Marketing Strategy

According to Moore and Pareek (2009), marketing is one of the important functions of any business besides other functions such as R&D, Finance, IT, Operation, Production, and Human Resource (HR).Assignment Help Function of marketing in organizations is directly related with attraction and retention of customers in comparison of other functions that focus on managing internal matters of organizations.

To develop the marketing function effectively, firms choose appropriate marketing strategies.Homework Help Role of marketing strategies is important for organizations. According to Silk (2006), marketing strategies can be divided into two parts such as selection of an appropriate segmentation, targeting, positioning, and selection of a suitable marketing mix (product, price, place and promotion). In both marketing and marketing strategies, role of advertisement is very critical as advertisement is one of the important tools among other tools such as sales promotion, marketing research, distribution and pricing of marketing.

According to Slater, Hult and Oslan (2010), marketing strategies are the combination of marketing mix, positioning, targeting and segmentation that helps the organization to create competitive advantages from the international market. With the help of effective marketing strategy, organization can attract the customers for the products and services.

In the research study, researchers also argued that marketing strategies plays an effective role in the organization to face various resources and utilize different opportunities.Assignment Writing At the same time Rosier, Morgan and Cadogan (2010) has supported the argument of Slater, Hult and Oslan (2010) that marketing strategy starts with a detailed and creative assessment of organization’s capabilities in order to achieve organizational goals. In the research, researchers argued that marketing strategies helps the organization to increase in strengths in order to increase in competition in international market.

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Effective and Ineffective advertisement

This post is provided by Assignment Help Experts. Advertisement describes all the fact and feature related to the product and service.Assignment Help Television is an effective media for capturing the market. Today lot of companies gives their advertisement on the television to increase awareness among the customers. dvertisements have different features and message regarding the product or service and the company.

Today FedEx’s trucks ad is more effective because it convey its message very clearly and provides all the information related to size, capacity etc. Nike’s ad is also attractive because it uses humor in its ad that makes it effective (Spoonfed Design, 2008). Coca-Cola targets the youth and it also shows it in its ad that makes it effective. The presentations and information of Coca-Cola’s ad determines its effectiveness.Homework Help So, these are some effective advertisements those support the high success and growth of the firm in the competitive marketplace.

In the marketplace, there are some ineffective advertisements also presented. The advertisement of Zungui Haixi Corp is ineffective that is a footwear manufacturer Company. Advertisement of the company is least effective because it provides less information about its product. Dole is a largest food based company (Dole, 2011). The advertisement of this company is also not so effective because of using ineffective and irrelevant advertisement tools and messages.

The advertisement of Marcus is also not effective. It’s a food company and provides less information about the product in its advertisement.Assignment WritingThese advertisements are really ineffective. Less information, ineffective presentation, poor contains, irrelevant message etc. are the factor that are presented in above discussed advertisement that are captured at the time of recalling and these make the ad ineffective.

References;
Dole. (2011). Retrieved May 6, 2011 from http://www.dole.com/AboutDole/tabid/1255/Default.aspx#
Spoonfed Design. (2008). Retrieved May 6, 2011 from
http://www.spoonfeddesign.com/10-principles-of-effective-advertising.

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Justification for Knowledge Management in Organizations

This blog post is provided by Assignment Help Experts. Knowledge management system is an important part of any organization to manage their knowledge and information to motivate employees towards the products and also helpful to create effective production and processes that lead innovation and product development. Assignment HelpThe arguments for justification for this business case are as follow:

Provide Motivation for Employees:

An effective knowledge management system is helpful to motivate employees in their work. It helps to improve employees’ skills and knowledge towards the products and services. It is because; knowledge management system provides the platform for the employees to share their knowledge and experience with other employees or management level employees in the organization. Homework HelpWith the implementation of knowledge management system, Nokia increases the knowledge and improve their innovation activities and capabilities to design and produce a new product for the customers in the market (Jawadekar 2011).
Business strategy of Nokia is to develop the relationship with Microsoft Corp. to create effective ecosystem for the customers. With the help of Microsoft Corp, Nokia can increase the knowledge of employees to provide training in order to better assessment of new technology and products. It can helpful for the company to motivate employees towards the customer satisfaction. This can help company to create competitive advantages from the international market (Marks 2002).

Identify Best Practices:

In support of implementation of effective knowledge management system in the company, it is argued that KMS helps the company to identify their best practices in the international market. It helps the company to create effective innovation and also helpful to sustain their market share.Assignment Writing Knowledge management system is also helpful for the organization to find out the way to how work actually gets done in the organization. It helps the company to create effective their processes from innovation to produce or market their products in the international market (Dalkir 2005).

Reduce Substitutes:

With the help of effective KMS, Nokia can reduce the substitutes and competitors in international market. It is because; in nature tacit knowledge is a sticky process that resists the transfer to new group or settings. That helps the company to save their tacit knowledge and creates the challenges for others to gain or achieve company’s tactic knowledge. An effective KMS also helps the company to increase in ability to innovate of different products and provide effective services to the customers in the domestic as well as in international market (Jawadekar 2011). An effective KMS helps the company to establish a policy that creates sustainable market environment for the company to survive in the international market.

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Knowledge Management

In today’s perspective, most of the organizations use knowledge management in order to reduce the competitive pressure and achieve their long term goals and objectives.Assignment Help In today’s competitive world, it is essential for all the organization to increase their knowledge and information to compete with other organization not only in same industry but also from other industries (Stary and Hawamdeh 2007). Increased information and knowledge management helps the organization to create innovate products in the market that attract more customers and enhance the market image in the international market

Nokia followed knowledge management in order to achieve the goals and objectives in long term. Knowledge management helps Nokia to move from hierarchical structure to a network based learning organization. The knowledge management system of Nokia supports the strategic goals and objectives that are achieve global efficiency and effectiveness, learning across organizational boundaries and create local flexibility and responsiveness. In order to achieve strategies goals and objectives, company listens carefully to the voice of customers. It helps the company to provide more effective products to the customers in international market (Nokia 2011).

Nokia applied their knowledge management system to encourage innovation in its R&D and product development functions. It helps the company to provide latest technological products to the customer at low time. It is also helpful for the company to remain competitive in the international market.Homework Help Strategies of Nokia are more focuses on to create new strategic direction that includes the change in leadership and operational structure in order to create effective organizational speed to attract more customers in a competitive world (Nokia 2011). In the strategy, Nokia also focuses on build strategic relationship with Microsoft Corp. to establish a new winning mobile ecosystem.Assignment Writing Nokia’s strategy also includes the investments in different next generation technologies to capture and development of next generation customers towards the products and services at international market (Scullion and Collings 2010).

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References;

Scullion, H. and Collings, D. G. (2010) Global Talent Management. UK: Taylor & Francis.

Nokia (2011) About Nokia. [Online]. Avaliable at: http://www.nokia.com/about-nokia/company [Accessed: 1 October 2011].

Stary, C. and Hawamdeh, S. A. (2007) Knowledge management: innovation, technology and cultures : proceedings of the 2007 International Conference on Knowledge Management, Vienna, Austria, 27-28 August 2007. UK: World Scientific.

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Merger and Acquisition and Performance of Companies

Delaney & Wamuziri (2004) examines the impact of Merger and Acquisition on shareholders wealth in the UK construction industry with a sample of target firms and bidding firms.Assignment Help They investigate the financial performance of the companies during the merger announcement and after the merger (Delaney & Wamuziri 2004). This study includes an observation period of 20 days before and 20 day after the merger to examine the impact of merger on performance of the companies. In order to evaluate the financial performance, the accounting data has been used as tool of analysis in this study. Delaney & Wamuziri (2004) states that the M&A has generate significant positive gains for the target company’s shareholders in terms of increase in stock price.

They found that the share price of most of the target companies has increased during the announcement and after the merger. According to this study, the shareholders of most of the target companies have gained because of the M&A process (Delaney & Wamuziri 2004).

It is also found that the announcement of M&A by the target companies has given the higher abnormal return to the shareholders. On the other hand according to the Kumar (2009), the financial performance of the merged companies has showed no improvement in comparison to pre merger values.Homework HelpIn order to evaluate the financial performance, the accounting data has been used as tool of analysis in this study.

Pazarskis, Vogiatzogloy, Christodoulou & Drogalas (2006) investigates the post merger operating performance of fifty companies that executed at least on e merger in the period from 1998 to 2002 in Greece. This study measures post merger performance of the companies with the help of financial and non financial variables. In this study, the result of the hypothesis testing of financial ratio analysis explains that the profitability, return on assets and gross profit margin ratio is decreased after the merger (Pazarskis, Vogiatzogloy, Christodoulou & Drogalas 2006). According to this study, the profitability of the companies has decreased due to the merger or acquisition event.

On the other hand according to the Delaney & Wamuziri (2004), the financial performance of the companies has increased due to the increase in shareholders’ value through increase in stock price.

References:

Cherunilam, F, 2007, International Business: Text and Cases, 4th edn, PHI Learning Pvt. Ltd.

Delaney, F.T & Wamuziri, S.C, 2004, The Impact of Merger and Acquisitions on Shareholders Wealth in the UK Construction Industry, Engineering, Construction and Architectural

Management, Vol.Assignment Writing 11, no.1, pp. 65-73.
Kumar, R, 2009, Post Merger Corporate Performance: an Indian Perspective, School of Management, Vol. 32, no.2, pp. 145-157.

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Employees Training and Development

Employees Training and their development is an important aspect for organisational growth and sustainability. Aziz & Ahmad (2011) exhibits the importance of training & development programs in modern scenario.

Most of the organizations spend a huge amount to train their employees. Organizational characteristics (people, system & culture etc.), individual characteristics (personal skills & career development, learning etc.) and training program characteristics (improve the efficacy of business operations) are considered and integrated to make effective training (Aziz & Ahmad 2011).

The study of Denby (2010) also states that in the effectiveness of training, training need analysis plays an important role. On the basis of training need analysis, the efficacy of training program can be enhanced in an effective manner by providing efficient job related skills to individuals (Denby 2010).

On the other hand, the study of Noonan (2008) exhibits that proper collaboration between employees and employers enhance the effectiveness of training for employee development. It assists to enhance employee commitment towards personal and organizational development. Similarly, as discussed by Hassi and Storti (2011), training & development enhances and develops job related skills, technical skills, management skills and leadership skills etc. of individuals.

The article on the holistic approach to training (2011) exhibits that the effective training to each individual is a complex task for HR managers. In the efficacy of training programs, individuals, who have learning attitude, provide their maximum contribution for personal, professional and organizational development.

References:

Aziz, S. F. A & Ahmad, S. (2011) Stimulating training motivation using the right training characteristic. Industrial and Commercial Training, 43 (1), p. 53-61.
Denby, S. (2010) The importance of training needs analysis. Industrial and Commercial Training, 42 (3), p. 147-150.
Hassi, A & Storti, G. (2011) Organizational training across cultures: variations in practices and attitudes. Journal of European Industrial Training, 35 (1), p. 45-70.
Noonan, J. (2008) Using collaboration tools to improve training. Industrial and Commercial Training, 40 (1), p. 51-53.

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eCommerce: What it is

What is e-Commerce?

An environment in which most of the business transactions occurs through telecommunications networks, especially with the help of the internet, are known as e-commerce. Electronic commerce pertains to the buying selling process or exchanging of products, services, and information via diverse computer networks along with the internet.

In present, the internet has come forth as a key international distribution channel for goods, services, management and specialized jobs (Lancaster and Reynolds 2005). The practice of e-commerce is significantly altering economics, markets and industry composition and structure, products and services and their stream, consumer segmentation etc.

Almost all type of business related activities and consumer values has altered with emerging e-commerce practices and similar is the situation with travel and tourism industries from different parts of the world (Simpson and Docherty 2006).

E-commerce is the trend of the global marketplace that is increasingly used by the business organizations to attain maximum advantages (Bauknecht, Pröll & Werthner 2005). E-commerce is electronic sells and purchases of goods and services through the use of internet.

The increasing use of e-commerce by travel companies is helping customers to have access on more information on different companies’ diverse tourist destinations and services.

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Reference
Bauknecht, K. Pröll, B & Werthner, H. (2005) E-Commerce and Web Technologies: 6th International Conference. Germany: Springer Science & Business.
Lancaster, G. & Reynolds, P. (2005) Management of Marketing. Burlington: Butterworth-Heinemann.
Simpson, M & Docherty, A. (2006) E-commerce adoption support and advice for UK SMEs, Journal of Small Business and Enterprise Development, 11(3), p.315-328.

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Managing Process, People and Projects at Bank of America

In current scenario, management of process, system and project is a critical task. Organizations follow different tools and techniques to manage their business strategies, improve quality and performance. In retail banking, various procedures are used by the firms to ensure the alignment between the objectives and performance. Banking firms formulate different contingency planning and procedure to ensure a smooth flow of returns for the stakeholders. It is observed that during 2009, economic recession had impacted the performance of some well known banks that influenced their market image also (Bank of America, Annual Report 2009). In retail banking, risk management practices followed by the firms matter a lot at the time of contingent situations like, economic slowdown.

At the same time, it has been observed that some banking firms have organized themselves effectively even during adverse conditions and tried their best to come over from the clutch of economic downturn. In order to remain competitive during the tough conditions like recession, it is essential for the organizations to strengthen their management practices for managing process, systems and projects. Bank of America is selected for the discussion of process, systems and projects. The bank is the largest lender in the U.S This bank has strong relationships with around 1000 fortune companies. Bank of America offers finest financial services in the world (Bank of America, 2011). Bank of America uses effective risk management practices to manage its systems, process and projects successfully.

In 2009, the bank has introduced clarity programs, deposit customer assistance program and simplified its overdraft policies to manage the systems in a smooth manner (Bank of America, Annual Report 2009). Banking and liquidity management of this bank is also good that supports it to fulfill the expectations of all stakeholders like, clients, communities and shareholders. The bank has modified home loan and credit card to help the families during tough times. The organization is known for its business ethics of doing right things even during critical situations. Four sections will be conducted for assessing process, systems and projects management of Bank of America. In first section, analysis of strategic context, principal strategies and quality and improvement will be conducted. In next section, course of action to address the issue and justification for that course of action will be discussed. In third section, implementation and impact will be discussed. In final section, implications of implemented plans will be described.

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References
Bank of America. (Annual Report 2009) [Online]. Available At: http://media.corporate-ir.net/media_files/irol/71/71595/reports/2009_AR.pdf [Accessed: 12th January 2011]
Bank of America. (2011) [Online]. Available At: https://www.bankofamerica.com/ [Accessed: 12th January 2011]

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Business Ethics

Business ethics can be defined as the ethical behavior of a business to conduct its operations (Marques & Azevedo-Pereira, 2009). The ethical values in the business can be changed as per nature of the business. Business ethics mostly deals with the concept, process and practices of the organization in the business environment. Business ethics in organization requires value based leadership from the top management.

The role of business ethics has become significant in today’s challenging environment. Recent corporate scandals in the business environment increased the requirement of ethical business practices. It is very important for the organizations to follow a certain level of ethical consideration to eliminate possibility of fraud.

The stakeholder of the company plays a vital role in implementing ethical values within organization. Business ethics is quite effective to build a good public image and facilitate success in the long-term (Ferrell, Fraedrich & Ferrell, 2009).

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References
Ferrell, O., Fraedrich, J., & Ferrell, L. (2009). Business Ethics: Ethical Decision Making and Cases. USA: Cengage Learning.
Marques, P., & Azevedo-Pereira, J. (2009). Ethical Ideology and Ethical Judgments in the Portuguese Accounting Profession. Journal of Business Ethics, 86, 227-242.

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Purpose of the Business - Reasons for Selecting this Business

Purpose of the Business

The main purpose of the fast food outlet in London is to provide high quality foods at local environment with local taste. Along with this, to establish a presence in local fast food business and gain market share in the fast food industry of the UK is the aim of the business (Counihan, 2008). To fulfill this purpose, it will create unique, innovative menu and entertaining environment in outlets to differentiate the business as compared to competitors. Additionally, the main aim of this business is to provide quality foods and keep customers happy with full satisfaction.

Reasons for Selecting this Business

In present fast life, customers want fast and quick cooked foods that will increase sales and choice of fast food and would be profitable for the company (Ronald, 2008). Disposable income of customers is also increasing that is another reason of selecting this business. It will increase the enjoyment of customers that have opened new opportunities in food market. This business will offer variety of foods to customers and excellent services to ensure relaxation and comfort of customers that will attract them towards outlets. Effective services and high quality products will increase the number of customers and it will be profitable for the company.

Major Obstacles

This business would face various obstacles in launching of new restaurant such as inventory management, customer services, application of information technology, marketing and distribution strategies and capital investment etc (Counihan, 2008).

Marketing and distribution strategies: The Company would get difficulties to select appropriate marketing and distribution strategies at the time of launching (Ruteri & Xu, 2009). It will get problems in market research to identify customer taste and preferences and select right marketing and promotional strategies according to customers.

Production planning and scheduling: It will be difficult for the company to develop effective production planning due to lack of past experience and future forecast of demand (Ruteri & Xu, 2009). It is the new business and company doesn’t have any information about tastes, preferences and demands of customers’, so it will be difficult to develop planning for production.

Other Successful Organization

There are various people, companies or organizations that have been successful in fast food industry such as McDonald’s, KFC, Pizza-Hut, Burger king, Dominos’ and other local fast food outlets (Ronald, 2008). Along with this, people like James A. Skinner, CEO of McDonald’s, Peter Brabeck-Letmathe, Chairman of the Board of Nestlé and other chairpersons are famous and successful personalities of fast food companies that motivates for this business.

Sources for Additional Information

To get additional information and take help in business ideas, people, websites, agencies, actual business contacts and trade associations can be used. Through these sources, valuable information, past experiences, issues in launching time, opportunities and threats can be identified that will help in developing new marketing and business development approaches (Food and Agriculture Organization of the United Nations, 2002). Through fast food companies’ websites, information about their product line, supply chain management, stakeholders and other services can be recognized. Through trade association, business person can develop understanding about trade rules and regulations, rules for costing, taxation and contracts with suppliers.

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References
Counihan, C. (2008). Food and culture: a reader. USA: Routledge.
Food and Agriculture Organization of the United Nations (2002). Organic agriculture, environment and food security. USA: Food & Agriculture Org.
Ronald, L. W. (2008). Kleppner'S Advertising Procedure, 16/E. USA: Pearson Education Inc.
Ruteri, J. M. & Xu, Q. (2009). Supply Chain Management and Challenges Facing the Food Industry Sector in Tanzania. International Journal of Business and Management, 12(4), pp. 70-80.

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Team Leader’s Role

In an organization various teams are formed by the managers and each team is headed by the team leader. Team leader has to play various roles in providing coaching and mentoring to their team. Role of the team leader is exploring the skills of their team. They are also focused towards guiding them about the efficient achievement of team objectives as well as organization goals (Schonrok 2010). All the team members should work with proper coordination and develop mutual understanding among members. All the team members should follow the instruction of their team leader. Another role of the team leader is to influence the employees for better performance of the task.

After providing the coaching and learning to the employees’ team leader must give feedback to their team members about their performance. This will help in motivating the employees for better and improved performance (Pope 2008).

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References
Pope, S. (2008) Team Leader Workbook. USA: Human Resource Development.
Schonrok, J.E.M. (2010) Innovation at Large: Managing Multi-Organization, Multi-Team Projects. Deutsche: Peter Lang

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Monitoring Marketing Goal

Marketing goals deals in various factors of the organization. Every organization wants to increase the sales, increase the public awareness about their business, customer retention, increase in profit, reduction in cost, etc. All these factors are comes under the marketing goals. It is necessary for the researcher to monitor the goals of marketing. Researcher can use different ways of monitoring the progress of marketing goals (Dibb & Simkin 2008). Firstly researcher has to analyze whether the goals that have been framed should be according to the customer’s needs and wants. Researcher can monitor the progress by observing the employees, while working. With the help of observation, researcher can analyze the total time taken by the employees and utilization of resources (Ferrell & Hartline 2010).

Secondly, researcher should monitor that mission of the organization should be consistent with the marketing goals. Marketing goals means results that have been achieved through marketing plans. But these goals should be aligned with organization objectives also. Thirdly, organization can set the parameters through, which they can compare, the actual working with the stated goals. Another method of monitoring is to observe the results that have been achieved and analyzing the customer feedback (Kotler, Lee, Farris & Kiddon 2010).

Monitoring plays an important role in achieving the success of marketing goals. It gives the assurance that efforts are conform to the desired plans. Monitoring helps in achieving the better performance and also motivates the employees. Monitoring can be taken as tool for controlling the various activities that are beyond the desired plans. Various corrective actions can be taken in policies and plans according to changes in environment (McMurtry 2003). With the help of monitoring organization can optimally utilize all the resources and achieve the results effectively and efficiently. All these above stated factors contribute in the success of marketing goals.

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References

Dibb, S. & Simkin, L. (2008). Marketing Planning: A Workbook for Marketing Managers. USA: Cengage Learning.
Ferrell, O.C. & Hartline, M. (2010). Marketing Strategy. 5th ed. USA: Cengage Learning.
Kotler, P. Lee, N. Farris, P.W. & Kiddon, J (2010). Marketing Strategy from the Masters (Collection). New Jersey: FT Press.
McMurtry, J.M. (2003). Big business marketing for small business budgets. USA: McGraw-Hill Professional

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Market Entry Strategies

For every new firm, it is necessary to adopt some strategies for entering in market and give competition. This post would give students an idea how to write assignment or homework related to market entry strategies. In this, Polish market entry is taken as a case study for entry of a bottled water product. To enter into the polish market of bottled water and give competition to the market leader, firm can opt for some strategies such as joint venture, strategic alliance, and franchising (Boone and Kurtz 2011).

Joint venture: Firm can select the joint venture strategy because it is very difficult for an individual firm to give competition to market leader alone. Joint venture is the strategy in which two existing firm agree to do the business together for finite time period. Through the joint venture, firm can able to give competition to the market leader. As the competition is very stiff and need a huge amount of capital, with the help of joint venture firm can distribute the capital and can easily enter into the market. In past few years, bottled water has come under some criticism because of impurity in water. But nowadays, bottled water has captured very large part of market environment (Kupper 2009).

So, to maintain the position and give competition to the market leader, it will be more suitable for the firm to come up with the joint venture.

Strategic Alliance: After analyzing the overall market scenario, another strategy, which firm can adopt is strategic alliance. This strategy is also very much suitable for the firm to make position in new marketplace and give competition to the leading firm of bottled water. In case of joint venture, two firms need to get combined in a single entity. In case of strategic alliance, two firms decided to perform a common business to meet the critical conditions of the market scenario but both these firms remain independent. This strategy avoids the conflicts among members due to difference in cultural as well as working environment of both the firms (Glover and Wasserman 2003).

With help of strategic alliance, efforts of both firms can be able to give more competition and earn more benefit instead of putting individual efforts. Market leader of bottled water has penetrated the wider area of overall market, so to compete with them needs extra skills and knowledge that can be shared through strategic alliance.

Franchising: By taking the franchise of one of the top most brand of bottled water, firm can able to attract more customers. Initially with the name of renowned company of bottled water, firm can make position in the market place. After understanding the overall market scenario, it will be easier to give competition to the market leader. Franchising is the strategy in which owner of firm distribute their products through the dealers known as franchisee. Franchisee takes the license from the franchiser to carry out business with his name (Keup 2007).

With the help of franchising, firm can easily operate their business activities and capture the wider area of market. After making the position in market through franchising, franchisee can establish a new firm and a give competition to the market leader. This strategy is also very much suitable for the firm to enter into the new market of polishing of bottled water (Mathews 2011).

From the above, it is concluded that, before entering in the market, firm has to analyze the overall market scenario and competitors and on the basis of that strategies should be selected.

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References
Boone, L.E. and Kurtz, D.L. (2011) Contemporary Marketing, 15th ed. USA: Cengage Learning.
Glover, S.I. and Wasserman, C.M. (2003) Title Partnerships, joint ventures & strategic alliances Business law corporate series. New York: Law Journal Press.
Keup, E.J. (2007) Franchise Bible: How to Buy a Franchise Or Franchise Your Own Business, 6th ed. UK: Entrepreneur Press.
Kupper, V. (2009) The Use of Joint Ventures as a Strategic Tool for Multinational Companies. Germany: GRIN Verlag.
Mathews, J. (2011) Street Smart Franchising, 2nd ed. UK: Entrepreneur Press.

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Importance of Forecasting

Forecasting in Communication

Forecasting plays an important role to improve communication in the organization by providing important information to employees, managers and others stakeholders. Foresting provides an idea about sales units that will be consumed by the customers that helps to communicate the production department about the number of units to be produced during a particular time period. Forecasting involves sales forces to forecast in the organization that make an easy communication about predicted results and also the efforts that would be required to achieve the objectives (Smaros, 2004). Forecasting is also made by taking the consideration of all the departments that is quite effective to facilitate an effective communication among different departments. Forecasting is also important to understand and determine the changes in customers’ needs and to generate relevant and rich information of the product that is important to improve effectiveness. Forecasting improves communication by reducing problems of every department that are working on the basis of its goals and forecasts by determining the efforts of other departments also (Smaros, 2004).

Reasons of Wrong Forecasting

There are several reasons in the organization that affect forecasted results from the actual results. Forecasting is an important and most difficult aspect that is based on uncertainty of future that create difficulty in making the forecast in a proper way. Forecasting is performed by using past data of the organization that may change due to change in the business or market environment. The lack of future aspects and changes in forecasting also make it wrong. In addition, several potential errors may create problems that affect a forecasting method’s accuracy. Similarly, forecaster cannot forecast in a right way if there is lack of time and resources to forecast as he/she may fail to judge all the areas that may affect the forecasting (Ahrens, 2007). Forecasting also goes wrong due to lack of proper communication among the employees, managers, and sales forces of the organizations. Selection of inappropriate forecasting method as per nature of forecasting is also a reason behind wrong forecast because an appropriate method helps in proper decision-making to a manager.

Ways to Make Effective Forecast

There are several principles through which a research could increase the chances that a forecast will be effective. Firstly, researcher can define cone of uncertainty of the world that outlines all possibilities related to particular event and movement of forecasting. Secondly, forecaster can use S-curve that starts with slowly at initial stage and then suddenly explode in growth phase and then it drop down in maturity and saturation stage that would be effective to enhance the significance of forecasting (Saffo, 2007). It is because it will help to cover all the aspects that will not fit with the forecasting. Similarly, the researcher should not over rely on one part of strong information, but he should apply strong opinions during the period by including the contingencies.

Models for Forecasting

In forecasting, more complicated models are better than less complicated methods because they can fit all data in forecasting, whereas less complicated models has less adjustable or uncertain parameters in the forecasting (Yuen, 2010). More complicated models can cover large output space in comparison to less complicated models that also provides more accurate results. Autoregressive Integrated Moving Average Models is an important more complicated method that fits with time series to understand data and to predict future points in series effectively. This model is used to predict time series of economics and industries that is helpful to remove persistence and to provide accurate estimation (Wang, 2010). More complicated models helps to understand about a certain problem that can be solved accurately by using potential process. At the same time, the more complicated methods include all the environmental aspects in forecasting that produces better results.

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Reference
Ahrens, C.D. (2007). Meteorology today: an introduction to weather, climate, and the environment (8th ed.). Canada: Cengage Learning.
Saffo, P. (2007). Six Rules for Effective Forecasting. Retrieved September 27, 2011, from http://www.usc.edu/schools/annenberg/asc/projects/wkc/pdf/200912digitalleadership_saffo.pdf.
Smaros, J. (2004). Using the assortment forecasting method to enable sales force involvement in forecasting: A case study. International Journal of Physical Distribution & Logistics Management, 34 (2), 140-157.
Wang, F.L. (2010). Artificial Intelligence and Computational Intelligence: International Conference, AICI 2010, Sanya, China, October 23-24, 2010, Proceedings. Germany: Springer.
Yuen, K.V. (2010). Bayesian Methods for Structural Dynamics and Civil Engineering. Singapore: John Wiley and Sons.

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Strategy and Environment

This post would discuss about how strategy of a company is affected by environment using example of Lehman Brothers. Lehman Brothers was a global financial service firm. Before bankruptcy in 2008, it was the largest investment firm in the USA (Aikman, 2010). Negligence of external factors is the reason behind the bankruptcy of Lehman Brothers.

External factors

Decline in the price of real state developed mortgage crisis in the USA. It is one of the reasons that are affected Lehman brothers, which was not predicted by the bank in advance. Due to mortgage crisis, interest rates were increased by Lehman Brothers on housing loans. This situation created difficulties for borrowers to repay the loan to the bank. Lehman Brother had not maintained healthy relationship with other banks due to the over- confidence of its CEO. Slowdown of USA economy and market share, terrorist attack, decrease in labor market, low government support, Higher Credit rates and borrowing costs etc. are the key external factors that were not properly anticipated and planned by Lehman Brothers (Richelson & Richelson, 2011).

Impact of external factors on Lehman Brothers

High credit rates and borrowing cost led to huge loss of the bank, because borrowers were enabled to repay the loan to the bank (Davies, 2010). Lack of healthy relations with other banks resulted into poor support to Lehman brothers that affected the business practices of the bank during the economic downturn. Apart from this, terrorist attack in the USA also negatively influenced the operations and market share of the bank.Assignment Help Due to economic slowdown of USA economy, five major independent brokers of Wall Street disappeared that further negatively affected the trading system of the bank. So, it also increased the loss of the bank. Low government support during the critical situation was another factor that affected financial policies of the bank.

Deal with external environment

To deal with the environment, bank could have developed effective risk and crisis management strategies and strong financial policies for attracting the shareholders. To deal with external environment, Lehman Brothers could have reduced interest rates on housing loan. In that condition, borrowers could have easily repaid the loan to the bank. Bank could have developed harmony in relations with others banks to reduce the adverse impact of the environment. Bank could have dealt with crisis by giving some relaxation to the borrower in repayment of the loan (Posner, 2010). Additionally, bank could have developed some contingency plans and forecasting strategies to estimate the crisis and take preventive actions to deal with external environment.

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References
Aikman, J. S. (2010). When Prime Brokers Fail: The Unheeded Risk to Hedge Funds, Banks, and the Financial Industry. USA: John Wiley and Sons.
Davies, H. (2010).The financial crisis: who is to blame?.Britain: Polity
Posner, R. A. (2010). The crisis of capitalist democracy. USA: Harvard University Press
Richelson, H. & Richelson, S. (2011). Bonds: The Unbeaten Path to Secure Investment Growth. Canada: Bloomberg Press.

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Business Excellence Model

Business Excellence Model evaluates the performance of firms and explores actions for the improvement (Kanji, 2002). Organization can use BEM to increase the performance in following ways:

Performance Measurement Tool

Organization can use the Business excellence model as a performance assessment tool such as benchmarking or audit framework. Through using the business excellence model, company can evaluate the gap existed between actual and standard performance. After identifying the gap, can take necessary actions for performance improvement (Groves, Herbert, Correll & Correll, 2008).

Utilization of Resources

Company can use the business excellence model in the allocation and utilization of the resources (Kanji, 2002). Through Business excellence model, company can allocate the resources in right time, at right place in right manner that can increase the performance of the organization.

Policy & Strategy

By using business excellence model, organization can develop effective policies and strategy for the identified areas of performance improvement (Groves, Herbert, Correll & Correll, 2008). Business excellence model is based on TQM principle and provides necessary information regarding supply chain, quality standards, deviations, etc. Through business excellence model, company can achieve holistic development of its product or service quality that will enhance organizational performance.

Supply chain management

For increasing the performance, company can use the Business excellence model in the supply chain management. Business excellence covers all TQM factors that affect the business excellence of the organization. By using BEM, organization can improve inventory management, distribution system, logistics operations and supply chain network that are directly linked to performance (Kanji, 2002).

References
Groves, D., Herbert, K., Correll, J. C. & Correll, J. G. (2008). Achieving Class a Business Excellence: An Executive's Perspective. USA: John Wiley and Sons.
Kanji, G. (2002). Measuring business excellence. USA: Routledge.

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Sources for Obtaining Industry Norms to Compare Financial Ratios

 There are various sources for obtaining industry norms to compare financial ratios that include websites such as bizstrat.com, Business census.gov, Economic Census: Concentration Ratios, Google Finance and Yahoo Finance Stock Screener. The information is also available in various financial books such as Building Financial Model, Business Ratios and Formulas, Decoding Financial Statement, The Lender’s Tool Kit, Smart Financial Management (Helfert, 2001).Assignment Help The investor has to be aware of some limitations, when using industrial comparison such as inflation should not be badly distorted, uses of different accounting practices like, FIFO/LIFO, Leasing/ Buying equipment and also mixture of good and bad ratio makes difficult to identify the status of the company (Madura, 2003).

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References

Helfert, E. A. (2001). Financial analysis: tools and techniques: a guide for managers. USA: McGraw-Hill Professional.

Madura, J. (2003). What every investor needs to know about accounting fraud. USA: McGraw-Hill Professional.

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Developing Internet Strategy

E-commerce is an important concept of every emerging business at it helps the organizations to buy and sell the products over electronic system with the help of internet. It increases the sales of the organization and helpful in connecting the customers with the organization (Pinto 2003). This report explains about the uses of internet and e-commerce site for the small firm like small retail store owned by an individual person. This post helps the readers to understand the impact of web site on the sales of the firm and how the web site attracts more customers to be the part of the firm.

Internet business model is majorly classified into four ways; first model allows the organization to send free news letter to the customers. This model is beneficial for the organization, when it post some informative information to the customers rather than posing ads (Pride, Hughes and Kapoor 2005). The second type of web site can support large number of free online services to the customers such as providing free software, movies, books, etc. These types of the web sites are used for the organization, who earns money through online advertisement. As when the site starts receiving lots of traffic, the firm can post advertisements on the web site and earn money online (Pinterits 2009).

Third classification of model is applicable, where the organization has new products to sell. This model is profitable for the organization as customer can easily buy the product through online system (Pride, Hughes and Kapoor 2005). The fourth type of model can be affiliated program, where seller can create variety of catalogue for its customers, so that they can choose the products or services of their own choice (Pinterits 2009). In this business model the retail firm has to choose the affiliated program model, as it supports variety of catalogue that will be helpful for the retailers to show its different products online. This model also helps the retailers to sell its products over the internet that will increase the sales of the firm (Gay, Charlesworth and Esen 2007). Also, the website is helpful for the customers as they purchase the products online. After launching of this web site, retailer has to provide home delivery facility to the customers, who purchase the products online, so that they have not to visit the store to purchase the goods (Zappalà and Gray 2006).

Also, they can purchase the goods at any time i.e. in the office hours too and can also purchase at the night but the delivery of the goods should be made only at the store time. This web site will perform multi-functions for the firm as it can market its product online because customers will do online shopping (Zappalà and Gray 2006). It will also result in to increase in the sales of the organization and provides customer care facility as customers can ask query online for example the availability or the quality of the new product. They can also post suggestions to improve the facility or can post complains if not satisfied with the product delivered or the delivery service (Neuman 2007).

Internet is very useful tool for the organization as the retailer can understand about the various offers delivered by the other storekeepers. It can also be helpful to know about the other products available in the market and to find the cheapest source, so buy those products. This is beneficial for the retailer as he can provide the products to the customers in the most efficient prices (Windham and Orton 2000).

To access these services, customer has to register with the firm with the current address on which the goods have to be delivered. Also, the customer has to provide contact details, so that firm’s staff can easily contact him in case of any confusion regarding the product selected or any other. After got registered with the firm, the customer can order the product at any time irrespective of the store’s time (Waters 2003). The firm can provide two modes of payment system i.e. the customer can either clear his payment as soon as he order the product through card or can pay the bill on delivery of ordered products.

The firm can include links of his sister concern, so that customers become aware of the other products such as furniture, books and stationary, if any. The link of this web site can also be mentioned on the web sites of the sister concerns, so that customer can aware of this products too. There must be an easy registration procedure through online support, so that customer can even register himself without visiting to store (Addison 2006).

Technological specification required to implement this web site includes both hardware and software. In the list of hardware firm requires Intel processor (1GHz or faster), at least 512 MB RAM, telephone line, internet router. Software includes, internet connection, website, internet explorer, Firefox 3.x, JavaScript and cookies enabled, requires Sun Java 5, ActiveX enabled for internet explorer (Laube and Zammuto 2003).

Conclusion

From the above discussion, it can be concluded that website helps in increasing the sales and profit of the small firms as it attracts more customers. It smoothen the internal communication of the firm as online support helps the organization to easily monitor the sales and profits of the firm. This report also shows the other various uses of the internet for a small retail firm that helps in increasing the customer loyalty and visit to the firm. It also describes how customer can access the web site and how the retailer can provide services to attract more customers. At last, this report detailed the various hardware and software required to implement this facility in the organization.

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References
Addison, D. R. (2006) Web site cookbook. USA: O'Reilly Media, Inc.

Gay, R., Charlesworth, A. and Esen, R. (2007) Online marketing: a customer-led approach. USA: Oxford University Press.

Laube, D. R. and Zammuto, R. F. (2003) Business-driven information technology: answers to 100 critical questions for every manager. USA: Stanford University Press.

Neuman, J. (2007) The Complete Internet Marketer. USA: Lulu.com.

Pinterits, A. (2009) Coordinating internet sales with other channels: a performance measurement model. deutscher: Gabler Verlag.

Pinto, D. (2003) E-commerce and source-based income taxation. USA: IBFD.

Pride, W. M., Hughes, R. J. and Kapoor, J. R. (2005) Business. USA: Cengage Learning

Waters, J. (2003) The real business of web design. USA: Skyhorse Publishing Inc.

Windham, L. and Orton, K. (2000) The soul of the new consumer: the attitudes, behaviors, and preferences of E-customers. USA: Skyhorse Publishing Inc.

Zappalà, S. and Gray, C. (2006) Impact of e-commerce on consumers and small firms. UK: Ashgate Publishing, Ltd.

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Business, its Environment and Objectives

Business refers to the regular production or purchase and sale of goods undertaken with an objective to earn profit and acquiring wealth through the satisfaction of human wants. Every business requires some form of investment and a sufficient number of customers to whom its output can be sold at profit.

Business and its Environment

Environment refers to all external forces that have a direct bearing on the functioning of a business. Objectives can be decided after understanding the environment in which the business runs. Both the business and its environment are responsible to each other. There are various segments of the environment that may be classified as:

Social: It includes the consumers, employees and the social institutions to which business provides benefits.

Economic: There is close relationship between the business and its economic environment. Business obtains all its inputs from economic environment. It also includes the other business units which an enterprise has to deal with.

Political: It includes the various political institutions, government and its legislature. These institutions take the income of the enterprise in the form of the taxes.

Technological: It includes the technical know-how. Technology changes fast and to keep pace with it, businessmen should be alert to adopt changed technology in their business.

Objectives of Business
Profit Earning: Without earning profit no business can survive in the competitive market. Profit making is the primary objective for which the business came into existence. Profit must be earned to ensure the survival of business, its growth, and expansion overtime.

Innovations: Innovations means changes, that brings improvement in products, process of production and distribution of goods. Through innovations business can reduce its cost of by adopting better methods. It can also increase its sales by attracting more customers with improved products.

Optimum use of resources: As business needs lots of resources like man, material, money, machinery etc. to run its business. Due to the limited availability of these resources business must use it in an optimum way.

Productivity: A business firm can succeed only if it can produce maximum output with limited available resources.

Development of human resource: Business should develop proper training and development for improving the skills of manpower. Better skills of employees will lead to prosperity of the business.

Supply of quality goods: The objectives of the business should be to produce better quality goods and supply them at the right time and the right place. Business should charge fair prices according to the quality of the goods.

Creation of Customers: Business cannot survive unless there are customers to buy the products and services. To earn the profit, a businessman has to produce goods and services at reasonable prices. For attracting more customers businessmen has adopt to adopt various marketing strategies.

Creation of employment: Business should also focus towards the creation of employment opportunities. This can be achieved by establishing new business units, expanding market, widening distribution channels etc.

Need of Social Responsibility of Business

There are some of the factors that arises the need of business to be responsible towards the society. Some of the following factors are:

Public Image: The activities of the business towards the welfare of society will earn goodwill and reputation. If business engages itself in various welfare programs for the society then people will prefer to buy the products.

Government Regulation: To avoid the government regulations businessmen has to be responsible towards the society. If a businessman violates the government regulations then it may ultimately force the firm to close down its business.

Survival and Growth: For the survival and the growth of the business, support of society is very much essential. Business utilizes various resources of the society. So it will be the responsibility of the business to serve the society.

Employees’ satisfaction: Besides getting good salary and working in the healthy environment, employees need some other facilities like training, transportation, education etc. All these facilities directly affect the production and prosperity of the organization.

Consumer awareness: Now a day’s consumer is very much aware about their rights. It is obligatory for the business to protect the interest of the society by giving quality goods at most competitive prices.

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Trendless Data Forecasting

Trendless data can be evaluated with the help of single exponential smoothing technique. This technique can be implemented on time series data to make the forecast or to smooth the data for presentation. It exponentially decreases the weight over the time and can be implemented for analyzing the financial market or economic data (Guire 2011).

Centered moving average can be computed by averaging the past and future data for a given time point but at the time of forecasting the future is typically unknown therefore this method cannot be used for forecasting. On the other hand, trailing moving average can be set on most recently available data set hence it is best suitable for the forecasting of the information (Shmueli and Bruce 2010).

Exponential smoothing is used for analyzing the data based on the time series to forecast the future trend of information. The exponential smoothing can be solved using formula, in which the value of α ranges from 0 to 1, depending upon its damping rate (Hyndman2008).

In the exponential smoothing, the value of α is chosen depending on the degradation in the value of the given data. For little smoothing the value of the constant α will be less, i.e. can be range from .01 to .15, on the other hand, for moderate smoothing the value of α can range from .40 to .50. As small value of α give little weight to the most recent time period while provides greater weight to the past unit time period. This is because the value of weight is decreased by (1- α), thus small value of α effect less (Guire 2011).

For Example:

If α=.05, then Ft+1=.05yt+.95ft (heavy smoothing, low adaption)
If α=.20, then Ft+1=.20yt+.80ft (moderate smoothing, moderate adaption)
If α=.50, then Ft+1=.50yt+.50ft (little smoothing, quick adaption) (Doane 2006).

REFERENCES
Doane, (2006) Applied Statistics In Business And Economics. USA: McGraw-Hill Professionals.
Guire, G. M. (2011) Handbook of Humanitarian Health Care Logistics. Austria: George Mc Guire.
Halder, C. (2010) Power System Analysis: Operation And Control. South Africa: Pearson Education.
Hyndman, R. J. (2008) Forecasting with exponential smoothing: the state space approach. Germany: Springer.
Kurtz, D. L. (2010) Contemporary Marketing 2011. UK: Cengage Learning.
Shmueli, G. and Bruce, P. C. (2010) Data Mining for Business Intelligence: Concepts, Techniques, and Applications in Microsoft Office Excel with XLMiner. USA: John Wiley and Sons.

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Forecasting

Forecasting is a technique for finding the future needs, by examining the historical data and trend. It is an unbiased estimation for future demand of various variables such as sales, production etc., on the basis of past data and experience. Simply, extending the past data into future using time line is not forecasting, judgment is very much essential for forecasting (Kurtz 2010). Forecasting technique is imperative to improve the communication in the organization as forecasting requires information from the different departments. Cross functional approach of forecasting is used, where independent forecasting group conduct the forecasting by integrating different departments (Mentzer and Moon2005). This communication reduces the duplicity in the forecasting efforts and used all relevant information.

Sometimes, forecasting becomes meaningful and the actual output is not the same as expected. There are two basic reasons behind this viz. under estimation and over estimation. In under estimation, it is not possible to achieve the forecasted results due to insufficient resources and dissatisfied customers, while in over estimation the forecasting fails due to the under utilization of resources or spending the resources too early (Kurtz 2010).

To make the forecasting effective, organizations have to effectively allocate the resources and take proper measures that too in regular time interval to equalize the actual results with the forecasted outcomes. The forecasting must be done by analyzing the data properly and after finding the result, it must be evaluated back to find the feasibility of the results. Also, the forecasting must be made effective by proper checking the actual work based the forecasted results (Halder 2010).

Forecasting with the help of Auto Regressive Integrated Moving Average (ARIMA) and autoregressive (AR) models typically produce better results than those of simple models as it consider the problem more precisely and produce results that can be closer to the actual results. These models sub-divide the give data trend into various types such as constant trend, linear trend or quadratic trend that helps the researcher to accurately forecast the outcomes (Maindonald and Braun 2010).

For reading - Forecasting Steps

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