1910, Schrodinger took a position at the universitys Second Physics Institute as a laboratory assistant to the experimental physicist Franz Exner (Oakes). Schrodinger was an expert in many fields, an atomic theory was one of them. He said electrons are to miniscule and move to fast to describe exactly where they are. (Brainhoney 4.04) He said that the electrons move around a given shape, a cloud. A powerful model of the atom was developed by Erwin Schrodinger in 1926. Schrodinger combined the equations for the behavior of waves with the de Broglie equation to generate a mathematical model for the distribution of electrons in an atom. The advantage of this model is that it consists of mathematical equations known as wave functions that satisfy the requirements placed on the behavior of electrons. The disadvantage is that it is difficult to imagine a physical model of electrons as waves (chemed.chem.edu.purdue). The fundamental equation of wave mechanics. It describes the wave function à Ã‹â€  of a particle such as an electron. There is a time-dependent Schrodinger equation and a time-independent Schrodinger equation. The time-independent Schrodinger equation is used to calculate energy levels and wave functions of quantum-mechanical systems such as atoms, molecules, solids, and nuclei. In three dimensions the time-independent Schrodinger equation is , where is the Laplace operator, m is the mass of the particle, E is its total energy and V is its potential energy. The Schrodinger equation was put forward by Erwin Schrodinger in 1926 and solved by him for the hydrogen atom. The equation is not exactly solvable for any other atomic and molecular system. In general, approximation techniques and/or the use of computers are needed to obtain accurate solutions to the Schrodinger equation for systems with more than two particles (Rennie). Also, besides working with atoms, Schrodinger had develop ed another theory called Schrodingers cat. He suggested a closed box containing a sample of radioactive material, a tube of cyanide, and a cat. The apparatus was to be constructed so that decay of a nucleus ejected a particle, which activated a mechanism to break the tube of cyanide. After a certain time, if a nucleus had decayed the cat would have died; if not the cat would still be alive. Schrodinger pointed out that, according to our way of interpreting quantum mechanics, the nucleus had neither decayed nor not decayed until an observation was made, and it followed that the cat was neither dead nor alive until someone opened the box and observed it (Rennie). Schrodinger was a genius, and has not had his model disproven yet, for science cannot look deeper into the atom currently. The difficulty that Schrodinger was showing is this: as long as quantum behavior is confined to the atomic and subatomic worlds, it works superbly and people must and can accept it. But quantum mechanics should also apply to the macroscopic world, the world of cars, cakes, and cats. Yet the macroscopic world does not exhibit quantum behavior. Schrodinger was on to something very deep, as this problem is still under investigation (Rosen). Schrodinger also tried his hand at the theory of relativity, which was unsuccessful. He studied electromagnetism and relativity and tried his hand, unsuccessfully, at a unified field theory, an idea that Einstein was working on at the time. (Rosen) Erwin Schrodinger was a person of many interests, into which he was capable of delving deeply. His many contributions to human culture were mostly in physics, but also in such near and far fields as color perception, biology, history, and philosophy. Schrodinger inspired others to develop ideas and make their own contributions in various fields. His most important achievement was the Schrodinger equation, for which he shared the Nobel Prize. The idea for which he is best known beyond the physics and chemistry communities is surely Schrodingers famous alive-and-dead cat, which continues to haunt the thoughts of physicists and philosophers to this very day. (Rosen) Schrodingers own words best describe his original genius: The task is, not so much to see what no one has yet seen; but to think what nobody has yet thought, about that which everybody sees.

The Characters of Women in The Handmaids Tale and The Bell Jar Essay

Women in The Handmaid's Tale and The Bell Jar Sylvia Plath's renowned autobiographical legend "The Bell Jar" and Margaret Atwood's fictional masterpiece "The handmaid's tale" are the two emotional feminist stories, which basically involve the women's struggle. Narrated with a touching tone and filled with an intense feminist voice, both novels explore the conflict of their respective protagonists in a male dominated society. In spite of several extraordinary similarities in terms of influential characterization and emotive themes, both novels are diverse as far as their respective style, structure and setting is concerned. While Plath's preference of frequent flashback is admirable and absorbing, Atwood's choice of presenting her novel in terms of headed chapters that alternate between her peaceful past and chaotic present is, indeed, fascinating. On the contrary, although Atwood's symbolic style enriched with biblical metaphors is ironical and inspiring, Plath's touching use of meaningful motifs and descriptive imag ery suits its admiration as one of the best autobiographical fiction. "The Bell Jar" penned by Sylvia Plath, is a tragic tale of Esther Greenwood, her depressing experiences of life and social relationship and her eventual mental breakdown resulting with her attempts of committing suicide. On the other hand, Margaret Atwood's award winning novel "The Handmaid's Tale" depicts the haunting experiences of Gilead, where sexual repression and religious extremism was not uncommon. Both novels have female protagonist, who are victims of rape and sexual violence. Marco, a guy on a blind date with Esther, calls her a "slut" and tries to rape her, and Esther's struggle can be reveal... ...w did I know that someday . . . the bell jar, with its stifling distortions, wouldn't descend again?" (The Bell Jar, p.296). Conversely, the title of "The Handmaid's Tale" is straightforward which gives an initiative to the reader that it is a story of a handmaid struggling to survive in the midst of the cruelty. From the literary analysis of the novels it is evident that, both stories have similar themes and both authors used female characters to convey their feelings about feminist issues, especially in terms of loneliness and isolation. However, there are many diversities between these two stories, especially in terms of structure and style. In a nutshell, "The Bell Jar" and "The Handmaid's tale", are indeed, literary gems in the field of feminist literature that would definitely satisfy the literary thirst of their aspiring readers. The Characters of Women in The Handmaid's Tale and The Bell Jar Essay Women in The Handmaid's Tale and The Bell Jar Sylvia Plath's renowned autobiographical legend "The Bell Jar" and Margaret Atwood's fictional masterpiece "The handmaid's tale" are the two emotional feminist stories, which basically involve the women's struggle. Narrated with a touching tone and filled with an intense feminist voice, both novels explore the conflict of their respective protagonists in a male dominated society. In spite of several extraordinary similarities in terms of influential characterization and emotive themes, both novels are diverse as far as their respective style, structure and setting is concerned. While Plath's preference of frequent flashback is admirable and absorbing, Atwood's choice of presenting her novel in terms of headed chapters that alternate between her peaceful past and chaotic present is, indeed, fascinating. On the contrary, although Atwood's symbolic style enriched with biblical metaphors is ironical and inspiring, Plath's touching use of meaningful motifs and descriptive imag ery suits its admiration as one of the best autobiographical fiction. "The Bell Jar" penned by Sylvia Plath, is a tragic tale of Esther Greenwood, her depressing experiences of life and social relationship and her eventual mental breakdown resulting with her attempts of committing suicide. On the other hand, Margaret Atwood's award winning novel "The Handmaid's Tale" depicts the haunting experiences of Gilead, where sexual repression and religious extremism was not uncommon. Both novels have female protagonist, who are victims of rape and sexual violence. Marco, a guy on a blind date with Esther, calls her a "slut" and tries to rape her, and Esther's struggle can be reveal... ...w did I know that someday . . . the bell jar, with its stifling distortions, wouldn't descend again?" (The Bell Jar, p.296). Conversely, the title of "The Handmaid's Tale" is straightforward which gives an initiative to the reader that it is a story of a handmaid struggling to survive in the midst of the cruelty. From the literary analysis of the novels it is evident that, both stories have similar themes and both authors used female characters to convey their feelings about feminist issues, especially in terms of loneliness and isolation. However, there are many diversities between these two stories, especially in terms of structure and style. In a nutshell, "The Bell Jar" and "The Handmaid's tale", are indeed, literary gems in the field of feminist literature that would definitely satisfy the literary thirst of their aspiring readers.

Media Coursework Of Mice & Men Essay

Of Mice & Men is a very poignant, appealing and insightful novella as well as film. It is a very powerful and emotional piece, which studies the themes of nature, dreams, violence, friendship, suffering, loneliness and more. The author, John Steinbeck, produced this fascinating novella in 1937, yet the film which was produced by Gary Sinise (who played George), was published in 1992. In America, in 1929, The Wall Street Crash occurred which led to The Depression in 1930. Both the novella and film are based around those two events, as John Steinbeck used his experiences from life in California, as background for Of Mice and Men. For example, Of Mice and Men is set in the farmland of the Salinas River, where Mr. Steinbeck himself was born. Using information from not just only my knowledge, I will illustrate the differences between the film and novella of this popular piece. The novel is told from the point of view of a third-person, who can access the point of view of any character as required by the narrative. Chapter one begins by unfolding the setting near Salinas River, the place in which the novella takes place. As a reader, you are introduced to the beautiful atmosphere that is exemplified by the writer. Mr. Steinbeck immediately describes the scenery and the animals in their natural surroundings. He uses illustrious description for the audience to imagine that they are present in this peaceful area. Many literary terms are used within the text such as a 3 part lists: â€Å"molted, white, recumbent limbs..†, poetic imagery: â€Å"golden foothill slopes† and â€Å"the leaves lie deep and so crisp that a lizard makes a great skittering if he runs among them† as well as different tones: â€Å"hillside†¦deep and green†, â€Å"twinkling†¦yellow sands†. Steinbeck refers to the colour green as it represents nature, and yellow as it refers to light; this type of text is used to show the readers how idyllic the setting is. Intrigued by how lovely the atmosphere is, readers don’t take notice of the absence of people. As the writer gives us an idea of how the animals express themselves, and how they live in this serene place they call home, we are suddenly introduced to the two main characters of the novel. In beginning his novel with such emphasis on the setting, Steinbeck accomplishes numerous goals. He sets the tone and the atmosphere of the story’s location, introduces his two main characters, uses imagery which has been previously stated, and foreshadows later events in the novel. The attention to his choice of words and repetition are just two examples of how he accomplishes his goals such as: drawing the reader’s attention, intriguing them, wanting them to continue reading. For example, the setting is a few miles south of Soledad, California, near the Salinas River. â€Å"Soledad† is a Spanish word that translates into ‘solitude’ or ‘loneliness’, a reference to one of the novel’s main themes. Steinbeck also shows the relationship between George and Lennie, and the attitude in which they behold, by the use of effective descriptive writing. In terms of the style of narration, third-person omniscient is used to provide us, the readers, with information, including all actions that take place within the novel. By way of contrast, the first shot of the film is very dramatic. It begins with George vividly emerging from a dark spot on the train, due to flashing lights. This is shown from a close-up shot. Not long after, shot two begins with a land appearance. A woman who is unknown to the audience emerges, running and screaming with all her might through a field, as she seems appallingly frightened. This gives the audience a sense of contemplation, questioning the condition of herself, as well as her predicament. At the same time, you start to see both George and Lennie, the two main characters, rapidly running away from a group of men, some on horses’ backs and others on foot having dogs by their side. The camera shot used within those scenes was crosscutting. In this case, it is the edit of two shots combined. The advantage of crosscutting is that the tension within the audience is increased. Viewers would continue to question what’s going on, as they are not aware of subsequent events. Although a close up and crosscutting scene is applied in the beginning, within the film, a consistence of mainly straight-on angle shots is visible. Unlike the novel, the film shows the viewer what things look like from the characters point of view, visually, rather than having to imagine everything. Due to less emphasis on written language, the film eliminates many characteristics of the novel. The continuation of viewers watching the film depends on the visualized picture; the action, the suspense, the music, ect. Throughout the beginning, heart-racing types of melodies begin to play. Percussion and string instruments are heard within the music to give an â€Å"I wonder what’s going to happen now†- effect. The atmosphere becomes tenser as a build up is developed and the music volume rises. The camera gradually zoomed back and forth during the film to focus on the character or background. Although it is merely only the opening of the film, as shown by these two extracts, there could already be a tense atmosphere within the audience’s perspective, as well as their attention span being drawn towards the film in a stronger manner. Evidentially, you can see that both the film and text differ immensely. Personally, I believe the film producer chose to differ the opening of the novella, to attract the audience making them intrigued, wanting to watch the film and wonder what happens next. The display of George being on a train with no meaning to the viewers in his first appearance, or the screaming from the mysterious woman, captivates the audience. In my opinion, the film gives more of an effect to the audience, simply because the novella only creates images in a person’s mind, while the film gives an unsolved, puzzled thought. The movie would attract individuals who like a bit of mystery and suspense, unlike the novella which would draw attention more to the civil, passive type of audience.

Bonus Banking Case of UBS

Bonus Banking Case of UBS Introduction Background Employees of financial institutions have been considered for quite some times as being among the top earners in the country. Indeed, financial service organizations have defended their compensation and bonus structure, claiming that it helps them attract, recruit and retain the best talent. In addition, these organizations have previously claimed that their employee are remunerated based on their performance.Advertising We will write a custom report sample on Bonus Banking: Case of UBS specifically for you for only $16.05 $11/page Learn More Therefore, employees will be motivated to work hard and in return create long-term value to all the organizations’ stakeholders. On the other hand, it would be expected that when an organization underperforms, the employee will similarly be affected and hence their bonus reduced (Pert Clark 2010) However the recent events, prior and during the global financial crisis, have clearly proved t hat this has not been the case. Most financial institutions were heavily criticized for their continuous persistence of highly rewarding their employees, especially top executives, despite their poor financial performance. In deed, there is clear evidence to support this augment. For instance, despite Citigroup and Merrill lynch, suffering losses of not less $ 27 billion dollar, they still paid bonuses; the first one paying $ 3.6 billion and the latter $ 5.3 billion. Likewise, Morgan Stanley, Goldman Sachs and JP Morgan Chase, in the year ending 2008, paid out bonuses that were higher than their annual earnings. To be specific, Morgan Stanley paid $ 4.5 billion dollar despite making $ 1.7 billion. Similarly, JP Morgan chase paid 8.7 billion dollar after making $5.6 billion and, last but not, least, Goldman Sachs paid $ 4.8 billion while the earning was $ 2.3 billion (Pert Clark 2010). Such actions lead to a public outcry by various stakeholders; including shareholders, the media, r egulators and even some of the staff. In addition, it strained the relationship existing between these institutions and their customers, with most of them perceiving the organization as to lack accountability and integrity. Certainly, the institutions have come to the realization that the previous systems of incentive do not serve their intended duty of creating the long-term value. It is for this reason; they have opted for other alternatives, such as Bonus banking, which they believe will create both short-term and long-term value by building greater relationships with stake holders such as customers and employees (Pert Clark 2010; Watkins Warren 2010).Advertising Looking for report on business economics? Let's see if we can help you! Get your first paper with 15% OFF Learn More Aim This report will therefore aim to investigate the potential of bonus banking. It will study the benefits of this compensation by comparing it to the previous system. Studying UBS, a financial institution which has opted for this approach, will give a clearer picture. Case Study: UBS UBS is among the largest financial services organizations in the world. Priding itself with more 150 years of experience, this organization offer wealth management, investment banking and asset management services for corporate, institutions and high net worth individuals around the world. In fact, it is considered as the second world largest private wealth manager. The organization, whose headquarters are in Zurich and Basel, Switzerland, is cited as the biggest in that country. In addition it has over 50 offices around the world, most of them in major financial cities. The bank is also a major employer with about 65,000 employees directly under it (UBS 2010). Just like any other major financial service organization, this institution was had hit by the global financial crisis. By august 2008, it was established that it incurred the biggest lost among its peers in Europe. Ac tually, it was faced by double tragedy. Apart from the effects of the crisis, the organization was charged with allegation of helping its US client evade taxes. These allegations had profound effects on it. They threatened its continuity and hence the government opted to unveil a substantial bail out plan to help it stay afloat. This did not escape the eye of the general public. In view of the possibility of its action affecting its relation with existing and potential new clients, the institution opted to adopt some reforms. Accordingly, a bonus banking system was adopted since it appeared as the best option to counter the perception of greed associated with the institution (UBS 2010; Irv 2009; Kamil Rai 2009). UBS Bonus Banking System According to Christie (2009), bonus banking is an incentive practice whereby a certain amount of annual earned bonus is banked in a special account referred to as a bonus account. The banked bonus is paid in specified proportion in the years followi ng.Advertising We will write a custom report sample on Bonus Banking: Case of UBS specifically for you for only $16.05 $11/page Learn More Its major difference with the heavily criticised bonus plan is the fact that negative bonus also known as mulus can be declared and subtracted from the accumulated bonus. This usually happen, if the employees underperforms and is generally reflected in the organization, especially financially (Pert Clark 2010; Christie 2009). UBS bonus banking system was motivated by the belief, that if properly executed, executives will no longer work for the short-term interest motivated by the annual bonus. This system will target senior executives, division leaders and high risk traders, who are in charge of trading a substantial amount of the institutional capital. The annual bonuses, both in terms of shares and money, earned will be held in special accounts for five years. This stipulation is believed, by its designers, that it wi ll ensure the categorized employees to act in line with corporate strategy, and hence enable the organization achieve both its short and long-term. It diminishes the possibilities of the executive operating with an intention of quickly making short-term gains which will see their annual bonus increase (UBS 2010; Irv 2009; Heineman, Goodman Downes 2009). The employees will be expected to act within the set policies. Performance will be measured and negative bonus applied; if the performance target is missed, are breach of trading rules is experienced, or whereby personal misconduct affects the organization. On the same font, if a financial loss is experienced by the company or any of its division, or any cases whereby asset write-down occurs, the employee in charge will incur a negative bonus. Persistence negative performance can result in completely wiping out bonuses previously earned in terms of shares or a two-third reduction in the amount earned in cash (Irv 2009). Incentive Pl ans and Customer relationship There is, if any, a very thin line between the customers and investors in financial service organizations, such as UBS. For example, all its clients in its investment bank arm double up as investors. Perhaps only in its Swiss Bank UBS, which offer retail services, one can at very minimum observe the difference.Advertising Looking for report on business economics? Let's see if we can help you! Get your first paper with 15% OFF Learn More Nevertheless, due to the sensitivity involved in offering the financial service, building a relationship between the institution and the customers can be an uphill task. The connection between executive compensation plans, and global financial crisis affected the relationship negatively. Customer, especially at the UBS, need to feel that their interest is protected and the risk is minimized (Irv 2009; Watkins Warren 2010). UBS and other banks targeting corporate and high net worth individuals have mastered the art of managing customer relationship. Having this group, as a niche market, call for perfectionism. This is because they are usually well aware of their rights as customer and have the capability of easily moving to another FSO that they feel will suit them adequately. Nonetheless, the previous bonus incentive plan has had some benefits. To begin with, if properly linked with the organization’s mission and vision, the incentive would have served as platform of attract ing, recruiting and retaining the best talent. This group of employee would therefore be motivated, posses customer relationship skills and hence ensure the institution enjoys a high revenue and rate of return. Despite attracting great talent at UBS, and various strategic manager outlining the employee incentive plan will help achieve both the short-term and long-term, the approach fell short of expectation. Indeed, this compensation plan was not focused on longer-term objectives. It failed to link the risk and reward and therefore allowed employee to take short term approach that ensured performance in the period appeared favourable. Eventually this affected negatively the organizations by putting the clients’ investments and deposit was at risk. At one point, the risk was too much to bear and the clients opted to end their business. It took the intervention of a former and retired Chief Executive to convince them otherwise (Pert Clark 2010). With the new bonus banking syst em, the relationship between the institution and its clients is expected to improve in the long-term. Employees, especially executive, who a responsible for decisions and actions that can significantly affect the organizations, will automatically be directly affected by both the short and long-term performance of the organization. The potential to either gain or lose bonuses depending on their performance is viewed by many clients as form of increasing both institution and employees’ accountability. Employees just like clients and investor can directly lose both money and shareholdings (Pert Clark 2010). Nerveless, as cited by Christie (2009), Bonus banking can at times fail to motivate employees. One reason for this is because the system does not allow for employees to enjoy the immediate reward of their effort. In addition, are form of insecurity develops considering the bonus earned previously can be significantly reduced and sometimes claw back applied. For that reason, employees might be reluctant to put extra-effort and hence result in either average or just above average result. This performance will be observed by the clients and potential harm any profitable relationship. Incentive Programs and Sales People Without a doubt, sales people play an integral role in any organization. The importance of their duties is further propelled when the institution in question offer financial and investment services. When the organization deals with ultra high net-worth and/or just high net-worth individuals, the sale’s people need to be equipped with the resources, knowledge and motivation needed to handle this unique group of client. Such is the case at UBS. This institution implicitly states that its sales force support its business in a very significant way. It is the sales people who regularly come in contact with clients and potential clients and in the process offer financial and investment advice. Similarly, they are responsible of ensuring th e existing clients are retained and potential new customers procured (Levil and Curtis 2010; UBS 2010). However, to ensure that this group of employees maintain a consistent high performance, sale’s managers have opted to adopt various recognition and sales incentive programs. Sale incentive program usually target to reinforce a certain behaviour that an organization perceive to be contributing towards its objectives (Levil Curtis 2010). Levil Curtis (2010) claims, there is enough evidence to support the premise that an effective incentive programs can increase sales team performance by approximately 30 percent. The program adopted at UBS aim to retain the best talented sales people while at the same time encourage them to engage in practices that maintain and increases their business. Judging by the number of awards this organization has received through out the countries it operates; it was considered to be on the right track (UBS 2010). A sale’s manager, neverthel ess, faces quite some challenges while designing an incentive program. They can range from the internal impact they have on the institution, to external influence. For starters, it is an expensive endeavour. Official figures estimate that businesses in the US spend about $ 9.5 billion and $101 billion on non-cash and cash incentives respectively. Therefore managers have to ensure the program adopted serve the organization’s both short-term and long-term goals. Both the institution and the sale’s people want to recoup their investment, and earn their returns at the shortest time possible. This therefore increases the chance of entering in practices that might affect the organization and stakeholder negatively; especially customers. To be eligible for the incentive reward, sales people have to hit a certain sales target. They can at times be tempted to apply even unscrupulous practice to close a sale deal. Sales manager therefore need to be well aware of this issues sinc e they can have negative legal implication on the institution. For example, customers have various rights, such as right to information. This is particular important to financial service organization such as UBS. Legislation across Europe and other countries entitled the person issuing investment opportunity to provide the client with prospectus and/or statement of investment. These documents are meant to clearly elaborate the nature of the investment; such as the background, potential return and risk involved. Sale’s people, to increase their chance of reaching the target, can decide to withhold any information that might make their client reconsider the offer. A good example is belittling the risks involved and exaggerating the potential return (UBS 2010; Glick 2009; Levil and Curtis 2010). Sales managers also need to consider the tax implication of any incentive program adopted. Employers therefore should be ready to declare the value of any benefits and incentive enjoyed by this group both in terms of cash and non-cash. In the US, the legislation set and govern by the IRS specify this benefits to be taxed as ordinary income. Effectively taxing the incentives and high bonuses especially those rewarded to senior sale executives can potentially reduced the negative public perception. Although this cannot be a solution by itself, the financial institutions need to contribute a larger percentage of the money which is used to bail them out in moments of crisis (Cleverley Rai 2010). Conclusion Financial services organisations have been forced to change their incentive compensation plan in order to balance between short and long-term. This was necessitated by the fact that, the recent financial system was closely associated to the bonus systems that previously existed. As a result, the relationship existing between these organizations and other stake holders such as customer and even some employees was negatively affected. Accordingly, companies such as UB S have opted to adopt bonus banking so to ensure long-term value is created. Employees, just like customers and shareholders, will have to directly lose in case the organization underperforms. Reference List Christie P. (Mar 2009) ‘Is bonus banking the answer to banking?’ Financial  World, March 2009. Cleverley, B. (2008) Tax Consideration in a Sales Incentive Program: Avoid Future Legal Surprises. Corporate information, 12(7), pp. 123-42. Glick, R (2009). Comparing the Recent Global and the 80’s Asian Financial Crisis. Economic Paper, 4(2), 7-22. Heineman B, Goodman, N and Downes, K. (2009) Balancing Long and Short term Goals to achieve the corporate strategies: Lessons from the Meltdown. Leeway journal of finance, 12(25). 32-40. Irv, M. (2009) Will the Bonus-Mulus System restore UBS Public Perception.  Centre of Finance, 2(1), pp. 10-23. Kamil, H and Rai. (2010) Effect of Financial Crisis on Foreign Banks Lending.  The NIS bank Working Paper, 10 (102).10- 34. Levi, N and Curtis, M. (2007) Respecting Consumer Right When Closing the Deal: Salespeople Motivation. Consumers’ right and Information guide,  8(2), pp. 12-28. Pert, L and Clark. (2010) The Role of Executive Compensation Plan in the Global Crisis. International journal of economics, 20(8), pp. 10-45. UBS (2011) UBS Global Home Page [Online] Available from  https://www.ubs.com/global/en.html . Watkins, M and Warren, K. (2010) Adopting Reforms in the Current Pay Plan through Bonus Banking. Adept research journal, 3(6), pp 15-28.

Free Essays on Knowledge In The 21st Century

What exactly does it mean to be an educated person? The definition of an educated person has changed dramatically over the period of the last century, and this is what Peter Drucker, author of, â€Å"The Age of Social Transformation† discusses in his essay. He believes that an educated person is one â€Å"who has learned how to learn, and who continues learning, especially by formal education, throughout his or her lifetime (Drucker 233).† People without this type of education are seen as failures in today’s society. A person with an abundance of knowledge through formal education is usually placed upon a pedestal. This pedestal is signified through occupation (professionals) and status (standards of living). This standard is a set rule each person in society is expected to live up to. Without schooling, an individual is looked down upon and does not receive opportunities to attain that higher position in his/her society. This is a society in which the â €Å"common good† of the society is not taken into consideration. Society has become ignorant to the fact that there are individuals in this society that do not have the opportunity to receive a formal education, but does that mean that they cannot acquire knowledge in other ways? Is a formal education really needed to acquire knowledge? Who set these rules? In my opinion, a true knowledge society would be one that reaped for the â€Å"common good.† I am in favor of an education that is well rounded; one that teaches not one, but many things. If one is specialized in only one field, how is that person expected to move along in a fast-paced world full of diversity? A true knowledgeable person is one who is balanced. Also, teaching individuals how to apply that knowledge to the real world is extremely important. Richard E. Miller and Kurt Spellmeyer, authors of the â€Å"Introduction† to the New Humanities book would agree with my definition of what it mean s to be an educated ... Free Essays on Knowledge In The 21st Century Free Essays on Knowledge In The 21st Century What exactly does it mean to be an educated person? The definition of an educated person has changed dramatically over the period of the last century, and this is what Peter Drucker, author of, â€Å"The Age of Social Transformation† discusses in his essay. He believes that an educated person is one â€Å"who has learned how to learn, and who continues learning, especially by formal education, throughout his or her lifetime (Drucker 233).† People without this type of education are seen as failures in today’s society. A person with an abundance of knowledge through formal education is usually placed upon a pedestal. This pedestal is signified through occupation (professionals) and status (standards of living). This standard is a set rule each person in society is expected to live up to. Without schooling, an individual is looked down upon and does not receive opportunities to attain that higher position in his/her society. This is a society in which the â €Å"common good† of the society is not taken into consideration. Society has become ignorant to the fact that there are individuals in this society that do not have the opportunity to receive a formal education, but does that mean that they cannot acquire knowledge in other ways? Is a formal education really needed to acquire knowledge? Who set these rules? In my opinion, a true knowledge society would be one that reaped for the â€Å"common good.† I am in favor of an education that is well rounded; one that teaches not one, but many things. If one is specialized in only one field, how is that person expected to move along in a fast-paced world full of diversity? A true knowledgeable person is one who is balanced. Also, teaching individuals how to apply that knowledge to the real world is extremely important. Richard E. Miller and Kurt Spellmeyer, authors of the â€Å"Introduction† to the New Humanities book would agree with my definition of what it mean s to be an educated ...

The factors that affect the likelihood and sustainability of collusion Essay

The factors that affect the likelihood and sustainability of collusion in a specific industry - Essay Example Fundamentally, collusion is aimed at restricting or distorting competition within the market that the firms in that industry serve, and thereby reap the benefit of high and uncontrolled profitability. Therefore, this analysis seeks to establish the factors that affect the likelihood of collusion within the Air Travel Industry, and how such collusion is sustainable. Factors that affect the likelihood of collusion and sustainability in the Air Travel Industry Hypothetical Case: Air Canada and West Jet have been accused in colluding on fares on direct flights from Edmonton to Fort McMurray. The Air Travel Industry is an industry that is fairly competitive, considering that there are various airlines that operate within any given country or region, thus making the business of air travel fairly competitive3. Nevertheless, the Air Travel Industry also presents the opportunity for creating a monopoly or an oligopoly, considering that it is an industry that has low number of players. ... Therefore, there are high barriers to the entry for new firms, considering that economic barriers such as the high cost of entry prevent investors from being able to enter the Air Travel Industry4. Thus, barriers to entry form one of the structural features of the market and industry that make collusion more common and sustainable in this industry. The market and industry structure of Air Travel entails a high initial cost of entry, because purchasing and licensing an aircraft to be used for Air Travel purposes is a costly affair, in addition to the legal barriers that are brought about by the government tight control of the industry5. Further, the Air Travel Industry depends highly ion the benefits of the economies of scale in order to survive and thrive to profit earning levels, which requires that the firm operating in the industry should have several aircraft that operates in different destinations, both locally and internationally, to ensure that the route that earns low profits is compensated for, by the one earning high profits, thus the average profitability of the firm becomes substantial6. This is an aspect that serves to reduce the threat of new entrants, since the new entrants will be required to purchase several aircrafts, and undergo the restrictive government legislation procedures in order to finally enter into the industry, thus making the threat of competition low7. It is this low threat of competition that serves as an incentive to encourage the collusion between the few firms that have managed to operate in the industry, and thus make such collusion sustainable, considering that virtually all the firms operating in this industry have overcome the market challenges involved, and thus no single firm

Web 2 Tools to Enhance Education Essay Example | Topics and Well Written Essays - 2000 words

Web 2 Tools to Enhance Education - Essay Example Indeed, while the use of technology in classroom has addressed the individual needs and requirements of students, its application in myriad formats has opened huge possibilities for students and teachers alike to exploit their potential for higher learning. The advancing technology and Web 2 tools have increasingly emerged as key elements to impact students’ learning outcome and made acquisition of knowledge highly interesting. They have therefore, widened their horizon of educational scope and outcome. Statement of problem In the current times, not using Web 2 tools could pose serious problems for students. Technology is intrinsically linked to development processes and its huge impact on education system has necessitated its inclusion within the curricula to enhance learning outcome. Valdez has emphasized that educators must be ready for technology rich future and promote dynamic strategies and tools within the curricula so that the students are prepared to meet the challeng es of the 21st century (1). The current generation of tech savvy students is no more satisfied with classroom teaching and is constantly seeking real time learning through new tools which can challenge their abilities to explore new avenues of knowledge acquisition (Akyeampong 3860). Web 2 provides the students with interactive media to share their knowledge and at the same time, facilitate their learning processes by sharing experience, opinions and views on different areas and issues (Greenhow et al., 247). Thus, Web 2 has wide ramifications on individual learning and its inclusion within curricula becomes key element of motivation. They help individuals with varying needs to optimize their learning outcome and ensure higher achievement. Thus, not using Web 2 tools could seriously hinder students’ personal and academic achievements. Purpose of the study The major purpose of the study is to explore how the use of Web 2 tools influence learning process and enhance education o utcome. Today, technology has become part and parcel of education system and the use of internet and online learning tools have increasingly become popular within and outside classroom. But the efficacy of the Web 2 tools like social networking, blogging and use of video sharing websites etc. needs to be explored within the academia to study their impact on students’ learning outcome. Most importantly, how it can be exploited for enhancing students’ learning is vital issue that must be explored and evaluated to ensure students’ continued interest in the core academic areas. The huge possibilities of internet based learning offers tremendous scope of growth that needs to be used by educators for enhancing students’ education outcome. Research questions 1. What are the main elements of Web 2 that make it attractive for students? 2. Do the Web 2 tools offer different challenges for students with varying skills? 3. How does Web 2 help to influence the learnin g processes of students with varying needs? 4. How does the interactive platform of Web 2 help to widen the understanding of different issues? 5. Do the web 2 platforms promote global values and improve and improvise learning outcome across the geographical boundaries of class, color, race and culture? 6. How do Web 2 tools encourage greater interaction amongst students and teachers? 7. How does it impact reading, writing and comprehension skills of students? 8. How does it keep the students motivated in the academic learning? 9. How can teachers exploit the vast potential of Web 2 tools for enhancing students’ education outcome? What is Web 2.0? According to O’Reilly the Web 2 tools are internet based technologies and platforms of