Strategic analysis of Nokia Corp

Strategic analysis of Nokia Corp 1.0 Executive Summary The following is the strategic analysis of Nokia Corp., which discusses the external and internal environment. The first part, external environment, presents the opportunities and threats along with the political, economic, sociocultural, and technological issues of the handset industry. It provides Porters five forces framework for the discussion of the attractiveness of the industry. The second part of the report analyzes the main strengths behind Nokias success and leading position as a handsets manufacturer. We proceed with the analysis of Nokias weaknesses which may impede on its ability to utilize the growth opportunities. We also make recommendations regarding Nokias strategy for US market, converged handsets market, and acquisitions. Owing to the complex and self-motivated environment, Nokia faces numerous strengths, weaknesses, opportunities, and threats. This report is to look for the best possible strategy of Nokia. Initially, the key strategic issues Nokia is facing today is acknowledged to be economy, technology, leading brand, scale, and number one market position based on the strategy analysis in Task A. Secondly, the imposing strategy that Nokia should take on is analyzed to be exhaustive growth strategy, and in particulars, the strategy options of Nokia today is illustrated to be cost leadership, differentiation, and focus strategy. Among which Nokia should select a combination of the cost leadership and differentiation strategy according to its brawny assets, low fixed cost, and elevated research aptitude. The paper also discusses the relationship between Nokia management style, climate and its organizational structure. Strategy can be defined as â€Å"the basic characteristics of the match an organization achieves with its environment.†[1] Owing to the complex and go-ahead environment, Nokia faces several strengths, weaknesses, opportunities, and threats. This article is to seek the optimal strategy of Nokia. The investigation is affirmed in the following ways. Firstly, the key strategic issues of Nokia are acknowledged based on the strategy analysis in Task A. Secondly, the strategy options of Nokia are analyzed by the competitive generic strategies theory which has been promoted by Porter. Thirdly, after the illustration of the competitive generic strategies, the optimal strategies will be proposed. 2.0 Section 1 Company Background Nokia was established in Finland in 1865. Owing to its digital insurgency starting from 1992 by introducing its first GSM model as well as the new formulation of the key essentials of its strategy by sending-off the old businesses and progressively more focus on telecommunications in 1994, it helps Nokia generate the basis for a triumphant conquer of the world telecommunication market. Till now, Nokia is by now the world leader in mobile communications, driving the growth of the broader mobility industry. Fulfilling an elementary human necessitates for social connections and contact by connecting people is the mission of Nokia. Currently, Nokia comprises four business groups that are mobile phones, multimedia, enterprise solutions and networks. Being the forge of the mobile communication market in the world enjoying about 30% share of the worlds mobile phone market, Nokia is abiding to discover innovative investment opportunity. Teaming up with the Sanyo Electric Corp. Which ranked the 10th world while to shape a shared endeavor, Nokia will carry on to be outrival and advance in the world telecommunication market. 3.0 Assessment of Strategies 3.1 Business Level Nokias trade level strategy is based on a cost leadership. Nokia has an outsized product portfolio which would gratify consumers all over the world. It strives to keep low costs for its products throughout firm costs management and economies of scale. Nokia utilizes strategic suppliers all over the globe to attain extremely modified subassembly apparatus which are used to generate its elevated tech savvy devices. 3.1.1 Tactics Market location: Nokia counts profoundly on its sales in key market regions. More than half of sales arrive from operations in Europe. Another vital market for Nokia is China, and, finally, Asia-Pacific region. 3.1.2 Defensive In order to go with iPhone and BlackBerry smartphones and protect its share in the converged handsets market, Nokia introduced 5800 touchscreen. As a consequence, after the first quarter of 2009, Nokias market shares in smartphones augmented by 3%. 3.1.3 Corporate level On the corporate echelon Nokia is cultivating a growth strategy. Its growth is obsessed principally by acquisitions and concentrated RD. During the past few years Nokia has been vigorously obtaining companies with new technologies and competencies, including besides investments in alternative positions. All of these acquisitions and investments were embattled to improve Nokias ability to assist form the Mobile World. 4.0 Section 2: Eliciting and Evaluating Strategy All companies have their way of identifying and commerce with these, their mainly decisive strategic question. Though, this process of managing emerging strategic issues is typically non-structured, not essentially optimally appropriate to facilitate the efficient identification of the most significant questions and the suitable allocation of top management attention and corporate aptitude support to answer the recognize strategic questions. In spite of the post research during 1960s, 1970s, and 1980s into the domain of strategic issues (SI), strategic issues management (SIM), and strategic issue management systems (SIMS) there is an insufficiency pertinent approaches for firms to use in improving their awareness focus and distribution in strategic issue management process. 4.1 Key Strategic Issues Face Nokia Nokia should concentrate more on the electrical market during the financial crisis era because the financial tumult has absolutely predisposed the global economy. A report of Nokia which exposes a lower mobile device industry outlook for fourth quarter of 2008 than the previous estimate of roughly 330 million units. Nokia acknowledges a tough time for telecommunication industry in 2009 symbolized by an anticipation of mobile device volumes turn down 5% or more from 2008 levels which exposed the immense concern of recession (Nokia Capital Markets Day, 2008). In short, the mobile device market has declined. From the market prediction it will constantly decrease. Such state of affairs is caused by consumers pull-back in spending, legal tender unpredictability, and decreased ease of use of credit from the slowdown of global economy. Especially, Nokia believes the incremental collision affects the emerging markets more other developed markets (Nokia Capital Markets Day, 2008). Technology is the soul of telecommunication industry which is the reason why the RD investment of Nokia in the year passed is EUR 5.6 billion (Company information, 2008). Smart phones, 3G mobile phones and environment friendly mobile phones are the substantiation of technology progressing in telecommunication industry. Nokia Research Center make-believe many new technology reflected by the forthcoming innovations as well as indoor positioning, location sensing, mobile journalism and so on (Upcoming innovations, 2008). The most important brand, scale and number one market position is the most noteworthy strengths of Nokia (Nokia Capital Markets Day, 2008). As the most well-known brand of mobile device supplier in the world, Nokia is the representation of quality. Consumers are comfortable with its devices and services. Nokias highly variable, low fixed business model gives it the opportunity to scale to a declining market (Nokia Capital Markets Day, 2008). The mobile communications industry is changing quickly, for instance, network plays a more and more significant part and the market articulations have been introduced and are still being familiarized (Annual report, 2007). Nokias sales and profitability are considerably exaggerated by the growth and success of the innovative market division, which needs a distant outlook and sympathy of the market. Nokia lost the market share of 3G mobile phones once owing to the neglect of the significance of network. On the contrary, Apple experiential the tendency and brought out iphone. Competition is extreme in mobile communications industry. To shun the collapse the company should progress its market standing, or become accustomed to the changes in the spirited scenery which is very imperative for Nokias strategic marketing design. Though Nokia has already been the top one in the mobile communications industry. The existing the pressure is from other telecommunication providers such as Samsung, Motorola. Moreover, as the rising importance of network in mobile communications industry, the entrance of network companies becomes an enormous anxiety. 5.0 Strategic Options 5.1 The Grand Strategy of Nokia Considering the SWOT analysis of Nokia, the grand strategy Nokia should accept is growth strategies. And among which, exhaustive growth strategy is deserve to be paid immense consideration in order to reinforce the competitive position of accessible products or services of Nokia such as devices, PCs and the amalgamation with the Internet (Nokia Capital Markets Day, 2008). 5.1.1 Competitive generic strategies In particulars, the competitive strategies lead the success in the marketing. The key attitude for a competitive strategy is how to build advantages in market competition. Cost leadership〠differentiation and focus are three competitive generic strategies (Porter, 1980, 1985). Three of them let companies to gain the profits over the average level of industry and form steady competitive recompense. 5.1.2 Cost leadership Strategy Nokia claims a cost reducing on its capital markets day at the end of this year. Nokia CFO, Rick Simonson emphasized that Nokia is practicing a cost reduction which is effective now and is continuing to keep the strategy for 2009 and 2010 ((Nokia Capital Markets Day, 2008). Nokia is always using a highly variable, low fixed cost business model. The balance sheet of 2007 gives us a clearer view of this. The fixed assets and other non-current assets are 8305 EURm, but the current assets are 29294 EURm (Annual report, 2007). Mobile phones are identical products if you do not call for multifunction except sending massages or making calls. Thus, the cost leadership strategy is possible to follow and the switching cost for customers of mobile telecommunication industry is very low, almost zero. So its rather easy for a customer to purchase another brand of mobile phone only for a lower price. One of the risk of adopting a cost leadership strategy maybe the simulation of competitors which guide to a price campaign and lower the gainful aptitude for the whole market. And the change of technology can dissolve the low cost benefit. 5.1.3 Differentiation Strategy Differentiation strategy means providing diverse products or services from competitors to attain competitive advantages focused on enormous market. Modern telecoms market is changing quickly, grows up rapidly, and compete fiercer than most other markets. So it is quite vital to keep competitive by maintaining up to date and spotlight on modernization. The marketplace is shifting all the time and the conventional mobile device industry is implicated with internet services, therefore, the products and services Nokia offers should be totally change (People management, 2008). Seeing this trend, Nokia amalgamated with Nokia Siemens Networks. 5.1.4 Focus Strategy Focus strategy is using the cost leadership or differentiation focus on certain customer group, regional market and product segment market. It often applies to medium and small enterprises which are not able to achieve cost leader and differentiation in the whole industry (Lynch, 2003). As for a leading company of mobile telecommunication industry, the focus strategy is not appropriate for Nokia. 5.1.5 Optimal Strategy According to the analysis above, Nokia should acclimatize a mixture of cost leadership strategy and differentiation strategy. Nokia has burly assets which craft the strategy is likely to carry out, and in the year passed total tangible assets are 33857 EURm (Calculated based on Annual accounts, 2007) comparing to 21777 EURm in 2006. Wherein, Property, plant and equipment amounts to 1912 EURm, Inventories is 2876 EURm, and accounts receivable is high to 11200 EURm (Annual account, 2007) Sometimes, an stress on cost leadership can perform as a shape of differentiation when the cost leadership strategy focused on providing value-oriented customers with products that are certainly value-for-money, relation to its competitors. And its guarantee is to help people sense close to what is imperative to them. Focusing on customers rather than the competitors is vital when deciding differentiation strategy. Several customers apprehension the design, quality or customer services of a company. Consumers needs are constantly what Nokia anxious the most. Continuous of innovation is critical in a company adopted differentiation strategy. Nokia put its priorities for 2010 in increasing Services Software and mobilizing customer email and consumer instant messaging for millions of Nokia product purchasers. 6.0 External environment and organizational audit 6.1 PESTEL (located in Finland) 6.1.1 Political and legal Finland has the steady economics and policies. Finland is exceedingly open to investment and free trade. Finland has peak levels of economics sovereignty in many areas, although there is a profound tax load and nonflexible job market. Finland has topped the patents per capita statistics, and overall efficiency growth has been brawny in areas such as electronics. The legal system is obvious and business bureaucracy less than most countries. Poverty rights are able-bodied confined and contractual agreements are severely honored (CIA World Fact book, 2007). From that, it is straightforward to see that Nokia can befall reputation because of the steady policies and economics of Finland, where head office of Nokia is situated. Moreover, Finland constantly tries to expand job market regulation. Finland increased job market regulation in the 1970s to offer steadiness to manufacturers. 6.1.2 Economic The global financial disaster exaggerated most companies all over the world. Constant economic downturn has unfavorable effects for Nokias business. Moreover, exchange rate fluctuations interrupt the repatriation of profits earned abroad. A change in incomes is definitely associated to Nokias sales. Nokias profits are contingent on the costs of their inputs, profits will likely decrease if the input increase. 6.1.3 Socio-cultural According to document searched, labor force had 2.68 million people in 2007. In labor force by profession, industry has 17.5% labor, finance, insurance, and businesses devices are 12%, and public services are 30.2% (CIA World Fact book, 2007). This statistic proves that income of end is higher than Europeans income. In addition, finish has elevated living situation. According documents, in 2006, there were 2,381,500 household of average size 2.1 persons; and approximately 92 percent has mobile phone (CIA World Fact book, 2007). Therefore, it is easy to see that this is immense market for mobile manufacturers as Nokia. 6.1.4 Technological Finland is extremely incorporated in the global economy, and global trade is a third of GPD. In a 2004 OECD assessment, high technology built-up in Finland ranked second biggest after Ireland (CIA World Fact book, 2007). Nokia realize that technology is really essential for their expansion so that they have slogan: 6.1.5 Environment Firstly, substance management means that they try to work closely and create the friendly environmental with their suppliers. Second issue is energy effectiveness, to make sure devices use as little energy as possible. Finally, it is to get back and recycling. They want to boost customer responsiveness of recycling, recommend better recycling in all markets and encourage the recycling of used devices through precise initiatives and campaigns (Nokia, 2008). 7.0 Nokia Value Chain An evaluation of Nokia value chain is displayed in Fig 7 based on work by Porter (2004: p.38), who describes it as: The linkages show how distinct key and supporting actions interrelate to generate value within the industry. 8.0 Section 3 Core Competence Core ability of Nokia is scheming and executing extensive term expansion programs employing core competence of interacting in-house and outside capability in conditions of Nokias name of the most victorious (Marshalls plan) and consistent global growth leader. This mixture of assets represents Nokia core competence since it could not be simply copied or imitated while meeting two theoretical situation of a resource-based potential formulated by Teece at al. (1997). Competitors cannot build up similar combination competences and capabilities promptly (Dierickx and Cool, 1986). â€Å"Nokias core competencies approach in three main fields mobile handsets, network technology and middleware. When deciding on the development and manufacturing of innovative products, speed is the serious factor in this quickly changing technological environment. For example, when deciding whether to work together on a product or software development, we will mull over if we are able to create the product alone fast enough and do we have the competencies to create it within a short time frame. If it is a core product, that is mobile telephony, Nokia will manufacture it internally because it is much well-organized and the finish product will also be of enhanced quality. But on the other hand if the new product is not within our capability and core product range, our next step will be to decide on the form of association or outsourcing with a company that can create it quick adequate. And if a new technology emerged and is not shaped by Nokia, Nokia will work together and subcont ract for the technology† (A manager at Nokia Group). 8.1.0 Example 1 In 2000 Nokia initiated SyncML a usual for universal of synchronising far-flung data and personal information crossways multiple networks, platforms and devices, while a range of companies sponsored for the standard. These companies comprise Ericsson, IBM, Lotus, Matsushita, Motorola, Operwave, Starfish Software, and Symbian whilst the technology is supported by frequent most important wireless companies. Outsourcing to external vendors however not a well-liked choice within Nokia and prior to 2002 is, this activity contributed only about 15 to 20 percent. 8.1.1 Example 2 Nokias two key core competences are GSM handsets assembling and the mainly wide-ranging distribution network building up. Early before 1998 in India, Nokia had mastered on designing GSM handsets. It had been the top one worldwide on making the paramount excellence and the most creative GSM handsets. Besides, it rolled out the distribution network by partnering with HCL ([emailprotected], 2007). The network now is the most extensive in Indian market and it at least involves over 90000 retailers to market Nokias handset over India, compared to Samsung, which is the third top handset seller in India and only has the distribution network that associate 35000 retailers (Rao, 2007). With these two core competence; Nokia had succeeded in creating a brawny charisma from zero ground between its rivals since 1997 (Datta, 2004). By looking within Nokias core competence, we see that Nokias in-house organization operation is too successful feature for supplementary it to govern handset market. It constantly at once adjusts itself to adjust any environment changes. In operating in early time in 1990s, being short of local a talent that was common. For avoiding lack of local talents, Nokia established an art studio and add program into Indian university to train locals and attract them work in Nokia (Pahwa, 2007). Further, for its auxiliary more intensely understand the Indian culture mechanism, it reduce the number of Finnish expatriate and boost the amount of hiring Indian as local managers. In addition, it also accomplishments to alter its shortage. For atoning for the short of technology that making CDMA handsets, it in 2004 established RD center for developing CDMA technology (Staff Writer, CNET News, 2004). Although it regained market share of CDMA in India from Samsung (Grinsven, 2003), the circumstances becomes worse in 2008. So far, they have held very little number of CDMA handset models. As a result, they lose the chance that work with Sprint and Verizon and thus they indirectly lose U.S. market (Gardiner, 2008). Their newest handset models- n96, n95, n85, n79, Nokia E series handsets, and typically Nokia 4 digit number of model dont support CDMA (http://www.Nokia.co.in/products). 9.0 Appendix 1 Strategic Evaluation Tools, Techniques Artifacts and applicability to Ladbrokes LBO business stream Positioning School BCG portfolio matrix (Henderson, 1979) Experience curve (Henderson, 1979) Game theory tools (Von neumannn and Morgenstern, 1944) PIMS (Buzzell et al., 1975) Porters 5 forces (Porter, 1980) Porters generic strategy model (GSM) (Porter, 1985) Strategic groups (McGee and Thomas, 1986) Value chain (Porter, 1985) 5 Forces: external environment exerts pressure over betting and gaming industry especially legislation and pure economies of scale. This is not a high velocity environment due to relatively slow moving changes in numbers of overall LBOs in the UK. Changes to legislation which govern the industry are also slow moving. It is a low knowledge intensive environment where key skills are concentrated in risk management and trading departments concentrated in Head office. Value Chain: value is created through use of financial resources and technological assets to add value to management of risk, store level efficiencies and customers experience in-store. Game Theory: The relaxation of the ‘demand test in the Gambling Act 2005 has allowed the key operators to play a strategic defensive/offensive ‘game with shop locations, thereby making it harder for smaller operators to compete in popular locations Strategic Groups there is some evidence to support the grouping of the three key operators in the UK betting industry: Ladbrokes, William Hill and Coral in a Strategic group as described by McGee and Thomas, 1986, given that strategic decisions Ladbrokes make, cannot be easily replicated by firms outside this ‘key operator group due to the nature of the regulatory environment and essential economies of scale required in the industry. Barriers to entry or ‘mobility barriers as described by Henderson and Thomas, are high. While in other industries, this could be considered an ‘oligopoly, it is not the case in the betting industry because the betting firms are primarily price takers, not price setters, therefore cannot control prices. Experience Curve: This does not primarily apply to the Betting industry because supply prices are fixed and are the same for all firms, resulting in no gain through a superior ‘experience curve. Other costs, however, could be less in firms with more experience, but some of these are costs levied by industry legislation and do not reduce over time due to the experience curve of individual firms. PIMS: Profit Impact on Market Share as described by Buzzell et al, provide some explanations for profit increases as a result of scale. The comparison of profitability between the three key operators demonstrates that market share will not deliver profitability in the betting industry unless they manage their financial resources and capital structures in an efficient manner. Note the similarities in operating margins based on similar gross margins, market share and market capitalization. Costs, including interest payments are potentially profit sapping in this industry, especially as products are homogeneous and supply price is fixed. Capability-building School Porters Value Chain See above Core competences (Prahalad and Hamel, 1990) Dynamic capabilities (Teece et al, 1997) Knowledge management (Nonaka and Takeuchi, 1995) RBV: Valuable, rare, inimitable and non-substitutable (Barney, 1991) Value chain (Porter, 1985) Sample of textbook schemata: Resources, capabilities and rents (Grant, 2002:153) Resources, competence strategic capability (Johnson and Scholes, 2002: 146) The contextual Not particularly relevant to the LBO operations due to low levels of environmental velocity and low Knowledge intensity (source for argument in main doc). RBV the analysis of Ladbrokes LBO operations suggests that advantage is primarily gained through greater financial resources. This is not a resource which meets the VRIO test as it is a fundamental economic and static resource and (arguably) easy to acquire. In terms of rent extraction this is down to leveraging scale to achieve higher value of margins through increase volume properly risk managed. Additionally, Ladbrokes display capabilities designed for sustainability, defensibility and ultimately market dominance. Core competences in general, there is little innovation required in the LBO business due to the homogeneous nature of the products and the economic structure of the pricing. Being a low knowledge intensity business, the tacit and intangible knowledge inherent in the definition of core competences further supports the lack of applicability of this concept in the LBO business. VRIO/Dynamic capabilities again, the contextual environment of low KI low EV reduces the need for Ladbrokes and other betting companies to be truly learning organisations or organisations creating dynamic capabilities which meet the VRIO characteristics and definitions. It could be argued that Ladbrokes do not create competences as defined by Prahalad and Hamel but possess a number of capabilities designed for margin protect and greater financial resources. High Velocity School Cycle-time reduction (Stalk, 1988) 7S Disruption: speed, surprise, shifting the rules, simultaneous and sequential thrust, signaling, strategic soothsaying, and stakeholder satisfaction (DAveni, 1994) Market disruption analysis (Bower and Christensen, 1995; Rigby, 2003) Patching flexible modular organizational design for rapid entry and exit of markets (Eisenhardt and Brown, 1999) Real options to negotiate favourable environments (McGrath, 1997)d Simple rules to facilitate speed and flexibility (Eisenhardt and Sull, 2001)e Time-pacing (Eisenhardt and Brown, 1998; Stalk, 1988) Delta model (Hax and Wilde, 1999) Ladbrokes operate in a low velocity environment with regards to LBO operations and these concepts are less appropriate for that contextual environment. Applicability would be more relevant in the ‘remote business operations: Internet Sportsbook and Exchange (see figure Core betting industry) however, there would still be imposed constraints on the velocity due to industry regulations. Complex ecosystem school Co-evolution (Eisenhardt and Galunic, 2000) Knowledge management tools Managing the system architecture (modular design, reward systems, team processes, strategic language) to ensure diversity and increase within-firm and extra-firm interactions (Eisenhardt and Galunic, 2000; Moore, 1993; Nahapiet, 2001; Pascale, 1999 and Stacey, 1995) Porters diamond (1990) explains ecosystem competitive advantage as complex interactions between co-evolutionary pockets (McKelvey, 1999 and Thomas, 1996) Real options and multiple scenarios to capture emergent learning in complex conditions (Bowman and Hurry, 1993, Copeland and Keenan, 1998, Luehrman, 1998 and Miller and Waller, 2003) Simple rules to condition system interactions (Eisenhardt and Sull, 2001, Macintosh and Maclean, 1999 and Sanchez, 1997) Supply chain integration and simplification (Levy, 1994, Harvard Management Update, 1999 Harvard Management Update (1999) And now: Complexity theory. Harvard Management Update, 4(3), 8-9.Harvard Management Update, 1999; Whiting, 2001) Labrokes does not primarily operate within a high knowledge intensive environment. While there is clearly are need for knowledge to flow from the wider bet-taking channels to Head Office to ensure adequate risk management, most of this information is done via the use of technology. It could be argued therefore that Ladbrokes core knowledge is concentrated in the central trading functions. In this context therefore, complex ecosystem theories are a less relevant strategic influence for the Ladbrokes LBO business. 9.1 Appendix 2 Competitors Analysis Ø LG LG is a Korea based company which provides ranges of mobile phone for customers to choose. Since its establishment, LG has evolved a lot according to the trend of mobile phone in Hong Kong. However, instead of putting all emphasis on 2-G GSM mobile phone, LG has put more focus on the 3-G mobile phone market and worked closely with the Hutchison Group, The 3 Hong Kong service provider, to provide high quality 3G mobile to customers. LG has used different means of marketing strategies including print advertisements, TV advertisements and celebrities to promote the products. Ø Motorola Motorola introduced the first mobile phone in Hong Kong in the 1980s Motorola emphasizes on the transformation of device formerly known as the cell phone into a universal remote control for life by adding more functions and innovations in the mobile phone. Motorola won the Asian Innovations Award by the technology of the product A668 with a â€Å"finger writing board† on the mobile phone, also, with the integration of the technology of iTunes ® by cooperation with Marc ®, Motorola launched the product ROKR E1. Motorola aims to be the leader in multi-mode, multi-band communications products and technologies. Ø Samsung Samsung provide a wide range of products for customers to choose from, including the 3G mobile phone, the MegaPixel Camera Phone, the Camera Phone and the Color Display Phone. No matter from the prime mobile phone of the latest 3 G mobile phone, Samsung provides choices for customers to deliver the desirable benefits and solutions for different customers. Ø Sony Ericsson Sony Ericsson has the mission to be the most attractive and innovative brand of mobile phone in the world. To achieve this goal Sony Ericsson integrated design into every step of the process intelligent features, user-friendly applications, innovative materials and attractive visual appearance. Design is the essential differentiator when comparing mobile communications products. The attractive good looking appearance and the sophisticated integration of technology has contributed to the success of Sony Ericsson, some products like W800i and W55

Robert Frost-The road not taken :: essays research papers

http://www.english.uiuc.edu/maps/poets/a_f/frost/life.htm   Ã‚  Ã‚  Ã‚  Ã‚  Life has many roads you can take and it’s which ones you choose to follow that will shape your future forever. That is what I always take from this great Frost poem. He sees two roads both being equally appealing, but selects the one less traveled and how it makes his life unique. This poem is one of few that I do care for myself. It shows a man whose come to a point in his life where he has to decide what he will do with it. This is a point in our lives that everyone will come to and a somewhat difficult challenge for many. We have the many options ahead of us and must try and look ahead to what will come to decide our future. â€Å"And be one traveler, long I stood and looked down one as far as I could.† I think this was a time in Frost’s life when he had just moved to London and was looking back at the choices he had made. He quit trying the Derry farm and sold it and moved to London to write. This was an awfully risky thing to do at this p oint with a wife and kids, but it shows his approval in retrospect. â€Å"Then took the other, just as fair, and having perhaps the better claim, because it was grassy and wanted wear.† This shows that he choose a path that many choose to not to. He selected a harder path in life that could have been a devastating mistake given his situation in life. The easy road would have been more secure and he would have had less to worry about, but he probably wouldn’t have enjoyed life as much. â€Å"And both that morning had equally lay In leaves no step had trodden black. Oh, I kept the first for another day!† This is the part of the poem I myself have always had a slight confusion with, but have taken it that it is supposed to show his selection of the more difficult path and how he would return to it later in life and try the other path. The thing that confuses me about this section of the poem is the next line.† Yet knowing how way leads on to way, I doubted if I should ever come back.† This to me shows that he wants to return and try different things in life, but knows once he has chosen a road trying a different one is quiet difficult.

Free Narrative Essays - The Mountain Vacation :: Personal Narrative Essays

The Mountain Vacation         Ã‚  Ã‚  Ã‚   My family and I have always loved are camping trips, especially the ones the take us deep into the depths of the Sierra Nevada mountians. There's a very unique and   beautiful camp ground near Mammoth Lakes called Devils Postpile.   My is it beautiful, two gigantic crystal clear lakes, wildlife sites that could easily be posted in any National Geographic magazine, and trout that have enough meat on their bones to suvive in the deepest of any ocean.   One little problem I always have had was that my father was   a better and more experienced fisherman than I was resulting in that he would always catch the bigger and more beautiful fish and almost certainly come home with twice as many fish as I had caught.      Ã‚  Ã‚  Ã‚   This was it, are summer vacation, finally it was time to get out of the intense heat and bordom of Ridgecrest.   We packed are bags, grabbed are fishing poles, loaded the camper and were on are way.  Ã‚   Our drive lasted for four very long hours before we got to the Postpile campground. We hitched are camp and made ourselves right at home knowing we would be there for a while.   We could'nt ask for better weather, the sun was blazin and the temperature was an awesome 85 degrees for fishing the San Juaqin river.   We found ourselves the trail that lead to the postpile,   twisting and turning along the green, damp trial until we came upon a sight that every human being should lay their eyes on, Devils Postpile.   Enormous rocks all rubbing against one another scalling the sky.   Jumping my way close to the river, as I drifted away from everyone else, knowing I was going to catch the mother of all fish in this sacred river.   Competing with my father and brother,   I definetly was'nt going to let them outdo this modern day Tom Sawyer.   I hicked along river for a while, wiping the sweat off my face every other minute, only to find nothing but sheer cliffs and there was no possible fishing hole in sight.   All I could see was a river about seventy to eighty feet below with one very big obsticle in the way jagged rocks were surrounding me from the river as I just kept on

Ancient China Essay -- essays research papers

One of the most important inventions of all time was the invention of gunpowder. â€Å"Imagine their enemy's surprise when the Chinese first demonstrated their newest invention in the eighth century AD. Chinese scientists discovered that an explosive mixture could be produced by combining sulfur, charcoal, and saltpeter (potassium nitrate). The military applications were clear. New weapons were rapidly developed, including rockets and others that were launched from a bamboo tube† (Franklin Institute). The Chinese are known for their inventions that still are used in the modern day. Those inventions are paper, gunpowder, books, and much more.   Ã‚  Ã‚  Ã‚  Ã‚  Gunpowder was discovered in the tenth century by Chinese medicine men that were looking for the secret to immortality. They thought that gunpowder could be used as a medicine of some sort. â€Å"The invention of gunpowder gave the Chinese a distinct advantage over their enemies, changing the nature of warfare† (Ken Hsu, Willy Hsu, Micheal Lu).   Ã‚  Ã‚  Ã‚  Ã‚  At first gunpowder was used to blast rocks apart and to make fireworks, later to be used as warfare. To medieval Chinese it was simply an aid to esthetic pleasure. By the 10th century, gunpowder began to be used for military purposes in China in the form of rockets and explosive bombs fired from catapults. The first reference to cannon appears in 1126 when oil bamboo tubes were used to launch missiles at the enemy. Eventually bamboo tubes were replaced by metal tubes, and the oldest cannon in China dates from 1290. From China, the military use of gunpowder appears to have spread to Japan and Europe. â€Å"It was used by the Mongols against the Hungarians in 1241 and was mentioned by Roger Bacon in 1248. By the mid 14th century, early cannons are mentioned extensively both in Europe and in China.† (Jack Kelly). In China as in Europe, the use of gunpowder to produce firearms and cannons was delayed by difficulties in creating metal tubes that would contain an explosion. This problem may have led to the false myth that the Chinese used their invention only for the manufacture of fireworks. In fact, gunpowder powered cannons and rockets were extensively used in the Mongol conquests of the 13th century and were a feature of East Asian warfare afterwards. â€Å"The short squat and thick city walls of Beijing for example, were specifically designe... ...emoved by hand. The fibers are beaten in a blender or by hand to a creamy pulp. At this stage, dyes can be added to create colored papers. The pulp is poured into a large tub and the fibers are suspended in the water. The artisan dips a framed screen into the water and with great skill, lifts it to the surface catching the fibers onto the screen. The screens can be left in the sun to dry, or be transferred to boards, pressed, smoothed and then dried. â€Å"It wasn't until the invention of paper that information could be recorded and passed on cheaply and in greater quantity† (Paper Trading International).   Ã‚  Ã‚  Ã‚  Ã‚  Over the many years of experimenting it has paid off for the Chinese. I researched two great masterpieces from it. But there were many more inventions, like the compass, medicine, printing, embroidery and silk. When trying to find the secret to immortality they made gunpowder with a bang! When getting bored trying to make something to send messages on they made the great paper. Both of these inventions are still used this very day, maybe it will be used for a lot more in years to come.   Ã‚  Ã‚  Ã‚  Ã‚     Ã‚  Ã‚  Ã‚  Ã‚  

Healthcare Management Essay

When creating a strategic business plan, one of the most important analysis tools that can help management identify areas that need improvement and the areas that are strong and already beneficial to the company is a SWOT analysis. Using this tool management can determine the parts of a business that may need more of their time and resources in order to outcome obstacles that may prevent growth. In this paper, we will create a SWOT analysis for our fictitious company Vandalay Healthcare Inc. Strategic Healthcare Plan A SWOT analysis is a tool that can be used by management to measure or audit the organization as a whole. SWOT is an acronym for the Strengths, Weaknesses, Opportunities and Threats by internal and external that can effect and hinder a company in various ways. Using the SWOT analysis a company can learn to identify the parts of a business that are helping the business grow and the same analysis can identify areas where the business can make improvements (Marketing Teacher, 2012). The greatest distinguished features that management should include when creating a SWOT analysis is, where the business is today and where it hopes to be in the future, and the analysis should be subjective and specific, the most effective analysis are short and direct. The SWOT that was created for the fictitious company, Vandalay Healthcare Inc., is as follows: SWOT Analysis Vandalay Healthcare Inc. The goals for Vandalay Healthcare Inc., as defined in the company’s mission and vision statements is to become one of the most successful company’s in the field of Certified Life Care Planning, and also to build the company to maintain a certain level of integrity. The external and internal environments that would directly affect this company can possibly cause the company to become in financial trouble at some point, since the knowledge of the field is expanding and the threats of medical advancements could hinder the need for this type of business, the company can be tempted to cut corners. However, by instilling the vision and mission statement the company was founded and expanded on, the possibilities to allow this type of behavior can decrease by over 75%. A continuous improvement plan is defined as a process that continues to bring gradual change to a business (O’Hara, 2012). In the development of the continuous improvement plan the company must first decide where they plan on going in the future. For Vandalay Healthcare Inc., the company has already established the desire to be one of the best CLCP types of companies in existence. The best way to achieve this is by evaluating the outcome measures for the company. The outcomes are specifically the results achieved by the interaction of the patient/client and the business (Mireles, n.d.). To measure the outcomes Vandalay Healthcare Inc., will provide survey cards to be completed by clients, which will be done on an anonymous basis. By allowing the clients/patients to complete the surveys on an anonymous basis, the company can indicate the areas in the service sector that may have issues as well as eliminate any gaps that can occur in the performance areas of a business. The vision and mission statements for Vandalay Healthcare Inc. are as follows: In the next few years, Vandalay Healthcare Inc. will have succeeded in establishing a name for itself within the field of Certified Life Care Planner by being an honest organization that focuses 100% on patient care. And the mission statement for Vandalay Healthcare Inc., is: âž ¢Patient Care Mission – to provide the best care to every patient regardless of the ethnic, cultural, or demographic background âž ¢Community Mission – provide support within the community by providing honest medical care âž ¢Economic Mission – operate and grow the organization at a profitable rate through sound economic decisions The SWOT analysis and the continuous improvement plan are both focusing on the constant improvement of patient care. Our company’s mission and vision statements are both also directly focused on the patient care. The company’s service strategy is related to the environment of the facility itself. The environment includes the employees, having the proper training and the company being adequately staffed to accommodate clients in a timely and professional manner. And the setting and following guidelines set forth by government agencies to ensure the moral and ethical standards of the company are higher then the others, as to set Vandalay Healthcare Inc. on a different level then similar companies within the same industry. By adhering to each of these goals, such as the mission statement, the vision statement and the intended service strategy, Vandalay Healthcare Inc. can set new standards within the healthcare industry, and this can be beneficial to the healthcare organization as a whole be causing other agencies to also raise the quality of care their patients may currently receive. Reference: Marketing Teacher. (2012). SWOT Analysis. Retrieved on July 8, 2012, from http://www.marketingteacher.com/lesson-store/lesson-swot.html Mireles, Sandra. (n.d.). How to Measure Outcomes & Evaluations. Retrieved on July 8, 2012, from http://www.ehow.com/how_6578817_measure-outcomes-evaluations.html O’Hara, Jane. (2012). How to Develop a Continuous Improvement Plan. Retrieved on July 8, 2012, from http://www.ehow.com/how_8054214_develop-continuous-improvement-plan.html

US Bank Corp. Analysis

The two Institutions chosen or comparison are Wells Fargo (WFM) and Bank of America (BACK). To evaluate the overall strength the major assets, liabilities, capital, risk, liquidity and operating decisions of the three chosen institutions will be discussed. Balance Sheet Analysis Out of the three banks US bank is the smallest in regards to assets with Bank of America being the largest followed by Wells Fargo. When comparing total assets to total liabilities USB finds itself in the weakest position having a total debt to total assets ratio of 0. 11 . Commercial banks are known to leverage themselves highly and leverage Is normal in the Industry.However In comparison to BACH'S ratio of 1 . 124 and Wife's ratio of 0. 89 this relatively high leverage Is a cause for concern. Federal Deposit Insurance Corp†¦ Chairman Sheila Fair has advocated for the US Bank to reduce their leverage to half believing that their financial position poses too great a risk. The industry averages for long t erm debt to equity and total debt to equity ratios are 64. 36 and 177. 19 respectively. In respect to this, US Bank finds itself taking the middle ground between Wells Fargo and Bank of America. Wells Fargo seems to be In equity ratio of 84. 6, well below the industry average. The most indebted institution would be Bank of America who's ratios of 120. 09 and 249. 67 are well above the industry average. US Bank in comparison has a long term debt to equity ratio of 67. 93 which is right around the industry average while their total debt to equity is far below it at 139. 98. Despite being in good position relative to the industry and the two chosen similar financial institutions in these metrics, this indicator should be held with skepticism as many believe that all commercial banking institutions are unreasonably leveraged.One of the reasons for US Banks highly leveraged position ay lay in the management's decision to acquire more banks through IBID-assisted deals. It is stated that, â€Å"In total, the firm has acquired $35 billion of banking assets through these deals at minimal costs. † Though these deals have been stated to be not significant enough to pose such a threat. They are still campaigning to acquire even more assets. Assets All three companies have real estate loans as their largest asset category. This includes residential loans, commercial real estate, and other loans secured by farmland.These loans can be considered safe as they are secured with liens on the reporter however they are illiquid and would be considered a long term asset. Wells Fargo has the largest amount of real estate loans as a percentage of their assets at 35. 81%, followed by US Banks 32. 18% and finally Bank of America's far smaller 20. 97%. All the banks second largest assets are debt securities over one year and they all have similar sizes as percentage of total assets. Commercial and industrials are the third largest asset for Wells Fargo and US Bank and they hold s imilar sizes as percentage of assets.Bank of America's third largest asset however is trading assets which should be more marketable. Much of the securities held by US Bank are not held for sale which makes them susceptible to interest rate risk. It is unclear how much of the banks loans use a floating interest rate but we can assume which would better help determine the risks involved. With US Banks fairly high percentage of real estate loans and commercial and industrial loans which are usually long term these risks to the bank are significant. The largest liability for the three financial institutions are interest bearing deposits.Wells Fargo holds the largest proportion at 50. 14% followed by US Bank at 47. 70% and then Bank of America at 32. 0%. US Bank holds and Wells Fargo have similar proportions of this liability. While these liabilities accrue interest the banks do have to expect frequent cash outflows from this. The three banks third largest liabilities are interested-bea ring deposits with US Bank having the largest proportion of 23. 36%, followed by Wells Fargo at 21. 93% and Bank of America at 18. 97%. These proportions seems relatively similar to each other but with US Banks higher proportion they should be weary.These interested bearing accounts are likely to be checking outs and while they do not accrue interest you can expect frequent editorials from customers which should keep them weary of loaning out too much money. Finally all three banks have listed other borrowed money as their third capitalized leases. Bank of America has the largest proportion of 14. 24%. Next is US Bank with 13. 66% and then Wells Fargo with 9. 62%. These proportions also seem quite similar too each other. Interest Revenue, last Quarter US Bank largest source of revenue is on fully taxable income on loans and leases at 44%.This proportion is comparable to Bank of America that accounts for 41% of their revenues. What is surprising is the large mount of revenue Wells Fa rgo receives from interest and fees on which accounts for 76% of their revenues. While US Bank only receives 42% of its income in the same category. Interested Revenue, Last Quarter The largest sources of interested income for the chosen financial institutions vary greatly which makes it difficult to compare US Banks position in comparison to the other financial institutions.The largest category listed in sources of interested income for US Bank was stated as unspecified at 18% and 19% for Wells Fargo. The largest source for Bank of America is investment banking fees and commissions. Expenses Last Quarter Largest Expenses US Bank amount % of expenses Interest on other borrowings & trade Lab 987,000 2 Interest on time deposits Cash from operating activities has been steadily increasing which is a good sign but so is cash from financing activities which is much larger. As commercial bank it can be expected that they finance their operation with a significantly large portion of debt. H owever in combination with their highly averaged position with their competitors this could be a cause for concern in their financial viability. Corporate Risk Profile: As a company that operates in the financial services, U. S. Banks largest exposure of risk comes from credit risk, operational, residual value, interest rate, market, liquidity and reputation risk.U. S. Bank has spent many years working to perfect managing these risks. For credit risk, U. S. Bank has incorporated â€Å"well-defined, centralized credit policies, uniform underwriting criteria, and ongoing risk monitoring and review processes for all commercial and consumer credit exposures† (SEC. Gob). US Bank has developed a very strenuous and extensive procedure in order to evaluate the credit risk that it handles on a day to day basis. Another way US Bank manages its credit risk is â€Å"through diversification of its loan portfolio and limit setting by product type criteria and concentrations† (SEC.Go b). US Bank divides its overall loan portfolio into three separate segments to, following the â€Å"don't put all your eggs in the same basket† theory. The three portions of the portfolio consist of commercial lending, consumer lending and covered loans. The risks associated with commercial lending include a rarity of factors including many risks associated with the borrower's business such as industry, geography, the loan's purpose, how the borrower will repay, debt capacity among others.In order to prioritize these risks and keep them all organized, US Bank assigns risk ratings to these characteristics in attempt to create the ability to focus on specific risks depending on importance. As far as the consumer lending sector goes, this encompasses â€Å"residential mortgages, credit card loans, and other retail loans such as revolving consumer lines, auto loans and leases, student loans, and home equity loans and lines† (SEC. Gob). The risk characteristic of this secti on of the portfolio is focused on the borrower and their keenness to pay off the loan as well as prior repayment history.The 3rd portion of the loan portfolio is the covered loan segment. Before touching on the risk of this venture, it must first be noted that there are loss sharing agreements between US Bank and the IBID that ultimately â€Å"reduce the risk of future credit losses to the company' (SEC. Gob). The risks that are associated with covered loans are â€Å"consistent with the segment they would otherwise be included in had the loss share coverage not been in place† (SEC. Gob). Another important aspect of US Bank to take into account is the sub-prime lending side of the banking industry.

Kerzner Office Equipment

Critique Briggs’ management of the first meeting. What, if anything, should she have done differently? The approach employed by Amber Briggs in the first meeting of the Kerzner Anniversary Task Force can be described as traditional. Firstly, Briggs, the head, prepared the agenda, which mainly consisted of the activities to be done within the one-hour meeting, followed by the members’ introduction of themselves wherein they stated the different departments they are connected with and lastly, the head reminded them to solicit information from their department colleagues on how the anniversary celebration should be done.In my analysis, there’s actually nothing wrong with the way Briggs handled the first meeting, but considering that the purpose is to prepare for an upcoming event that is special and grandiose, she could have handled it a little differently than the conventional way. I understand that this event would really call for commitment and teamwork so she co uld have awakened the interest and stirred the creative minds of the task force’ members by brainstorming on the appropriate theme for the event. This would serve as the guide of all the committee heads (task force members) in coming-up with the plan for their respective committee assignments. The meeting could have been more fruitful.Since the group members are coming from different departments, Briggs should have done better by explaining to the members the main purpose of the task force’s creation so that each one will know their vital role, the presentation of the budget they will be working on so that they will have an idea of how much the management is willing to spend in order to make the event successful and the presentation of the committees. The members, being the committee leaders, will now pick the committee they are willing to handle, which is supposedly prepared by Briggs prior to the first meeting’s schedule.Sample committees with specified tasks that will help realize the goal of the celebration could be: a) promotions to take charge of the intra-company advertisement (e.g. bulletin boards update, flyers, etc) and gimmicks prior to the actual celebration in order the set the pace for the much awaited activity; program to take charge of the entire flow of activities, program layout, invitation, and selection of the program hosts or emcees; games and awards to take care of the fun games to serve as fillers for the lull moments and the identification and preparation of awards to be given (e.g. per department to acknowledge their contribution for recovering and staying in the business despite the national recession).Food to select the caterer and menu; decoration to plan and supervise the decoration of the venue in accordance with the theme or concept of the event; physical arrangement/lights/sounds to take charge of the layout of the venue, the lights needed to make it livelier and the sound system, which would include the sel ection of the music to be played throughout the activity; and documentation committee to capture every moment for everyone to cherish including the preparation of an article on the event to be published in the company’s newsletter.Before ending the meeting, rather than merely reminding them to solicit information from their colleagues, each member should have been reminded to prepare a plan with the proposed individual committee members and estimated budget, which will be presented in the next meeting. All the task force’s members will then give their comments and suggestions to improve the prepared plan.It would have been better also if the actual date of the next meeting was decided upon. Briggs, as the head, could propose a schedule before adjourning the meeting so everyone can give their comments. Once schedule has been agreed, the members should ensure that if they could not attend due to operational concerns or unforeseen circumstances, a capable and committed re presentative, who has been briefed of his or her role, will be present to attend the meeting and give updates.What barriers is she likely to encounter in completing this project? What can she do to overcome these barriers? Note: Answers to q. # 3 is imbedded (italicized) in the answers to q. # 2The major barrier that is likely to be encountered in completing this project is the availability of the task force members. It would have been better, if after the discussion of the objectives, the members were asked on how interested and committed they were to be part of the team. As mentioned in the case, most of the members were assigned rather than volunteered so a very pertinent issue involved here would be commitment. It’s also possible that because the company is composed of 1,100 employees, not all of them know each other personally.This is very essential to encourage teamwork. Briggs, being in the HR department, should ensure that this group would have a chance to meet each o ther more frequently in other company engagements or activities. It would also be good if they could work in pairs in their assigned committees. Briggs could also allot 5 minutes every time the task force meets for group dynamic activities to promote teamwork. For a start, a getting-t- know-you activity would be nice.What should she do between now and the next meeting?After the meeting, she could send an email to all the members on the minutes (what has been discussed) including their specific committee assignments and the things expected of them in the next meeting. She could also send a separate email to the two absent members to update them on what has been discussed. She could ask them too if they are available and would commit to the future undertakings of the group. As stated above, a five-minute group dynamic activity could strengthen the group’s teamwork. This would also make the meeting more interesting. Briggs should also acknowledge the team’s progress to en courage more their participation.Park Manor Condominium: Analysis of social and psychological market factorsCase written by Prof. John M. Hess, University of ColoradoPark Manor, a condominium apartment community located twenty five minutes from downtown Milwaukee, Wisconsin, is troubled by a significant decline in sales in recent months. The developers Herbert Klein, Hilton Howard and Lloyd Franklin, analyzed the different strategies employed by the condominium in attracting customers and debated whether they have reduced the market too severely by their age and no-children barriers. Howard believes that they have already exhausted the over-forty market and should therefore lower the minimum age limit.On the other hand, Franklin said that they have barely touched the market by focusing too much on the retired individuals instead of the working people and those whose children have left home and no longer desire for a large house. Klein also thinks that they have taken the wrong track by limiting their efforts on the local area. It would have been better if they have attracted retirees from a regional or national market. He specifically identified Chicago, which has approximately 200,000 eligible retirees with an additional 20,000 persons retiring each year (cited in Stanton, 1978).To provide the right solution to the problem, they conducted a market study, which revealed some public misconceptions and prejudices that probably aroused from shifts in promotional emphasis. A summary statement of the report reads: a) age – most respondents view Park manor as an old-people’s home; b) income – majority of the respondents identify Park Manor as an expensive, high income and high cost place to live; c) institutionalization – people fee that they will loose their freedom if they move to the place; d) not quite respectable   – many perceive as not being quite respectable   and e) apartment living – homeowners do not like to l ive in an apartment and apartment dwellers don’t wish to invest or tie up funds in their residence (cited in Stanton, 1978).As a result, the development company has learned that buying a home and moving are emotion-laden activities and that each type of the market has different reasons for changing residences, which is often at cross purposes, thus appeals to one may alienate the others. Park Manor also feels that they have to identify and select the most compatible market elements (cited in Stanton, 1978).CVS/Pharmacy: Market Expertise Is Key to SuccessCVS/Pharmacy, one of the largest retailers in the US, wanted to launch their new camcorders with the aid of market experts to ensure success. They believe in the power of PR and they have sought the help of the best agencies for their unique PR programs. For the photo division, they wanted an agency with solid media connections and with an understanding of the imaging market. Furthermore, they wanted an agency with the ability to generate results instantly, thus they hired Matter Communications (http://www.matternow.com/CaseStudies/case_cvs.htm).This agency is known for its unparalleled knowledge of the imaging market, with a philosophy to directly align PR programs to business goals. When the agency launched their new product, it was a success, which was even applauded by the national news outlets including Wall Street Journal and Time. With the successful outcome, they engaged Matter Communications to build an ongoing and sustainable PR machine with the goal of driving local consumers directly into local stores for its one-time-use digital camcorder.Matter, aiming to become CVS long-term partner, in turn developed a media program that focused on product placement, reviews and feature stories across the country. 200 articles, television segments and radio spots featured CVS’ camcorder in just five months. It was also included in regional holiday gift guides, â€Å"Best of 2005† round-ups a nd targeting syndicated writers paid off wherein one article yielded 34 articles. Results matter for Matters Communications. This was evidenced by their success in launching CVS’ new product. In December alone, Matter helped reached more than 107 million readers/viewers. (http://www.matternow.com/CaseStudies/case_cvs.htm).ReferencesMatter Communications. CVS/pharmacy: Market Expertise Is Key to Success. Retrieved December 28, 2007Stanton, William J. (5th Ed.). (1978). Fundamentals of Marketing. United States: McGraw-Hill Book Company