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Business

The Real-World Financial Statement Analysis Paper

The Real-World Financial Statement Analysis

The Real-World Financial Statement Analysis Paper.

 

Financial Statement Analysis Process

 

 

 

 

Research, Using Financial Accounting Information: The Alternative to Debits and Credits.
Research, Warren Buffet Accounting.
Research regarding horizontal analysis in the course textbook, Using Financial Accounting Information: The Alternative to Debits and Credits.
Research regarding vertical analysis in the course textbook, Using Financial Accounting Information: The Alternative to Debits and Credits.

In prior weeks, you learned about the financial statements and financial statement ratios. This week, you will utilize that information, along with your research, Using Financial Accounting Information: The Alternative to Debits and Credits, Warren Buffet Accounting, to take a deep dive into one company.

Assume the role of a senior financial analyst who has been assigned to complete a thorough and detailed review for a company of your choice from the list below. Access the company quarterly financial statements (10-Q) for the past two quarters on EDGAR, which is available on the web page, EDGAR Company Filings (Links to an external site.).

https://www.sec.gov/edgar/searchedgar/companysearch.html

Use the below company for this paper;

Name Ticker Symbol

Starbucks SBUX

In your thorough and detailed review, analyze the company’s quarterly financial statements (10-Q) for the past two most current quarters and perform the following:

 

Prepare a balance sheet and income statement horizontal analysis for the last two quarters

The Real-World Financial Statement Analysis Paper

Prepare a balance sheet and income statement vertical analysis for the last two quarters.
Prepare a liquidity analysis by computing and using the appropriate ratios to assess liquidity.
Compute a minimum of three ratios and show your supporting calculations.
Prepare a solvency analysis by computing and using the appropriate ratios to assess solvency.
Compute a minimum of three ratios and show your supporting calculations.
Prepare a profitability analysis by computing and using the appropriate ratios to assess profitability.
Compute a minimum of three ratios and show your supporting calculations.
Analyze the methods and tips provided in the textbook, Warren Buffet Accounting, to address the following questions:
What is your company’s primary revenue, secondary revenue, and gains?
What is your company’s primary expenses, secondary expenses, financial activity generated expenses, and losses?
What is the revenue trend? Does the 10-K or 10-Q discuss primary revenues, as well as other revenue types?
What do the accounting policies say in the annual report (footnotes) regarding the cost of revenue? What are the drivers to the cost of revenue and the trends?
Are there any trends in sales and marketing expenses or research and development? Are these amounts reasonable for the type of business?
Compare general and administrative expenses to similar companies. Are they reasonable?
What is the ratio of net interest income (expense) to income from operations? Is this a safe ratio for the company? Why or why not?
What is the income taxes trend? Is the effective tax rate reasonable over time?
Formulate your analysis on the above requirements to discuss the financial health, performance, strengths, and weaknesses of the company, as well as any identified positive or negative trends.

In addition to your written financial statement analysis, you will also need to communicate a high-level summary of your analysis to your selected company’s executive team using a PowerPoint presentation. The summary should be documented with three to five PowerPoint slides, INCLUDING SPEAKER NOTES. In addition, include the company’s financial health, performance strengths and weaknesses, and identified positive or negative trends.

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Approximately 250 words

Total price (USD) $: 10.99

Categories
Business

Business Buying Behavior

Business Buying Behavior.
Business buyer Behavior| | | | In last Lesson we discussed the Consumer Buying behavior. Today We will discuss business buyer behaviour, types of buying situations, participants in the business buying process, and major influences on business buyers so our today’s topic is:BUSINESS MARKETS AND BUYING BEHAVIORThe business market includes firms that buy goods and services in order to produce products and services to sell to others. It also includes retailing and wholesaling firms that buy goods in order toects resell them at a profit.
Because asp of business-to-business marketing apply to institutional markets and government markets, we group these together. The business marketer needs to know the following: Who are the major participants? In what decisions do they exercise influence? What is their relative degree of influence? What evaluation criteria does each decision participant use? The business marketer also needs to understand the major environmental, interpersonal, and individual influences on the buying process. A. What is a Business Market?
The business market comprises all the organizations that buy goods and services for use in the production of other products and services that are sold, rented, or supplied to others. It also includes retailing and wholesaling firms that acquire goods for the purpose of reselling or renting them to others at a profit. In the business buying process business buyers determine which products and services their organizations need to purchase, and then find, evaluate, and choose among alternative suppliers and brands. Companies that sell to other business organizations must do their best to understand business markets and business buyer behavior.

B. Characteristics of Business MarketsIn some ways, business markets are similar to consumer markets. Both involve people who assume buying roles and make purchase decisions to satisfy needs. However, business markets differ in many ways from consumer markets. The main differences, are in the market structure and demand, the nature of the buying unit, and the types of decisions and the decision process involved. Business markets also have their own characteristics. In some ways, they are similar to consumer markets, but in other ways they are very different. The main differences include:1.
Market structure and demand. Business markets typically deal with far fewer but far larger buyers. They are more geographically concentrated. Business markets have derived demand (business demand that ultimately comes from or derives from the demand for consumer goods). Many business markets have inelastic demand; that is, total demand for many business products is not affected much by price changes, especially in the short run. A drop in the price of leather will not cause shoe manufacturers to buy much more leather unless it results in lower shoe prices that, in turn, will increase consumer demand for shoes.
Finally, business markets have morefluctuating demand. The demand for many business goods and services tends to change more—and more quickly—than the demand for consumer goods and services does. A small percentage increase in consumer demand can cause large increases in business demand. Sometimes a rise of only 10 percent in consumer demand can cause as much as a 200 percent rise in business demand during the next period. 2. Nature of the Buying Unit:Compared with consumer purchases, a business purchase usually involves more decision participants and a more professional purchasing effort.
Often, business buying is done by trained purchasing agents who spend their working lives learning how to make better buying decisions. Buying committees made up of technical experts and top management are common in the buying of major goods. Companies are putting their best and brightest people on procurement patrol. Therefore, business marketers must have well-trained salespeople to deal with well-trained buyers. 3. Types of Decisions and the Decision ProcessBusiness buyers usually face more complex buying decisions than do consumer buyers.
Purchases often involve large sums of money, complex technical and economic considerations, and interactions among many people at many levels of the buyer’s organization. Because the purchases are more complex, business buyers may take longer to make their decisions. The business buying process tends to be more formalized than the consumer buying process. Large business purchases usually call for detailed product specifications, written purchase orders, careful supplier searches, and formal approval. The buying firm might even prepare policy manuals that detail the purchase process.
Finally, in the business buying process, buyer and seller are often much more dependent on each other. Consumer marketers are often at a distance from their customers. In contrast, business marketers may roll up their sleeves and work closely with their customers during all stages of the buying process—from helping customers define problems, to finding solutions, to supporting after-sale operation. They often customize their offerings to individual customer needs. In the short run, sales go to suppliers who meet buyers’ immediate product and service needs. C.
Business Buyer BehaviorThe model in Figure suggests four questions about business buyer behavior: What buying decisions do business buyers make? Who participates in the buying process? What are the major influences on buyers? How do business buyers make their buying decisions? a. A Model of Business Buyer BehaviorAt the most basic level, marketers want to know how business buyers will respond to various marketing stimuli. Figure shows a model of business buyer behavior. In this model, marketing and other stimuli affect the buying organization and produce certain buyer responses.
As with consumer buying, the marketing stimuli for business buying consist of the four Ps: product, price, place, and promotion. Other stimuli include major forces in the environment: economic, technological, political, cultural, and competitive. These stimuli enter the organization and are turned into buyer responses: product or service choice; supplier choice; order quantities; and delivery, service, and payment terms. In order to design good marketing mix strategies, the marketer must understand what happens within the organization to turn stimuli into purchase responses.
Within the organization, buying activity consists of two major parts: the buying center, made up of all the people involved in the buying decision, and the buying decision process. The model shows that the buying center and the buying decision process are influenced by internal organizational, interpersonal, and individual factors as well as by external environmental factors. b. Major Types of Buying SituationsThere are three major types of buying situations. At one extreme is the straight rebuy, which is a fairly routine decision.
At the other extreme is the new task, which may call for thorough research. In the middle is themodified rebuy, which requires some research. In a straight rebuy the buyer reorders something without any modifications. It is usually handled on a routine basis by the purchasing department. Based on past buying satisfaction, the buyer simply chooses from the various suppliers on its list. “In” suppliers try to maintain product and service quality. In a modified rebuy, the buyer wants to modify product specifications, prices, terms, or suppliers.
The modified rebuy usually involves more decision participants than the straight rebuy. The in suppliers may become nervous and feel pressured to put their best foot forward to protect an account. Out suppliers may see the modified rebuy situation as an opportunity to make a better offer and gain new business. A company buying a product or service for the first time faces a new-task situation. In such cases, the greater the cost or risk, the larger the number of decision participants and the greater their efforts to collect information will be.
The new-task situation is the marketer’s greatest opportunity and challenge. The marketer not only tries to reach as many key buying influences as possible but also provides help and information. The buyer makes the fewest decisions in the straight rebuy and the most in the new-task decision. In the new-task situation, the buyer must decide on product specifications, suppliers, price limits, payment terms, order quantities, delivery times, and service terms. The order of these decisions varies with each situation, and different decision participants influence each choice. c.
Participants in the Business Buying ProcessThe decision-making unit of a buying organization is called its buying center: all the individuals and units that participate in the business decision-making process. The buying center includes all members of the organization who play any of five roles in the purchase decision process. • Users are members of the organization who will use the product or service. In many cases, users initiate the buying proposal and help define product specifications. • Influencers often help define specifications and also provide information for evaluating alternatives.
Technical personnel are particularly important influencers. • Buyers have formal authority to select the supplier and arrange terms of purchase. Buyers may help shape product specifications, but their major role is in selecting vendors and negotiating. In more complex purchases, buyers might include high-level officers participating in the negotiations. • Deciders have formal or informal power to select or approve the final suppliers. In routine buying, the buyers are often the deciders, or at least the approvers. • Gatekeepers control the flow of information to others.
For example, purchasing agents often have authority to prevent salespersons from seeing users or deciders. Other gatekeepers include technical personnel and even personal secretaries. The buying center is not a fixed and formally identified unit within the buying organization. It is a set of buying roles assumed by different people for different purchases. Within the organization, the size and makeup of the buying center will vary for different products and for different buying situations. Business marketers working in global markets may face even greater levels of buying center influence.
The buying center concept presents a major marketing challenge. The business marketer must learn who participates in the decision, each participant’s relative influence, and what evaluation criteria each decision participant uses. The buying center usually includes some obvious participants who are involved formally in the buying decision. d. Major Influences on Business BuyersBusiness buyers are subject to many influences when they make their buying decisions. Some marketers assume that the major influences are economic. They think buyers will favor the supplier who offers the lowest price or the best product or the most service.
They concentrate on offering strong economic benefits to buyers. However, business buyers actually respond to both economic and personal factors. Far from being cold, calculating, and impersonal, business buyers are human and social as well. They react to both reason and emotion. Today, most business-to-business marketers recognize that emotion plays an important role in business buying decisions. When suppliers’ offers are very similar, business buyers have little basis for strictly rational choice. Because they can meet organizational goals with any supplier, buyers can allow personal factors to play a larger role in their decisions.
However, when competing products differ greatly, business buyers are more accountable for their choice and tend to pay more attention to economic factors. Figure lists various groups of influences on business buyers— environmental, organizational, interpersonal, and individual. Major Influences on Business Buyers• Environmental FactorsBusiness buyers are influenced heavily by factors in the current and expected economic environment, such as the level of primary demand, the economic outlook, and the cost of money. As economic uncertainty rises, business buyers cut back on new investments and attempt to reduce their inventories.
An increasingly important environmental factor is shortages in key materials. Many companies now are more willing to buy and hold larger inventories of scarce materials to ensure adequate supply. Business buyers also are affected by technological, political, and competitive developments in the environment. Culture and customs can strongly influence business buyer reactions to the marketer’s behavior and strategies, especially in the international marketing environment. The business marketer must watch these factors, determine how they will affect the buyer, and try to turn these challenges into opportunities.  Organizational FactorsEach buying organization has its own objectives, policies, procedures, structure, and systems. The business marketer must know these organizational factors as thoroughly as possible. Questions such as these arise: How many people are involved in the buying decision? Who are they? What are their evaluative criteria? What are the company’s policies and limits on its buyers? Interpersonal FactorsThe buying center usually includes many participants who influence each other. The business marketer often finds it difficult to determine what kinds of interpersonal factors and group dynamics enter into the buying process.
Participants may have influence in the buying decision because they control rewards and punishments, are well liked, have special expertise, or have a special relationship with other important participants. Interpersonal factors are often very subtle. Whenever possible, business marketers must try to understand these factors and design strategies that take them into account. Individual FactorsEach participant in the business buying decision process brings in personal motives, perceptions, and preferences.
These individual factors are affected by personal characteristics such as age, income, education, professional identification, personality, and attitudes toward risk. Also, buyers have different buying styles. Some may be technical types who make in-depth analyses of competitive proposals before choosing a supplier. Other buyers may be intuitive negotiators who are adept at pitting the sellers against one another for the best deal. D. The Business Buying ProcessThere are eight stages of the business buying process. Buyers who face a new-task buying situation usually go through all stages of the buying process.
Buyers making modified or straight rebuys may skip some of the stages. We will examine these steps for the typical new-task buying situation. a. Problem RecognitionThe buying process begins when someone in the company recognizes a problem or need that can be met by acquiring a specific product or service. Problem recognition can result from internal or external stimuli. Internally, the company may decide to launch a new product that requires new production equipment and materials. Or a machine may break down and need new parts.
Perhaps a purchasing manager is unhappy with a current supplier’s product quality, service, or prices. Externally, the buyer may get some new ideas at a trade show, see an ad, or receive a call from a salesperson who offers a better product or a lower price. In fact, in their advertising, business marketers often alert customers to potential problems and then show how their products provide solutions. b. General Need DescriptionHaving recognized a need, the buyer next prepares a general need description that describes the characteristics and quantity of the needed item.
For standard items, this process presents few problems. For complex items, however, the buyer may have to work with others—engineers, users, consultants—to define the item. The team may want to rank the importance of reliability, durability, price, and other attributes desired in the item. In this phase, the alert business marketer can help the buyers define their needs and provide information about the value of different product characteristics. c. Product SpecificationThe buying organization next develops the item’s technical product specifications, often with the help of a value analysis engineering team.
Value analysis is an approach to cost reduction in which components are studied carefully to determine if they can be redesigned, standardized, or made by less costly methods of production. The team decides on the best product characteristics and specifies them accordingly. Sellers, too, can use value analysis as a tool to help secure a new account. By showing buyers a better way to make an object, outside sellers can turn straight rebuy situations into new-task situations that give them a chance to obtain new business. d. Supplier SearchThe buyer now conducts a supplier search to find the best vendors.
The buyer can compile a small list of qualified suppliers by reviewing trade directories, doing a computer search, or phoning other companies for recommendations. Today, more and more companies are turning to the Internet to find suppliers. For marketers, this has leveled the playing field—smaller suppliers have the same advantages as larger ones and can be listed in the same online catalogs for a nominal fee: The newer the buying task, and the more complex and costly the item, the greater the amount of time the buyer will spend searching for suppliers.
The supplier’s task is to get listed in major directories and build a good reputation in the marketplace. Salespeople should watch for companies in the process of searching for suppliers and make certain that their firm is considered. e. Proposal SolicitationIn the proposal solicitation stage of the business buying process, the buyer invites qualified suppliers to submit proposals. In response, some suppliers will send only a catalog or a salesperson. However, when the item is complex or expensive, the buyer will usually require detailed written proposals or formal presentations from each potential supplier.
Business marketers must be skilled in researching, writing, and presenting proposals in response to buyer proposal solicitations. Proposals should be marketing documents, not just technical documents. Presentations should inspire confidence and should make the marketer’s company stand out from the competition. f. Supplier SelectionThe members of the buying center now review the proposals and select a supplier or suppliers. During supplier selection, the buying center often will draw up a list of the desired supplier attributes and their relative importance.
In one survey, purchasing executives listed the following attributes as most important in influencing the relationship between supplier and customer: quality products and services, on-time delivery, ethical corporate behavior, honest communication, and competitive prices. Other important factors include repair and servicing capabilities, technical aid and advice, geographic location, performance history, and reputation. The members of the buying center will rate suppliers against these attributes and identify the best suppliers.
As part of the buyer selection process, buying centers must decide how many suppliers to use. In the past, many companies preferred a large supplier base to ensure adequate supplies and to obtain price concessions. These companies would insist on annual negotiations for contract renewal and would often shift the amount of business they gave to each supplier from year to year. Increasingly, however, companies are reducing the number of suppliers. There is even a trend toward single sourcing, using one supplier. With single sourcing there is only one supplier to handle and it is easier to control newsprint inventories.
Using one source not only can translate into more consistent product performance, but it also allows press rooms to configure themselves for one particular kind of newsprint rather than changing presses for papers with different attributes. Many companies, however, are still reluctant to use single sourcing. They fear that they may become too dependent on the single supplier or that the single-source supplier may become too comfortable in the relationship and lose its competitive edge. Some marketers have developed programs that address these concerns. g.
Order-Routine SpecificationThe buyer now prepares an order-routine specification. It includes the final order with the chosen supplier or suppliers and lists items such as technical specifications, quantity needed, expected time of delivery, return policies, and warranties. In the case of maintenance, repair, and operating items. h. Performance ReviewIn this stage, the buyer reviews supplier performance. The buyer may contact users and ask them to rate their satisfaction. The performance review may lead the buyer to continue, modify, or drop the arrangement.
The seller’s job is to monitor the same factors used by the buyer to make sure that the seller is giving the expected satisfaction. We have described the stages that typically would occur in a new-task buying situation. The eightstage model provides a simple view of the business buying decision process. The actual process is usually much more complex. In the modified rebuy or straight rebuy situation, some of these stages would be compressed or bypassed. Each organization buys in its own way, and each buying situation has unique requirements.
Different buying center participants may be involved at different stages of the process. Although certain buying process steps usually do occur, buyers do not always follow them in the same order, and they may add other steps. Often, buyers will repeat certain stages of the process. E. Institutional and Government MarketsSo far, our discussion of organizational buying has focused largely on the buying behavior of business buyers. Much of this discussion also applies to the buying practices of institutional and government organizations.
However, these two nonbusiness markets have additional characteristics and needs. In this final section, we address the special features of institutional and government markets. a. Institutional MarketsThe institutional market consists of schools, hospitals, nursing homes, prisons, and other institutions that provide goods and services to people in their care. Institutions differ from one another in their sponsors and in their objectives. Many institutional markets are characterized by low budgets and captive patrons. For example, hospital patients have little choice but to eat whatever food the hospital supplies.
A hospital-purchasing agent has to decide on the quality of food to buy for patients. Because the food is provided as a part of a total service package, the buying objective is not profit. Nor is strict cost minimization the goal—patients receiving poorquality food will complain to others and damage the hospital’s reputation. Thus, the hospitalpurchasing agent must search for institutional-food vendors whose quality meets or exceeds a certain minimum standard and whose prices are low. Many marketers set up separate divisions to meet the special characteristics and needs of institutional buyers. . Government MarketsThe government market offers large opportunities for many companies, both big and small. In most countries, government organizations are major buyers of goods and services. Government buying and business buying are similar in many ways. But there are also differences that must be understood by companies that wish to sell products and services to governments. To succeed in the government market, sellers must locate key decision makers, identify the factors that affect buyer behavior, and understand the buying decision process.
Government organizations typically require suppliers to submit bids, and normally they award the contract to the lowest bidder. In some cases, the government unit will make allowance for the supplier’s superior quality or reputation for completing contracts on time. Many companies that sell to the government have not been marketing oriented for a number of reasons. Total government spending is determined by elected officials rather than by any marketing effort to develop this market. Government buying has emphasized price, making suppliers invest their effort in technology to bring costs down.
When the product’s characteristics are specified carefully, product differentiation is not a marketing factor. Nor do advertising or personal selling matter much in winning bids on an open-bid basis. Key TermsBusiness Markets:The business market includes firms that buy goods and services in order to produce products and services to sell to others. Straight Re-buythe buyer reorders something without any modifications. Modified Re-buy the buyer wants to modify product specifications, prices, terms, or suppliers. New Task Buying A company buying a product or service.
Users are members of the organization who will use the product or service. In many cases, users initiate the buying proposal and help define product specifications. Influencers Often help define specifications and also provide information for evaluating alternatives. Technical personnel are particularly important influencers. Buyershave formal authority to select the supplier and arrange terms of purchase. Decidershave formal or informal power to select or approve the final suppliers. Gatekeeperscontrol the flow of information to others. |

Business Buying Behavior

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Business

Launching a new business

Launching a new business.
Apex International Ltd is a health care product company. The company is about to launch a new product in the market. The health care segment of this company is well renounced with products ranging from medical devices to surgical apparel including sterilization wrap, surgical gloves, surgical drapes and gowns and other medical devices. In an over all sense their products are targeted towards general health and hygiene. Therefore the vision statement would be a logical conclusion to launch a product in alignment with general health and hygiene.
At present the mission statement of the company is to expand and occupy global market with a new and ingenious product. This is because to mark an impact in the global market the company must employ a strategy in the parameters of product selection that would enable the company to stand at a distinctive position. This distinctive position would help the company to attain a better market segment. For the purpose, along with a new and effective product, the company needs a group of motivated employees who would be able to execute the laid down strategy by the top management. The company is confident about its present group of employees and is certain that the motivated workers would be able to execute the planning without much specified difficulties.
Thus the employees should

1. Follow the laid down principals and strategies closely
2. Understand the need of the potential customers clearly
3. Understand the preference of the potential customers
4. Provide customer service at the highest level
Business description
The company is set to launch a new product in the line of its existing item but in an updated and creative mode. The business would be spread over a large amount of markets around the world, and would venture into the markets of Asia, especially China. This would be well supported by market segments of other continents like North and South America, Europe and Australia and Oceania. The business would be controlled by the central headquarter situated in each of the countries of operation which would controlled by the Continent Head Office. The supreme negotiations would be done from headquarter situated in New York as it is a predominantly New York based company.
Operation requirements
  Operation requirements for this project are vivid and intricate.
Firstly the management has to development a perfect schedule in terms of production in the line of future market potentials.
Secondly, it should be looked upon that every aspects of the potential market segment is evaluated and measured.
In the third phase of the operation requirement it should be noted to understand the need and priorities of the targeted customers.
Lastly, a core unit should be developed to look into the motivation factors of the employees in the long run.
2. Vision Statement
As the general consumer durable health and hygiene related products of Apex International Ltd includes mostly fabric related products or versatile materials that are developed from synthetic fibers it would be a logical conclusion to include a product like a fragranced panty liner for white discharge in this context.
At present Apex International Ltd deals in products of personal care such as feminine pads, incontinence products and diapers it would be favorable for them to include panty liners for white discharge in this list of products specifically when the base material of the panty liner for white discharge is aligned with the base material of the other mentioned and related product which is non-woven fabrics. In the context of non-woven fabrics it would be interesting to mention that Apex International Ltd themselves is responsible for manufacturing non-woven fabrics in huge number of grades that are numbered around hundreds.
As these grades of non-woven fabrics are already operational for various purposes like spill control, car covers, industrial fabrics, home furnishings and flexible packaging making room for an additional product like fragranced panty liner for white discharge would not include any further fixed or capital cost to the company.
As for the market segment part the new product i.e. fragranced panty liner for white discharge would become a market leader world wide when a support system of a company like the Apex International Ltd is applicable.
To begin with it would be applicable to mention the need of panty liner for white discharge with a brief detail of white discharge as an ailment. White discharge is regarded as a vaginal discharge that is considered as normal during and after the menstrual period and it varies from woman to woman. It has been estimated that during the period of ovulation the mucous products increase and it has been reported that after the interval of ovulation the amount of white discharge increases by about 30 times. The material is elastic and watery in nature and therefore it is prescribed by the doctors to use panty liners during this time frame of the cycle. One of the most difficult propositions of this material is that it has a very bad odor.
Thus to access this market with a significant product the company needs to introduce a product that is
1. Well Fragranced
2. Extremely Hygienic
3. Highly dependable
4. Cost effective
3. Sales, Marketing and Finance management plan
Executive summary
The marketing strategy of the Apex International Ltd would be to develop a fragranced panty liner for white discharge. Developing a healthy and attractive fragranced panty liner for white discharge would never prove to be very difficult for the company as it is already in operative stage with relative products.
Situation Analysis
The potential, if the assumable market of this fragranced panty liner for white discharge is taken into consideration, could be substantially huge. It has been estimated that without the use of a normal panty liner for white discharge various symptoms may arise like discomfort, itching or even pain due to formation of fungal infection due to the amount of white discharge. Therefore, panty liners are essential and as it is consumer durable in nature therefore there is no chance of market being exhausted. Moreover, with a better campaigning with the focal point mentioning the betterment and advantages of a fragranced panty liner for white discharge would certainly help the company to occupy the existing market of panty liners by a huge margin.
Marketing strategy
At present the market segment of the world of panty liners are segregated among numerous companies of which a bulk of the companies represents China. These Chinese companies would be the prime target once Apex International Ltd takes over the manufacture of this new fragranced panty liner for white discharge and makes the product operational. The major reason of targeting China as the premium competitor would be the reason that these companies are basically marginally equipped to compete in the international market. Therefore they should be the primary concern as being the softest targets of all.
Secondly, the advantage of the Chinese companies to be able to penetrate into low market segment could well be nullified with the campaigns concerning health issues. Once this has been done a bulk of the customers would be diverted towards the Apex International Ltd’s product of fragranced panty liner for white discharge as there are hardly any individual who would compromise in terms of health issues. This would have an additional advantage for the company. Once penetration is possible within the market occupied by the Chinese companies it would also be possible to inflate the market with other products of the Corporation. This would be a double advantage and a scope of further optimization of revenue.
Thirdly, the other plus point enjoyed by the Chinese companies is the ability to penetrate into the markets of different nations all at the same time.
Financial projections
The amount of customers for this fragranced panty liner for white discharge would be by no means negligible. It has been estimated that about 9 million women visit the gynecological department or the general practitioners each year. This is just the estimation of the United States alone. It would be quite interesting to find out the actual number of potential customers for this new fragranced panty liner for white discharge world wide. That would mean a titanic amount of potential customers waiting for the fragranced panty liner for white discharge if marketing and campaigns are well executed by the Apex International Ltd. (Dollard, 2005)
Implementation Control
Thus once China is marginalized from the basic market of the fragranced panty liner for white discharge the rest of the market would fall in place with competition on the equal ground with other European, Australian and US companies. Here the main advantage of the Apex International Ltd would be the application of the fragranced panty liner which would drive away other potential competitors from the market and by the time any other company is able to formulate something new like the fragranced panty liner for white discharge the battle for supremacy over the market would belong won by the Apex International Ltd. Therefore it is obvious that a brand new product by the Apex International Ltd would be resulting into a clear winner not only in the local or national level but it is a cut made up for the international level and thus should be treated as a cut above the rest.
Reference:
Dollard, John & Robert R; (2005); The White discharge Syndrome; New University Press; 21-25

Launching a new business

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Approximately 250 words

Total price (USD) $: 10.99

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Business

Admission to Business Program

Admission to Business Program.
My experience prior to enrolment in Seoul business school includes everything I need to succeed in the program and later on – technical expertise, leadership challenges, and work in multicultural environments. The course in Seoul business school will surely help me to take these skills to a new level and build on that course as yet another prerequisite for a successful career.

Since my background is in IT, I started to build my professional career with gaining technical skills in the area I believe to be the most crucial in propelling global growth and spearheading development. Working for 7.5 years as a technical project manager at the Bank of America in Korea, I accumulated substantial knowledge in my specific area.

Being a highly qualified professional, I was appointed to supervise a project that involved IT specialists from both European and Asian branches of the company. With the environment being multiethnic, multilingual and multicultural, I found myself at the crossing point of various perspectives, viewpoints and ways of doing business.
At this point, I realized that the main focus of project management was not technical expertise that I had already begun to take for granted, but business communication skills specifically attuned to multicultural environments in global companies. Grasping intuitively for ways to bring the maximum efficiency to the project, I found gaps in my cross-cultural education and management skills.
Relying on my traditionally strong problem-solving skills, I was able to resolve most situations, but each time I came across a management problem, I felt that I could do better than before with help from a knowledgeable instructor. Since trying to do my best is one of my inherent traits as a professional, I decided to leverage my experience with the help of an education, which is the reason why I decided to pursue a new course in international management to help me advance the business side of my work.
This international focus is the reason why I chose Seoul business school, renowned for its international student body and diversity of program. I was impressed with the well-balanced curriculum of the school that provides intensive training in strategic management, building in students skills applicable in any part of the globe.
During my studies, I hope to make a breakthrough in my understanding of international management and learn from students with diverse backgrounds, incorporating their perspectives and transforming them into my own unique management style.
I do not expect ready-made answers from my business studies – instead, I am seeking a chance to rise above my current level with the help of new knowledge and take a bird’s-eye view of my future career path and goals. With the impact of a quality business education program, I am sure to attain new horizons in my career, becoming a successful international leader.
With my previous experience in leading projects and motivating people, I feel that I will be able to incorporate the elements of the program to achieve success in any future endeavours.
2) Tell us about a time when you came up with an innovative solution to a challenge or problem.
Most would think that IT jobs are mechanical and boring, leaving room for creativity. In my experience, however, I found that the greatest challenge is not the technical problems that can be overcome after some careful thinking; people, on the contrary, are an ongoing challenge as they generate all kinds of surprises.
Dealing with my IT staff, I had to bring up all my creative potential to help our employees open up THEIR potential for creativity, problem-solving and other skills.
Empowering IT employees was my greatest challenge since we all spent an enormous time sifting through petty technical problems. Forcing subordinates to run and check with me every small detail was consuming a lot of my time that could have been used for better purposes. At one point, I became so exhausted with the process that I felt some sort of solution was necessary to relieve them of the fear to make the decision on their own.
Teaching them to progress slowly seemed a good idea which led me to instruct them to solve at least one problem a day on their own, selecting from the range of problems they previously reported to me.
At the end of the day, we all had a five-minute assembly in which the team members would share what kind of problems they ventured to solve on their own and what solutions they came up with. It proved that their solutions were for the most part sound, so that our project did not suffer any major disruptions in its functioning.
The greatest asset of my invention was the psychological climate in the team that was suddenly transformed as employees began to sense a change in their role. No longer cogs in the machine, they were now independent thinkers, feeling the drive to expand the boundaries of their knowledge to meet their new function.
To do this, they shared information with each other in more frequent exchanges and would come up to me, but not with the details of a specific problem as before, but with broader questions that gave me a chance to increase their expertise. Our cooperation assumed a more lively character, and I could sense that my employees were now getting more satisfaction from their work.
Little by little, we went from one to two, then to three independently solved problems a day. This change significantly increased the capacity of my subordinates, expanding the productivity of our teams that could now process more tasks in the same limited timeframe. Most importantly, my invention helped to remove the fear of mistake in my subordinates, making them aware of their strengths at problem-solving.
Needless to say, I was deeply satisfied with the results and since then, have continuously been thinking about other possible innovations aimed at employee empowerment. I believe that helping people to bring out their potential is the most rewarding function of the managerial job that is lead to a breakthrough in the project’s chances for success.
3) Tell us about one thing in your personal or professional life for which you have a great deal of passion.
Throughout both my professional and community involvement, I have been trying to make my input valuable by trying assist those who are hampered by disadvantages that are no fault of their own. This can include helping the disabled, the poor, or those living in developing nations. Among the activities in which I engaged with a lot of passion, the memory of volunteer work in an NGO stands out from the rest.
Perhaps the reason is that, in my feeling, with this work I could make a real difference in the lives of many people. I first started volunteering simply out of desire to help a friend working at the same NGO. As I began to see the bigger picture of what they do, I felt the need to make my personal contribution to the lives of people in developing countries.
The work there really kept me in touch with what was going on in the rest of the world where people were less fortunate than myself and offered wonderful opportunities for striking up friendships and making contacts.
Having a successful professional background to draw upon, I felt myself both able and obliged to use my professional expertise to assist the populations of developing countries like Cambodia in improving access to information communication technology in rural and remote areas.
In my view, the capacity to utilise existing and evolving communication possibilities will be the key to these nations bridging the gap between their present condition and the industrialised world. It was exciting to think of how I can use my time and skills to help people around the globe make a transition to the information society which would be the necessary prerequisite for building sustainable economies.
My work in the NGO began from writing an e-mail newsletter and continued with preparation for seminar aimed at raising a subscription. Finally, I saw myself planning new initiatives within the organization to utilise existing capacities in the realm of information technology in order to facilitate information exchange with developing nations. We launched a few projects aimed at giving all people equal opportunities in the realm of information access.
I found working there that with my experience in the field I could often provide other people with advice that helped them to get a more coherent picture of what was going on in information technology and how the organization’s resources in this area could have been used with the maximum efficiency.
I believe that by applying our individual knowledge to help people in the less developed world we can truly make a difference since more affluent societies provide their members with more opportunities to acquire expertise in the professional field.
Once we absorb this professional knowledge, we can use our creativity of our minds to generate new ideas and connect them to the needs of other people. In my volunteer work, I did my best to leverage my previous experience to create a stimulating information-rich environment for other people where they, too, could have used their natural abilities to develop the economies of their nations. My deepest belief in the fundamental right of all people to have equal access to information fuelled my passion for this rewarding work.
4) Please detail the five-year plan for your career including the jobs you would like to have, how you would leverage your education, and how you would otherwise prepare yourself for this path. Tell us why your goals make sense given your plan and your background.
In my post-school years, I am determined to integrate my previous experience with the knowledge obtained in the school to succeed in a career that will incorporate my technical and management skills. Within a five-year timeframe, I hope to become IT consultant in a global company, concentrating on providing top-notch services to customers all around the world.
An education obtained in Seoul Business School will be an important factor in my success as IT consultant. Working in a dynamic, challenging business environment of IT consulting requires continuous improvement of one’s skills, ability to think on one’s heels, out-of-the-box solutions, and ability to meet the most unexpected customer needs.
A broad base of business knowledge I hope to gain from Seoul Business School will enable me to get a deeper insight into the nature of my clients’ businesses and prompt more productive solutions that can advance their operations in innovative, effective ways.
Having a quality educational background to draw upon, I would be able to utilise this knowledge to meet the diversified needs of customers with flexibility and speed, making a contribution to the success of many companies around the globe.

Admission to Business Program

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Nonverbal Communication: a Serious Business Advantage

Nonverbal Communication: a Serious Business Advantage.
Business Advantage 2 Nonverbal Communication: A Serious Business Advantage Whether it is called intuition or just good judgment, the ability to perceive and to use nonverbal cues to one’s advantage gives the business person the power and the skill to be more successful. T. S. Eliot wrote in The Love Song of J. Alfred Prufrock, “There will be time, there will be time / To prepare a face to meet the faces that you meet. ” Perhaps he meant that those in business must be prepared in such a way as to make their face agree with the message that the consumer expects to receive.
The communication experts agree that when two people have a face-to-face conversation only a small fraction of the total message they share is actually contained in the words they use. A portion of the message is contained in the tone of voice, accent, speed, volume, and inflection. However, approximately 93 percent of it is understood through nonverbal communication behaviors (Source needed). The combination of gestures, postures, facial expressions, and even clothing can support or interfere with the verbal messages that a person delivers.
The importance of nonverbal cues in the business world has not been studied extensively, but it only makes sense that it can have a strong impact on any communication within or outside the business realm. For instance, selling is an area where the nonverbal actions can make or break a deal. People are unlikely to want to buy from a sales person who refuses to make eye contact, who has poor posture, who lacks energy, and who seems unconvinced about the products and services represented. The importance of nonverbal communication in conjunction with appropriate verbal skills can make a difference to the success of a business transaction.

Therefore, this paper will Business Advantage 3 examine nonverbal communication as an important and integral component for business organizations and will determine nonverbal cues that are beneficial for successful business interactions. The ability to perceive and use nonverbal cues to one’s advantage gives the business person the power to be successful. Nonverbal communication includes any part of the body used by a person to send a message to another person. A person’s dress, attitude and movements are all contributions to personal business transactions.
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These cues can help a business owner get the message across or be able to correctly interpret a message received from a customer. Often the nonverbal messages express true feelings more accurately than the actual words. A study by Fatt (1998), notes that any communication in interpersonal relationships is insufficient with just mere words (p. 1). Consequently, he states, “Nonverbal communication thus becomes the yardstick against which words and intentions are measured” (p. 1). The most common use of nonverbal communication in business has been in marketing research.
It is used to determine consumers’ attitudes towards new products. For example, executives watching a focus test group pay more attention to the nonverbal cues of the group. They are able to more closely identify the test group’s true feelings by observing their body language, facial expressions and eye contact. Facial expressions especially are particularly helpful as they can show hidden emotions that contradict their verbal statements (Remland, 1981, p. 18). Additionally, in business settings, the way one is viewed affects his transactions. Martin Remland (1981) writes that as much as 90 percent of a manager’s time is spent
Business Advantage 4 communicating with others face-to-face (p. 2). Therefore, business people especially managers have to present themselves as a complete package that includes knowledge of their products, appropriate dress, and adequate use of nonverbal behaviors that depicts sincerity and trustworthiness. Nonverbal behavior is a major component of power perception in a business setting. Within a business, the main function of nonverbal communication is to facilitate relationships. Organizations have two major sectors—management and staff—who are usually at odds with each other.
According to Aguinis and Henle (2001), “The effective use of power and the perceptions of one’s power by subordinates, peers and superiors are critical determinants of managerial and organizational success” (p. 537). In this study on perception of power bases, Aquinis and Henle used three specific nonverbal behaviors—eye contact, facial expression, and body posture (p. 538). They defined power as the “potential of an agent to alter a target’s behavior, intentions, attitude, beliefs, emotion, or values” (p. 538). They also used French and Raven’s power taxonomy that includes five types (p. 538).
The first is reward power that means the target believes he can get “something” from the agent. Second is the coercive power where the target thinks the agent can and will punish him. The third power is legitimate power where the target must obey what the agent requests. Referent power is the need for the target to be associated with the agent. Lastly, the expert power is the target’s belief that the agent is very knowledgeable. Using these definitions of power in vignettes, Aguinis and Henle manipulated one employee’s nonverbal behavior while asking a second employee to rate the power base.
Business Advantage 5 They found that direct eye contact and a relaxed facial expression increased perception of power except for coercive power. Body posture had no effect at all. There are other less sophisticated indicators that also signify status. These include behaviors and appearance cues such as clothing, age, gender, and race. In a study by Mast and Hall (2004), the accuracy of judging other people’s status based on behavioral and appearance cues was investigated. They found that only one cue was used to determine if a woman was in higher status.
That was a downward head tilt. In males, the observers used both formal dress and a forward lean (p. 161). Mast and Hall also indicated that erect posture was not indicative of status in their research (p. 161). Communication experts agree that in face-to-face communication 93 percent of the message is nonverbal and only seven percent is in the actual words which is absolutely necessary to understand in a business setting. Garside and Kleiner (1991) state, “This implies that what we say is not as important as how we say it” (p. 26).
Today’s businesses need employees who are not only knowledgeable in their field but who also have exceptional interpersonal skills. It is understood that most successful executives prefer verbal communication because it allows them to read body language and to hear tone of voice. Fatt (1998) believes that knowledge of nonverbal processes of communication can improve business success. According to Fatt, “…face-to-face communication, which is heavily weighted with nonverbal information stimulates the greatest number of senses, and provides more complete information than any other mode” (p. ). Business Advantage 6 Since knowledge of nonverbal processes can enhance business success, it is important to recognize and use appropriate nonverbal cues. The first of these is face-to-face communication which provides immediate feedback that allows the business person to modify one’s approach to meet the needs of each encounter. In a research study by Graham, Unruh, and Jennings (1991), they gathered information on the importance of nonverbal feedback to accurate assessments in business transactions.
Their findings indicated that nonverbal communication was important to all surveyed and showed that most relied on facial expressions for accurate information. Their recommendations for businesses included, “…paying more attention to nonverbal cues, engaging in more eye contact, and probing for more information when verbal and nonverbal cues are discrepant” (p. 60). One way to do so is through reinforcement behavior that demonstrates approval or disapproval. Also, response-matching is a way in which the business person uses a similar style of speech, posture, or gestures.
Thirdly, accommodation is a way of adjusting to personal styles of those involved. It involves “issues of territoriality, dominance and/or submissiveness, and intimacy” (Fatt, 1998, p. 5). Professionals must use this feedback to note the body language to modify and adjust to the receiver’s behaviors. Another factor to consider is that face-to-face also allows a portion of the message to be contained in vocal elements. These include tone of voice, speed, volume and inflection (Graham et al. , p. 58). Establishing rapport is also a valuable result of face-to-face communication.
Rapport is essential in building good business relations with customers and co-workers. It helps Business Advantage 7 to communicate understanding and acceptance of the other person. There are behaviors that greatly contribute to establishing a personal relationship. These include: a sincere smile, a relaxed open stance, a slight lean towards the other person, and maintained eye contact. Mirroring is a very useful technique that can send as well as receive subtle nonverbal messages. In order to mirror another person, it is necessary to match their rate of breathing, speak at the same rate of speech and in their tone of voice.
It is also necessary to assume a similar posture and body language to confirm rapport and a comfortable environment. According to Fatt, “A salesperson who mirror customer’s behavior well and out of a sincere desire to communicate or to be of service usually established a strong rapport with a customer” (p. 6). A business person also utilizes information from nonverbal sources to overcome any barriers to communication with clients. Effective communication is an important aspect of management and sales positions.
By decoding nonverbal behaviors, business people can increase their knowledge and understanding of what the client desires. In the first initial contact first impressions can affect both sides of the business transaction. Therefore, a a person who displays confidence has a great advantage in developing rapport and trust with business associates. One’s ability to signal trustworthiness is a significant result of knowledge of nonverbal communication. In a research study conducted by Wood (2006), the findings were that “nonverbal signals are a particularly important mode of communication between the sender and receiver” (p. 02). Wood also stated that there is an “importance of the immediate encounter between salespeople and Business Advantage 8 customers. During the first encounter, these nonverbal signals are sought out, perceived, and used by customers in their assessment of the trustworthiness of salespeople” (p. 202). Therefore, by using and focusing on nonverbal techniques, the business person can give signals of trustworthiness. Additionally, Wood found that for salespeople all nonverbal signals have a significant impact on the customers (p. 202).
Along with confidence, the business person must have an adequate knowledge of reading nonverbal signals. For those with confidence, this type of communication is very natural and they give little thought to it. They greet customers and associates with a firm handshake that send a statement about their confidence. In addition, unflinching eye contact is a sign of frankness and interest which are both essential to sway and sell. David Morand (2001) presented research that suggested management also needed to be able to appraise emotional expressions of customers.
He stated, “Sensing others’ emotional states is obviously a skill central to the whole notion of interpersonal communicative competency” (p. 23). He found that it was essential for “managers to have the ability to decode messages sent by others, specifically focusing on messages existing at a nonverbal emotional level” (p. 23). There are also nontraditional uses of nonverbal communication in the business setting. For instance, the business facility makes a visible statement that reflects its own perceptions. It makes a visible statement about its culture and the way business is done at that facility.
One example of this is the head-quarters of Bank of America. It is a very dark, large structure that looms over all the other buildings near it. This sends a powerful message of the perceptions of their company image (Fatt, 1998, p. 2). Larson and Kleiner Business Advantage 9 (2004) claim, “A company with a strong culture and a lot of pride in itself will typically reflect that pride through its physical environment” (p. 2). Additionally, the office furnishings give more information to customers. The furniture of employees gives clues as to the status of that person in the company.
If one is on the bottom of the work hierarchy, there probably would be a small, cheaply-made desk with a small chair. The next class would add arms to the chair and some other piece of furniture. Management would have larger desks, a bookshelf and a table. Finally, the top executives would have plush carpeting and a sofa in addition to what those below had (p. 2). Included in the physical aspects of a business is the office environment. Businesses that are more open with very few walls rely on constant communication. They send the message that there are few barriers to communication.
They physical aspects of a business help customers to gain insight into the organization and to the people who work within it (Larson & Kleiner, p. 3). Another nontraditional use of nonverbal communication in the business setting is through the use of computers with growing online businesses. Online businesses are at a disadvantage without the assistance of nonverbal interactions. However, according to Timothy Bickmore (2004), there is a huge need for programs that recognize and receive nonverbal signals in order to increase sales volume (p. 9). In addition, many companies are utilizing text messaging and instant messaging for customer assistance. Qiu and Benbasat (2005) investigated advancement for programming to develop a trust relationship since this medium is void of any nonverbal signals (p. 75). They state, “With the help of emerging multimedia technologies, companies can now use computer- Business Advantage 10 generated voice and humanoid avatars to embody customer service representatives, thus enriching the interactive experiences of their customers” (p. 75).
Bickmore adds, “Embodied conversational agents (ECAs) are animated humanoid computer characters that emulate face-to-face conversations through the use of hand gestures, facial display, head motion, gaze behavior, body posture, and speech intonation” (p. 39). However, Bickmore also states, “There is no cookbook defining all of the rules for human face-to-face interaction that human-computer interface practitioners can simply implement” (p. 44). Until ECAs are fully functioning, companies should continue with the proven face-to-face interactions to improve sales volume.
Because businesses try to eliminate unnecessary travel and expenses, they are utilizing such mediums as videoconferencing. Even though videoconferencing can replace business meetings, there are disadvantages. The immediate feedback that comes with face-to-face contains cues from the facial expression, voice inflection, and gestures is often not as effective with videoconferencing. For instance, Bekkering and Shim (2006) state, “With a slow signal, it may appear to the viewer that the speaker hesitates, and hesitation in answering is generally considered to be a sign of dishonesty” (p. 105).
Another concern is that the camera used can be manipulated to improve one’s advantage such as making one appear taller and giving more influence over the meeting. A third concern involves turn-taking cues. “In face-to-face conversations, participants alternate speaking and listening by using an intricate mechanism of verbal and nonverbal cues” (p. 105). These researchers go on to say that in videoconferencing one gives up eye contact because it is distorted by separation of screen and camera (p. 105). This infers Business Advantage 11 that perhaps the speaker is being deceptive, and, thus, there is a lack of trust.
Therefore, business people will find face-to-face communication a better source of feedback as well as a better rapport builder. Ralph Waldo Emerson said, “What you do speaks so loud that I cannot hear what you say” (Inspirational Quotes). This has never been truer than in today’s business world. There is a vital link between nonverbal communication and business success. Because of this, body language and other nonverbal cues are communication tools that are too powerful to be ignored. Nonverbal communication can enhance a business person’s powers to persuade while removing any communication barriers with clients.
It can improve relationships between the work hierarchies, thus changing the work atmosphere to be more productive. Additionally, it can serve in a nontraditional manner where the business facility itself makes a statement about the company image. The uses of understanding nonverbal communication in a work environment are endless. Therefore, there is still a definite need for training in this area for all employees of a business. This training would complete the business person’s package that includes required knowledge of the business represented, charisma, and employability skills.
In conclusion, since effective communication is based on skills, and skills can be learned, then communication abilities can be improved in the business environment. It is an integral part of hearing what is said in a business transaction. Business Advantage 12 References Aguinis, H. , & Henle, C. (2001). Effects of nonverbal behavior on perceptions of a female employee’s power base. Journal of Social Psychology, 141(4), 537-549. Retrieved March 27, 2007, from EBSCOhost database (6002448). Bekkering, E. , & Shim, J. P. (2006). i2i Trust in videoconferencing. Communications of the ACM, 49(7), 103-107.
Retrieved March 27, 2007, from EBSCOhost database (21469769). Bickmore, T. W. (2004). Unspoken rules of spoken interactions. Communications of the ACM, 47(4), 38-44. Retrieved March 27, 2007, from EBSCOhost database (12713418). Fatt, J. P. (1998). Nonverbal communication and business success. Management Research News, 21(4/5), 1-8. Retrieved March 27, 2007, from Proquest database (295500641). Garside, S. G. , & Kleiner, B. H. (1991). Effective one-to-one communication skills. Industrial and Commercial Training, 23(7), 24-27. Retrieved April 12, 2007, From EBSCOhost database (4636901). Graham, G. H. Unruh, J. , & Jennings, P. (1991). The impact of nonverbal communication in organizations: A survey of perceptions. Journal of Business Communication, 28(1), 45-62. Retrieved April 12, 2007, from EBSCOhost database (5765878). Inspirational quotes for business and work: Nonverbal communication. Retrieved March 18, 2007 from http://humanresources. about. com/od/interpersonalcommunicatio1/ Business Advantage 13 a/quotes_nonverb. htm Larson, J. , &Kleiner B. (2004). How to read nonverbal communication in organizations. Management Research News, 27(4/5), 17-22. Retrieved March 27, 2007, from
Proquest database (656765051). Mast, M. S. , & Hall, J. A. (2004). Who is the boss and who is not? accuracy of judging status. Journal of Nonverbal Behavior, 28(3), 145-165. Morand, D. A. (2001). The emotional intelligence of managers: Assessing the construct validity of a nonverbal measure of “people skills”. Journal of Business and Psychology, 16(1), 21-33. Qiu, L. , & Benbasat, I. (2005). Online consumer trust and live help interfaces: The effects of test-to-speech voice and three-dimensional avatars. International Journal of Human-Computer Interaction, 19(1), 75-94. Retrieved March 7, 2007, from EBSCOhost database (18324428). Remland, M. (1981). Developing leadership skills in nonverbal communication: A situational perspective. Journal of Business Communication, 18(3), 18-29. Retrieved April 12, 2007, from EBSCOhost database (5765673). Wood, J. A. (2006). NLP revisited: nonverbal communications and signals of trustworthiness. Journal of Personal Selling and Sales Management, 26(2), 197-204. Retrieved March 27, 2007 from EBSCOhost database (6456374). Business Advantage 1 Nonverbal Communication: A Serious Business Advantage Wesley George Nonverbal Communication Dr. Lynn Meade April 27, 2007

Nonverbal Communication: a Serious Business Advantage

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Issues in Global Business

Issues in Global Business.
Module TitleIssues in Global Business and Strategic Concepts ????? Module Code6IM 501????? Module Level6 Credit value40????? Total Number400 of Learning Hours Key Words Implementation of Global strategy, strategy and the organisation, strategic development, globalisation, international business and the environment, internationalisation.????? Module Description There has been a fundamental shift in the world’s economy where national economies were once self contained, now cross border business activities and economies are much more inter-dependent on each other.
This module brings together elements of the global business environment with an understanding of the strategy making process. The ability to take an overview of business problem-solving and decision-making processes is necessary for a successful career in business management and administration. This module provides a broad representation of different, and often conflicting, perspectives and theories that reflect the richness of current debate among academics and practitioners in the field.
Initially the module focuses on enabling students to develop skills in the analysis of the strategic environment, development, evaluation and implementation of strategic concepts. These early stages of the module are designed to develop students’ analytical, problem-solving and decision-making skills. The module continues with a study of the global business environment and critical evaluation through the use of case studies to develop the student’s awareness and explore good and bad practices within the business process, content and context

Using a consultative approach the module concludes by addressing contemporary global issues and the inter-dependence of national economies balanced with the strategic requirements of the global organisation. Module Learning On successful completion of the module, students will be able to: Outcomes 1. Demonstrate knowledge and a critical approach to the key contemporary theories and concepts recognised in the field of strategic management and globalisation. 2. Apply and critically discuss the appropriateness of relevant theories to complex business situations. 3.
Apply consultancy principles and relevant theory to create, develop, plan and implement the Business Case Study Proposal recognising the importance of opportunity realisation and integrating implementation. Module Content * History of the field , evolution and development of strategic management; * Strategic Decision-Making * Formulating and analysing strategy;- The Strategy of International Business * Positioning Analysis – prescriptive and emergent approaches * Levels of Strategy and specifics of the strategy-making practices * Strategy development, evaluation and implementation International expansion and globalisation strategies – Exporting & Importing * Collaboration and competition: Knowledge creation through collaboration/network strategies * Developing and implementing customer-driven strategy * Globalization * National Differences in Political Economy * Ethics in International Business – Values, morality, ethical considerations, CSR * International Trade Theory * Foreign Direct Investment * Multi Nationals & HRM * International Labour Relations * Regional Economic Integration & revision Foreign Exchange Market * Political requirements of International Trade Theory * Research Methods * The Organization of International Business * Entry Strategy and Alliance * Global Production * Financial Management in International business * Ecological Challenges for Business and Society * Consultancy Techniques Module Learning Learning & Teaching Methods and Teaching Via lectures and/or tutorials or seminars to cover substantive areas of knowledge, supported by audio/visual and web materials.
Guest lectures and industrial visits – where appropriate – will be included. Students will be encouraged at all times to read widely for this subject, and to use both personal experiences from work placement(s) – where relevant – and their knowledge gained from their specialist prescribed and elected subjects. Use of interactive media and materials will be widely encouraged to provide the student with a fully rounded perspective and understanding of the module in ‘live’ situations. Module Assessment Method
CW1: 30% weightingStudents will be asked to demonstrate their understanding of this by firstly critically evaluating an organisation through a given case study and applying their knowledge gained in the lectures and tutorials. They will produce a management-style report showing application, evaluation and evidence of further reading focusing on specific areas of the module. CW2: 70% weighting Students will be required to act as a business consultant and prepare a report analysing a modern day scenario.
This element requires students to utilise appropriate models and techniques, from the whole module content, advising on strategic intervention and its impact on the global environment. Reading list Core Text: Hill, C. (9th Edition), International Business, Competing in the Global Marketplace. (Global Edition) Mc Graw-Hill . Recommended Reading Baranova P. , Knight T. , Milligan J. (2011), Strategy Concepts and Applications, Customised Text, Pearson Education. Cavusgil, S. Knight, G & Riesenberger, J. (2008) International Business, Strategy, Management, and new Realities. Pearson Prentice Hall. Daniels, J.
Radebaugh, L & Sullivan, D. (2009) International Business, Environments and Operations, 12th Edition, Prentice Hall. De Wit , B. and Meyer, R. (2010), Strategy: Process, Content, Context – An International Perspective, (2010), 4th Edition Text and Cases, South-Western, Cengage Learning. Drucker, P. (1985), Innovation and Entrepreneurship, Heinemann, London Goffin, K. & Mitchell, R. (2005). Innovation management; strategy & implemementation using the pentathlon framework, Palgrave, Basingstoke. Johnson, Whittington and Scholes (2011), Exploring Strategy: Text and Cases, 9th Edition, Prentice Hall, Essex, UK.
Lynch, Richard (2009). Strategic Management, 5th Edition, Prentice Hall, Pearson Education Limited, Essex, UK. Mintzberg, Ahlstrand and Lampel, (2009), Strategy Safari – Your complete guide through the wilds of strategic management. , 2nd Edition, FT Prentice Hall. Mintzberg, Ahlstrand and Lampel, (2005), Strategy Bites Back, FT Prentice Hall. Mintzberg, Lampel, Quinn and Ghoshal (2003), The Strategy Process – Concepts, Contexts, Cases, Global 4th Edition, Prentice Hall. Morrison, J. (2009) International Business, Challenges in a Changing World. Palgrave Macmillion. Morrison, J. 2009) Global Business Environment, Meeting the Challengers, 3rd Edition. Palgrave Macmillion. Inductive Derivation of a Consensus Definition of the Field, Strategic Management Journal, Vol 28, pp 935–955. Pettigrew, Thomas and Whittington (Eds. ), (2006), Handbook of Strategy and Management, Sage. Porter, M. E. “Competitive Strategy” and “Competitive Advantage”, (1986), Free Press. Rugman, A. M. & Collinson, S. (2009) International Business 5th Edition. FT Prentice Hall. Wild, J. & Wild, K. & Han, J. C. Y. (2003) International Business 2nd Edition Prentice Hall.
RELEVANT JOURNALS – via Emerald or EBSCO Business Premier Harvard Business Review Long Range Planning Sloan Management Review Journal of General Management Strategic Management Journal The Journal of Business Strategy Journal of General Management Administrative Science Quarterly OTHER RESOURCES Where applicable videos, business simulations, case studies etc. will be used to enhance and support the module content. 24/09 | Introduction to the Module| Chapter| Case StudiesVenezuela| 01/10| Employability | | Tesco| 08/10| The Concepts of Strategy| | IBM| 15/10| Value Creation| 13| Assignment Launch| 2/10| Strategic Options for International Business| 14| Wal-Mart/Coca-Cola| 29/110| Organisational Structure and Architecture| 14| Unilever| 05/12ncing/11| Entry Strategy| 15| JCB/General Electric| 12/11| Strategic Alliances| 15| JCB/General Electric| 19/11| Review Strategic concept| | Assignment Review and Workshop| 26/12| Globalization| 1| The Globalization of Health Care| 03/12| National Differences in Political Economy| 2| Indonesia| 10/12| Ethics in International Business| 5| Knights Apparel | | | | | Issues in Global Business and Strategic Concepts Autumn 2012 Week Commencing
Hand-in-Date for Assignment One 19th – 26th November 2012. Session | Title| Chapter| Case Studies| 21/01| Welcome Back. Assignment Feedback. Semester 2 Introduction| | Feedback Group Seminar1-1 Tutorials| 28/01| International Trade Theory| 6| Bangladesh`s Textile Trade| 04/02| The Political Economy| 7| The Global Financial Crisis| 11/02| Foreign Direct Investment| 8| Spain’s TelephonicaAssignment Launch| 18/02| Regional Economic Integration| 9| NAFTA/Mexican| 25/02| Assignment Discussion| | Assignment Seminar/ workshop| 04/03| Exporting & Importing| 16| MD International| 11/03| Global Production| 17| Boeing| 8/04| Global Marketing and R & D| 18| Microsoft| 15/04| Consultancy Review| | Assignment Seminar/ workshop| 22/04| Global HRM| 19| AstraZeneca| 29/04| Closing/Review| | Review| | | | | | | | | Issues in Global Business and Strategic Concepts Spring 2013 As the module progresses through this semester, more time will be allocated to assignment study within the tutorial period. This assignment is worth 70% and requires application of the module content to achieve a good grade. Hand-in-Date for Assignment Two 26th – 3rd May 2013

Issues in Global Business

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Making Excuses Hurts Your Business More Than Taxes and Politicians

Making Excuses Hurts Your Business More Than Taxes and Politicians.
We live in some pretty crazy times.
We’ve been stuck with the lowest-public-approval Congress of all time and a Senate that can’t seem to do anything.
In fact, the entire political landscape is more or less insane right now. Clinton vs. Trump, Democrat vs. Republican, Liberal vs. Conservative and all of the polarizations that come with this (or any) election. Bernie and the disenfranchised vs. the establishment. Libertarians vs. the world. You get the picture.

On top of that, we have tons of specific taxes, rules, regulations, trade agreements and laws that help some and hurt others. So much so, that it sits pretty high in the list of excuses when I ask people why their startup isn’t doing so well
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“We have too many employees, so we had to start paying for health insurance and it’s killing our cash flow.”
“Paying for my employees healthcare is hurting our bottom line and preventing growth.”
“If I start earning too much, the government is going to take almost half of it.”
Things of that nature. Honestly, there are too many to list. Unfortunately, there are always going to be people who have it easier than others in the world of business. That’s the way its always been and probably the way it will always be.
And it doesn’t matter one bit about what the government, society or anyone else imposes on you. If you’re serious about and if you truly have the entrepreneurial spirit and determination that your Instagram feed says you do, then stop complaining. 
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None of these things is crushing your business. You are crushing it with your limiting beliefs. You are using them as a crutch instead of figuring out a way to push to the top. It’s called a “scarcity mindset,” and it’s ugly.
Payroll tax isn’t letting you grow? That’s bull. Jet, Palantir, Periscope, SnapChat, Stripe, AirBnB and many more either started or saw incredible growth when the payroll taxes went up in 2015.
Chinese manufacturing is driving pricing down too far? More bull. Aerobie’s Aeropress is doing great with a bunch of competition made in China, for what I assume is pennies on the dollar. Same goes for those K’NEX that your kid is playing with. Same with those Buck knives that every hunter or fisher I know raves about. All doing great despite the global competition driving manufacturing prices down.
This applies to every single “limiting” law, tax and regulation. If what you’re trying to accomplish matters, you’ll find a way to succeed.
Right now, Uber and Lyft are being forced to pay in Massachusetts. That isn’t fair or just in a free market, but it happened. Seeing how the two new taxi giants handle setbacks, I’m confident they’ll be fine. The traditional taxi industry complaining about all this unfair innovation? I’m not so sure.
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It boils down to this: Being an entrepreneur is hard. Running a business is hard. Building an app that makes money is hard Deal with it without complaining about the things you can’t control and things become easier. Once you do that, you’re left with only two options: Give up, or succeed in spite of these factors you can’t control.
If you’re a true entrepreneur, you’ll make it work no matter who the president is or will be, and no matter what Congress does.  You won’t let anything get in the way of making your app succeed.

Making Excuses Hurts Your Business More Than Taxes and Politicians

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Nokia: Business Details, Marketing Strategies And Analysis

Nokia: Business Details, Marketing Strategies And Analysis.

Company information:
Company name     Nokia
Sector                      Communication equipment, Entertainment

Founded                 12.05.1865
Founder(s)               Fredrik Idestam, Leo Mechelin
IPO date                  Friday, 01.07.1994
Location                  Espoo, Uusimaa, Finland
Website                   www.nokia.com
Fundamentals and financials:
Market cup                         $37.07 billion
Revenue                              €23.54 billion
Employees                          101000
Revenue/Employee           €233100
Net income                         – €417 million
Shares outstanding           5.836 billion
Annual earnings/share    – €0.08
Company management: Rajeev Suri (President and Chief Executive Officer)
It’s hard to find a person that doesn’t know of Nokia, the manufacturer of the proverbial ‘brick’ phone – Nokia 3310. Majority of people know what the company does, but it’s time to dive deeper into the business specifics of the brand and get rid of surface-level knowledge.
Nokia is a Finnish communications company. Established way back in 1865, it was initially involved with production of paper. The organization functioned in a somewhat stable state for more than a hundred years. But the big batch of changes occurred in 1966 – the company merged with two other companies, which allowed it to branch out and conduct business within other markets. The corporation shifted focus again in the 1980s, with more attention being given to new acquisitions, mobile developments and consumer electronics. All those strides have allowed this business to produce its first mobile phone in 1987.
Read more below about competing brands.

Nokia vs. Vertu
Samsung Vs Nokia

Financial Data
Nokia is publicly traded with stocks available on the New York and Helsinki exchanges.
Recently, Apple has paid Nokia $2 billion as a settlement over an old patent dispute. Curiously, the financials have responded well to this occurence and shares have risen by 5.5%. The corporation also posted massive quarterly profits after that deal. On top of that, Apple also agreed to buy more of Nokia’s services, which drove the stocks up by additional 7%.
The company enjoyed moderate success, since they were able to turn a $24 billion of annual profit, but the revenues is a figure that does not inspire much confidence. With a loss of almost billion dollars, Finnish conglomerate struggles to adapt and make it in the modern world with such strong competition.
Marketing
Any enterprise that can boast with total assets around the $40 billion mark deserves a closer look of its marketing strategy.
Curiously, the flagship product – 3310 – has recently received a face-lift and generated a wealth of interest. They managed to turn nostalgia into sales. But the company has shifted its focus in recent times and many people still fail to see that the enterprise is involved with products and services other than mobile phones and communications.
Even though this business is in a position in which it’s yet to turn a profit, the longevity of their operations is very interesting. It led the communications revolution of the 1990s; corporation consistently released products that were far beyond its competitors.

Why has segmentation been a successful marketing strategy for Nokia?

Structure & Operations
The company employs over 100 thousand employees spread across numerous regional divisions. The organization is segmented in a way that allows it to achieve regional goals: Group Executive Board is responsible for the entire operations, while other specific workloads are spread across separate business groups. The way business gets conducted by them will be interesting without a doubt.

Global Business (Nokia)
Nokia Lumia: SWOT analysis
Strategic management report Nokia company
Strategic management – Nokia

Analysis
Nokia believes in human connection and recognizes the importance of having a line open at all times. The company was losing its market share due to strong competition from brands such as iPhone, Samsung, Lenovo, and Xiaomi, but has recently opened up a few alleys for improvement. How does this organization aim to resurface and generate a whole load of customers? Let’s find out!

Nokia Corporation – marketing relationships

Nokia: Business Details, Marketing Strategies And Analysis

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5 Favors to Call in When Launching a Business

5 Favors to Call in When Launching a Business.

Starting a new business, particularly in the early stages, is a big commitment. In making the leap into entrepreneurship, would-be entrepreneurs would do well to leverage their network of people — their family, friends and business associates — as a critical resource. Here are five favors that all new entrepreneurs should call in during the early stages of their startup journey.
1. Try out my prototype.
Starting lean is the reality for most entrepreneurs. Making a large investment in a fully developed product or service offering may not be possible, let alone a good strategy. Eric Reis, in his book , popularized the concept of the minimum viable product — the most basic useable prototype. Friends and family can be a great resource, willing to review or try out an early prototype and provide critical feedback to the design process.

Gathering as much information as you can early on can reduce the amount of uncertainty around a potential business. It clarifies the extent customers would be interested in what you want you have in mind. It will also indicate how much design work would be necessary to get your product or service to a level of interest sufficient to consider launching a business.
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2. Help me write a business plan.
It can be very tempting to avoid writing a business plan. The excitement of a new idea, inexperience with the process, and, in some cases, ready access to funding can make it seem as if the best course of action is to get started offering your product or service to the market as soon as possible. Taking the time to write one, however, can be critical to understanding how best to bring your business to market. You can have a fantastic product or service design, but if it is not launched with sufficient financing, a sound operating model and a compelling market strategy, it likely will not gain the traction necessary to succeed. A third-party perspective of your network is a great way to help you uncover needs in the market and to size-up opportunities. As the saying goes, goals without plans are nothing more than wishes.
3. Make an investment.
In the early stages of an entrepreneurial venture, it can be very difficult to gain access to funding from venture capitalists or angel investors. A business loan or a business grant may be possible, but they come with added costs: interest in the case of a loan and an arduous application process for a grant. When entrepreneurs are unable to finance the startup on their own, family and friends are an historically significant source of early stage financing. Family and friends invest upwards of $60 billion annually in startups.
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4. Help me manage myself.
Starting a new business is time-consuming and extremely stressful. Busy founders can get so absorbed in the day-to day needs of the startup that they struggle to manage their own well-being, both physically and mentally. In fact, they may not even be aware of the toll their business is having on their health. Having a spouse, family member, trusted friend or advisor willing to meet regularly to act as a sounding board for ideas and struggles, and to help provide some balance between work and personal life can be extremely valuable. It ensures that founders are taking care of themselves and are thus well-positioned to take care of the business.
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5. Be my business mentor.
Generally startups are built up around a new idea, but these ideas are most often launched into established markets. It can take a very long time to learn the best practices and subtleties of the industries in which you want your new business to compete. Having someone familiar with the target industry is extremely valuable for positioning your startup to take on already established competitors.
As the founder of a potential new startup, you have a lot of work ahead of you. The good news is that you don’t have to go it alone. Reach out to the resources you already have in your network and put them to good use.

5 Favors to Call in When Launching a Business

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Business Permits Prior

Business Permits Prior.
Having a decent job is one of the things that people need to have in order to sustain their needs. If people are going to consider the most efficient way of gaining money, the issue of whether to be an entrepreneur or an employee will arise. At this point, the case of whether to own a hair salon or work in a hair salon will be discussed to know which of the two, is the best option. Comparison between being an owner versus being an employee of a hair salon: Basic Business Background As a general protocol, it is a requirement that both the owner and the employee should have a good background about the business.
An appropriate and enough educational background about hair salon business help both the owner and the employee to get easily acquainted with the processes that are needed to keep the business going. The skills for basic hair salon like hair cutting, hair styling, hair dying and others should be known and learned (Fulbright 1). For the employee, the purpose of knowing and learning all the hair salon skills is to render the correct service to the customer with high quality. If the rendered service is good or excellent, then customer satisfaction will be gained.
For the owner’s side, the benefit of knowing the skills is to easily monitor the employees’ work by checking whether the employees are doing the right service or not. This aids in better management of the business and gaining more money. Lastly, the owner can also serve as the teacher to the employees and teach them the right processes to avoid mistakes while rendering service. Passion for Profession In a salon business, it is not enough that the owner and the employee have the education and skills needed for the business. Instead, they should also have the extreme passion for getting involved in the business.

Passion makes every business successful. It is passion that drives people to work hard and give their best not only to fulfill their personal interest but also to fulfill the interest of the company they are working in (Hoback 1). Even if the person owns a hair salon or working in it, the person should have the passion for rendering hair salon services to various customers. It should be noted that passion for a salon business includes the patience, hard work and social skills needed to deal with various customers and know their needs as soon as they enter the salon.
If the owner and the employees have passion, then the owner will be more motivated to run the business against all odds and the employees will be more encouraged to render service and obey their boss. Gender Selection Gender is never an issue in a hair salon business. Whether a person is a man, woman or a third sex, so long as the person has the capability to own or work in a hair salon business, everything will be possible (Hoback 1). It should be noted that the owner may not be a man or woman and so are the employees as well. Age Bracket In accordance with the gender selection, age also does not matter in a hair salon business.
No matter how old the person is, so long as the person’s age satisfies the minimum age allowed under the labor code and so long as the skills in hair styling is there, then any person can enter the business. People who are 20 years old can own a hair salon business if they have the sufficient capital needed to run the business. In accordance, people with the same age can work in any hair salon so long as they have the skills required to be a hair stylist. Benefits in Services For an owner, the use of the salon’s facilities is always free since the owner is the head of the business.
This benefit is somewhat similar to the employees since some of hair salon companies provide benefits by letting the employees use the facilities in the salon so long as they take care of it (Fulbright 1). By having that policy, both the owner and the employees can benefit from the facilities used in the salon to make their selves more presentable to their customers. Everyone is an Asset One thing that everyone should remember is that, every body, whether owner or employee is considered as an asset of the business. A person may not be of the highest position to be an asset.
So long as the person contributes to the business and helps in gaining more profits to the company, the person can be considered as an asset (Hoback 1). The owner may have a different set of tasks than the employees but nonetheless they are both important because the success of the business depends on their work performance. Contrast between being an owner versus being an employee of a hair salon: Set of Tasks Simply speaking, the set of tasks assigned to the employees are primarily related to salon services such as cleaning the salon, rendering hair styling services, maintaining inventory of customers and keeping cash earnings.
These tasks are quite different from the task of the owner which includes managing the entire business by keeping track of the inventory of supplies, analyzing the cash flow and establishing an income statement which can determine whether the company is doing good or not. The task of the owner is quite complicated because it requires managerial skills unlike the tasks of the employees which is more associated with the service and social abilities (Fulbright 1). Level of Responsibility
Since the tasks of the owner is more complicated than that of the employees, the level of responsibility of the owner is said to be much heavier than that of the employees. As the overall head of the salon, the owner has the biggest responsibility to look after the business and make sure that everything is running smoothly and in control. Unlike the employees whose responsibility is to render customer satisfaction through high quality services, the owner’s responsibility is to make the business productive by selecting the best employees and managing the business using the best management skills to earn profits.
Lastly it is also the owner’s responsibility to address the complaints of unsatisfied customers and offer them possible refunds. Capital Requirement Being an owner of a hair salon requires a big amount of money to serve as capital to start the business. The capital includes the amount needed to establish the salon, buy the equipment needed and pay the employees’ salary (Fulbright 1). Therefore, it is very important that the owner has the sufficient amount of money needed or otherwise, the owner will not be able to start the salon.
As for the employees, the only capital needed is the skill which is very important in rendering service and earning salary. Level of Risk Handling risk is very important in a business. Analyzing the two positions, it can be concluded that being an owner of a hair salon is riskier than being an employee (UK Hairdressers 1). One reason that makes it riskier is the amount of money that is invested to start the business. If the business did not turn out to be successful, then the owner will lose all the money invested for the business.
On the other hand, if the business closes, then the employees will only lose the job and some of their salary, but not their entire earnings. They can still look for another job and work under another management. Competition Working in a hair salon business subjects the employee to the competition that may happen within the company. It is a fact that in a hair salon business, several employees with almost the same skills are required to render the same services to the customers. Because of this, competition happens because employees have to do their best in order to have regular customers and earn tips at the same time.
The more competitive the employee is the more customers he/she can gain and the higher chance for promotions or incentives. On the other hand the level of competition that the owner experiences is not within the company but in a larger scale. The owner is considered as the representative of the business and the owner is subjected to the competition happening among the various hair salon businesses in the community or in the country (UK Hairdressers 1). The more competitive the owner is, then, the more chance for the business to exist in the market.
Legal Issues such as Business Permits Prior to the establishment of the hair salon business, the owner is required to obey the law by submitting the necessary documents needed to obtain a business permit. Without the permit, the business cannot operate. The owner may also pay a certain amount to pay for the necessary business fees (Fulbright 1). This is very different from being an employee where the person is not subjected to any legal issues upon application. Since the employee does not own the business, the employee may not need to obtain a business permit.
Conclusion Entering a hair salon business seems to be an exciting challenge for everyone. As discussed above, being an owner and a worker both posts various situations that people can use as the basis for their decisions. It is true that hair salon is a good business but everyone should be reminded that the success of any business still lies on the person managing it and on workers. In the end, the decision of whether to be an owner or an employee of a hair salon solely depends on the person making the decision.
Risks will always be there but so long as a good plan is established, then smooth business operations will follow. References: Fulbright, J. “How to Start a Hair and Salon Business. ”PowerHomeBiz. com. 26 January 2004. http://www. powerhomebiz. com/vol130/hairsalon. htm Hoback, R. “The Passion Behind Business”. The Motivated Entrepreneur. 16 November 2006. http://www. motivatedentrepreneur. com/articles/The_passion_of_business. shtml UK Hairdressers. “Considering Opening a Salon? ” UK Hairdressers. com. 2008. http://www. ukhairdressers. com/starting%20your%20own%20salon/starting%20a%20salon.

Business Permits Prior

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