Why was there an economic crisis in Germany in 1923 Essay Example

For what reason was there a monetary emergency in Germany in 1923 Paper There are a few causes to the financial emergency in Germany in 1923. The Great War contributed significantly to this, yet Germanys issues had started even before the War had begun. In 1914 the German Government chose to fall off of the Gold Standard. This was a framework where each monetary certificate had a comparable entirety of gold, kept in the vaults of the German Central Bank. You could go to the bank and would have the option to trade your note for gold, in spite of the fact that individuals would typically utilize the notes to purchase things, similar to an IOU, as it was simpler to do this than to utilize bits of gold. At the point when the First World War started in 1914, Germany required more cash to pay for food and weapons. The German Government found that the simplest method to acquire more cash was to print more notes. This diminished the real estimation of the cash, as there was more cash available for use. During the War there were food deficiencies, this implied there was too hardly any merchandise to purchase for the measure of cash that there was available for use. We can see that swelling happened, as a result of the intense fall in the estimation of cash. In January 1921, there were 64 imprints to the dollar, by November 1923; this sum had risen definitely to 4. trillion imprints to the dollar! Expansion had been happening since 1914, so was a drawn out reason for the monetary emergency. At the point when Germany lost the Great War to the partners, they needed to concur with the provisions of the arrangement of Versailles. One of the provisions of this arrangement was that Germany needed to lose land to France, Belgium, Denmark, Poland and the League of Nations. While losing this land, the German Government lost the expense pay from it. The duty salary could have assisted with paying the reparations of  £6,600 million, which was additionally a term of the Treaty of Versailles. We will compose a custom exposition test on Why was there a monetary emergency in Germany in 1923 explicitly for you for just $16.38 $13.9/page Request now We will compose a custom article test on Why was there a monetary emergency in Germany in 1923 explicitly for you FOR ONLY $16.38 $13.9/page Recruit Writer We will compose a custom article test on Why was there a monetary emergency in Germany in 1923 explicitly for you FOR ONLY $16.38 $13.9/page Recruit Writer Purposes behind the financial emergency, including the Treaty of Versailles were momentary causes since they happened unexpectedly, instead of over an extensive stretch of time. The land lost contained 14% of arable farmland. It delivered food and work for the encompassing region. There was currently even less food, making the issue of food deficiencies far and away more terrible. This land additionally contained 74% of Germanys iron mineral, 68% of her zinc metal and 26% of her coal-the greater part of the countrys riches. Germany couldn't stand to pay her reparations. This was connected to the attack of the Ruhr. The Treaty of Versailles additionally implied that Germany needed to decrease its military to 100,000 men. As France no longer felt as emphatically under danger by the German armed force and needed their reparations settled up, they felt that they could attack the Ruhr. The Ruhr is the most industrialized piece of Germany. Poincarre, the French head, sent in five divisions of French fighters to get the reparations they were owed. A division of Belgian officers went along with them. They expected to assume responsibility for the German industrial facilities and mines around there. All products created would be sent off to France, until the reparations owed to the French were paid. This was a momentary reason to the monetary emergency, as it just occurred over only days and weeks, in contrast to swelling, which was happening for a considerable length of time. Germany could never really stop this. This made Germany extremely embarrassed, particularly subsequent to losing the War and concurring with the provisions of the Treaty of Versailles too. The Government requested latent obstruction. The French had nobody to work for them as the Ruhr laborers were requested to protest. They were requested to decline to co-work with the occupiers. The French at that point kicked 150,000 German laborers out of the Ruhr. They fled as outcasts. This delivered one more issue for the previously enduring Government and individuals of Germany. How might they stand to take care of, dress and house the displaced people? All their cash was at that point being utilized to pay reparations, how might they bear the cost of this? These issues were understood, however by causing another issue. It appeared that the best way to beat the issue of the displaced people was to print more cash. The cash available for use presently was developing significantly and the typical cost for basic items was expanding. The monetary emergency was an endless loop, by taking care of one issue they were making another. It appeared just as it was never going to end. Despite the fact that there were numerous foundations for the financial emergency, I accept that one had a greater effect than the others. The Great War, the expenses of which were galactic, both during and after. The War expanded the impact of swelling, as the Government printed more notes to attempt to adapt to the issues the War was bringing, along these lines diminishing the worth and exacerbating issues. After the War, the Treaty of Versailles delivered numerous challenges. The entirety of the issues brought about by this connected with one another and afterward back to swelling. The German financial emergency was unavoidable in light of the fact that the Government didn't realize that falling off of the Gold Standard would cause swelling it would occur, they figured it would be better, not more awful. They couldn't have forestalled the Treaty of Versailles as they lost the War. They didnt deliberately lose the War to cause themselves problems,the issues were unavoidable. The monetary emergency was in the works, Germany couldn't have halted it!

Why People Use Steroids Health And Social Care Essay

Steroid is a class of made testosterone-like medications that are utilized to develop musculuss, consolation and better visual perspective ( Basic realities about medications: steroids ) . Numerous natural structure segments, medications and endocrines are alluded to steroids, for example, bile acids, steroid alcohols and sex endocrines. Anabolic-androgenic steroids are the most broadly utilized steroids utilized as open introduction increasing specialists ( Purchase anabolic androgenic steroids ) . Another steroid type is Cortico steroids, which are utilized to chop down the effect of harming, growing and provocative manifestations. A few steroids are important to ordinary health, for example, Vitamin D. Be that as it may, some are utilized to determine physical strength.Why Peoples Use Steroid?Work powers used to be the steroid clients, yet the propensity is adjusting and now steroids are other than utilized by females. What's more, presently the use of steroids is non constrained to any impossible to miss sex ; both work powers and grown-up females use it. The ground for this relocation is the craving of holding a solid form is other than quick developing in females. As a result they use steroids to get into better structure. It is non that simply adult females use steroids, yet youthful females other than steroids for quick physical developing. The use of numerous steroids is illicit, and it can simply be utilized on doctor ‘s medicine, yet numerous sportswomans have seen as blameworthy of using steroids in the ongoing days gone by. As an outcome, some got fleeting preclusion while some got lifetime disallowance. Presently the request is the reason they use steroid in the event that it is precluded? The answer is a greater part of steroid clients accept that steroid is the solitary way to create musculus quality. Moreover, everybody cherishes winning, hence individuals other than use steroids to uplift their open introduction. A few steroids are utilized as medications, and like different medications, individuals use steroids to escape the world and loll the pleasance drugs give them. In today ‘s universe, individuals need to see their preferred sportswoman winning. In this way, muscle heads take the necessary steps to win and they begin using steroids to execute great in their few athleticss, yet in making so they disregard the reactions of steroid.Steroid Abuse Effects on Men and WomenThe extreme use of any substance has some symptoms so as the steroid. Pointless utilization of steroid may hold foreboding effects on human health. Animosity and unmanageable emotional episodes are the most widely recognized reactions that are brought about by steroids ( Disadvantages to steroids ) . People groups may encounter great subsequent to using steroid, however continuous utilization may do individuals vicious and hyper burdensome. There are diverse sex explicit reactions brought about by the unneeded utilization of steroid. Issues looked by male clients are hair sparseness, gynecomastia ( Development of chest issues ) , sterility, testiss decay, and prostate threate ning neoplastic infection. In add-on, occupations looked by female clients are fruitlessness, options in natural structure hair, more profound voice, and flighty catamenial cadence and developed catch ( Disadvantages to steroids ) . These are not many occupations that can follow because of steroid utilization. In add-on, steroid other than influences human birthrate that can do various occupations for both work powers and grown-up females. The accompanying development features the impacts of steroid utilization on human birthrate.Steroid Affects on Men and Women FertilityAs talked about before, the continuous use of steroid can do a figure of wellbeing related employments. The most awful 1s brought about by the use of steroid are birthrate employments in both work powers and grown-up females. This activity can oftentimes be long changeless ( Illegal medications and their effect on your birthrate ) .Steroids Affects on Male FertilityMany guys do non see the impacts of steroids on human birthrate by any means. They only consideration about looking great by holding enormous musculuss and executing great in the athleticss circle. The reality stays blurred until they settle on get bringing down up a family and it is so when their wont of using steroids starts following them. In guys, frailty and erectile disfunction are the most widely recognized reactions of using anabolic steroid. Steroids other than fundamentally influence the sperm check. This is on the grounds that abuse of anabolic steroids severely influences the endocrines, which are basic to the sperm creation ‘s methodology ( Low birthrate brought about by steroids ) . In add-on to the way that the use of steroid can plug up in low sperm tally, it can other than loan in cut bringing down the sex push. In this way, it tends to be said that steroid can so do a figure of sexual and generative occupations in male ( Doweiko, 2008 ) . What's more, the more the steroids are taken, the bigger it will affect the endocrines structure. Luckily, the amendss that steroids cause on the male birthrate can be turned around if individual quits consuming the medications. Be that as it may, the impacts can remain for a twelvemonth, and the sperm tally and maps can remain achieved. It is of import to stay away from low birthrate brought about by steroids. The status ought to be on the principal priority to be thought of, especially if the steroids are being utilized for the recreational plans. In add-on, individuals ought to non use steroids except if their health consideration providers suggest them.Steroids Affects on Women FertilityIt is non a covered reality that there is ever a threat of low birthrate while using steroids, both endorsed and non-recommended. Fruitfulness plain issues brought about by steroids can end result females. Like guys, the use of steroids can hold a hindering outcome on the generative arrangement of females. In horrendous examples, the birthrate can be for acceptable influenced. Those females wh o take corticoids all the time and trusting to gestate an angel are increasingly inclined to the symptoms of steroids. Pseudohermaphroditism is another situation that pregnant grown-up females can suffer because of the abuse of anabolic steroid. In add-on, it can other than hinder the developing of female hatchling. Steroids other than increment the peril of fetal perish in grown-up females. It is of import that they ought to consult with their primary care physicians all the time to dodge any misfortune in growth or birth abandons. The ground is the damage for some grown-up females in that occasion can be lasting, and it can hold an effect on their capacity to gestate. Moreover, such sorts of steroids stay in the natural structure for a more extended period, thusly, the impacts can remain till the medication is available in the natural structure ( Low birthrate brought about by steroids ) .

Yahoo Corporation is a Technological Company

Hurray Corporation is a Technological Company Hurray Corporation is a Technological Company Hurray Corporation is a mechanical organization engaged with inventive innovations to help activate assets and make openings around the globe. It has framed different associations and supports various activities around the globe through preparing and mechanical access. It fundamentally manages web facilitating. It acquires its benefits through notices by different organizations and giving web network. The organization discharged its budget reports for the period up to 30th September 2011. These incorporated its asset report, salary articulation and its income proclamation. Contrasting these and the fiscal reports of the past money related year (the year finished 30th December 2010); there has been a huge increment in the overall revenues and venture levels. The organization is in a decent fluid position; it can meet its present moment and long haul commitments as and when they fall due. Considering its present proportion which is given by: all out current resources separated by its all out current liabilities; (3404.59/1201.59 = 2.83), this suggests Yahoos resources of the worth $2.83 are being utilized to meet its $1.00 of its present liabilities. It is in a situation to meet rapidly its present liabilities at a truly agreeable situation since it s ready to change over its present resources rapidly into money (its brisk proportion is given by its absolute current resources less stock, partitioned by complete current liabilities). Another proof of good liquidity position is the, way that, its obligation to value proportion isn't underneath 1. The organization can use its obligation against the capital utilized by its proprietors by guaranteeing that, the liabilities of the organization don't surpass the total assets of the capital utilized. This is beneficial to the organization as its banks don't have a larger number of stakes in the organization than the investors. The 0.17 obligation to value proportion infers that $0.17 of obligation and $1.00 of value is being utilized to meet its commitments. Altman Z score gauges the physical wellness of the organization. The Z-score for Microsoft is 2.73 given by: Given the companys Z score to be 2.23, this infers organization isn't erring on the side of caution and should practice precautionary measure when managing obligation. It ought to guarantee that the measure of companys obligation is kept at extremely low levels as conceivable to maintain a strategic distance from odds of the organization failing with long stretches of its activity since the last date of readiness of its fiscal reports The organization has made great measures of benefit in the past budgetary year Out of the benefits utilized in its advantages utilized in its activities it makes a 34% profit for the benefits. This is given by the net resources partitioned by normal complete resources (293.29/857.39). This means the organization is applying its advantages for good and beneficial use. The proprietors capital put resources into the organization is applying its advantages for good and profitable use. The proprietors capital put resources into the organization is likewise being placed into acceptable use as there is an expansion in its arrival from 2.67% to 3% in the year up to 30th September, 2011. The organization makes $0.34 pennies on each $ 1.00 deal they make. This is a decent gainfulness level and the organization should remain in business while simultaneously searching for different roads to build its benefits. Change in system through of new items can be thought of. Still the organization can expand its benefit level by expanding its advantages and guaranteeing they are be ing utilized to their most extreme limit. Great upkeep ought to likewise be a piece of its methodology to build productivity. As far as effectiveness, the organization can be evaluated at 7 focuses given a rating size of 1-10 with 10 being the most productive. It has had the option to turn its stock in deals multiple times in the given financial year. This suggests there is popularity of the companys items and guarantee that it conveyance is made on time to guarantee that they hold their clients for the products sold. 15% of the complete expense of products is being financed by its providers. This is the records payable to deals proportion which is determined by separating the aggregate sum payable in the books by the net deals increasing by 100% (131.47/857.39). Contrasting the above figures with those of the past money related period (December 2010), there has been an expansion in financing from the records payable. In any case, preparing projects ought to be concocted to guarantee an improvement in the productivity of the companys the board. The items ought to be fabricated just when the client makes arr anges as this will help lessen the expense of the deals by dispensing with/diminishing the capacity expenses to be brought about by the organization. The extent of the companys obligation to its value is at 0.17 (obligation/value =2067.49/12460.11) this infers there is $0.17 obligation for each $1.00 value. This sum ought to be diminishes to a lower level to guarantee that the investors have a larger number of stakes in the organization than its banks. The organization is to apply a methodology which diminishes the aggregate sum of obligation for the most part and rather support a large portion of its tasks and exercises through proprietors capital. This will diminish the premium cost and will incrementally affect the fundamental gaining per share and consequently expanded rating in the stock trade mortal. All in all, the organization for the most part is at a decent money related position It is profoundly fluid, truly productive and its capital structure is positive for the investors. Anyway this ought to be improved by paying off the obligation to value proportion. The Z score however shows that the organization isn't at a superior position, it needs to deal with its financing systems to decrease its odds of failing in the coming long periods of activity. It needs to take its Z score an incentive to 3 or more.

Essay Styles

Essay StylesAn argumentative essay is an essay which contains arguments for and against a particular point of view or theme. It could be a debate on the importance of legislation, its growth, social issues, the role of academia, politics, religion, relations between races, etc. An argumentative essay is also an informal argument for a product or concept or theory. It could be a rational, factual, philosophical or moral argument based on facts and logic.The writer should use all his knowledge and skills to understand the topic at hand and build up an argument. The premise of the argument is the foundation of the essay. The next point is the justification for the position to be supported by the argument. The conclusion of the argument is the end result of the essay. The whole composition would look very simple if one has been practicing this craft for long.This can be a very interesting and intelligent way of writing about a subject. You may make use of the wide range of rhetorical tec hniques, which are not only logical but also ethical and persuasive. In a way, it can be termed as the articulation of truth. Writing these essays is a test of the reader's ability to suspend disbelief and study carefully what you are saying.There are some advantages and disadvantages to writing these essays. The most important advantage is that your thoughts will be exposed. As long as you follow the rules of grammar and structure, there should be no difficulty in making your essay as a literary masterpiece. You may be ridiculed by your friends if you write an argumentative essay which is obvious and which everyone knows. But you should understand that the purpose of writing an argumentative essay is to make your arguments stand out.If you write these essays with a strong sense of discipline, you will definitely write well. The ideas you put in your arguments will impress other people as you establish your awareness about the subject matter. If you are able to make them ponder and think and feel, they will have their own ideas and conclusions to support it.You can find several styles of writing, most of which are very difficult to master. Some people take so much time in writing that it ruins the quality of the work. It is therefore important to have a clear direction of where to start and where to stop when composing an argumentative essay.Many people write a very powerful argument that can either destroy or support their own argument for and against. There are those who write articles, letters and theses which look a little more mundane but are very powerful.

Apple And Corporate Social Responsibility - 1629 Words

20501210 PHIL215 ASSIGNMENT 2 November 26, 2014 1900 words Apple and Corporate Social Responsibility As an evolving technology company, Apple is one of the most successful companies in history. In today’s society, we cannot live without Apple products such as the Pad or IPhone. Apple s success has come at a high cost with regards to safety to the workers of Foxconn, a supplier which makes products for Apple and plenty of other tech giants. As a result, some workers have committed suicide and many riots and fights have broken out. The main moral issue in this case study is whether Apple is responsible for the mis-treatment of Foxconn Employees. In this paper, I will use the moral theories of rights-based ethics, moral relativism, and moral universalism as well ethical views from well-known authors Jacobsen and Friedman to explore where Apple s moral responsibilities should lie. There is no doubt that the conditions at Foxconn are unfortunate, and ought to be improved; however in my opinion I believe Apple is not morally responsible for the mistreatment of Foxconn Employees since Friedman and Jacobsen argue the social responsibility of Apple should not include charitable actives such as supporting Foxconn employees and since what is right or wrong varies between different cultures according to the principle of moral relativism. For a long time now, there has been much debate over the social responsibility of a business. Friedman is one of the most influentialShow MoreRelatedCorporate Social Responsibilities Of Apple Inc2191 Words   |  9 Pages Apple as a company is seen to be innovative, leading edge and radical in their approach to improve technology and people’s life. Many would assume that such an advanced company would also be advanced in their management philosophy, namely acting as global citizens and improving the lives of those they engage with. 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US Macroeconomics - 646 Words

US macroeconomics The American economy is currently the largest economy of the globe the second, when the European Union is considered, yet this is a union of several countries, all generating gross domestic products. The US economy is an open economy, engaging in trade operations with countries across the entire globe. The economic context is mostly a private one, with the intervention of the government in economy being restricted; in other words, the economy is ruled based on the principles of demand and supply. The government makes its purchases within the private sector. The companies in the private sector then represent the engine of economic growth in the United States. They are highly strengthened by technologies and they have a relatively increased flexibility in managing capitals and staffs. These features make the US firms more competitive then the firms in other countries. Despite its impressive size, the strength of the US economy is currently shaking as a result of the economic crisis co mmenced in 2007. Whereas the country only entered recession in 2008, the economic crisis has in fact revealed some problems that already existed within the country, such as unstable and insufficient financial policies, dangerous lending practices or insufficient fiscal regulations. 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Continued Silence EP by Imagine Dragons free essay sample

The booming, detonating lead track, â€Å"Radioactive,† comes to represent everything from Imagine Dragons’ Continued Silence EP. Released in 2012 after a string of earlier works, the EP carves into the soul with a heavy rock attitude, and like the cover art, breathes life into the fictional, twilighting ruins of the future. Each song feels all-encompassing, whole, and never fails to hit the right note, filled with as much action as soul. While grand, the music also forges a deeply personal connection. â€Å"On Top of the World,† the rousing, feel-good anthem for the masses, breathes like a ray of sun, while the more complex â€Å"Round and Round† spins around a hollow core. A mix of milky, electric/acoustic guitar and pounding drums, it moves in the same direction as its story. From neverending joy to grief, there’s something very human about the energy that pours from the EP, as if the music celebrates more than individual thoughts and dreams: instead, what it means to be young and hopeful. We will write a custom essay sample on Continued Silence EP by Imagine Dragons or any similar topic specifically for you Do Not WasteYour Time HIRE WRITER Only 13.90 / page That doesn’t mean the EP doesn’t have its fill of sadness. In fact, loneliness is in the middle of the centrifuge, fueling the apocalyptic breakdown of â€Å"Radioactive,† a sci-fi era tribute to dystopia and devastation, where amid the explosions, the lonely sits untouched. The other EP’s heavyweight, â€Å"Demons,† is only wiser, sadder, and as grippingly honest. A startlingly beautiful ballad, the song is illuminated with twinkling lights, and vocals layered in divinity. Every word matters, where the song pulls away the grief, the guilt, leaving you born anew. Lead singer Dan Reynolds’ sharp, hotblooded lyrics guide each song, and at the heart of everything, an insistent, active rock beat. The knee-slapping, hand-clapping, folksy sweet â€Å"It’s Time† features Reynolds’ ernest voice, as it feels like things are changing, forming something greater and new. While on the other hand, the final track â€Å"My Fault† begins underwater. A knocking sound is first heard like a child at the door; as the song progresses, every trouble is left with open arms, and all things come full circle. It’s a cycle, a journey, that brings dawn to the dusk. The silence has been broken.

Positive Accounting Theory Essay Example

Positive Accounting Theory Essay We use information technology and tools to increase productivity and facilitate new forms of scholarship. For more information about JSTOR, please contact [emailprotected] org. American Accounting Association is collaborating with JSTOR to digitize, preserve and extend access to The Accounting Review. http://www. jstor. org THE ACCOUNTING REVIEW Vol. 65, No. 1 January 1990 pp. 131-156 Positive A Accounting Year Theory: Ten Perspective Ross L. Watts and Jerold L. Zimmerman University of Rochester ABSTRACT: This paper reviews and critiques the positive accounting literature following publication of Watts and Zimmerman (1978, 1979). The 1978 paper helped generate the positive accounting literature which offers an explanation of accounting practice, suggests the importance of contracting costs, and has led to the discovery of some previously unknown empirical regularities. The 1979 paper produced a methodological debate that has not been very productive. This paper attempts to remove some common misconceptions about methodology that surfaced in the debate. It also suggests ways to improve positive research in accounting choice. The most important of these improvements is tighter links between the theory and the empirical tests. A second suggested improvement is the development of models that recognize the endogeneity among the variables in the regressions. A third improvement is reduction in measurement errors in both the dependent and independent variables in the regressions. T is more than a decade since our two papers, Towards a Positive Theory of the Determination of Accounting Standards and The Demand for and Supply of Accounting Theories: The Market for Excuses were published in The Accounting Review. We will write a custom essay sample on Positive Accounting Theory specifically for you for only $16.38 $13.9/page Order now We will write a custom essay sample on Positive Accounting Theory specifically for you FOR ONLY $16.38 $13.9/page Hire Writer We will write a custom essay sample on Positive Accounting Theory specifically for you FOR ONLY $16.38 $13.9/page Hire Writer The intervening time allows us to look back on these papers and the ensuing literature with some perspective. The two papers were controversial ten years ago and remain so today. The papers (primarily Watts and Zimmerman 1978) contributed to a literature that has uncovered empirical regularities in accounting practice (Christie forthcom ing; Holthausen and Leftwich 1983; Leftwich forthcoming; Watts and Zimmer man 1986). The empirical regularities have been replicated in different settings I Financial support was provided by the John M. Olin Foundation and the Bradley Policy Research Center at the University of Rochester. The comments of Ray Ball, James Brickley, Andrew Christie, Linda DeAngelo, Robert Hagerman, S. P. Kothari, Richard Leftwich, Tom Lys, Clifford Smith, Jerold Warner, and Greg Whittred are gratefully acknowledged. We thank William Kinney for encouraging us to pursue this project. An earlier version of this paper was presented at the Accounting Association of Australia and New Zealand, July 4, 1989, Melbourne, Australia. Manuscript received May 1989. Revision received September 1989. Accepted September 1989. 131 132 The Accounting Review, January 1990 (Christie forthcoming) and it is clear there is a relation between firms accounting choice and other firm variables, such as leverage and size and the signs of the relations are mostly consistent across studies. Positive accounting research guided the search for the empirical regularities and provided explanations for them. To date, there are no systematic alternative sets of explanations for those regularities articulated and tested in the literature. Further, the literature has moved beyond the first simple exposition of the theory in the 1978 paper. The explanation for accounting choice is now richer and more sophisticated. Our first objective in this paper is to convey our perspective on the evolution and current state of positive accounting theory and to summarize the evidence on systematic empirical regularities in accounting (Section I). The second objective is to evaluate the research methods and the methodology used to document the empirical regularities. We discuss criticisms of the original papers and of the subsequent positive accounting literature in Section II. While the positive accounting literature has explained some accounting practice, much remains unexplained. Our third objective is to provide our views about future directions for positive accounting literature (Section III). I. Evolution and State of Positive Evolution Accounting Theory Modern positive accounting research began flourishing in the 1960s when Ball and Brown (1968), Beaver (1968), and others introduced empirical finance methods to financial accounting. The subsequent literature adopted the assumption that accounting numbers supply information for security market investment decisions and used this information perspective to investigate the relation between accounting numbers and stock prices. The information perspective has taught us much about the markets use of accounting numbers. But, except for the choice of inventory methods, the information perspective has not provided hypotheses to predict and explain accounting choices. The information perspective has not provided hypotheses to explain why entire industries switch from accelerated to straight-line depreciation without changing their tax depreciation methods. An important reason that the information perspective failed to generate hypotheses explaining and predicting accounting choice is that in the finance theory underlying the empirical studies, accounting choice per se could not affect firm value. Information is costless and there are no transaction costs in the Modigliani and Miller (1958) and capital asset pricing model frameworks. Hence, The information perspective views accounting data (usually earnings, dividends, and cash flows) as providing information on inputs to valuation models (e. g. , discounted cash flows) and tests for associations between accounting disclosures and stock prices or returns. In the contracting approach adopted in the literature and discussed in this paper, accounting methods are primarily determined by the use of accounting numbers in contracts between parties to the firm. Under this approach accounting disclosures directly affect parties (including stockholders) contractual claims and, hence, the values of those claims (including stock prices). To the extent accounting disclosures are correlated with attributes investors use in valuing securities, these disclosures contain information and affect stock prices. Thus, under both an information perspective and a contracting perspective, accounting disclosures have the potential to alter securities prices (Holthausen forthcoming). Watts and Zimmerman-Positive Accounting Theory 33 if accounting methods do not affect taxes they do not affect firm value. In that situation there is no basis for predicting and explaining accounting choice. Accounting is irrelevant. To predict and explain accounting choice accounting researchers had to introduce information and/or transactions costs. The initial empirical studies in conaccounting choice used positive agency costs of debt and compensation tracts and positive info rmation and lobbying costs in the political process to generate value effects for and, hence, hypotheses about accounting choice. Finance researchers had introduced costs of debt that increase with the debt/equity ratio (Jensen and Meckling 1976) to explain (in combination with differential taxes) how optimal capital structures could vary across industries. The debt costs first introduced were bankruptcy and agency costs. The agency costs were of particular interest to accountants because accounting appeared to play a role in minimizing them. Debt contracts apparently aimed at reducing dysfunctional behavior use accounting numbers (Smith and Warner 1979; Leftwich 1983). Accounting researchers recognized the implications for accounting choice and began using the accounting numbers in debt contracts to generate hypotheses about accounting choice (Watts 1977). 2 contracts Accounting numbers also are used in managers compensation and it is hypothesized that such use again minimizes agency costs (Smith and Watts 1982). This use of accounting numbers in bonus plans suggested the possibility that accounting choice could affect wealth and so accounting researchers began employing that use to explain accounting choice. Watts and Zimmerman (1978) is an early example of this approach. Borrowing from the industrial organization literature in economics (Stigler 1971; Peltzman 1976) which assumes positive information costs and lobbying costs, accounting researchers postulated that the political process generated costs for firms. These political costs are a function of reported profits. Thus, incentives are created to manage reported accounting numbers. Information and lobbying costs are part of the costs of contracting in the political process. The extent and form of the wealth transfers created by the political process (such as the tax code) are affected by these contracting costs. While the early literature concentrated on using debt and compensation contracts and the political process to explain and predict accounting choice, the theory underlying the empirical work was more general and had its foundation in an economic literature on the theory of the firm. Since the 1970s, economists have strived to develop a theory of the firm by attempting to explain the organizational structure of the firm (e. g. , choice of corporate form, structure of The centralization-decentralization). ompensation, contracts, management underlying notion (Alchian 1950) is that competition among different forms of institutions leads to the survival of those forms most cost-effective in supplying goods and services. Productive activity can occur via the marketplace or by the inclusion of several activities within a firm (Coase 1937; Alchian and Demsetz 1972). In the marketplace, direction of productive activity and cooperation is by 2 Prior to that time other studies investigate accoun ting choice without explicit recognition of contracting effects (e. g. , Gordon 1964; Gordon et al. 1966; Sorter et al. 1966; Gagnon 1967). 34 The AccountingReview,January 1990 market prices; within the firm alternative mechanisms such as standard costs are used (Ball 1989). Which productive activities are carried out by markets and which by firms depends on which arrangement is cost effective. 3 In competition among firms, those that organize themselves to minimize contracting costs are more likely to survive (Fama and Jensen 1983a, 1983b). It was a short step to suggest that accounting methods affect the firms organizational costs and so the accounting methods that survive are the result of a similar economic equilibrium (Watts 1974, 1977). Accounting researchers have recently returned to using that notion of an efficient set of accounting methods to explain accounting choice (Zimmer 1986). As noted above, the agency costs associated with debt and management contracts and the agen cy, information, and other contracting compensation costs associated with the political process provided the hypotheses tested in the early empirical accounting choice studies (bonus plan, debt/equity, and political cost hypotheses). However, the more general approach suggested agency and other costs associated with other contracts (e. g. , sales contracts) could lso affect accounting choice. 5 This potential for many contracts to play a role in explaining organizational choice (including accounting choice) and the fact that agency costs used to explain the contracts often arise in contractual scenarios that differ from those of the standard agency problem led researchers to start to use the term contracting costs instead of agency costs (Klein 1983; Smith 1980). The concept of contracting costs and the notion of accounting methods as part of efficient organizational technology play key roles in contemporaneous positive accounting theory. Contemporaneous Positive Accounting Theory Contracting costs arise in (1) market transactions (e. g. , selling new debt or equity requires legal fees and underwriting costs), (2) transactions internal to the firm (e. g. , a cost-based transfer price scheme is costly to maintain and can produce dysfunctional decisions), and (3) transactions in the political process (e. g. , securing government contracts or avoiding government regulation requires lobbying costs). Contracting costs consist of transaction costs (e. g. , brokerage I Coase (1937) suggests that economies of scale in long-term contracting are what cause activity to be organized in firms. Alchian and Demsetz (1972) point out that those economies are not sufficient since market arrangements could achieve the same economies (e. g. , contracting consultants). What is necessary is some unique advantage of firm organization over market arrangements. Alchian and Demsetz suggest it is the advantage firms have in metering inputs to team production that generates firms. Monitors meter individual inputs and the monitors incentive problem is solved by giving them the residual claim to the firm (hence, the firm structure). Klein et al. (1978) suggest firms emerge to solve post contractual opportunism associated with specialized assets. Meckling and Jensen (1986) suggest that firms have an advantage in generating information by aggregating data and using that information. Difficulties in capturing the informations benefits in the market result in the firm being the optimal form of organization. 4Watts adopted such a view in Accounting Objectives which he presented to the Annual Congress of the N. S. W. branch of the Institute of Chartered Accountants in Australia in 1974. The paper was later substantially revised given Jensen and Meckling (1 976) andjoint work with Zimmerman and published in Watts (1977). The influence of sales contracts on accounting choice is considered by Watts and Zimmerman (1986, 207) and by Zimmer (1986) and joint venture contracts by Zimmer (1986). Further, Ball (1989) suggests intrafirm transactions affect internal accounting choice (e. g. , the basis for transfer prices). Watts and Zimmerman-Positive Accounting Theory 135 fees), agency costs (e. g. , monitoring costs, bonding costs, and the residual loss from dysfunctional decisions), information costs (e. g. , the costs of becoming informed), renegotiation costs (e. g. the costs of rewriting existing contracts because the extant contract is made obsolete by some unforeseen event), and bankruptcy costs (e. g. , the legal costs of bankruptcy and the costs of dysfunctional decisions). Throughout this paper, we use the term contracting costs to incorporate this wide variety of costs. The term contracting parties is meant to include all parties to the firm including internal employees and managers and external parties, such as suppliers, claim holders, and customers. 6 The existence of contracting costs is crucial to models of both the organization of the firm and accounting choice. Meckling and Jensen (1986) suggest that within the firm the lack of a market price is replaced by systems for allocating decisions among managers, and measuring, rewarding, and punishing managerial performance. Accounting plays a role in these systems and so appears to be part of the firms efficient contracting technology. Trying to predict and explain the organization of the firm with zero contracting costs is pointless (Coase 1937; Ball 1989). How the firm is organized, its financial policy, and its accounting methods, are as much a part of the technology used to produce the firms product as are its production methods. Hence, modelling accounting choice while assuming zero contracting costs is not productive. The extent to which accounting choice affects the contracting parties wealth depends on the relative magnitudes of the contracting costs. For example, assume accounting-based debt agreements have higher renegotiation costs than bonus plans. Then, mandatory changes in accounting proceaccounting-based dures by the FASB impose greater relative costs on firms with debt agreements than on firms with bonus plans, ceteris paribus. And, firms with debt agreements will conduct more lobbying and undertake more (costly) accounting, financing, and production changes to undo the effects of the mandatory change than firms with only bonus plans. Thus, developing a positive theory of accounting choice requires an understanding of the relative magnitudes of the various types of contracting costs. Contracts that use accounting numbers are not effective in aligning managers and contracting parties interests if managers have complete discretion over the reported accounting numbers. If managers know (or can determine) which accounting methods best motivate subordinates, then the contracting parties want managers to have some discretion over the accounting numbers. Hence, we expect some restrictions on managers discretion over accounting numbers, but some discretion will remain. When managers exercise this discretion it can be because (1) the exercised discretion increases the wealth of all contracting parties, or (2) the exercised discretion makes the manager better off at the expense of some other contracting party or parties. If managers elect to exercise discretion to their advantage ex post, and the discretion has wealth redistributive effects among the contracting parties, then we say the managers acted opportunistically. 6 See Watts (1974) for an earlier and Ball (1989) for a later discussion than capital suppliers and managers. of contracting parties other 136 The Accounting Review, January 1990 Ex ante, the set of accounting choices restricted by the contracting parties is determined by efficiency reasons (to maximize firm value). One cost of allowing managers more rather than less discretion is the ncreased likelihood of some ex post managerial opportunism (i. e. , wealth transfers to managers) via accounting procedures. However, ex ante the contracting parties expect some redistributive effects and reduce the price they pay for their claims. Ex post, wealth is redistributed by managerial opportunism, but ex ante some redistribution was expected and the parties price protected themselves. Price pr otection does not eliminate the incentive to act opportunistically nor does price protection eliminate the dead weight costs of managers taking opportunistic actions. The extent to which contracts can be written ex ante to preclude such ex post behavior that causes dead weight costs increases the chance the firm will survive in a competitive environment (Klein 1983, fn. 2). The set of accounting procedures within which managers have discretion is called the accepted set. It is voluntarily determined by the contracting parties. Managerial discretion over accounting method choice (i. e. , the accepted set ) is predicted to vary across firms with the variation in the costs and benefits of restrictions. These restrictions produce the best or accepted accounting principles even without mandated accounting standards by government. The restrictions are enforced by external auditors. Reacting to the incentive of managers to the accepted set includes discretion opportunistically, exercise accounting conservative (e. g. , lower of cost or market) and objective (e. g. , verifiable) accounting procedures (Watts and Zimmerman 1986, 205-206). Figure 1 represents the concept of the accepted set of accounting methods as a Venn diagram. A l denotes the accepted set of methods for firm 1. Ex ante, the accepted set is determined jointly by the contracting parties to maximize the value of the firm (e. g. , set A 1 vs. A 2 in Fig. 1). Managers have discretion to choose any method within the accepted set (e. g. , Xl). Also, managers in firm 2 are constrained ex ante to the set A2 and choose X2 ex post. For example, within the accepted set of procedures used for bonus plans managers might select the method that maximizes their utility, even if it comes at another contracting partys expense. Managers ex post choice can either increase the wealth of all contracting parties or redistribute wealth among the parties. Empirically, it is difficult to separate ex ante from ex post. Contracts are continually being written. , rewritten, and revised. Variations across sets of accepted accounting procedures (e. g. , Al and A2 in Fig. 1) explain some cross-sectional variation in accounting choice (e. g. , managers in firm 2 cannot choose method Xl). For example, Zimmer (1986) argues Australian real estate development firms are restricted by accepted practice from capitalizing interest except for cost plus contracts that allow interest as a cost. His evidence is consistent with that hypothesis. choice studies assume managers choose accounting Most accounting methods to transfer wealth to themselves at the expense of another party to the firm because they can take the firms observed contracts as given and then determine managers incentives for accounting choice. Some research studies assume accounting methods are chosen for efficiency reasons (i. e. , they increase the pie available being shared among all parties to the firm (Watts 1974, 1977; Leftwich Watts and Zimmerman-Positive Accounting Theory 137 Figure 1 Relation Between the Accepted Set of Accounting Methods and the Choice of Method from within the Accepted Set All Feasible Accounting Methods Al X2~~~~ Al A2 X1 X2 denotes denotes denotes denotes the the the the set of accepted methods for firm l set of accepted methods for firm 2 choice of method from within the accepted set by firm 1 choice of method from within the accepted set by firm 2 et al. 1981; Zimmer 1986; Whittred 1987; Ball 1989; Malmquist forthcoming; Mian and Smith forthcoming). However, no study to date has explained both the ex ante choice of the accepted set and the ex post choice of accounting method from within the accepted set. Most studies that assume opportunistic choice of accounting methods do not control for the fact that managers in different firms likely are choosing accounting methods from different constrained accepted sets. The accepted set of accounting methods is one part of the firms implicit and explicit contracts including the firms capital structure, compensation plans, and ownership structure. All the contracting provisions (including the accounting policies) are endogenous. Capital structure choice is related to compensation policy and to accounting policy. But, the relation is not necessarily causal. Capital structure changes do not cause changes in the accepted set of accounting methods. Rather, some exogenous event, such as a new invention or government deregulation occurs and this causes changes in the contracting variables including accounting methods (Ball 1972; Smith and Watts 1986). 138 Evidence on the Theory The AccountingReview,January 1990 Two types of tests of the theory have been conducted: stock price tests and accounting choice tests. The stock price tests have been reviewed extensively elsewhere (Foster 1980; Ricks 1982; Holthausen and Leftwich 1983; Lev and Ohlson 1982; Watts and Zimmerman 1986; Bernard 1989). Stock price tests of the theory reveal some price reactions to mandatory accounting changes, especially involving oil and gas accounting (Lys 1984). 7 Stock price studies are probably relatively weak tests of the theory (Watts and Zimmerman 1986). The more promising ones are accounting choice studies. Most accounting choice studies attempt to explain the choice of a single accounting method (e. g. the choice of depreciation) instead of the choice of combinations of accounting methods. Focusing on a single accounting method reduces the power of the tests since managers are concerned with how the combination of methods affects earnings instead of the effect on just one particular accounting method (Zmijewski and Hagerman 1981). Some studies seek to explain accounting accruals (the difference between operatin g cash flows and earnings). Accounting accruals aggregate into a single measure the net effect of all accounting choices (Healy 1985; DeAngelo 1986, 1988a; Liberty and Zimmerman 1986). But use of accruals as a summary measure of accounting choice suffers from a lack of control of what accruals would be without managerial accounting discretion. Most accounting choice studies use combinations of three sets of variables: variables representing the managers incentives to choose accounting methods under bonus plans, debt contracts, and the political process. Bonus plan and debt contract variables are used because theyre observable. The three particular hypotheses most frequently tested are the bonus plan hypothesis, the debt/ equity hypothesis, and the political cost hypothesis. The literature has tended to The state each of these hypotheses as managers behaving opportunistically. are more likely bonus plan hypothesis is that managers of firms with bonus plans to use accounting methods that increase current period reported income. Such selection will presumably increase the present value of bonuses if the compensation committee of the board of directors does not adjust for the method chosen. The choice studies to date find results generally consistent with the bonus plan hypothesis (Watts and Zimmerman 1986, chap. 11; Christie forthcoming). Using Lys own calculations, Frost and Bernard (1989, 20) and Bernard (1989, 14) conclude Lys evidence is inconsistent with a link between stock price reactions to mandated oil and gas accounting and the violation of debt covenants. However, that conclusion is unwarranted. Lys estimates the average cost of violations as 2. 5 percent of the stock value, the same order of magnitude as the stock price reactions observed. Fros t and Bernard argue that given an average cost of violation of 2. 5 percent, the average stock price reaction should be much less since according to Foster (1980) very few firms have a debt covenant violation as result of the mandated accounting change. There are at least three problems with the Frost and Bernard argument. First, the Lys point estimates are likely to have large standard errors. Second, to obtain an estimate of the stock price reaction, the estimated cost of a violation has to be weighted not by the relative frequency of violation but by the change in the likelihood of violation. While few firms violated covenants, many firms probability of violation likely increased substantially. Third, Malmquist (forthcoming) suggests Fosters description of oil and gas firms covenants is incorrect. Frost and Bernard (1989) also use their own empirical studys results to argue that there is no link between the stock price reaction and debt covenants. Because of selection biases, however, their study provides little evidence on the issue (Begley forthcoming). Watts and Zimmerman-Positive Accounting Theory 139 The early tests of the bonus hypothesis are not very powerful tests of the theory because they rely on simplifications of the theory that are not appropriate in many cases. For example, a bonus plan does not always give managers incentives to increase earnings. If, in the absence of accounting changes, earnings are below the minimum level required for payment of a bonus, managers have incentive to reduce earnings this year because no bonuses are likely paid. Taking such an earnings bath increases expected profits and bonuses in future years. By using bonus plan details to identify situations where managers are expected to reduce earnings, Healys (1985) tests encompass more kinds of manipulation. His results are consistent with managers manipulating net accruals to affect their bonuses. The debt/equity hypothesis predicts the higher the firms debt/equity ratio, the more likely managers use accounting methods that increase income. The higher the debt/equity ratio, the closer (i. e. , tighter) the firm is to the constraints in the debt covenants (Kalay 1982). The tighter the covenant constraint, the greater the probability of a covenant violation and of incurring costs from technical default. Managers exercising discretion by choosing income increasing accounting methods relax debt constraints and reduce the costs of technical default. The evidence is generally consistent with the debt/equity hypothesis. The higher firms debt/equity ratios, the more likely managers choose income increasing methods. Press and Weintrop (forthcoming) and Duke and Hunt (forthcoming) find that debt/equity ratios are correlated with closeness to bond covenants as assumed in the debt/equity hypothesis. 9 Some studies, however, have avoided using the debt/equity ratio as a proxy variable for closeness to the covenant constraint by using more direct tests. For example, Bowen et al. (1981) examine whether accounting choice varies with tightness of the dividend constraint as specified in the debt covenant and measured by unrestricted retained earnings. The association between leverage and accounting method choice is an empirical regularity unknown prior to the positive accounting studies. The political cost hypothesis predicts that large firms rather than small firms are more likely to use accounting choices that reduce reported profits. Size is a proxy variable for political attention. Underlying this hypothesis is the assumption that it is costly for individuals to become informed about whether accounting profits really represent monopoly profits and to contract with others in the political process to enact laws and regulations that enhance their welfare. Thus, rational individuals are less than fully informed. The political process is no different from the market process in that respect. Given the cost of information and monitoring, managers have incentive to exercise discretion over accounting profits and the parties in the political process settle for a rational amount of ex post opportunism. of no association between 8 Holthausen (1981) and Healy (1985) fail to reject the null hypothesis leverage and accounting method choice (see Christie forthcoming, table 1). etween how close the firm is to a given covenant con9 Researchers are beginning to distinguish straint versus the existence of the covenant. For example, Press and Weintrop (forthcoming) find the existence of a covenant has additional explanatory power in a model predicting accounting choice after including a leverage variable. 140 The Accounting Review, January 1990 The evidence is consistent with the political cost hypothesis. However, the result only appears to hold for the largest firms (Zmijewski and Hagerman 1981) and is driven by the oil and gas industry (Zimmerman 1983). Difficulties with using firm size to proxy for political costs, including the likelihood that it can proxy for many other effects, such as industry membership, are discussed in Ball and Foster (1982). The interesting finding is the consistency of the sign of the relation between size and accounting choice across a variety of studies. The largest firms tend to use income decreasing accounting methods. Presently, there is no alternative theory for the empirical regularity between firm size and accounting choice other than the political cost hypothesis. Bonus plan, debt contract, and political process variables other than bonus plan existence, leverage, and size have also been found to be associated with accounting choice. Christie (forthcoming) aggregates test statistics across the various studies and concludes . . . six variables common to more than one study have explanatory power. These variables are managerial compensation, leverage, size, risk, and interest coverage and dividend constraints. Another conclusion is that the posterior probability that the theory taken as a whole has explanatory power is close to one. While bonus, debt, and political process variables tend to be statistically significant (p-values smaller than . 10), in many studies the explanatory power (RI ) of the models is low. In Zmijewski and Hagerman (1981), the model of crosssectional choice of accounting methods is not significantly better than picking although Press and Weintrop (forthcoming) the most common combination, achieve slightly improved explana tory power. The alternative predictive model is that each firm uses the most common combination of accounting methods, a model with little explanatory appeal. The alternative model begs the question of what determines the majority accounting choice. Many accounting teachers would be uncomfortable with the explanation that managers choose their accounting procedures based on what most other firms are doing. The real issue is the lack of an alternative model with grea

How does Homer portray war in the Iliad Essays

How does Homer portray war in the Iliad Essays How does Homer portray war in the Iliad Paper How does Homer portray war in the Iliad Paper Essay Topic: Iliad Homer starts the Iliad by describing the result of Achilles anger; the anger of Peleus son Achilles and its devastation, which puts pains thousandfold upon the Achaians, hurled in their multitudes to the house of Hades. Homer is describing all the pain felt by the Achaians and the deaths, of thousands of men in the war. Homer appears to be portraying the war negatively (even if it is a result of Achilles anger), mentioning the pain and men going to the house of Hades in their thousands, which is all negative imagery. Homer then goes on to mention that these men gave their bodies to the delicate feasting of dogs, of all birds. This is a very negative portrayal of war, as Homer is saying in laymans terms, that when these men were killed, dogs and birds ate their corpses. This is not a glorious burial, which would usually be a more positive aspect of war (a glorious death and burial), and so paints a very morbid and perverse image of war. In book nine, we hear of the prizes Achilles will receive from Agamemnon should he return to fight for the Greeks. Prizes seem to be described as one of the main motivations for the warriors fighting (behind glory, even though the prizes represent their glory). Agamemnon promises Achilles he can choose for himself twenty of the Trojan women, who are the loveliest of all, after Helen of Argos in book nine for example. Homer is describing war in a positive aspect here; in effect he is saying if you are successful in war, you will be rewarded (be it with women or other materialistic possessions). Homer mentions prizes throughout the Iliad, another example is when you kill a warrior you obtain his armour. Throughout the Iliad we see how the Gods influence the war: For example in book one, we hear Zeus agree to Thetiss request that the Greeks should suffer in the absence of Achilles. So the gods control the war, not the men, which, although Homer doesnt explicitly allude to, is a negative portrayal of the war, as the men are fighting, and the gods are just playing with the men like toys to get back at one another, as if the war was just a game. So the outcome of the war is at the discretion of the gods, whether men live or die. For example during the aristeia of Diomedes (book 5 of the Iliad), when Diomedes encounters Ares, Pallas Athene rides beside Diomedes on a chariot she seized from Sthenelos. Ares hurls his bronze spear towards Diomedes, but Athene interferes, catches the spear and pushes it away from the car. Then Diomedes, with the assistance of Athene drives his bronze spear deep into the belly of Ares, who is consequently saved by Zeus. In book six, Homer describes Hectors farewell to his wife Andromache and his child; Achilles later kills Hector. This shows the war to be negative as it brings a sense of reality back to the Iliad. It reminds you of the families these men being slaughtered are leaving behind; it is demonstrating the negative result of war upon everybody. In book two, Homer describes the backgrounds of many of the warriors, which aid Homer in making the war appear more real Some more examples of Homer describing the dark nature of war are: In book seven a truce is called so both sides can bury their dead. In book ten, Dolon, a Trojan spy is deceived by Odysseus and Diomedes and killed without mercy. Throughout the Iliad Homer mentions and describes these things to remind you of the brutalities of war, amongst all the glory you could receive. He explicitly describes the deaths of people; the bronze spearpoint fixed in his forehead and drove inward through the bone; and a mist of darkness clouded both his eyes and he fell. (as people die darkness clouds their vision-darkness being negative) and injuries of people (Ares, book five) to achieve the same affect. There are a lot of positive things that Homer alludes to, such as the glory of an aristeia (Diomedes and Agamemnons), defeating a prestigious opponent and the prizes for succeeding at war (be it at the discretion of the Gods). But interspersed into the glorified battle are reminders of the true horrors war brings upon people: bodies being eaten by dogs, leaving families behind when killed and the brutal nature in which people were killed. Overall I feel that Homer portrays war in both a positive and negative fashion, highlighting the glories of battle, but also presenting the morbidity of war.

Political Leadership Research Paper Example | Topics and Well Written Essays - 2500 words

Political Leadership - Research Paper Example Shapiro (2007) has also pointed out that administration is a mere part of leadership because relying on administration solely makes a leadership style repetitive, predictable and vulnerable to macro environmental changes. To understand political leadership, one has to understand the multi-causal social processes which create the drive for leadership. Greenstein (2006) has defined political leadership as the subtype of human social leadership. An individual cannot define political leadership or grasp the normative prescriptions of political leadership without enquiring about values, power relations attitudes and action of leaders in cultural-institutional and historical context (Peele, 2005). In the political leadership, both leaders and followers pass through the casual but circular sequence of power exchange and motivation building (Walzer, 2007). However, Peele (2005) has argued that political leadership is a widely experienced phenomenon but understanding about the phenomenon is p retty much tacit in nature. For example, phenomenon such as war between countries, central human rights controversies, Olympic rivalries etc might act as situations which deal with political leadership. One thing is clear from the argument of research scholars that it is very difficult to create a standardized definition of political leadership due to involvement of both institutional and historical contexts. Ruscio (2004) has rightly stated that no political leadership concept is complete without the understanding its role on democratic government. For example, throughout the history of mankind, societies have asked for certain rules and procedures in order to create a practical framework which can represent the interest of democratic society.... This paper stresses that Readers of this research paper might question that why the researcher has not yet provided a concrete definition of political leadership? Well, the fact is that definition of political leadership changes from country to country. For example, a political leader with a sentimental and compassionate is ideal choice in Indian context but the same leader would be viewed as failure in Russian cultural context. According to Vigoda, Elgie and Peele, a political must have characteristics such as, 1- a strong ethical character and personality which can synchronize with ethical-cultural character of subordinates, 2- a constructive agenda for solving a particular problem, 3- interpretive judgment to define a situation to followers and 4- the material or intangible technique to mobilize the support of followers. However, there is no doubt that political leadership has direct connection with military, law authority or ideological leadership hence it will not be wrong to as sume that political leadership is modified version of social leadership. This report makes a conclusion that it is evident from the above discussion that responsibility of a political leader differs along with the political environment of a country. For example, behavior of a democratic political leader significantly differs from an autocratic leader. The researcher is begging pardon of the readers for emphasizing more on democratic aspects of leadership in contrast to other aspects. But, it was a matter of personal choice for the researcher and the researcher believes that democratic political leadership is flexible enough to fit into modern business environment.

Consultancy Skill and Organisational Change Essay

Consultancy Skill and Organisational Change - Essay Example The vitally of change is evident in the adjustments made by organisations in their goals. There are several elements that contribute to this observation. External and internal changes are usually the classification maintained by organisations. Categorising change according to impact allows firms to use appropriate measures and techniques. There are important considerations specified by firms in implementing policies for change. Most of these programmes are studied and deliberated before infused in an organisation. It is imperative for companies to assess the strategy before making adjustments. This will prevent the entities involved from acting differently. The versatility of firms is also a critical aspect when dealing with change. In most instances, organisations that are open to change succeed in the industry. Moreover, the preparation of contingency strategies is also needed when dealing with changes. Firms that resist change have experienced difficulties in dealing with problems and opportunities. It is important for organisations to understand that change is both inevitable and intrusive. There will come a period in a business cycle when a company has to make radical changes. Change also affects the manner in which the general policies of organisations are made. Success in the current global setup is dependent on how firms manage change. The succeeding discussions will tackle organisational changes that have transpired in British Airways. The Company is viewed as a classic case where culture was changed because of demand both within the organisation and outside market forces. II. Organisational Change The stages of change, as derived from the study of Booth-Butterfield (1996) start with pre-contemplation. In this stage the supposed change has yet to gain the awareness of involved entities. Contemplation is a stage shows that the employees are aware of the change. But the focus of the personnel is on different concerns. Then, the employees are prepared for the implementation of changes. In addition, the employees are tasked to perform the modification and provided with maintenance programmes. Prochaska, et al (2001) devised a process that prepares involved entities to change. The cycle starts with the raising of consciousness among the employees. In addition, employees are given with proper tools to handle the change . This is more than just compliments but actual benefits in the growth of the personnel. Moreover, employees are given opportunities to let go of their emotional contentions. This is usually done when the change starts to take effect within an organisation. The employees are then subjected to further evaluation. This is more of a comparison of behaviour before and after the change. Since the problems are identified, the management needs to eliminate stressful components of change. It means that negative stimuli stalling good behaviour will be removed. The company also needs to emphasise on the commitment of the employees to change. This is like a renewed assurance to accept change. The last phase of the process involves finding the proper behaviour for expected changes. This also includes the elimination of bad behaviours that were observed. Schein (1999) created a model that describes change. This method was called cognitive definition. The first stage involved motivation to change . This process is more of a self-evaluation that employees need to determine. The stage includes acceptance that previous actions failed. The second part of the model asserts changes in needed areas. Most firms are concerned about the extensive resources which will be devoted for the activity. But the benefits of this initiative will alter the cost. It is critical for

Recommendations to the Wallace Group Essay Example for Free

Recommendations to the Wallace Group Essay Mr. Wallace, I have concluded my interviews with your team and have a list of recommendations based on priorities. The recommendations are unbiased and not intended to be personal attacks on the current management; they are based on the sound management principles and intended to maximize your company’s potential. a. Realign the corporate structure. Begin by recruiting a new board of directors using outside directors, â€Å"executives of other firms but are not employees of the board’s corporation†1, in addition to a limited number of management directors from inside the company. This combination of three companies working as independent entities is not working, they must be integrated and a different management organizational structure must be implemented. This group will be able to accomplish the next recommendation. b. Develop a mission statement and goals. The company must embark upon strategic management planning. This will include: †¢Clearer sense of strategic vision for the firm †¢Sharper focus on what is strategically important Improved understanding of a rapidly changing environment1 The Wallace group lacks vision and goals for its divisions and this leads to a lack of direction for the management team. A mission statement â€Å"defines the fundamental, unique purpose that sets a company apart from other firms of its type and identifies the scope of the company’s operations in terms of products offered and markets served†1. This business must develop a corporate wide strategic management plan to set a direction for the company and its shareholders. A part of this management planning would consist of SWOT analysis, strategy formulation, implementation and evaluation. This process is often referred to as Plan – Do – Act – Check or PDAC and is a continuous process. Making a profit today is not enough; there has to be an evaluation of where the company is now, where will it be in 2, 5, 10 years and how the company will attain those goals. c. Change the organizational chart: There needs to be an in-depth evaluation of the personnel currently in place. The current chart is one of vertical structure and should be revamped to be more horizontal. This accomplishes the goals of empowerment and coordination between the divisions. A glaring problem is the VP of the chemical division, J. Luskics, as he was the former owner that guided the company into foreclosure and appears to not be running the division efficiently now. The chemical division is not even internally competitive for the plastics or electronics divisions. Mr. Luskics should either be bought out of the company or reassigned to a position that he might be successful. There also is a redundancy among positions in the company, for example there are three directors of industrial relations, these positions should either be combined or incentivized to cooperate in the best interest of the company. d. Personnel development. There is no apparent leadership development in place and the company has relied on promoting technical staff to management positions which many are not equipped to handle. There needs to be a leadership development series initiated, leadership retreats to communicate and encourage relations amongst the teams, and perhaps some Management Assessment of Proficiency (MAP) testing to asses the current management team. Management development and succession planning must be implemented to ensure long term success. Job responsibilities need to be developed and implemented for all positions but specifically for the management team; including specific goals, budgeting, forecasting (long range planning), training, and staff satisfaction. . Communication. The lack of clear strategies, long term plans, goals and objectives has led to the recent revolt at the stockholders meeting. This is a clear indication of the frustration felt from the staff level up and the new direction of the company must be clearly communicated to all staff. Enthusiasm is contagious and the presentation of a new course for the company will be very exciting for staff. Employee surveys, sugges tion boxes and an engaging of the front line staff will do much to improve morale and spark improvements. I would like to commend you sir for creating a successful company but I do believe there are concrete steps that you can take to improve the future of this company. Mr. Wallace I believe the development of a vision will produce great results, with this vision you will attract personnel that want to be a part of a great company and profits for all involved will naturally follow. Remember â€Å"Visionary companies make some of their best moves by experimentation, trial and error, opportunism, and – quite literally – accident†2. I estimate that this plan of action will initially cost $1. 5 million but there will be cost savings realized in personnel reassignments, recruitment and retention, productivity, and a renewed sense of commitment that will be reflected in profits far surpassing the costs.

The Oil Spill is Affecting Animals, but What About the Government? Essa

Since the dawn of the industrial revolution, mankind has increasingly become reliant on fossil fuels such as oil for energy. Oil fuels our car, warms our homes, generates our electricity, and creates a myriad of goods including everything that contains plastic. In our global economy, oil must be transported great distances to reach markets throughout the world. With seemingly increasing frequency, these journeys sometimes end in accidents that result in oil being spilled into the ocean. The most devastating oil spill, The Deepwater Horizon oil spill, occurred on April twentieth of this year. Deepwater Horizon is an oilrig located in the Gulf of Mexico and it is owned by B.P. Everything seemed to be running efficiently on the rig until April twentieth, when methane gas leaked through the rig. The gas was under high pressure and as a result exploded turning the rig into a raging inferno that eventually caused the rig to plummet to the bottom of the ocean floor (Dickinson). The explosion caused a massive amount of oil to gush the Gulf of Mexico. Although there is no exact statistic on the amount of oil that rushed out of the well where Deepwater Horizon stood each day before, â€Å"the median figure for Crone’s independent calculations [of the oil gush] is 55,000 barrels a day† (Dickinson). Approximately three months after the explosion, the well was finally capped, which stopped the flow of oil into the Gulf of Mexico. To put this spill into perspective, if the calculations by Crone on the spill were correct, this means that eighteen times the total amount of oil spilled in the Exxon Valdez incident was spilled total in the Deepwater Horizon catastrophe. This is an astronomical amount of oil moving through the Gulf of Mexico. Even... ... an even larger scale than the Deepwater Horizon rig. If past mistakes are not learned from, they are going to be repeated in the future. The federal government needs to reenact the ban on deepwater drilling until engineers are able to assess all components of deepwater drilling rigs. This is the only certain way to prevent another disaster like that of the Deepwater Horizon crisis. Even though this ban may cause gas prices to rise, it is a necessary sacrifice in order to keep the environment safe. Work Cited Baker, Peter. "White House Is Lifting Ban on Deepwater Drilling." New York Times. N.p., 12 Oct. 2010. Web. 10 Nov. 2010. Dickinson, Tim. "The Spill, The Scandal and the President." The Rolling Stones. N.p., 24 June 2010. Web. 10 Nov. 2010. Kaufman, Leslie. "Concerns Up and Down the Food Chain." New York Times. N.p., 12 Oct. 2010. Web. 14 Nov. 2010.

What is a societal problem you believe needs to be addressed?

Although there are numerous societal problems that needs immediate attention but one problem which I feel needs most of the attention is society morality conflict. I would further elaborate my statement by saying that the people living in the society have become immoral and they indulge themselves in those kinds of acts that are not only immoral but they are unethical as well. Abortion is one major part of the moral conflicts between the societies as there are some people who are against it while some think that it is a human right. However, I would say that killing the baby without any valid reason or justification is not ethical. Moreover, the people are getting more and more prone to drugs and drinking and this not only harms the health of the individuals who consume drugs but it also leaves a negative impact on the society. Prostitution is also seen on a rise as the men are unsatisfied with their life partners and this is one quick way for the women to make money despite of the fact that this is not a moral practice. One more conflict in the society is occurring between the people who believe in God and the people who follow atheism. Atheists are the people who do not believe in any gods and this gives a negative connotation because most of the people in the society worship gods. Due to the rise in unemployment and the people being unable to support their living, they are left with two options; either they tend to commit suicide or they indulge in unethical acts that affect the society in a negative way and these have become a major evil for the society and the people.

AsSeenOnScreen - Strategic Management Analysis - Free Essay Example

Sample details Pages: 12 Words: 3505 Downloads: 2 Date added: 2018/12/15 Category Management Essay Type Report Level High school Did you like this example? Identify ASOS Plc key stakeholders and map these stakeholders regarding the power/interest grid. Critique, with supporting commentary, which of these stakeholders will need to be repositioned over the next 12 months. In 1995 Nick Robertson and Quentin Griffith co-founded entertainment marketing limited. Perhaps the initiative was meant to use media houses to advertise their goods to viewers at the age of sixteen and above. Nick was an advertising specialist while Griffith was a brand placement expert. The two young men were the key stakeholders who managed to clinch Pepsi, British Airways, and Carlsberg among others totaling seventeen clients. In 1999 Deborah Thorpe joined them creating an online fashion supplying company known as AsSeenOnScreen to sell some focal items. Most clients admired the items when seen being used in the media screens and films like Mariano Fortuny lamp which featured in an episode of sitcom friends. Nick Robertson was the managing director, Griffith being the sales and marketing director while Thorpe who had media houses professionalism as a broadcaster in channel 4 played a role in running commercial errands in the company (Varley, 2014, p. 88). Don’t waste time! Our writers will create an original "AsSeenOnScreen Strategic Management Analysis" essay for you Create order The AsSeenOnScreen Company was officially launched in June 2000 offering almost one hundred and fifty items especially fashion materials and houseware items. Griffith started to discharge his mandate role by setting commodity limit to sustain quality escalation. He said they were keeping down the range of stuff to introduce and familiarize new items rarely seen on the screen. At the same month, they merged both enterprises into asos.com to raise enough revenue to augment their cost-effective status and operations across the Europe. The business was not fairing on well, and as a result, Thorpe resigned from the board in 2001 thus becoming an inactive member. Lorri Penn joined the board as a retail director and introduced a crucial strategic plan to revive marketing affinity of the company. She persuaded her directors to purchase and advertise new fashion brands such as wardrobe materials, beauty accessories and footwears which are inspired by celebrities. Penn targeted wardrobe materials worn by celebrities like Madonna (Moore, 2016, p. 115) or Spice Girl Geri Halliwell. Soon she became a very instrumental and industrious stakeholder, in 2001 she planned to focus on local markets to distribute domestic accessories and leather jackets, the primary intention was to uplift local designers, street suppliers and middle-class clients who have little chances of accessing internets or have no knowledge of online shops at all. The Penns idea made better sales on fashions than home accessories. She proposed to source their products from the United States where much of cloth line fashions are labeled or sponsored by famous male and female celebrities. AsSeenOnScreen Company once again signed a contract with Arcadia Group PLC to start a franchise at Topman stores, Oxford Street in London. However, Mr. Griffith was hardly pleased by madam Penn contemporary concepts. He argued that much offline client exposure is detrimental to online business. Quentin retorted that more opening of physical stores is costly and time-consuming due to shop fitting installations, rent, rates and stock (Molenaar, 2016, p. 50). He observed that what was being sold in the shops were directly proportional to sales made in ten stores yet there is no much physical outflows or expenses. It was quite evident the returns were insufficient to justify offline business mostly carried out in the numerous shops in the cities. As part of strategic plans to maintain the enterprises forename as far as its activities are concerned, co-director Griffith convinced the board of directors to switch back to online commerce. In April 2002, they formed URL ASOS.com website which could accommodate more clients without itches (Varley, 2014, p. 247). In the mid of the year more specifically in May, the sales grew by 49 percent because there were no much emphasize on the physical stores. Sister stores which recorded fewer sales were closed reducing the supplemental cost of rentals and legal revenues required by city councils. By the end of the year, Mr. Griffith had fully enforced the initial business ideologies of embracing internet and online business operations. In the meantime, they set on their television channel and telephone lines which enabled clients to take orders throughout the day, a 24-hour business operation. However, in December, they started struggling due to inflated online orders. Mr. Griffith was found pants down because he had not set a streamlined infrastructure which could efficiently respond to client upsurge. The orders increased suddenly, and the company had no enough stock as well as sufficient delivery means such as cars and dispersal workforce (Varley, 2014, p. 270). Since the beginning, Mr. Nick barely brought any profit-oriented ideas despite companys tribulation. He needed a less responsible position. A managing director position hauled many decisional responsibilities of he could never discharge due to for instance his age or lack managerial skills. In most cases, he did not contribute profitable decisions which could increase their turnovers. He was supposed to become an inactive business partner and the position be refilled by Mr. Griffith who severally brought ideas which brought expedient impacts on the business. By employing relevant data from the case, conduct a five forces analysis of the fashion Industry. What do you conclude about that industrys attractiveness? AsSeenOnScreen Company did not clinch its market strong suit against the blues. It embraced vibrant strategies which were appropriately adaptive to our digital world. The ideologies in due course became critical driving forces in their business errands. First of all introduction to online shopping was a very innovative business idea and marketing approach in the domain. Placing materials online was done within hours as opposed to days wasted while refiling the exhibitions in the store around the cities. Secondly, the inquisitive clients were able to select the best-suited brand while relaxed in the comfort of their houses (Vecchi Buckley, 2016, p. 287). The ever-busy people in town could hardly concentrate on the exhibition situated in the streets thus sales being limited to store running cost. The primary target was the high population of young ladies and gent who are currently in love with dynamic fashion. The new concept raised the number of clients exceeded the product placement in the companys warehouses. In 2013 nevertheless, the apparel and footwear brand was sold online. Clothes online sales increased by 49 percent in the year 2002 (Standard and Poors Corporation et al., 2013, p. 727) and its mobile sales were predicted to grow by more than ten percent by the end of 2017. These figures show that electronic shopping is a very lucrative concept if it will remain to be managed to the letter. The introduction of wide range of products was another critical driving force. The merchandise was quite diversified, made of unique brands directly from the designers. The womens clothing was displayed in a way that included footwear, handbags, jewelry, and makeups at very competitive price. The method was very interactive and self-explanatory to clients viewing online over their laptops and the companys television episodes. The company has its designers who prepare its edited brands. Currently, AsSeenOnScreen Company offers free shipment of products to its global customers. To reduce operation cost, they signed a deal with Unipart Group of Companies to outsource their brand and providing logistic service as well (Richards, 2011, p. 252). Thirdly, the companys administration once again brought in a near breakthrough notion. They precisely comprehended that celebrities diversely influence the young generation. To capture inclined celebrity clients they introduced celebrity inspired fashions such as Madonna (Information Resource Management Association, 2017, p. 523). In June 2006, a co-director namely Robert Bready confirmed that adding more premium brands will increase the value of their fashion. To realize the dream, by the end of the year they launched companys magazine which supposed to be delivered to clients along with their orders. The magazine usually contained various celebrities life history but its themes being more pronounced on fashion advises and varied superstar styles. The company had noticed that previously celebrities, sports stars and film sterling had been influencing what people had been wearing (Pitt Koufopoulos, 2012, p. 43). AsSeenOnScreen Company being the most substantial United Kingdom online fashion and beauty enterprise. Mr. Robertson and Griffiths sponsored an idea to create a high street and high-end style in a single website in the year 2002 (Bair et al., 2013, p. 166). Being an additional strategic business plan, it brought in a notable impression in the market environment. The idea tried to include low-income people who could not access internet services to shop. The street shops target a high number of clients who loved to buy new brands which were affordable as opposed to whole online and delivery costs. The same idea reduced perceived a risk of shopping and therefore sometimes the delivery is delayed. The buyers could engage in the inverse practice of selecting goods in the street stores before shopping via online or provided catalogs (Sethna Blythe, 2016, p. 80). And lastly, AsSeenOnScreen Company was kept to be a dynamic shopping site were nobody could hardly miss their brands. The stocks were keenly recorded and refilled on a regular basis. The depleting brands were ever restocked thus being assured that no client will leave the premises disappointed because of missing their items. It reputation earned a global market. They received essential orders from United States, Italy, Germany, Australia and Spain among other countries. Interestingly the company became science-friendly conscious; they partnered with Taiwan textile research institute to develop a light absorbing fiber (Rau, 2015, p. 26). The material could absorb light and emit it during the night. The scientific breakthrough then targeted transport personnels, sportsmen and traffic law enforcers. The AsSeenOnScreen Company is currently a strongly based enterprise which will hardly stumble other than forging forward regarding returns accruement, global customer service and environmental conservation oriented. It is not only engrossed in making profits but also being concerned with the health problems by developing fabric which can reflect off hazardous illuminations such as carcinogenic rays. Evaluate ASOS Plc resources and capabilities by utilizing the value chain framework. How is the company creating value? Discuss how the company could develop and improve further concerning this? The companys management realized that there are several untreated shopping habits. To reap better profits, they used the pattern as a focal strategy to create value for their products. Affordability was among basic approaches of accumulating the value of their fashions. They reproduced styles embraced by celebrities at a price which young ladies, gents, and students can afford (Murray, 2007, p. 58). The trends were not left behind; it was assured that cloths, footwear and beauty accessories were trendy, up to date and contemporary at an economical price. The styles being very different in the market, celebrity oriented and reasonably priced attracted more clients and therefore enough profits which could aid the company administration to introduce sales promotion and improved marketing infrastructure. Fashion democratization or availing trendy fashion styles all over the world usually increased the value of brands in the shops. Clients were aware that the fashion materials might be expensive, but still, they purchase them. To reduce the prices, the company decided to offer a free shipping abroad. Consequently, the prices are almost similar around the globe as long as the materials and the accessories are from AsSeenOnScreen Company. The consumers are now very comfortable with purchasing them. Efficient delivery is another way of maintaining the value of goods. AsSeenOnScreen Company has a 600000 square foot central warehouse facility in the UK (Hiles, 2008, p. 502). They produce their merchandise from all continents under the sun; the materials are converged at a central point to be sorted according to their size, fabric, color, and trends. The central distribution idea helps to justify and complete orders as soon as possible because all inventories are centrally managed. The staff works on a 24-hour basis to respond to clients chatting online (Hiles, 2008, p. 334). The blend of an efficient supply chain, as well as single distribution center, make it possible to maintain the companys value of brands. Waste reduction is also a way of keeping the value of their good without interfering with the proceeds. In the meantime, the company has cut off the size of fabric waste by almost hundred percent. The residue is being transformed into other profitable materials like pillows, couch cushions and bedding materials for pets. The efforts of decreasing carbon print is an environmentally friendly idea. The cost-saving strategies are once again passed to the consumers to keep the price at a reasonable margin. AsSeenOnScreen Company in 2010 formed an online marketplace where models and trendy fellows can exchange business ideas as well as selling their product via the firm (Gorod, 2014, p. 182). From a business perspective, the company is creating a community of fashion-oriented consumers. As a result, the outsourced models acquire reasonable incomes as well as our firm getting a certain percentage of the sales. The general idea of connecting models with consumers is quite very interactive thus providing crucial data and client misgivings which enable the administration to improve its sales and fashion trends. Public relation risk mitigation is also applied, there is all around the clock customer service desk which deals with online client complaints and inquiries (Chaffey Smith, 2013, p. 378). The purpose of the public relation desk is to shed off any consumers notion of uncertainties concerning goods especially those have to send a cargo flight or shipments. Constant communication enables the clients to be satisfied and relaxed waiting for their cargo abroad. As a result, the companys goods and services are valued due to increased favorable interaction and warranty. To improve according to my opinion, the AsSeenOnScreen Company should invest in the community as well as overseas social and economic infrastructure. For instance, by providing essential social amenities to the immediate community will strengthen its reputation. The nearby population will change their attitude of viewing the firm as an enterprise which is solely meant to make profits to benefit its owners. People will consider the company as one of their own intended not only to provide amenities but also improve their healthy well-being. Secondly, purchasing their delivery machines will do away with consumers risk possibilities. A companys ship can deliver a huge cargo along the coasts of many countries where they have set sister shops. Every different shop should at least own a vehicle which can offload cargo from the docks and deliver to the required destinations at a reasonable cost as opposed to hired transport mechanisms. Light and golden materials should be delivered through a firms cargo plane to avoid risks of sea hijacking by pirates just in case they realize there are treasured and appreciating accessories in the ship. What suggestions could you make to ASOS Plc Senior Management team to support their position in achieving sustainable competitive advantage in the global fashion retail industry? Nick Robertson being the original business proprietor was the managing director. Unfortunately, he was not as effective as it is required. He was supposed to lead his co-directors to formulate and successfully implement company policies. It is quite evident that in most cases he did not take part in making the decision. Some of the plans made by his colleagues were not effective due to lack of his hand. Ideas like setting up physical shops are still stranded. He needs to rise and work on delivery infrastructures such as purchasing delivery vehicles, ships and airborne cruises. He should always be trendy and informed to direct strategies which will result in a profitable growth. He was once found off guard by losses due to inactiveness in the business. He should always be on track concerning the business performance. Just in case of operation itches he should oversee remedial actions as it is required and therefore inform the co-director to uphold the directive to realize companys goa ls. As the head of the company, he should long-term strategic plans concerning the firms objectives and priority timeline for the next ten years. A written roadmap will aid in decision making to realize the companys dreams. Sometimes the business was almost stumbling due to lack of comprehending operational objectives. The managing director is supposed to ensure all staffs understand the business goals and standards of performance (Merson, 2004, p. 6). Mr. Nick never realized that it was his responsibility to make several business trips meeting his significant clients. The online customers never knew him thus being curious about the surety of whether the goods may be delivered if at all they purchase them through digitals means. Physical meeting with established business clients increases their confidence. Sometimes AsSeenOnScreen Company operations were barely smooth. He failed to oversee the booming online client growing thus fashion stock being depleted without possible restocking mec hanisms. It was oblivious that consumers were frustrated due to unavailability of their brands. He was supposed to maintain operational performance. As the founder of the enterprise, he was supposed to have a parental figure by supporting functional managerial team, the board directors seemed to be disorganized and everyone acting and setting policies in a shambolic manner. Quentin Griffiths was a co-director managing sales and marketing field. Being responsible for setting up appropriate marketing materials he failed to introduce varied elements. Magazines were hardly enough to attract clients. He was supposed to organize cocktail parties with esteemed consumers and all interested parties. Such events upgrade customers affinity toward business. Roadshow promotions were never involved. He ought to sponsor roadshow to meet customers, in the meantime, promotional items should be available to promote client based on specific questions about the company, or even other stage managed activities such as dancing, singing and acting as per various celebrities featured in the cloth line. He was orders delivery custodian but his failure of be focused sometime disrupted the business operation due to poor turnovers (Williams, 2007, p. 8). Some clients were afraid of being conned. As a sales and marketing director, he was supposed to make sure that he has the best workforce, monitoring sales activities and orders dispense. He is supposed to work closely with accounting and cargo department to ensure that there is quick credit check and orders are prepared as soon as they are placed online. Immediate preparation of orders reduces time wastage as well as sending the ordered items early enough to reach the clients. Hasty dispense of orders satisfy customers thus strengthening firms reputation, and as a result, commendable and consistent profits would have been accumulated. Thorpe was a commercial director who was primarily dictated by the area of expertise. Being mandated to identify profitable commercials about online clothing enterprise, failed to do so and instead introduced boring and meaningless episodes in the television. He was supposed to pinpoint and prepare the best episodes targeting the trendy and dynamic young generation (Vansina Cobbaert, 2008, p.256). Regular sales breakdown meant that there was an economic problem. Regular reviews were never carried out. He was supposed to coordinate with clients to ensure that their needs are being met, excellent customer service to streamline a roadmap for real clients relationships. Market research was his responsibility to realize business plans. Unfortunately, he thought online errand were monopolized. Several people had been trying to improve on the same kind of business and failure of being responsibly focused lowered companys turnovers. He was required to be informed about the available gaps in the market which could be used to set physical shops. References Varley, R., 2014. Retail product management: buying and merchandising. Routledge. MOORE, J. G. (2016). Fashion fads through American history: fitting clothes into context. https://search.ebscohost.com/login.aspx?direct=truescope=sitedb=nlebkdb=nlabkAN=1105383. Molenaar, C., 2016. Why Customers Would Rather Have a Smartphone Than a Car: Relationship Retailing as an Opportunity. Routledge. VECCHI, A., BUCKLEY, C. (2016). Handbook of research on global fashion management and merchandising. STANDARD AND POORS CORPORATION, NEW YORK STOCK EXCHANGE, AMERICAN STOCK EXCHANGE, NASDAQ STOCK MARKET. (1998). Standard Poors stock reports. New York, NY, Standard Poors RICHARDS, G. (2011). 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