Understanding what the Retail Price Index is - Free Essay Example

Sample details Pages: 5 Words: 1392 Downloads: 8 Date added: 2017/06/26 Category Finance Essay Type Analytical essay Did you like this example? The Governments general index of Retail Price, which has been existence since 1914, measures the change in the price of the goods and services brought by the average family from one month to the next. The actual method of calculation of the Retail Price Index is closely related the base weighted system. The information of the prices each month is generated by investigators through out the country, who covers a wide range of types of retail outlet from supermarket to small grocery suppliers. Don’t waste time! Our writers will create an original "Understanding what the Retail Price Index is" essay for you Create order Some items can not be collected over the country but they can be collected centrally. This includes such things as Postage and Telephone charges. When all the information has been gathered the index can be calculated, but as you can imagine this is quite a substantial task. By the time all the collection and computation has been done, the index is about four and half weeks out of date when it is announced. The standing advisory panel guides the Government that what item should go into the index, what base year should be used, when it should be changed and so on is an important part of producing the index. Retail Price Index is some kind of overall figure highlighting rapid change in the market prices pertaining to the cost of living. It would not be fair to leave the topic of the Retail Price Index without mentioning some of the criticisms. The monthly announcement of the latest change in the Retail Price Index attained an almost mystical significance during period of high infl ation. Some items which have a very significant effect on peoples standard of living are excluded from its calculation. In recognition of some of those deficiencies in the RPI, several alternatives have been proposed. There are TPI and CPI which is an internationally agreed measure. The difference between these measures are largely in terms of which items are and are not included though the methods of calculation remains similar to that we have discussed above. Different measures leads to different values of the current level of inflation. Number of Words for Part a : 378 Introduction of part -b Produce an application, based on your experience from the organization that you work for or one that you are familiar with, to show how RPI aids the accuracy of forecasting Retail Price Index is based on the principle that if there is an increase in the general level of prices which is reflected through Retail Price Index by say an X% over a period of Y period then also it would not affect the invested capital amount at the time one had invested since one is likely to gain a minimum return of the same % on the savings made. Whenever the situation of inflation arises we could make use of the Retail Price Index to compare the financial crisis in terms of income profit being paid at various period of time. Example: I have prepared an example, where an engineers rate per hour is 18 pounds in the year 2003. To keep pace with the inflation his rate in the next year 2004 would be as follows: YEAR RETAIL PRICE INDEX EARNED AMOUNT (POUNDS) 2003 181.3 18 2004 186.6 ? Here we are increasing the value of an amount of money in line with increasing price and this method is inflation. Earned amount of 2004 = Earned amount of 2003 x Retail Price Index of 2004 - Retail Price Index of 2003 = 18 x 186.6 / 181.3 = 18.53 Earned amount of 2004 = 18.53 2. Comet Electronics is a switch producer organization and the respective year data is available. Here the annual average Retail Price Index values are taken in to consideration for a successful period of five years all based upon January 1987 data and the base year for the calculation is 2001. This has been represented in the form of a table as under: ANNUAL SALES YEAR RPI (MILLIONS OF POUNDS) (Average) 11.0 2001 173.3 13.0 2002 176.2 14.5 2003 181.3 16.1 2004 186.6 18.5 2005 192.0 Here 2001 year data remains unchanged. For the year 2002 173.3 / 176.2 x 13 = 12.79 For the year 2003 173.3 / 181.3 x 14.5 = 13.86 For the year 2004 173.3 / 186.6 x 16.1 = 14.95 For the year 2005 173.3 / 192.0 x 18.5 = 16.87 Here in this case the percentage changes in the annual sales of the organization from year to year increases from 11 to 12 % per year but at the same time there is an increase in the value of RPI by about 1.25% per year. Thus one can conclude that the firms value of money in terms of sales from the past period is increasing which is clearly seen when it is compared to the original date values. Thus, increase in the firms sale is accountable by an increase in the prices and inflation. A graph for the above example has been represented by plotting year vs annual sales which is shown as under. . SR.NO YEAR MONTH ANNUAL SALES R.P.I  (MILLION OF POUNDS) 1 2001 JAN    171.1   MARCH 11.0 172.2 2 2002 JAN    173.3   MARCH 13.0 174.5 3 2003 JAN    178.4   MARCH 14.5 179.9 4 2004 JAN    183.1   MARCH 16.1 184.6 5 2005 JAN    188.9   MARCH 18.5 190.5 6 2006 JAN    193.4  MARCH  ? For the example no:2 the complete data of the annual sales the Retail Price Index corresponding with respect to the year 2001 to 2006 has been given above: Assume a linear relation between the year the annual sales without considering the Retail Price Index for month of march 2006 the sale forecast would be as follows: From the straight line equation, y=a+bx where b= nÃÆ' ¢Ãƒâ€¹Ã¢â‚¬  Ãƒ ¢Ã¢â€š ¬Ã‹Å"xy- ÃÆ' ¢Ãƒâ€¹Ã¢â‚¬  Ãƒ ¢Ã¢â€š ¬Ã‹Å"xÃÆ' ¢Ãƒâ€¹Ã¢â‚¬  Ãƒ ¢Ã¢â€š ¬Ã‹Å"y / nÃÆ' ¢Ãƒâ€¹Ã¢â‚¬  Ãƒ ¢Ã¢â€š ¬Ã‹Å"x2 -(ÃÆ' ¢Ãƒâ€¹Ã¢â‚¬  Ãƒ ¢Ã¢â€š ¬Ã‹Å"x)2 Here y is the total sales, x is the year, a is the constant cost, b is the gradient, n is the number of years. The turnover has to be evaluated so it would be the y-variable the year is the x variable. SR. NO ANNUAL SALES (MILLION OF POUNDS) YEAR ÃÆ' ¢Ãƒâ€¹Ã¢â‚¬  Ãƒ ¢Ã¢â€š ¬Ã‹Å"x2 ÃÆ' ¢Ãƒâ€¹Ã¢â‚¬  Ãƒ ¢Ã¢â€š ¬Ã‹Å"xy (y) (x) 1 11.0 1 1 11.0 2 13.0 2 4 26.0 3 14.5 3 9 43.5 4 16.1 4 16 64.4 5 18.5 5 25 92.5 ÃÆ' ¢Ãƒâ€¹Ã¢â‚¬  Ãƒ ¢Ã¢â€š ¬Ã‹Å"y = 73.1 ÃÆ' ¢Ãƒâ€¹Ã¢â‚¬  Ãƒ ¢Ã¢â€š ¬Ã‹Å"x=15 55 237.4 From y=a+bx a=y-bx, y=ÃÆ' ¢Ãƒâ€¹Ã¢â‚¬  Ãƒ ¢Ã¢â€š ¬Ã‹Å"y / n = 73.1 / 5 = 14.62. x= ÃÆ' ¢Ãƒâ€¹Ã¢â‚¬  Ãƒ ¢Ã¢â€š ¬Ã‹Å"x / n = 15 / 5 = 3 b = 5 x 237..4 (15) (73.1) / 5 x 55 (15) (15) = 90.50 / 50 = 1.81 a= 14.62 1.81 x 3 = 9.19 : y = 9.19 + 1.81 x 6 ( x = 6, the sixth year whose turnover to be calculated ) y = 20.05 millions of pounds. The forecasted sale for the year 2006 without using the RPI is 20.05 millions of Pound. 3. If we plot the data of example no.2 the growth of the sales is not far from a straight line pattern. We will therefore fit regression line to get a forecast of the Retail Price Index for the sixth year i.e. 2006 which become the variable and the year is x-variable from straight line equation. y = a + bx y = Total Cost a = Constant Cost b = Gradient x = Units Total Cost = Constant Cost + Gradient = Constant Cost + Cost / Unit x No. of Units Assuming linear relation between the Retail Price Index and the number of years the best of the line fit is, y = a + bx y = mean of y x = mean of x a = y bx From the equation b = nÃÆ' ¢Ãƒâ€¹Ã¢â‚¬  Ãƒ ¢Ã¢â€š ¬Ã‹Å"xy- ÃÆ' ¢Ãƒâ€¹Ã¢â‚¬  Ãƒ ¢Ã¢â€š ¬Ã‹Å"xÃÆ' ¢Ãƒâ€¹Ã¢â‚¬  Ãƒ ¢Ã¢â€š ¬Ã‹Å"y / nÃÆ' ¢Ãƒâ€¹Ã¢â‚¬  Ãƒ ¢Ã¢â€š ¬Ã‹Å"x2 -(ÃÆ' ¢Ãƒâ€¹Ã¢â‚¬  Ãƒ ¢Ã¢â€š ¬Ã‹Å"x)2 S. NO YEAR R.P.I ÃÆ' ¢Ãƒâ€¹Ã¢â‚¬  Ãƒ ¢Ã¢â€š ¬Ã‹Å"x2 ÃÆ' ¢Ãƒâ€¹Ã¢â‚¬  Ãƒ ¢Ã¢â€š ¬Ã‹Å"xy (x) (y) 1 1 172.2 1 172.2 2 2 174.5 4 349 3 3 179.9 9 539.7 4 4 184.6 16 738.4 5 5 190.5 25 952.5 ÃÆ' ¢Ãƒâ€¹Ã¢â‚¬  Ãƒ ¢Ã¢â€š ¬Ã‹Å"x=15 ÃÆ' ¢Ãƒâ€¹Ã¢â‚¬  Ãƒ ¢Ã¢â€š ¬Ã‹Å"y=901.7 55 2751.8 n = 5 5 x 2751.8 (15) x 901.70 b = 5 x 55 (15) b = 4.67 a = y bx y = ÃÆ' ¢Ãƒâ€¹Ã¢â‚¬  Ãƒ ¢Ã¢â€š ¬Ã‹Å"y / n = 901.70 / 5 y = 180.34 x = ÃÆ' ¢Ãƒâ€¹Ã¢â‚¬  Ãƒ ¢Ã¢â€š ¬Ã‹Å"x / n = 15 / 5 x = 3 a = 180.34 4.67 x 3 a = 166.33 y = a + bx = 166.33 +4.67 x 6 y = 194.35 Therefore the RPI for the 6th year is 194.35 In this chart we can clearly see the increase in the RPI by year to year. Using the RPI value to calculate the % change in the index between the years is as under. % change = Later date RPI x Earlier date RPI 100 Earlier date RPI For the year 2000 2001 = 172.2 x 171.1 / 168.40 100 = 74.96 % For the year 2001 2002 = 174.5 x 173.3 / 172.2 100 = 75.61 % For the year 2002 2003 = 179.9 x 178.4 / 174.5 100 = 83.92 % For the year 2003 2004 = 184.6 x 183.1 / 179.9 100 = 87.88 % For the year 2004 2005 = 190.50 x 188.90 / 184.60 100 = 94.93 % For the year 2005 2006 = 193.40 x 194.35 / 190.50 100 = 97.30 % Now taking the average of the % we get 74.96 + 75.61 + 83.92 + 87.88 + 94.93 + 97.30 = 85.76 % 6 With the help of above chart we can clearly see that it is not in a straight line as we shown in the first chart. Forecasting the turnover for the year 2006 by taking the base year data of RPI. The increase in the % we get = 11 x 85.76% + 12 = 21.43 millions of pounds. By using the RPI we can forecast that the annual sale for the year 2006 is 21.43 millions of pound. Conclusion: As above shown in both example number 2 and 3 we can clearly see that the forecast of the year 2006 with the help of RPI is more than that of other. Using the RPI would be better to plan a proper growth of the sales. But, the only problem is that, it is based on assumption. Reference: Clare Morris, Year 2008 7th edition, Quantitative approaches in business studies, England (Essex) UK Retail Price Index from internet. Total number of words: 1743

Personal Statements For A Professional Advisers - 1634 Words

In addition, we may disclose your personal information to: †¢ your authorised representatives or your professional advisers (e.g. when requested by you to do so); †¢ CRBs (see ‘Sharing with CBRs’ below); †¢ fraud-checking agencies; †¢ credit providers (for credit related purposes such as credit-worthiness, credit rating, credit provision and financing); †¢ Australian Banks, non-bank lenders and providers of credit, financial or insurance services; †¢ our related bodies corporate; †¢ our professional advisers, including our accountants, auditors and lawyers; †¢ other comparison sites, mortgage brokers or providers of investment, financial or credit where it is legal for us to do so; †¢ government and regulatory authorities and other organisations under which we are governed, such as ASIC and other bodies as required or authorised by law; and †¢ organisations who manage our business, marketing and corporate strategies. Some of the above external organisations and entities may be located outside of Australia. Transfer of information overseas We currently run our business in Australia but this may be expended to other countries and overseas. We will provide a list of these countries by updating this document. We may need to share some of your information (including credit information) with organisations outside Australia. You should note that while they will often be subject to confidentiality or privacy obligations, they may not always follow the particular requirements ofShow MoreRelatedHigh School Students : A Interview At Alain Leroy Locke1616 Words   |  7 PagesCollege Adviser, placed through USC, at Diego Rivera Learning Complex. While the first interview was conducted on site at Locke, the second interview was conducted on campus at USC. For both interviews, I came equipped with my questions already printed out and ready for me to write my interviewees responses down. In discussing the challenges that both the counselor and adviser experience in terms of learning, it is important to first understand the population of students that both professionals workRead MoreHigh School Students : A Interview At Alain Leroy Locke1615 Words   |  7 PagesCollege Adviser, placed through USC, at Diego Rivera Learning Complex. While the first interview was conducted on site at Locke, the second interview was conducted on campus at USC. For both interviews, I came equipped with my questions already printed out and ready for me to write my interviewees responses down. In discussing the challenges that both the counselor and adviser experience in terms of learning, it is important to first understand the population of students that both professionals workRead MoreKappa Organizational Structure1367 Words   |  6 PagesHistory †¢ Standards From the moment Kappa begins exploring a potential new chapter, we reach out to alumnae in surrounding areas to assess interest in serving as advisers. We know how critical a positive relationship between students and our supporting alumnae is to the success of a new chapter. We want you to be confident in our statement that highly qualified, dedicated women who are excited about the prospect of re-establishing a chapter at Adelphi are ready to get started and support members fromRead MoreAnalyzing Active Listening Skills. Essay1127 Words   |  5 Pagesin these practical sessions. Even though the students in these listening skills sessions were supposed to work in mock therapeutic session, it was made clear that these exercises did not provide the necessary training for the students to become professional counsellors. Nevertheless this does not mean that these practices were not helpful. We were provided the possibility to gain a better and newer understanding of the subject by practicing our listening skills and conducting these practical exercisesRead MoreChallenges For Accounting And Finance Professionals969 Words   |  4 PagesMariella Barcelo GB212 Professor Clarkson Evening Event Assignment Challenges for Accounting and Finance Professionals Case Questions – Olympus 1. Why is the Olympus case considered to be as much about corporate governance as it is about accounting fraud? This particular case is considered to be as much about corporate governance as it is about accounting fraud because it comprised a corrupt system that existed in the company and involved senior management (including the board of directors) forRead MoreThe Contributions Of Michael Martin Essay987 Words   |  4 PagesStatement of Michael Martin’s Professional Contributions to The University of Wisconsin - River Falls and the College of Education and Professional Studies. Reflecting on the past nineteen years I have been privileged to work with outstanding students, faculty and colleagues at the University of Wisconsin River Falls. I am humbled and honored being nominated for the University of Wisconsin System, Board of Regents Academic Staff Excellence Award. I have been asked to highlight my professionalRead MorePosition Statement For Women In America1594 Words   |  7 PagesIn addition to the rotating two-hour program, we have a peer-led, 60-minute curriculum that can be facilitated by a chapter Education Chairman for an entire chapter as well as online Behind Happy Faces courses for advisers, alumnae and collegians who are interested in learning more. As part of our yearly chapter programming, Kappa offers members Not Anymore, an engaging online program facilitated by peers. Throughout the course, young women share their stories about difficult topics, including sexualRead MoreLeadership Essay1777 Words   |  8 Pagesfinancial support thro ugh our Rose McGill Grant program. Whether it’s scholarships, educational programs, or leadership development opportunities, Kappa is committed to enriching the lives of our members. In the end, Kappa is about people. We believe in personal development and helping others when they are in need. A partnership between LIU Post and Kappa will provide an opportunity for us to demonstrate our shared commitment to strengthening the local community and beyond. [headline] A legacy built onRead MorePersonal Statement : Academic Emphasis And Scholarship Programs Essay1292 Words   |  6 Pagesis required to maintain academic standards equal to or higher than the university or college all-sorority average. Therefore, the Kappa chapter at UCCS will be expected to meet or exceed a 3.18, the all-sorority average in spring 2016. Position Statement: Academic Excellence Kappa Kappa Gamma recognizes the value in striving for intellectual excellence and pursuing opportunities for self-growth. Each chapter is encouraged to foster scholastic excellence, actively support its members who encounterRead MoreHenry II And The 19th Century1264 Words   |  6 PagesTimes started to transform in the 12th and 13th century with how the government ran in England. Henry II was King at this time and had developed a government system where he had professionals work for him. These professionals had schooling and got paid salary by the King. The government was very institutionalized with royal officials administering both revenues and law. The king did not have to be present much, in place, he had his officials do administrative work and record keeping. The king traveled

Oil Dependancy, Oil Shortfall Impact and Economic Development Planning Free Essays

Question 1: Dependence on Oil A ; Oil deficit Impact Question 2: Economic Development Planning Question 1 We come across a batch of docudramas on about day-to-day footing, yet some of them are serious plenty to pull our attending towards the upseting province of the Earth. Most significantly, all of these sorts of docudramas are besides supported by comprehensive research and surveies conveying the same massages bespeaking that we worlds are in great problem and we are traveling to see a much different life than of all time before. The docudrama, â€Å"The Crude Awakening- ( The Oil Crash 2007 ) signifies one of the most alarming state of affairss that even powerful economic systems are confronting today, i. We will write a custom essay sample on Oil Dependancy, Oil Shortfall Impact and Economic Development Planning or any similar topic only for you Order Now e. , how dependance on oil is impacting non merely the oil monetary values but besides the nutrient supply. This essay aims to foreground what’s traveling to go on in transit, nutrient and energy sectors of different metropoliss of the United States when the economic system runs short of inexpensive oil. Oil is a au naturel necessity of the universe and besides for the burning engines ; it’s like a life line. Harmonizing to energy information disposal 2009 estimations, about 84 to 85 million barrels of oil was pumped and consumed every bit good, worldwide. With tantamount ingestion and production rate of oil, is it possible that we keep pumping the fossil fuels without the depletion of resources? Obviously, you can’t carry through the oil demands of the full universe with a individual well. Though there are limitless figure of oil well, some of them are still productive while some are dried out, yet each of them follow a peculiar production bell curve, dwelling of productiveness maximization, stabilising and so consuming to nil with certain figure of old ages. This curve is called Hubbert Curve and presented by Shell geologist named King Hubbert, in 1965 ( Jimenez, 2009 ) . This curve is besides applied to oil production all over the universe, Normally, oil companies concentrate more on large and easy to happen oil Fieldss ab initio and so come to deeper and smaller 1s when the big 1s start consuming. They besides take the aid of newer engineerings in this respect. In a nut shell, harmonizing to a bell curve, the production is supposed to increase, make at extremum and diminution eventually. It is to be noted that point called peak oil is arise before depletion. Take an illustration of decanter filled with java, to understand the construct. Pour cup after cup without any attempt until you see a watercourse of Java. Obviously, you would certainly necessitate to badly lean the decanter to run out the dredges. Your last streamlined cup before the concluding autumn is the peak point. Demand for oil will maintain lifting nevertheless ; oil militias of the planet will consume ( Avent, 2008 ) . What is the scenario after the peak point is raised? Indeed, an oil clang. Harmonizing to U.S. section of the interior geological study the anticipations sing the impacts of worst oil clang involve higher gas monetary values, endangered globalisation, increasing lawlessness and irreparable development of secured boring points. The solution of the job might trust in diminishing our dependance on fossil fuels. Alternate resources of bio fuels and energy seem of import in this scenario. Many critics have labeled oil deficits as something political benefit, in position of universe political relations. Everything is rather clear. Supply is less than the demand as of all time, obliging us to research alternate energy resources and alter energy use patterns. Even if we are able to use the last bead of the oil through latest engineering, increasing spread between supply and demand and higher monetary values would name a demand for a alteration. Current Tendencies of Oil ingestion in United States United States consumer really small part of petroleum oil as most of the oil is refined to be used in crude oil merchandise fabrication like Diesel fuel, jet fuel, gasolene etc. Natural gas processing generates liquid that is besides used the same manner. Renewable resources like biodiesel are used as an option for refined crude oil points. EIA besides takes into history biofuels in ingestion studies. Harmonizing to U.S. agency of economic analysis of current concern 6.89 billion barrels of crude oil merchandises were consumed in United States in 2013, connoting 18.89 million barrels per twenty-four hours, in which biofuels account for 0.32 billion. The Deficits in U.S Petroleum Harmonizing to U.S. agency of economic analysis of current concern Deficits in U.S. crude oil trade have been equal to a big fraction of the instability between U.S. imports and exports. Between 2000 and 2012, the cumulative sum of U.S. trade shortages in rough oil and refined crude oil merchandises amounted to $ 2.87 trillion, 40.5 per centum of the cumulative shortages in all goods and services over the period. And oil ‘s function has increased in importance over the clip: in 2012, for illustration, the trade shortage in oil was equal to 55 per centum of the overall trade shortage in goods and services. Deficit of Oil in United States- The Impact on Transportation Over the last 40 old ages, one of the most hard transit policy inquiries has been the issue of the monetary value of oil and its associated impact on transit systems1. Since the 1950’s the North American economic system and its transit system have become progressively dependent on oil both in footings of its production of goods and services, and their distribution from production centres to market ingestion centres ( Gordon A ; Robert, 1975 ) . The monetary values of nutrient, consumer goods ( e.g. , electronics, furniture, and apparels ) , and capital goods points like autos and houses are all likely to endure from go oning oil monetary value dazes. Fuel monetary value addition may ensue in a broad scope of impacts depending on merely how much of the addition can be passed on to consumers. In the planetary economic system and both the internal and external transit systems of the United States, significantly higher monetary values will act upon factors like †¢ The planetary economic system care and growing †¢ Marine and inland transportation cost †¢ Modal portion Deficit of Oil in United States- The Impact on nutrient production Harmonizing to Federal Reserve Bank of San Francisco nutrient monetary values have gone so high since last few old ages. In U.S. , the nutrient monetary values increased by 5 per centum in 2012, while in 2011, the rising prices rate recorded was the highest in last 36 old ages. Though USDA estimated nutrient monetary values increase in between 2.5 to 3.5 per centum, yet rising prices is traveling to be even higher. The higher monetary values are dismaying as economic system is dead with 0 involvement rates. The major ground could be the short autumn of oil supply. Since gas and oil are besides extremely demanded in agricultural sector, a diminution in oil supply will finally raise monetary values of nutrient in approaching old ages. Harmonizing to Geologist Dale Allen Pfeiffer, population is lifting, hence, there is a demand to cut population growing rate by at least one 3rd in United provinces and two 3rd in the full universe ( Trehan A ; Bharat, 1997 ) . Deficit of Oil in United States- The Impact on energy production The macroeconomic deductions of a supply shock-induced energy crisis are big, because energy is the resource used to work all other resources. When energy markets fail, an energy deficit develops. Electricity consumers may see deliberately engineered peal blackouts during periods of deficient supply or unexpected power outages, irrespective of the cause. Industrialized states such as United States are dependent on oil, and attempts to curtail the supply of oil would hold an inauspicious consequence on the economic systems of oil manufacturers ( Trehan A ; Bharat, 1997 ) . Consumers will hold to bear increased monetary values of fuel and those who use electricity for cookery, H2O supply and warming, affects would besides be felt. The current scenarios hence indicated uninterrupted energy crisis and are besides a human-centered crises. Mentions Jimenez, R. ( 2009 ) . The Industrial Impact of Oil Price Shocks: Evidence from the Industries of Six OECD Countries.Documentos de Trabajo,No. 0731. 2007 ; N. Velazquez. â€Å"Impact of Rising Energy Costss on Small Business.† Congress of the United States. House of Representatives. Avent, R. ( 2008 ) . A World Less Flat.Guardian, UK. p. 35 Energy Information Administration ( EIA ) Survey, p. 133-145, 2012. U.S. Department of the Interior. U.S. Geological Survey, p. 205-239, 2008. U.S. Bureau of Economic Analysis of Current Business, April 2013. Gordon, B. , Robert, J. ( 1975 ) . Alternate Responses of Policy to External Supply Shocks.Brookings Documents on Economic Activity, ( No. 1:1975 ) , pp. 183—206. Reserve Bank of San Francisco. ( 2012 ) . Oil Prices, Exchange Rates and the U.S. Economy: An Empirical Probe.Economic Review autumn 2012, pp. 25-33 Trehan T. , A ; Bharat, V. ( 1997 ) . Oil Supply Shocks and The U.S. Economy.Federal Reserve Bank of San Francisco,Weekly Letter. P.198-209. Documentary: The Crude Awakening- ( The Oil Crash 2007 ) . ( 2007 ) . Retrieved from YouTube.com Question 3 Baltimore’s Harbor Point Project This undertaking is considered as one of the controversial undertakings due to match of grounds. One of the grounds is the environmental effects that are disturbed by the building stuff used in edifices and walls. The component that is involved in the building and set uping the environment is Chromium. This component is extremely unsafe for the living existences as it is one of the causes of malignant neoplastic disease disease. Most of the civil applied scientists recommend utilizing Cr as a building stuff but it is besides a cause of diseases for the human existences. There could be precautional steps adopted by the people to avoid the infection of these chemicals. Apart from the Cr consequence, the other contentions that revolve around the Baltimore’s seaport point undertaking are the location of the country. It is believed that the geographical place of this undertaking is non outstanding because there is an extreme are air force per unit area striking the project’s location that could possible weaken the building. The civil applied scientists have taken the constructive steps for the safety of the Baltimore’s seaport point undertaking. The pros and cons have to be considered so that in the hereafter clip, all possible factors could be handled with great attention and concentration. Tax Increment Financing ( TIF ) is one of the fiscal footings used for roll uping the revenue enhancements from the companies, organisations and on-going undertakings. There was an estimation of the paying of revenue enhancements around one hundred and seven US dollars to the authorities which itself is a immense sum. It is besides said that TIF are traveling to increase their rate of revenue enhancements so that maximal gross could be generated from such undertakings and events ( Dorsey A ; James, 1981 ) . There are some of the points on which the Tax Increment Financing and seaport point undertaking can non hold or can non be on the same page. On these points, they ever struggles and contradicts and this arise to many confederacies. When it comes to answerability of the revenue enhancements being asked from the profitable undertakings like seaport point undertaking from the authorities side, they ever fail to turn out the exact sum been required. There has to be complete transparence of the fiscal statements and revenue enhancements being received from such undertakings. The crystal clear fiscal statement and hard currency books have to be recorded sing the revenue enhancements being collected by the Tax Increment Financing section. It is truly compulsory for such establishments to do the record of revenue enhancement aggregation for the Harbor Point Project as they are invariably turning and expects a great feedback from all ( Dixon, 1992 ) . Harbor point undertaking will demo that it is traveling to make more chances for the people or it would saturate the sum of occupations. It is fact that more earning grounds have to be tipped out as there is traveling to be building all around the topographic points. The rewards and the wages have to be equal for all labours irrespective of their background and vicinity. There has to biasness in every facet so that the society could impact a perfect gesture to others. It is a common fact that occupation are given to those who belong to the same vicinity of company, this unbalance occupation chance has to be eradicated. All people have to be given occupations on the footing of virtue and endowment and the tendency of unfairness has to be removed ( Dietrich A ; Skinner, 1979 ) . There are certain entities that are involved in the Baltimore Harbor’s undertaking, for case the investors, employees, authorities employees, man of affairs, the people shacking in the specific country and the elective people. All these people are a portion of the Baltimore’s undertaking and all the safety steps have to be taken into consideration from each and every facet. Proposed solution One of the major jobs is the direction and deliverable of activities sing the Baltimore building. The jobs could be resolved if there is a better direction and perfect determination. All the issues would be possible resolved in the most professional manner. There has to be presence of unfastened broad infinites so that structural makeover could be built in much specific manner. This job is supposed to be corrected on clip so that there could be flawlessness at the terminal of the twenty-four hours. There have to be engaging of professional civil applied scientists who know their duty and acquire the issues solved ( Chesterman, 1978 ) . Mentions Chesterman, C. W. ( 1978 ) . The Field Guide to North American Rocks and Minerals: The Audubon Society, New York, Alfred Knopf, Inc. , p.850. Dietrich, R.V. , A ; Skinner, B. J. ( 1979 ) . Rocks and Rock Minerals: New York, John Wiley A ; Sons, p.319. Dixon, D. ( 1992 ) . The Practical Geologist: New York, Simon and Schuster, p.160. Dorsey, J. , A ; Dilts, J. D. ( 1981 ) . A Guide to Baltimore Architecture: Centreville, Md. , Tidewater Publishers, p. 327. How to cite Oil Dependancy, Oil Shortfall Impact and Economic Development Planning, Essay examples

Society and Environment Consideration Functioning and Operations

Question: How to society and environment consideration functioning and operations? Answer: Introduction Legitimacy theory is focused on the society and environment consideration while functioning and operations. It is comprised of a social contract where society and organizations are bound by an intangible agreement (Omran and Ramdhony, 2015). Organizations employ various natural and community resources which are not entitled to it from inheritance in exchange of utilizing these resources; society needs them to operate with some expectations, norms, policies and beliefs. In the past years, it has been found that organizations are focused on revenue generation and improving the performance of the resources. However, in the recent years, legitimacy theory is being used in a wide number of organizations around the world. Moreover, the legitimacy theory is being researched by many scholars and researchers on its validity and importance to the economy (Omran and Ramdhony, 2015). It is being criticized and accepted by various intellectuals in their different perceptions about the legitimacy and positive theory. The most explored area in the legitimacy is importance of the theory in the financial accounting system of the organization which is being hampered. Simultaneously, the role of legitimacy also forces the organization to manipulate the accounting data which results in huge financial losses. This research paper is aimed to explore the legitimacy theory integration of social contract in the accounting of organizations. The purpose of this study is to facilitate a brief on the interconnection between the society expectation and legitimacy theory. Legitimacy theory is often being used by the organization as a sustainability strategy plus to increase the competitiveness in the society due to intense competition. Nevertheless, it has also been implemented as it improves the reputation of the organization that indirectly gives financial benefits to the organization (Omran and Ramdhony, 2015). The study explains legitimacy theory and social contract meaning in the reality of organizations accounting. Furthermore, the relevance and significance of social agreement within the legitimacy theory of accounting is being discussed in this study. In addition to this, the application of legitimacy theory is being projected by referencing to scholars and researchers providing strategies and different methods integrating to the accounting of organizations. Importance and role of Social Contract contained by Legitimacy Theory in Accounting This section will elucidate the connection between the social contract and legitimacy theory. This research is a significant for revealing the positive accounting theory and its relevance and its application in the society associated with the legitimacy theory. This literature review has been critically examined to view the unbiased information about the importance and role of the legitimacy theory in the financial accounting. Therefore, in the below section advantages, disadvantages, features and strategies to implement and cope-up the legitimacy theory in an organizations financial accounting has been outlined. Omran and El-Galfy, (2014) demonstrates that Legitimacy theory is defined as operation of an organization according to the social expectations, perception, values, norms and beliefs. The organizations functions are being constructed in such a way that it fulfills the desire of the society and environment concerns in it (Omran and El-Galfy, 2014). It is one of the most criticized and studied theory in the positive accounting theory. It is the insight of the development in the management of accounting which is based on the ethical literature. It has been found that legitimacy is a bridge between the social and environmental disclosures which drives the powerful mechanism by the organizations which involves public participation in the operations for the betterment of the society and other community issues (Omran and El-Galfy, 2014). Social contract is the agreement with the social of organizations which is determined as a favor or consideration to the society in exchange of utilization of natural and community resources that are not inherited by the company. As per the legitimacy theory, the natural and community resources belong to the society and environment and when organization uses these resources they automatically bind with the obligation to serve the society and environment with the same proportion (Mansell, 2013). The natural resources includes land, machinery, metals and everything, whereas community resources are the labors and workers which has been hired by the company to make their ultimate products and services. The legitimacy theory is pivotal for existence of any business entity. The social acceptance helps an organization in carry on its business smoothly and facilitates the competitive advantage to the organization (Omran and El-Galfy, 2014). In addition to this, Tilling, (2004) reports that social contract is a powerful element that helps an organization to fulfill the social expectation. The social contract is divided into two parts that is explicit and implicit. When an organization fulfills all the legal and authorized practices to start a business with legitimacy is called as explicit social contract. Rest of all the considerations and practices are included in the implicit social contract (Tilling, 2004). Apart from this, legitimacy theory is influenced by society and environmental elements to a very large extent. The growth of an organization is depended on many factors that are government policies, demands from stakeholders, market situations and condition worldwide. Likewise, markets and growth of society is also influenced with the development of industries in terms of innovation, technology, methods and traditions. Legitimacy theory facilitates various opportunities to the organizations in market to develop and expand their business in new locations and cover wide area geographically (Samkin and Schneider, 2010). It also helps in integrating innovation, creativity and new ideas in the organizational culture which promotes the employees to involve in the operations. The involvement ad engagement of the employee results in the employees loyalty and increases the productivity as well as performance of the employee. At the same time, it ensures the profitability and financial support to the organizations. Precisely, it ensures a leading market position to the organization (Tilling, 2004). Moreover, Mousa1 and Hassan, (2015) illustrates that there are two main classification of legitimacy theory in the financial accounting which needs to be addressed. First is macro-theory of legitimacy which is also known as legitimacy theory comprising of values, beliefs, perception which has been adopted and integrated by the organization in the operations and functions as a whole to be accepted by the society and to fulfill the social expectations. In this particular class, there are some layers of institutions which are associated with the functions of the organizations (Mousa1 and Hassan, 2015). The institutional level that has an impact on the organizations operations are government, society, religion and capitalism. Furthermore, one layer down which is the second classification is called as organizational level or strategic legitimacy theory involves the organization which has a share based structure and company limited has four interrelated functions that have an influence in the institutions that is establishment, maintenance, extension and defense. In this regard, the organizations always needs to congruent with each of the level that is institutional and organizations (Mullerat, 2010). It will be considered as a social value, beliefs and behavior which facilitate the social acceptance to the organizations. The congruency of these two value system helps in finding the degree of legitimacy in an organization (Mousa1 and Hassan, 2015). Low degree of legitimacy is less pursue of social expectation in the organizational operations and vise-a-versa. Unerman, et al., (2010) describes that social contract within the legitimacy theory is a significant way to gain the votes and favors of society which will benefit an organization in the long run. It has been identified in the researches that integration of legitimacy in the organization in the accounting facilitates a clear and transparent financial reporting. It helps the stakeholders to believe in the organizational operations and invest more money in the organization. In addition to this, it is an essential part of the organizations operation for the substantial and sustainable growth and development of an organization (Unerman, et al., 2010). Not only it helps in attaining the organization a competitive edge in the intense competitive market but also it helps in improving the image or reputation of the company in the society. With the improvement in the reputation of the company, it becomes easy for any company to raise the fund for the expansion and growth of the company in the market. Legitimacy theory helps in making a strong market position in the industry that helps the company in increasing the investment in the market and raising the capital funds from investors, financers and potential shareholders. Moreover, the government also helps the company in promoting its business if the legitimacy is being implemented in the organization (Unerman, et al., 2010). The legitimacy theory facilitates the legal compliance in the accounting and functions of the organization as well as it provide benefits in various legal aspects too with no extra expenses in the legal battles and no serious social issues. Along with this, legitimacy theory helps in achieving a positive environment in the surrounding of the organization that helps in opportunist cultural environment with affirmative attitude in the employees behavior (Unerman, et al., 2010). Thus, it overall helps the company in moving forward and adds several external as well as internal benefits which are crucia l for any organization. On the other hand, Gherardi, et al., (2014) expresses that insufficiency or failure of comply in the social contract by the organization may result in a very serious consequences. The existence of the organization may come into jeopardy and many external or legal hurdles may come into the way of success. The failure of the social contract can be a consequence of many reasons. Nevertheless, it may seriously damage the reputation of the company admittedly as well as certainly responsible for failure of the business (Gherardi, et al., 2014). The survival of the business may hamper, if it does not follow the legitimacy theory effectively. In addition to this, the failure in effective incorporation of social contract may decrease the demand of the products and services in the market. The public will ignore or less purchase products and services from that organization. It will also affect the community resources and decreases the benefits from them. The employees will start walking out of the organization and leave their jobs. Furthermore, the new hiring or job search may face difficulties. The organizational culture will be not healthy and clear due to lack of legitimacy and no transparency in the accounts will create uncertainty and hesitation in stakeholders (Gherardi, et al., 2014). The investors, loan providers and financers will not consent for long-term or short term financial support to the organization. It may also cause the extra expenses, if the proper measures or rules of societal norms are not complied by the organization. The ineffectual expenses will be used for the cases, suits and other legal obligation to settle the social and environmental issues caused by the company (Samkin and Schneider, 2010). Apart from this, the organization will not be able to take the advantage of competitive edge and can face huge competition in the market which can decrease the sale of the products and services offered by the organization. Therefore, it can be identified that the effective implementation of social expectations, belief, norms and bounds is very important without which the existence of the business entity is not possible (Mullerat, 2010). The performance and productivity of overall financial position of the organization will start declining. In the view of Lightstone and Driscoll, (2008) the legitimacy theory is being covered in three stages of legitimacy that is gaining, maintaining and regaining legitimacy. Gaining legitimacy is foremost and beginning of the organizations operations that implement the legitimacy theory. Innovation, newness and creative ideas and lack of traditional beliefs and values is being implemented to develop a new structure or processes in the organization (Lightstone and Driscoll, 2008). This stage provides the significant time and parameters to set the legitimacy in the organization and acts proactively if an issue occurs. In case of maintaining legitimacy, it is an easier task than gaining and repairing legitimacy. The future changes and social expectation is being synchronized and aligned with the current operations and behavior of the organization to minimize the legitimacy gap. The past values, norms and practices are being protected by supporting the legitimacy already practiced by the or ganization. The forecast of trends, behavior, fashion and perception are being forecasted regarding the maintaining legitimacy and updating the current expectation of the society (Lightstone and Driscoll, 2008). In the end, repairing or regaining legitimacy is the method to react on the unforeseen and future crisis that challenges the growth and development of the organization. There are strategies like strategic restructuring and normalizing the accounts that helps the organization in achieving the legitimacy. accordingly, these stages are very important to be identified by the organization before implementing the legitimacy theory in the operations. These stages will give the perfect solution to the organization faced by the organization (Samkin and Schneider, 2010). As per the opinion of Idowu and Filho (2009), it has been found in many studies that social expectations are not static in nature they are ever changing and flexible which are trended over time. The social expectations are based on preferences, beliefs, trends, norms and practices in the society which can be influenced by many factors like technology, situations, government policies and market conditions. Thus, these ever changing needs and desires should be closely watched by the organizations to fulfill these social expectations. In addition to this, the social contract and integration of legitimacy in the accounting may cost high at times which cannot be affordable by the medium or small sized organization (Idowu and Filho, 2009). The legitimacy theory also need some research on how to implement it effectively plus how it is being integrated by the fellow organizations. In case of small sized and private organizations, it can be difficult for the management to arrange the sufficie nt amount to integrate legitimacy theory at a certain time. In multinational and big companies, sometimes the changes are wide and fast plus cannot be notices with light research (Omran and Ramdhony, 2015). These changes with time and actual implementation of the legitimacy have some differences which are known as legitimacy gap. The legitimacy gape occurs due to variable and capricious nature of social expectation and organizations are unable to cope-up with these changes. Thus, the difference between the actions and behavior of the organization is not synchronized with the ever changing and dynamic nature of the social expectation which is not been adjusted within the time frame results in legitimacy gap (Idowu and Filho, 2009). It pressurizes the organizations and business entities to operate and accounting with manipulations. Besides this, Wangombe, (2013) explains that communication is the most vital element in legitimacy of financial reporting and accounting in an organization. The organizations use manipulative and effective communication skills with the help of professional s and expert to cover up the issues and highlight the beneficial facts about the organization. This procedure is not illegal and acts in accordance with law and order but the intention is to hide the actual information and provide the partial information to manipulate the investors (Wangombe, 2013). Thus, organizations start to manipulate and influence stakeholders with the falseness and pretend the financial reports according to societal expectation and environmental prospective to be accepted by the society. The legitimacy gap becomes substantial problem when in the adverse times or randomly media reveals the past records of the organization which suddenly destroys the business entity in sometime and make its survival very diffic ult (Dushi and Brdufi, 2015). In addition to this, this situation withdraws the support of public in the organization and scarcity of financial and management resources s being faced by the organization. According to Hayek, (2013), in order to cope-up the situation of legitimacy gap and implementation of effective legitimacy theory, some of the researchers have provided various techniques and strategies that can help an organization in application of social contract within the legitimacy theory. It has been explored by the researchers that the legitimacy concept is related with the favor and majority of any belief, value, norms and behavior which is being accept by the public (Hayek, 2013). In order to apply it effectively, the most important element which should be noted is to communicate with slight alteration, modification to manipulate the stakeholders opinion and sense of decision making. Dowling and Pfeffer (1975) declared three way strategies through which a business entity can implement the legitimacy in its operations. The organization should identify and articulate the goals, methods, results, values and mission compliance with the social expectation, values and beliefs (Ha yek, 2013). Next, the organization can change the methods and strategies of social acceptance to attempt the legitimacy in the operation which is accepted by the majority of the public. The organizational current practices will be articulated as an ideal example of legitimacy and social contract conformity. Lastly, the attempt of legitimacy is done with the help of symbols, institutions and values in the communication practices that provides the strong validation to the organization (Hayek, 2013). Similarly, Dushi and Brdufi, (2015) explored that Lindblom (1994) suggested that there are another four strategies which helps the company in escaping the pressure of social acceptance and legitimacy can be achieved by these ways (Dushi and Brdufi, 2015). Along with this, the researcher is not concerned with the falseness and pretending the facts, the accounting and financial reports must be articulated to ensure the acceptance of the society as follows: Relevant public will be informed and educated regarding the organizational practices which are aligned with the societal values and norms and fulfills the social expectations. The disclosure of accounting and financial reports will be presented in such a way that changes the perception of the relevant public about the organizations effort to attain the societal acceptance but not necessarily changes the actual and real behavior, practices and performance of the organization (Ali and Rizwan, 2013). The articulation of facts will be done in such a way that the issues/problems will be covered and ignored in front of public and other irrelevant issues are addressed to divert the decision making and manipulate their opinion. Lastly, by demonstrating the relevant public about the unreasonable demands and expectations which cannot be fulfilled practically and that changes the external aspects of social expectation (Dushi and Brdufi, 2015). The relevant public in the above text is referred to the stakeholders of the company and majority of people who are already in the favor of the company. Relevant public is the most influential people that can be easily manipulated by the company and influences the growth and development of the company very highly. Apart from this, Ali and Rizwan, (2013) states that Deegan and Unerman (2006) also reacted on the legitimacy theory and its application by focusing on the reputation risk management which can be done with the help of active management and reaction of the organization according to the expectation of the society (Ali and Rizwan, 2013). Thus, it can be inferred that the strategies and methods help an organization in incorporating the legitimacy theory plays a vital role in social acceptance. Not only it provides the degree of legitimacy in an organization but also it enables the temporary solutions to the organization to solve the urgent compliance of social contract to minimi ze the damage. The effective legitimacy theory provides the good relation between the stakeholders and management which automatically responsible for fast services and responses to the clients in the market. It ensures the production and performance of the organization with good potential and in positive environment (Ali and Rizwan, 2013). Conclusion From the above discussion it can be implicated that the legitimacy theory and social contract is interrelated and layered aspect of each other. Social contract is the agreement between the society and the organization that provides a beneficial relationship to each other. Society provides the right to the organization to use the natural and community resources to the organization, whereas the organization is obliged in the exchange of using the resources and concerned with the environmental and social challenges. Along with this, every organization has a responsibility to operate complying with society value, norms, behavior and perceptions for a sustainable growth. There are various benefits of integrating the legitimacy in the organization such as competitive advantage, profitability, good relationship establishment between the stakeholders and the organization. On the other hand, the failure in integration of legitimacy theory because of legitimacy gap which is due to time adjustment and changing needs and desires of the society. Furthermore, the legitimacy theory has three stages that are gaining, maintaining and repairing for the application of legitimacy theory. These stages are very helpful in determining the strategies which should be applied by the organization for the effective integration of social contract and expectation. It has also been found that social expectation is an ever changing process and therefore firms need to watch and forecast values, tastes, trends and behavior one step ahead of the society and adjust the strategies with it. The failure of the adjustment can suffer the company from financial losses as well as hamper the existence of the organization. In addition to this, some of the strategies and methods are being given by the researchers to protect from the failure of the society expectations. These strategies ar e not concerned with the falseness and pretending the accounting to manipulate the decision of the stakeholders. References Ali, W., and Rizwan, M. 2013. Factors influencing corporate social and environmental Disclosure (csed) Practices in the Developing Countries: An Institutional Theoretical Perspective. International Journal of Asian Social Science, 3(3), pp. 590-609. Dushi, D., and Brdufi, N. 2015. Social Contract and the Governments Legitimacy. Mediterranean Journal of Social Sciences 6(6), pp. 392-398. Gherardi, L., et al. 2014. Stand-alone Sustainability Reporting and the Use of GRI in Italian Vodafone: A Longitudinal Analysis. Procedia - Social and Behavioral Sciences 164, pp. 11 25. Hayek, F. A. 2013. Law, Legislation and Liberty: A New Statement of the Liberal Principles of Justice and Political Economy. Routledge. Idowu, S. O., and Filho, W. L. 2009. Professionals ? Perspectives of Corporate Social Responsibility. Springer Science Business Media. Lightstone, K., and Driscoll, C. 2008. Disclosing Elements of Disclosure: A Test of Legitimacy Theory and Company Ethics. Canadian Journal of Administrative Sciences 25(1), pp. 721. Mansell, S. F. 2013. Capitalism, Corporations and the Social Contract: A Critique of Stakeholder Theory. Cambridge University Press. Mousa1, G. A., and Hassan, N. T. 2015. Legitimacy Theory and Environmental Practices: Short Notes. International Journal of Business and Statistical Analysis 2(1), pp. 41-53. Mullerat, R. 2010. International Corporate Social Responsibility: The Role of Corporations in the Economic Order of the 21st Century. Kluwer Law International. Omran, M. A., and El-Galfy, A. M. 2014. Theoretical perspectives on corporate disclosure: a criticalevaluation and literature survey. Asian Review of Accounting 22(3), pp. 257 286. Omran, M. A., and Ramdhony, D. 2015. Theoretical Perspectives on Corporate Social Responsibility Disclosure: A Critical Review. International Journal of Accounting and Financial Reporting 5(2), pp. 38-55. Samkin, G., and Schneider, A. 2010. Accountability, narrative reporting and legitimation: The case of a New Zealand public benefit entity. Accounting, Auditing Accountability Journal 23 (2), pp. 256-289. Tilling, M. V. 2004. Some thoughts on legitimacy theory in social and environmental accounting. Social and Environmental Accountability Journal 24(2), pp. 3-7. Unerman, J., et al. 2010. Sustainability Accounting and Accountability. Routledge. Wangombe, D. K. 2013. Multi-Theoretical Perspective of Corporate Environmental Reporting: A Literature Review. Rev. Integr. Bus. Econ. Res. 2(2), pp. 655-671

Modern Platos Cave Essays - Platonism, Dialogues Of Plato

Modern Plato's Cave In the Allegory of the Den written by Plato. In his writing he explains human beings live in an underground den, here they have been from their childhood, and have their legs and necks chained so that they cannot move. Being prevented by the chains from turning round their heads. The three areas in modern American life that relate to Platos cave are school, community, and home or personal issues. One of the areas of modern American life that relates to Platos den is school. In grades 1-6 (elementary) kids don't really know anything bout life. Kids just play, act crazy, and don't think of other genders. After elementary is over they go to middle school. While in middle school, teenagers get pure pressured into doing something such as: drugs, steal, sex or alcohol. Teenagers also start to recognize other genders. They also start to argue with their parents. This is also know as the Electro\Oedypius complex. After they graduate from middle school they enter high school. They start taking responsibility and get more serious. They start to get stressed about work and essays. But after high school they start to think about freedom. But they really don't get freedom. Everybody has to do something to survive like working for money, food, and pay the bills. Another area in Modern American life that relates to Platos cave is community. The reasons why community is related to Platos cave is due to isolation, jobs, culture\race, crime, and the way people act. Ridgecrest for example, the town is a middle white race society. The society blames ethnic people of committing crimes and they wont be able to get a job. The ethnic culture in isolated towns is rare, when people see other cultures such as: Asian, Mexican, etc. Most people consider them as weird or when they hear other peoples language. In small towns, there are a lot of stereotypes. They don't wont change. The law is what also makes this world a cave. The law is created to stop violence and criminals. If you disobey the laws then you either get put in jail or put to death. It relates to being put in chains being prevented from turning our heads. The final reason is your personal issues or living at home. For instance your the rules of the house, being on home at a certain hour, and doing chores around the house. The chores relates of also being chained up, not being able to relax, watch television. Brothers and sisters keep on bugging you and not giving you any space. Going home at a certain time, not having the freedom of staying out as late as you want. In the Allegory of the Den by Plato, it talks about being imprisoned or feeling imprisoned and being put in chains. In modern American life that feel imprisoned are school, community and home. The three areas (school, community, and home) relate to the cave because all three have to do with freedom. Not being able to do what they want to is what makes them feel imprisoned.

Review for Crawfords ROMAN RE essays

Review for Crawford's ROMAN RE essays The author Michael Crawford wrote the book The Roman Republic to offer an interpretation about the Roman Empire. This was done to educate the reader about how Rome gained its greatness and became the military and cultural center of the world at that time. He wanted to inform the readers about how the Roman Empire grew from one city tribe, to dominate the Italian peninsula, and finally to conquer the Mediterranean coast. This conquest led to what was then the great Greek and Egyptian Empires. He also suggests the want and desire of the Roman people to acquire education, artifacts, and philosophy from the Greek cities. Furthermore, how the Roman people took this culture and molded it to make their own style and customs. Michael Crawford also documents the Roman Empires political structures. He writes how it went through the transition from a monarchy, early in the empires existence, to a Republic where the people had more say over the countries actions. He discusses the political scheme of Rome and how ''Senators'' were chosen and served the empire. Crawford states how the governing class of Rome seemed to question and change its idea of what the government should be on a regular basis. ''The prevailing ideology of the Roman governing class was one which facilitated change, including in the end, the abolition of the Roman government itself''(Crawford 1). This quotation suggests to the reader the ever-changing ideas of the Roman people and how they viewed their governing body. Michael Crawford states that the Roman society gave rewards for military victory. The people were often rewarded when an army experienced victory in a battle. ''The loyalty of the Roman population to its leaders was assured by a share in the rewards of victory''(Crawford 1). The people had a share of goods, moneys, lands, and slaves when a territory would be conquered. This did have a negative effect though. ''As the empire expanded it became ha...

Paul's view of Women in the Ministry Essay Example | Topics and Well Written Essays - 500 words

Paul's view of Women in the Ministry - Essay Example It is clear through Scripture verses that Paul, unlike many men of his time, was supportive of women actively teaching and praying in the ministry. One of the most profound references that can be found to the views of Paul is in the book of Romans. Romans 16:1-2 states: â€Å"I commend to you Phoebe our sister, who is a servant of the church in Cenchrea, that you may receive her in the Lord in a manner worthy of the saints, and assist her in whatever business she has need of you; for indeed she has been a helper of many and of myself also.† If Paul did not support women in the ministry, he would not be commending anyone, let alone a woman, by name. Furthermore, though Paul refers to Phoebe as a â€Å"servant†, he wrote his letters in Greek, using the word â€Å"diakonos†, from which the word â€Å"deacon† is derived (Fees). Though the translation reads â€Å"servant†, it has been speculated, that Phoebe may have actually been a church leader, such as a deacon, not a servant. In fact, the word is only translated once out of thirty-four times as â€Å"servant†, and that is when it has bee n applied to Phoebe; the rest of the time it has been translated as â€Å"minister† or â€Å"deacon† (Fees). Another female name of note is Priscilla, noted to be a tent-making team of husband and wife whose house Paul is a guest in, as stated in Acts 18:1-3. In Acts 18:24-26, it states â€Å"now a certain Jew named Apollos, born at Alexandria, an eloquent man and mighty in Scriptures, came to Ephesus.   This man had been instructed in the way of the Lord, and being fervent in spirit, he spoke and taught accurately the things of the Lord, though he knew only the baptism of John.   So he began to speak boldly in the synagogue.   When Aquila and Priscilla heard him, they took him aside and explained to him the way of God more accurately.† Priscilla, along with her husband, taught and explained the gospel to Apollos while Paul was staying under their roof and sharing their house

Lodox Statscanner X-Ray Unit Article Example | Topics and Well Written Essays - 3000 words

Lodox Statscanner X-Ray Unit - Article Example Lodox Statscanner X-Ray Unit Lodox is a full-body, high-speed digital radiology device used in health care facilities and testing centres to save on time and provide a full x-ray image of the body. The system’s full marketing name is the Lodox Statscan, Xmplr-dr and is a radiotherapy (DR) X-ray system for scanning capable of registering high imaging speeds of upto13 seconds for a six-foot image without the necessity of retakes or stitching of images. The Lodox applies technology that amplifies safety. The design of Lodox meets cost effective expectations of some major customers around the globe. While it saves on time by producing high quality images within a short period, the device does not include imaging films and therefore operates with the use of flash memory, hence, the production of digital images. The usability and advantages of using the Lodox will be showcased and promoted through marketing mix to include product placement, advertising, price promotion, and mass media publicity. The company behind Lodox Statscan, Lodox, projects high economic expectations as few alternative products can compare with Lodox Statscan in terms of usability and the bleeding edge technology. Like most other companies, the appropriate growth strategy for Lodox is to provide a continued supply of quality Lodox Statscanner units to the existing and emerging markets to garner increased market share, worldwide recognition, and effective marketing strategies. In terms of market promotion, besides the initial $10,000 in capital, 20% of revenues coming from sales will stand as reinvestment capitals to acquire 20% market share within each financial year for the five year marketing plan.

COMPARISON of The great Gatsby Essay Example | Topics and Well Written Essays - 1000 words

COMPARISON of The great Gatsby - Essay Example Examples of movies that can guide one to make comparisons are old Great Gatsby (1974) versus new Great Gatsby (2013) and Double Indemnity (1944) and Body Heat (1981). To start with, the theme of the movie Great Gatsby is an adaptation of the novel entitled Great Gatsby written by Fitzgerald. In the novel, the writer focused on the lives of the materials excess that rich people from Long Island in New York enjoyed in 1922. Carraway is a young man in the novel who narrates his story about his life in New York amidst rich people from Long Island. The 1974 Great Gatsby movie adaptation takes very many scenes that caraway describes in the novel and allows the scenes to unfold directly to the viewers. However, it has expanded on some scenes such as love affairs and the director have shot them with adequate backlighting and starburst effects. The witness storyteller in the novel could not have seen these events and hence making them more than just stylistic issues in the movie. On the other hand, the 2013 Lurhmann’s Great Gatsby movie has completely fabricated the story in the novel. ... The old Great Gatsby film is deliberately slow with a bordering soundtrack similar to that in horror movies, but it tries to confine into that time accurately using music and clothing fashions popular during that period. The new Great Gatsby film is an eye candy montage that has better quality that the old version with a blend of music and the theme of the twenty first century. The parties that Gatsby threw to lure daisy in the narrative could be likely to be similar of 1974 parties than 2013 parties hence the older movies depicts a clearer picture of the narrative than the new film. Additionally, the 1974 Great Gatsby film has a more mature tone than the 2013 Great Gatsby film as the characters representing Gatsby and Daisy in the movie seem to be older than the same characters in the novel. According to Lindsay (Para. 1-4), the new film has a much younger faces of Daisy and Gatsby, which gives a closer look of the similar characters as described in the narrative in terms of age. Ca rraway in the movie of 1974 has a fresher feel of the character in the novel than the person taking the same role in the 2013 production. Dern effectively demonstrated the character of Tom in the narrative but Joel has a better description of Tom’s physicality in the novel than Dern in the old production. Despite the differences, there some visible similarities between the two films with the new version of production viewed as an adaptation of the old production more than an independent adaptation of the novel. Sheppard (Para. 8-9) states that, one of the chief similarities is the picture of the society living between Manhattan and Long Island illustrate in the two films. Moreover, the two film productions have inserted

Walmart Success In Mexico Canada And China Marketing Essay

Walmart Success In Mexico Canada And China Marketing Essay Global expansion has been gaining a lot of attention from all businesses that planned to expand abroad. Important factors that needs to be considered in the decision making process will be business strategies, entry modes, and threats and opportunities available in the markets. Appropriate strategies used will also help to minimize the risk of failure in the international markets. When a firm makes the right choice of business strategies and entry modes, the firm will then be able to succeed in the market and do well in the market as well. The choice of entry modes and business strategies will influence the future of the retailer in the targeted markets as well. Therefore, retailers who wish to go global should use the most suitable approaches to enter their targeted markets to ensure success to their business. Keywords: global expansion, business strategies, entry modes, threats, opportunities, Walmart Introduction Many researches had been done to study more about internalization of the retail industry and the majority of researches done are mainly used to describe the motivations and scales for international expansion by retailers (Akehurst Alexander, 1995; Williams, 1992). Besides that, many models of internalization explained the sequence of foreign expansion that shows that the companies who go international will do better in foreign markets that are similar to their domestic markets. This is why Walmart chose to enter the markets of Canada and Mexico (Johanson Vahlne, 1977). There are several reasons why international retailing had been a popular issue. Retailers who take the step to go into the international market is mainly because the domestic markets is saturated, needs for larger diverse investments, economic pressures and many external and internal forces that leads retailers to enter new markets and it is important for the retailer to choose the right market entry strategy into th e international markets (Sternquist, 2007). There are several researches done with a conclusion that retailers can minimize the risk of entry strategies by choosing the markets which are similar to the domestic market from the aspects of cultural, geographical and growth potentials. (Barkema Vermeulen, 1998; Welch Welch, 1996). Walmart is established in 1962, by Sam Walton. Walmart got its name from the family name Walton, giving Walmart the meaning of Waltons mart in long. Walmart is a strong company and it managed to survive in the 2008 recession hit in United States. Walmart had been growing fast throughout the years and the sales and market growth were increasing every year. For a fast growing retailer like Walmart, it is important to have use the best entry modes to enter a new market (Fred, 2011). Global expansion Global retail expansion has attracted many businesspersons, especially big sized companies which wish to increase their businesss profits and market share. Global expansion not only attracts large organizations but also small to medium-sized companies, some companies who are new to international expansion as well, and those who are in more mature organizations. The success achieved by newer specialty retailers in the international market, for example, Zara (Spain), HM (Sweden), and Shanghai Tang (Hong Kong) have motivated and created the way for other organizations to follow. However, there is also numerous numbers of well-known retailers who have failed in their expansion in certain global markets which is caused by several reasons, such as regulatory, legal and cultural challenges, competition, and trying to change shopping behavior (Cox, 2011). Besides that, retailers who made the decision to operate only in neighboring markets, as well as it is located geographically close to the ir home markets, will expect to face a lower level of such risks (Burt, 1993; Davis, Desai, Francis, 2000; Hollander, 1970: Knee, 1993; Robinson Clarke-Hill, 1990). Numerous top managers are also becoming more cautious on the problem of maintaining a common identity and culture in the process of trying to build up global enterprises (Joshua Chi, 2007). Moreover, it is very tough for businesses to make their decisions on choosing the most appropriate markets for their business development because there is no accurate and reliable information provided to the businesses. Domestic players in the markets will only portray the potentials side of the markets and hide the disadvantages just to attract businesses into the market (Jackson, Houdard, Highfield, 2008). Comparison of business strategies used by Walmart in Mexico, Canada and China There are different business strategies used by Walmart in Mexico, Canada and China. In Mexico, Walmart acquired Central American Retail Holding Co. who was struggling with accounting issues in 2006. After the acquisition, Walmart renamed the business with Walmart Centroamà ©rica. Central American Retail Holding Co. was previously the largest retailer in Central America. Walmart took the step where they re-launched the whole chain of retail stores under the Central American Retail Holding Co. with wider product assortments, and lower pricing strategy. The reason why they does this is because low pricing strategy is the basic strategy to expand Walmarts philosophy, Every Day Low Price to all part of the world (Basic Strategy: Be More Walmart!, 2011). Walmarts main strategy in Mexico is the multi-format strategy where through this strategy; Walmart can serve different groups of consumers at the same time being able to fulfill all the various needs of these groups of people. Bodega Aur rera in Mexico is the companys fastest growing format. There are three versions of this store. Bodega Aurrera Express stores are designed as very small outlets to serve urban areas such as Mexico City and Monterrey. Mi Bodega Aurrera is designed to serve rural towns and these stores created a great achievement for Walmart (Multiple Formats Equal Flexibility, 2011). In Canada, Walmart Canada is creating a new home branding effort that place the Better Homes Gardens license as the core for both hard and soft home categories (Wal-Mart International Improves Game, 2007). Every products offered has clear and obvious differences from any other products in the market and this will leave a strong image in the customers minds that these products were originated from Walmarts fashion and value chain (Wal-Mart International Improves Game, 2007). Besides that, Walmart Canada is implementing the use of Radio Frequency Identification Technology (RFID) which involves 20 stores and about 12 of their suppliers. This implementation was influenced by the parent country in United States where this system will help eliminate inventories out of stock. The implementation was an important step in the United States and it is important to Walmart Canada as well. Walmart Canada will focus on the use of this technology to improve their supply chain as well as customer se rvices. Equipped stores will be able to use the system to track tagged items in the stores and they can take necessary actions if anything happens. The system is a very important goal to be achieved by Walmart Canada because it can reduce errors occurred in manual restocking methods and the most important issue is that it can reduce over stock in the stores, and it can reduce unnecessary transportation caused which then leads to reduction in emissions of carbons (Mammarella, 2007). The success of Walmart can also be seen through its achievement in having a large grocery insert in its Canadian discount stores where the insert was called Grocery Shelf that provides a big return on capital at low risk (Orgel, 2005). In China, Walmart is targeting to be one of the national retail chains in the country with no interrelated national distribution system.  With this aim, it can be obvious that the rewards are huge, if Walmart is able to succeed. Besides that, the mainland retail market are estimated to be worth US$750 billion by 2008 and this will be a supporting point for Walmart to succeed.  The only thing Walmart need to be worried about is the distribution system.  This is because; the company has given in to unionization demands from the state-run, All-China Federation of Trade Unions, where it shows an important climb down from Walmarts anti-union US point of view (Distribution critical to Wal-Mart China strategy, 2006). However, Walmart will not be influenced. The marketing strategies used by Walmart for BRIC and other developing countries will still involve great huge discounts and great values on all of their products like how they do it in their home country, maintaining low prices ev ery day to all their customers, especially middle-class customers, on the same time, maintaining the growth of their profits as well. According to JPMorgan and analyst Charles Grom, Walmarts main objective for future success is not to overdo Target in the United States. They also said that, Walmart will start to work on more interrelated marketing strategies and merchandising messages to serve their low end customer as well, instead on just focusing on middle-class customers and this could implied to the BRIC countries Walmarts expansions as well (Frazier, 2007). Besides that, Walmart in China had a great success in using cost leadership and this strategy had generated huge revenues for Walmart in China. Therefore, Walmart planned to continue with the cost leadership strategy, as well as implementing a new strategy, that is differentiation (George, 2007). Comparison of entry modes Another reason for retailers to expand into the global markets is because the market in their home country is highly saturated and this created a more competitive market. Therefore, multinational retailers will choose to expand into markets which are less saturated than their home markets. For example, Sears, Kmart and Walmarts most successful expansion is to expand to Mexico and Canada, which is categorized in the North America region. How do multinational retailers choose their entry mode to the selected markets? Multinational retailers that are expanding to markets which are culturally diversified will choose to have a local joint venture with local retailers in the country to help them learn more about the country (Sternquist, 2007). Walmart in Mexico penetrated the market with a joint venture with its local player, CIFRA. CIFRA is the largest retailer in Mexico and Walmart is the largest retailer in the USA. With this reason, Walmarts decision to have a joint venture with CIFRA will definitely be a success because CIFRA will help Walmart have better knowledge on Mexican markets. In Mexico, CIFRA supplied Walmart will supplier connections, knowledge about the local culture as well as helping Walmart to work with local authorities. This will ensure successful expansion of Walmarts power in the Mexican markets, and Walmart can have the greatest influence in the shortest time period. In return of CIFRAs help, Walmart transfers their logistics knowledge to CIFRA which will also help CIFRA to improve on their supply chain management. (Sternquist, 1997). Under Walmarts agreement with CIFRA, Walmart opened membership warehouse clubs, known as Club Aurrera, which does catering to small businesses and selected groups of c onsumers. The first Club Aurrera was opened in Mexico City in December 1991. (Global Push Begins in Mexico, 2012). Besides that, CIFRA and Walmart also announced another two joint ventures, the first one is to start up a wholesale discount Aurrera stores, and the second one is to start up an import-export company that will provide CIFRAs Mexican suppliers to have access to other Walmart outlets in the United States (Millman, 1991). Walmart entered the Canadian markets through the entry mode acquisition. In 1994, Walmart announced its entry into Canada with the purchase of 120 out of 142 Woolco discount stores which are located on the north of the border from the Woolworth Corporation. In 1993, the Woolco stores had total sales of $1.14 billion (Woolco Purchase Yields Entry Into Canada, 2012). Walmart had avoided a time-consuming problem, which are faced by other American retailers who entered the Canadian market, which is to build up stores. Walmart had save their time because they took the step to buy the established stores of Woolco, where most of it had floor space of 100,000 square feet or more. Walmart had also benefited from the making choices for strategic and attractive leases (Woolco Purchase Yields Entry Into Canada, 2012). In 2011, Walmart Canada announced that it had also completed another acquisition from Target Canada with a total of 39 store locations which is currently occupied by Zellers (Canad a Newswire, 2011). Most multinational enterprises had the same thought that entering China is not an option for their business to expand, but it is a strategic necessity for the future of their business. The economy in China is growing rapidly that supports the living of the whole population in China, which is 1.3 billion. China is believed to be a country which has economic superpower and it is a very huge market in the 21st century (Schlevogt, 2000a, 2000b). On the other hand, Walmart is facing slow growth in the United States, and with these available attractive reasons, Walmart aimed to be the top in the retail sector in China with its acquisition of Trust-Mart (Naughton, Schafer, Ansfield, Lin, 2006). Other than using the acquisition strategy, Walmart also used the offshore sourcing strategy. Walmart sees that China is a major production or assembly source country and Walmart needed the help of China for the production and assemble of their products in the United States. Walmart then took the off shore sourcing strategy. Today, Walmart is the single largest export channel from Chinese manufacturers to the United States, with a record of at least 4% in Chinas overseas sales (Goldstein, 2003). Interestingly, Walmart does not have any manufacturing plants in China and it does not have a direct control over the production process of its suppliers in China. Instead, the suppliers are those who take control and responsibility to meet certain levels of requirements, for example cost, quality and delivery (Shih, 2004). With this strategy, Walmart can hold to their Everyday Low Price philosophy. This is because; Walmart can keep their production cost low, at the same time gaining the maximum benefits. Walmart also utilizes its strong bargaining position, at the same time maintaining a high level of ownership. This can be seen in their selling strategy, where Walmart buys the products at a cheaper price from China, and reselling them at a higher price in the United States and other pa rts of the world, at the same time gaining the profits and achieving their aim in providing the lowest prices. In other words, Walmart maintains a high level of ownership control but its management control is low (Goldstein, 2003). Comparison of opportunities and threats Threat and opportunity are two terms which are often used in terms strategic management in businesses (Mintzberg, Raisinghini, Theoret, 1976; Nutt, 1984). These categories are often used to make strategic decisions and it had become a necessity for firms to use these two terms to evaluate their selected markets. The results and issues obtained from environmental analysis are categorized as threats and opportunities faced by the business (Christensen, Andrews, Bower, Hamermesh, Porter, 1982). Opportunities Mexico In 2007, Walmart de Mexico had made a huge investment of $1 billion dollars for new developments and they opened 136 new units from all its existing business formats. This development includes opening of new units of 57 Bodega Aurrera units, 16 Walmart Supercenters, 6 Sams Clubs, 4 Superamas, 15 Suburbia stores and 38 Vips and El Porton Restaurants. The new stores opened spreads on two categories, the existing cities and new cities. The expansion in new cities can increase the firms coverage of new customers, and as for the existing cities, Walmart will have the advantage to dominate the market more widely. Besides that, the expansion of new stores will help boost the amount of new customer, as well as result in greater sales (DATAMONITOR: Wal-Mart de Mexico., 2008). The consumers today have changing preferences on choices of places to buy groceries and other daily products. customer now no longer prefer traditional retail, and they now prefer larger and more standardized hypermarket and supermarket chains, and the most important is the stores can offer lower and more attractive prices, as well as providing the convenience to the customers. In Mexico, the market share of modern formats of stores had increased almost 50% as compared from year 2005-2010. The change in the customers preferences will create an opportunity for Wal-Mart to expand its chains to more cities in Mexico (DATAMONITOR: Wal-Mart de Mexico., 2008). China Walmart Stores had signed an agreement to acquire a little stake of Yihaodian.com, Chinas largest online retailer. If the acquisition is successful, Walmart will have the chance to expand their business to the world of online shopping market, which will then generate more revenue. However, Chinas anti-monopoly bureau considers the acquisition might create an effect that exclude or restrict the competition of value-added telecommunications services market segments in China (China approves Wal-Mart control of Yihaodian., 2012). Apart from Walmart having control of services of Yihaodian.com, Yihaodian.com can also take the advantage of using Walmarts supplier and logistics resources to increase their stock-keeping unit by tracking the inventories closely using the system (Mass Grocery Retail., 2012). Another opportunity available for Walmart is the concept of discount store formats. Walmart can take the first step to start a discount store format expansion before other retailers do because the discount store format is now an attractive option for retailers in China. Walmart is the biggest retailer in China because of the acquisition of Trust-Marts 100-outlet-strong hypermarket network. Therefore, Walmart has the opportunity to expand in China, by launching a new discount compact hypermarket format formed under Trust-Mart in China (Mass Grocery Retail., 2012). Canada Walmart in Canada can expand its chain to the food retailing sector in Canada, since Target will be a competitor of Walmart in Canada. Walmart will have the competitive advantage over Target if they were to get involved in the food retailing industry because Target may be limited in food retailing (Orgel, 2011). Walmart Canada had announced the retailers planning of opening three supercenters in Quà ©bec. Walmart also ensures the quality of products they offer in the new store to gain customers confidence (Canada, 2011). Besides that, Walmarts low price strategy had given Walmart a great opportunity compared to other retailers in Canada, and this will ensure that Walmarts path in Canada will be stable (Swain, 1994). Another opportunity for Walmart in Canada is their decision to bring their warehouse club, Sams Club into Canada and this will help Wal-Mart by gaining increasing popularity in the market (Robin, 2003). Threats Mexico In February 2006, Mexicos retail association Asociacion Nacional de Tiendas de Autoservicio y Departamentales (ANTAD) sent many requests to the Congress to approved the proposals to upgrade the anti-monopoly laws to an international standards. This will affect Walmart de Mexico, because, if the laws are being approved, Walmart de Mexico will lose its advantage of its better technology and larger size as compared to other smaller retailers, to offer the lowest prices in the market. Walmart Stores is also facing this problem in the companys parent country in United States because, Walmart is a big retailer, and they are offering low prices and this will affect smaller retailers to quit from the industry. In this case, Walmart de Mexicos expansion plans in Mexico will be affected by the laws and regulations in Mexico (DATAMONITOR: Wal-Mart de Mexico., 2008). Other than that, another main issue that Walmart Mexico faces is opposition towards their expansion in Mexico, mainly from the government and local retailer. A slow growing economy will cause a lower purchasing power in a country. The economy in Mexico is an important threat to Walmart because the slow growth in the Mexican economy will affect the consumer spending and it will affect Walmarts growth in Mexico (DATAMONITOR: Wal-Mart de Mexico., 2008). Besides that, the intense competition in Mexico will also be a threat for Walmart. In Mexico, Walmart is also facing a strong competition from Mexican supermarket chains because the retail industry in Mexico is saturated. Some examples of Walmarts strong international and domestic competitors are Organizacion Soriana, Controladora, Chedraui, and Gigante. These retailers are having an intense competition with Walmart. The increasing competition from these retailers might affect Walmart de Mexico, especially in terms of profitability (DATA MONITOR: Wal-Mart de Mexico., 2008). China Walmart plans to expand bigger in China and the company had planned to open another ten stores throughout the urban areas. However, the effort faced some challenges, mainly from the government of China. Chinas state-controlled All-China Federation of Trade Union (ACFTU) had planned to take the action to sue Walmart as well as other non-Chinese companies if these companies do not have union branches in their Chinese operations. The main problem in this issue is, Walmart is well-known for their anti-union stance. In order for them to survive in the market, Walmart had agreed to respect the choice of their employees in China who wants to set up a union. This action may benefit China, but Walmart will have restrictions handling employee benefits and limited ways in resolving grievances. Even though there were many problems faced, as a multinational retailer, it is a must for Walmart to adapt to the specific markets they are operating in (Wal-Mart: in union with China, 2005). Canada Walmart Canadas largest threat will be the acquisition of Zellers Inc. by Target Corporation. The entry of Target Corporation will be another add-on to the intense competition of retailers in Canada. In the acquisition, Target took over 220 stores under Zellers, and this could impact Walmart as a big retailer because Target is growing fast after the acquisition (Orgel, 2011). The retail industry in Canada is very intense and saturated and the retail market is full of strong grocers and this will be a threat for Walmart because there will be more competition and this will slow down and eventually reduce Walmarts sales in Canada (Dunn, 2006). Besides that, Walmart also faces Canadas regulatory threats where Walmart needs to face the legal challenges from Saint-Hyacinthe certification (Springer, 2005). Besides that, Walmart is trying to introduce organic food in the country as well, and this will be a threat to Walmart because Walmart does not have a proper marketing strategy to market the product in their stores in Canada because there are other small-sized organic food suppliers which can offer a lower price (Goodbaum, 2006). Discussion Walmart is indeed a good example of a successful retailer that successfully expands and survives in the international markets. This also proves that there is the potential for retailers in domestic markets to expand their business into the international market with the condition that they use the appropriate marketing strategies and entry modes to penetrate the market. However, Walmart should also have sufficient information on the markets so that they can adapt into the market with lesser barriers. Walmart had been a successful retailer in the United States and today, and they are still growing across the world, mainly in United States, Canada and Mexico. Walmart also uses different types of marketing strategies and entry modes to dominate the markets, and this gives the large retailer a huge competitive advantage over other retailers in the market because, Walmarts philosophy, Every Day Low Price had been successfully applied throughout the world where this philosophy had helped Wa lmart greatly in surviving in different markets on the same time providing Walmart with a bright future. Walmart choices of strategies in the Mexican, Canadian and China markets also portray the firms success in adapting into the country. Walmart in Mexico used the multi format strategy to set up different types of stores to satisfy majority needs and demands of the markets, and this helped Walmart in achieving a greater amount of concentration of customers. The Bodega Aurrera store chains are proves the firms intelligence in dominating the market. These stores have different concepts such as discount stores and convenience stores that will serve different types of customers in different areas in Mexico. Secondly, in Canada, Walmart uses the retail format development strategy to approach the market. Walmart in Canda extend their offerings into the home furniture sector where these furnitures can only be found in Walmart. This will create brand awareness and brand loyalty towards Walmart in the customers. Besides that, Walmart also made full use of their satellite communication system to frequently check on the inventories in Walmart stores to decrease shortage in supply. In Canada, Walmart also have discount stores where these stores can generate high profits with low risks in the country. Thirdly, Walmart in China had achieved a huge success by using the cost leadership strategy in the country to attract more people. This is because, the population and economy in China is growing, and Walmart can have large sales volumes, with lower price, to achieve high sales records to maintain their sustainability. Other than these successes, Walmart had also used the appropriate entry modes to enter the markets. In Mexico, Walmart uses the joint venture mode with Mexicos largest retailer, CIFRA. This joint venture had benefited Walmart in the sense that, CIFRA can provide the firm with information on the markets in Mexico, and Walmart can save their time on the process of understanding the markets. This will give Walmart the advantage to grow faster in the market. The strategy used by Walmart in Canada is the acquisition mode, where the firm took over the operations of Woolco, a weak retailer in the Canadian markets. With this acquisition, Walmart does not need to worry on the locations of their stores, because the Woolco buildings were available, since the firm had took over them. In China, Walmart use the offshore sourcing strategy together with the acquisition strategy where Walmart can reduce their cost to find new locations, as well as reducing their production costs because production co sts in China is lower compared to the United States. From the different choices of entry modes that Walmart chose, all of the strategies are working well in different markets, where these strategies helped Walmart to have a strong base in the markets. Walmart have the potential in growing in the spread of their retail stores to outside their region. With the strong market base that Walmart is standing on, it will not be a major problem if Walmart were to expand into other regions in the world. However, Walmart needs to take care of the regulations of the countries they are penetrating, as well as the intensity of the competition in the markets. Conclusion Walmarts decision to expand globally had made a huge success to the firm and this can be seen in Walmarts domination in the markets. Walmarts success had been a glorious story in the business world for being able to sustain their businesses not only domestically, but also in the global context. The business strategies and entry modes used were wisely chosen and it ensures long term profitability to the firm. Even though there are challenges faced in the respective markets they penetrated successfully, Walmart still have outstanding performances in overtaking their competitors in the retail industry. Besides that, Walmart also have very strong strategic management skills because, Walmart choose their locations and targets countries carefully where this leads to the route of success for Walmart as well. Walmart success can also be credited to their efforts in satisfying their customers from all classes. Walmart offers a wide range of products where it covers all varieties of products, from the highest price to the lowest price which is still the lowest retail price in the retail industry. With this point, Walmart will have loyal customers that will make repeated purchases in the stores. Another notable success of Walmart is, the firm is able to survive even in the toughest period of the economy, during recession. Not all businesses can survive in the recession period, because during recession, the cycle of business processes will contract, which will result in slow business growth and there will be unemployment all around. Yet, Walmart still can survive and continue its business operations during the recession period. With only this point, Walmart is considered the most successful retailer in the retail industry for being able survive no matter what environment they are in.