Advantages And Disadvantages Of Jvc Versus Wholly Owned Management Essay

Advantages And Disadvantages Of Jvc Versus Wholly Owned Management Essay When companies enter the international market, they are facing a very important decision-making. That is they enter the target market in which appropriate entry model. There are several entry modes to enter the international market. Two of them were discussed in the report: international Joint Venture Companies (JVCs) and wholly-owned subsidiaries. In light of the influence of the WTO with respect to relaxation of restrictions on foreign ownership across many industries in countries such as China and India, anecdotal evidence suggests that many companies are now opting to set-up wholly-owned subsidiaries rather than international Joint Venture Companies. Reasons they select wholly-owned subsidiaries were analyzed in the report. Disney Paris was taken as the case and the failed joint venture case shows that it is a key issue for companies to select appropriate entry mode to target country when they choose the target market. Advantages and disadvantages of the JVC versus the wholly-own ed subsidiary were analyzed in several aspects. In a wholly owned subsidiary, senior managers almost have the same cultural background and cultural differences and cultural conflicts could be avoided in management, while this cultural differences and cultural conflicts has been there at the time in JVCs. wholly owned subsidiaries have higher control right than JVCs and they can protect commercial secrets in order to avoid losing to the partner and competitors. They put higher investment and get higher returns than JVCs. While compared with JVCs, wholly-owned subsidiaries have some disadvantages in operational risks, higher opportunity cost, relatively large political risk and disadvantage of exit. Wholly-owned subsidiaries have higher operational risks than JVCs due to uncertain factors in operation and higher opportunity cost because they develop new sales channels and advertising channels to operate effectively under the host environment. Political risk is higher as they depend on the host countrys political environment and political stability. Wholly-owned subsidiaries could exit the host country difficultly because the full investment while JVCs are easier to end. More and more companies select a wholly-owned subsidiary as a few reasons discussed above. They hope get appropriate recognition and support from the host country, at the time get larger profit. 2.0 Theory and entry mode Entering the international market is that a business participates in global market competition and international business development with capital, products, technologies, services and policy. Market heterogeneity induces a positive correlation between firms decisions that can be spuriously confounded with positive strategic interactions. (Victor, Mira, Roman, 2007, p.449). Enterprises should elect the appropriate entry mode in understanding various factors. The factors are including companys strategy, international experience, and inherent technology, economies of scale, culture, pricing, promotion, investment costs, market size and market growth, political and legal, risk and so on. It can be seen in figure 1. Figure 1 the Factors of selecting entry mode Political Legal Economic Marketing Research Competitive Analysis Promotions Logistics and Distribution Products Services Pricing Culture Market Entry Strategy Organising/ Restructuring Disney opened the Euro Disney theme park in Paris, France, selecting the joint venture companies with the investment of 1.8 billion U.S. dollars, and 49% of total shares. Which the equity brought about was a considerable control on management and operation. The operating results of Disneyland Paris are not satisfactory so far. The number of tourists in Paris was much lower than expected during the first year and the per capita spending was below the expected level. All these made operating loss reach 900 million U.S. dollars of the Paris theme park, forced the closure of a Paris park hotel, and fired 950 employees. The failed joint venture case shows that it is a key issue for companies to select appropriate entry mode to target country when they choose the target market. The motive of selecting entry mode was to entering the market as fast as possible and to obtain benefit from the existing market share of the local firm.( Estrin et al.,1997, p.136). Enterprises should elect the appropriate entry mode in understanding various factors. The factors are including Unified strategic actions, international experience, and Exit barriers, economies of scale, culture, Control right, Profits received, Trade Secrets, market size and market growth, Limited market size, risk and so on. 2.1 International Joint Venture Companies The joint venture enterprise refers to joint investment, management and shares options and a total risk. The Joint venture partners can take advantage of a mature marketing network and they are easily accepted by the host country because of the participation of local enterprises. 2.2 Wholly-owned subsidiaries An enterprise directly invested to set up wholly-owned subsidiary in other countries. They can use a variety of forms such as brand, trademark, patented technology and other investment. 3.0 Reasons for wholly-owned subsidiaries When a company enters the international market, they do not know whether the selected entry mode is the optimal. They make decision and select an entry mode according to various factors. More and more companies now select wholly-owned subsidiaries when they enter the target country. For example, company with internal funds, or low leverage, are more likely to choose wholly-owned subsidiaries while they need to raise investment. (Klaus Meyer Saul Estrin, 1998. p.9). There are several reasons: firstly, technical content and differentiation in their products are so high. Once other companies master technology, they would lose their competitive advantages. So they select wholly-owned subsidiaries in order to avoid these assets and technology used and obtained by competitors. Secondly, products are difficult to imitate by competitors. They can not b e replaced, so the company does not regard to market share when they plan to enter the target countries. Thirdly, their products are scarce in target countries, and they are easily accepted and applied properly once they enter in. they do not need to rely on local sales channels and political relations. On the other hand, wholly-owned subsidiary is better than joint venture. Firstly, setting-up wholly-owned subsidiaries can help companies retain more easily technology and knowledge to increase corporate brand value. Secondly, setting-up wholly-owned subsidiaries can establish good mechanisms for operational control, handling disputes and optimizing resources to enhance the marketing control. For example, American and Japanese manufacturing companies, financial services companies and tourism companies set up wholly-owned subsidiaries can help in Australia. When they chose Australia as the target country, they analyzed all kinds of factors, and finally they took full advantages in the service and quality, the original brand and trademark, to establish wholly-owned subsidiaries. The subsidiary has the same business model a nd service methods with parent company. Relative advantages and disadvantages of the JVC versus the wholly-owned subsidiary When companies enter the international market, they are facing a very important decision-making. That is they enter the target market in which appropriate entry model. The following will discuss and analyze the advantages and disadvantages of two modes. Table 1 advantages and disadvantages of the JVC versus wholly-owned subsidiary Wholly-owned subsidiaries JVCs Control right High Low Trade Secrets Remain Known by others Unified strategic actions High Low Profits received High Low Risk High low Resources Cost High Low Cultural Differences High Low Limited market size High Low Exit barriers High low 4.0 Advantages and disadvantages of the JVC versus the wholly-owned subsidiary 4.1 Advantages of the JVC versus the wholly-owned subsidiary 4.1.1 Cultural Differences Social and cultural factors have a very important effect on international market entry mode, and it is mainly on the cultural differences between the home country and host country. The cultural value pattern may strengthen the relative importance of one of these values over the other one. (Piotr, Agnieszka Krystyna, 2008, p.227). The cultural differences are from language, values, life and work patterns, management and business model. If the cultural differences are obvious, the home country needs to spend more to adapt to cultural distance. In a wholly owned subsidiary, all senior managers come from the home country. They have the same cultural background and the same management philosophy, the same way of thinking and behavior patterns. When they consider the strategic objectives and strategic interests, they take the parent companys strategic objectives and long-term direction as goals. So cultural differences and cultural conflicts could be avoided in management. While in the joint venture company, managers and employees come from different countries with different cultural backgrounds, they have different values, different management attitudes and different operational practices. Unavoidable conflict happens as long as they work together. The stronger partner usually represents their economic achievements, so at rules, which are proposed by globalization and which would become an assumption not only for development of universal market, but also for standards of appropriate cultural behavior that would be suitable for representatives of all cultures. (Hofstede, G. 2001).And this cultural differences and cultural conflicts has been between partners from the beginning of joint venture, discussing cooperation, deciding to cooperate, establishing joint ventures to co-management and co -operation. 4.1.2 Control right Parent company participates in the management and decision-making, according to the Articles of Association, because they are the controlling shareholder of wholly-owned subsidiaries. All of these companies would benefit from a framework for decision making to determine if entry into this market is feasible for them. (Dennis Chwen, 2002, p.332).The principal leaders are appointed by the parent company, and their appointment, assessment, rewards and punishments are done by parent company. On the other hand, the parent company should regulate the business development plan, the orientation of investment and management activities, while the wholly-owned subsidiaries should formulate or revise their own development strategies and recent planning under the guidance of parent company. On the third, the parent company should supervise operating conditions and asset quality in order to security, value-added and profit of invested assets. At the same time, wholly-owned subsidiaries should rep ort the financial condition and ensure the authenticity and accuracy of the provided information of the production, management and financial operations. The company can accept the common control when they select the entry mode of Joint ventures, and they will find the right partner and selecting lower ownership. Joint ventures companies could not control the company because they are in minority equity position. They could not control the management and operation, and they could not control the productions sales and t infringement of copyright and paten. It is hard to find a reasonable partner who is fully meet the conditions. On the other hand, limited resources could not be used rationally because of contention for control right. The lack of resources are caused scattered resources and new contention for resources started, again and again, leading to a vicious cycle. Finally, they lost their core competitiveness. This will cause instability of the joint venture, which ultimately lead to instability of the dissolution of the joint venture. JVCs Wholly-owned subsidiaries High control right High stockholding Low control right Low stockholding Table 2 the control right and stockholding 4.1.3 Protection of commercial secrets Wholly-owned subsidiary have large advantage in trademarks, and other technology to prevent meddle in its technical and business secrets, protection of basic monopoly position. Running a business of wholly owned subsidiary can be a simple assembly or complex manufacturing activities, and they have total control-right. The company could completely control the entire management and sales, production and promotion. They could independently dispose profits, and they can protect technology and commercial secrets. For the joint venture company, the local partners contributions are often the local knowledge, local government relations, market share, sales organizations and customer groups, which are the knowledge and understanding of environmental conditions, while foreign partners contributions are typically including technology, management and international support. For example, Australian companies established joints venture with China or India, they increased business investment, as well as provided a number of high value-added products and technologies. Therefore, it is possible that technical secrets and commercial secrets are lost to the partner, and develop into the competitors. 4.1.4 Higher returns In the long term strategic objectives, parent companies pursue to maximize the total value of foreign market, and they speed up the penetration and more control to put effectively wholly-owned subsidiaries into global system. Setting up wholly-owned subsidiaries could get a full return as the increasing experience overseas, fully using companys abilities and cultivating international competitive advantage. A firms return on capital is increasing its industrys state of demand, so it can takes advantage of favorable economic conditions.( Jose M. Pleth-Dujowich, 2008, p.2). Wholly-owned subsidiaries could introduce more advanced technology and equipment and management methods to produce highly competitive products. And parent companies adjust business strategy according to business activities to obtain the overall maximum benefit. In addition, the profits and other legitimate rights and interests which foreign investors obtained after investment in the host country are protected by the laws of the host. The legitimate profit and other lawful income can be remitted back to the home countries. On the other hand, wholly-owned subsidiaries may enjoy tax reduction or exemption preferential treatment in accordance with the provisions of the host country tax revenue. Relatively speaking, Joint venture companies put lower investment, and therefore, they get back low control right and lower return. The home countries are mainly investment of technology and capital, as well as the training on production and management of local staff to get successful conversion on technology and knowledge. Joint venture companies must be in win-win state. That means the return of each joint venture partner is larger and enough, if they are in win-win state so as to work hard for the next success. If a companys return is not in the win-win state, which shows one investment is failure and maybe the two investments are failure. the joint venture partners could not accept the strategic mistake and they should restructure or abandon the joint venture. The lower risk means lower profit for the joint venture companies, especially when productions of a joint venture company are for export, the profit of return will not be very high and even less. 4.2 Disadvantages of the JVC versus the wholly-owned subsidiary 4.2.1 Operational risks Wholly-owned subsidiaries have higher operational risks than JVCs due to uncertain factors in operation. There are some problems in the management of wholly-owned subsidiaries, such as imperfect governance structure, inadequate organizational structure, and inappropriate personnel selection. All these problems could cause wrong decisions, collusion, and low efficiency. On the one hand, subsidiaries engaged in related transactions or matters beyond approval authority or the scope of business, which might result in investment failures, litigation and loss of assets. On the other hand, the elected directors, managers and chief accountants and other senior managers can not plenipotentiary the parent company and they did not make strategies and consider the interests from the perspective of the parent company, and these would result in incorrect formulation and implementation of accounting methods and inaccurate information on the consolidated financial statements. The inaccurate informat ion and methods would bring out high risk on investors, and the company and investors would make decision-making mistakes and face to legal proceedings and other aspects of risks. The joint venture company has generally no problems above. On the one hand, the home country needs to learn and adapt to local environmental conditions to better understand the host countrys economic, political, social, cultural, etc., so as to help investors make the right decisions. They can absorb partners business management skills, experienced business and promotion channel to changes in demand and market share. Nippa1, Beechler and Klossek (2007) studied IJV success to find IJV regard to the foreign parent-local parent fit in. On the other hand, every decision-making need to be recognized by both home and host country managers. Once one partner that the other one harms the interests of the joint venture resulting in damage to the company, they would make recommendations to board of directors in order to improve co-operation. The two sides are fighting for the maximizing interests to avoid operational risks. 4.2.2 Higher opportunity cost Wholly owned company needs to develop their own knowledge and capacity, develop new sales channels and advertising channels to operate effectively under the host environment. For example, sales representatives need to look for good advertisers, and communicate with the advertising and coordination. Finding a good advertiser needs time and money, because advertisers are producers of goods and services who are interested in selling their products to customers and post ads on the media support. (Claude, Carole Bruno,2009, p.5). So the home country needs to go through best efforts to develop new business, and achieve the certain level in the strategic mode of a wholly owned subsidiary. They have to pass a long-term cultivation to get new business skills and required knowledge, so there is a higher opportunity cost. Joint venture company has low opportunity cost. They can more easily access the local market knowledge, understanding competitors and the local government policy from the partners. Companies develop network relationships with important customers, suppliers that the local business partners possessed through mutual commitments and learning.(Lee, Jun and Johanson, 2006,p.62). The Joint venture partners can take advantage of a mature marketing network, branding, economic relations, political status, consumer preferences, etc. and they are easily accepted by the host country because of the participation of local enterprises. 4.2.3 High input costs and high risk Establishing wholly-owned subsidiary, the parent company would face new challenges in strategic planning, marketing strategy, organizational design, and resource allocation, especially in financial management and internal control and other aspects. The parent company invests greatly on capital and resources for wholly-owned subsidiary, because the parent company pays the total investment in the host country, so it is extremely risky. The wholly-owned subsidiary has more affected by environmental uncertainties and greater risk. All the capital investment results in difficult changes in the capital, and further results in assets sunk costs. The full amount of capital investment and sunk costs would limit the strategic flexibility and increase the investment risk. At the meantime, large-scale investment of resources will lead to high switching costs, which in turn generates a high risk. So the higher control right, the more capital investment and the higher risk. But the host countries like wholly-owned subsidiaries, because they want to attract foreign investment without their own capital, and they increases tax revenues without the business risk. There is smaller capital and human capital investment for joint venture companies, and relatively speaking, the risk is lower. Risks should be taken to entering international market. Most companies decided to establish joint venture with the local business, because they want to reduce the risk of entering new markets. So they are looking for joint venture partners who are operating related product lines and have a good understanding of local markets. The foreign parent and the local company combined their resources so as to create competitive advantages and create dominant in marke. (Contractor and Lorange, 2002). Firstly the foreign partners started the cooperation from simple sales and marketing operations to a further risk reduction measures. Secondly, they can increase product sales. Finally, the foreign partners can improve or re-design products in order to better adapt to the local market and make large-scale investment. 4.2.4 Relatively large political risk The establishment of a wholly owned subsidiary has very stringent requirements for the host countrys political environment and political stability. The parent company can set up wholly owned subsidiary when the target country is under the situation of political stability, sound legal system, liberal investment policies, and exchange rate stability. In addition, the profits and other legitimate rights and interests which foreign investors obtained after investment in the host country are protected by the laws of the host. The legitimate profit and other lawful income can be remitted back to the home countries. On the contrary, the wholly owned subsidiary would be significant losses if the host country has political instability and investment policies and investment environment get some changes, which might result in the dissolution of wholly owned subsidiary. Joint venture companies get supported by the host governments. For the host countries, on the one hand, Joint venture companies can bring a number of high value-added products and technologies, and new management style. On the other hand, the local companies provide local government relations, market share, sales organizations and customer groups, and they could not lost their control right and equity. While for the home countries, JVCs can reduce the risk of operation and politics in different countries, regions and industries. They could get the support and cooperation on the tax barriers and preferential policies. 4.2.5 Disadvantage of exit For the wholly owned subsidiary, the parent company has to bear all the resources and costs, including costs of human resources, employment, labor costs, the investment of technical support, sales channel development and advertising costs and so on. They have high switching costs. Serious losses would be resulted in if they exit the target countries for some reason. For example, political situation of the host country has undergone drastic changes, and the wholly owned subsidiary can not maintain their normal production and operation, so the parent company had to close wholly owned subsidiary. The parent company may not fully recover the investment cost before they exit the host country, without mention profit. So it is very obvious disadvantage of exit. The joint venture companies are easier to end. JVCs entered the host country with lower cost of investment and some were into target country only with technology. They could end relationship of cooperation and exit target country when political environment changed and economic deterioration was serious. And they end the relationship with lower cost. On the other hand, they can terminate the agreements when market conditions or the business itself have also changed with lower price or cost 5.0 Conclusion Entering the international market is that a business participates in global market competition and international business development with capital, products, technologies, services and policy. The home countries should select the right entry mode for the international strategy and they should clear their own objectives firstly to choose entry mode. Entry mode provides information about the consequences of enter international relating shifts in market demand to changes in the equilibrium number of firms. (Timothy and Peter, 2008, p.978). Two of them were discussed in the report: international Joint Venture Companies (JVCs) and wholly-owned subsidiaries. Different entry mode means different control right. Enterprises should elect the appropriate entry mode in understanding various factors. The factors are including Unified strategic actions, international experience, and Exit barriers, economies of scale, culture, Control right, Profits received, Trade Secrets, market size and market g rowth, Limited market size, risk and so on. Compared with JVCs, wholly-owned subsidiaries has advantages in cultural differences, control right, protection of commercial secrets and higher returns. On the other hand, wholly-owned subsidiaries have some disadvantages versus JVCs. In the long term strategic objectives, parent companies pursue to maximize the total value of foreign market, and they speed up the penetration and more control to put effectively wholly-owned subsidiaries into global system. While, as for the joint venture, the local joint venture partners contributions are local knowledge, local government relations, market share, sales and customer groups because they have well-known about the local market, culture and knowledge and the understanding of economic environment. The foreign partner invested in technology, management and international support. This combination can reduce opportunity cost and switching costs to have clear business and promotion objectives and win the market share. However, there is no general optimal entry mode when enterprises enter the international market, because the international economic environment is perplexing and political environment is complex. The parent companies should select the reasonable entry mode acc ording to their own resources and strategic objectives and strategic policy.

Consider changes Owen made in Anthem For Doomed Youth. How effective Es

Consider changes Owen made in Anthem For Doomed Youth. How effective do you find them in presenting the Pity of War? In this essay I intend to analysis how effective the redrafts of the poem 'Anthem For Doomed Youth' by comparing the first and final drafts. I will go about this task by comparing and contrasting the parts of the poem, which have been change to the ones, which appeared in the final draft. The first change that one is confronted with is the change of the title. Owen begins with the word 'dead', which is changed to 'doomed'. The reason for changing this is because it makes the readers first impressions very deep. The word 'doomed' hits closer to home than the word 'dead' as doomed creates image sin the readers mind that all the youth will die as opposed to 'dead' which simply accounts for the dead. The word doomed has a greater impact within the readers mind. The word doomed also has a sense of inevitability about it and those involved have no control over it. It hints to the reader that the youth of the soldiers has been taken away due to the horrific events that they will encounter whilst at war. As youth is meant to be a time of happiness. The overall impact if this change does do a lot for the poem to emphasise the 'Pity of War'. In the first line the soldiers are referred to in the final draft as 'cattle' from the passive verb of 'fast'. The word 'cattle' creates connotations within the readers mind of the slaughtering of the animals and creates a much more violent picture. It also spells out to the reader that the reason for cattle is so they can be slaughter and their existence serves no other meaning which could be linked to the purpose of the troops being in the battle field; t... ...ake an effort but it seems to make war be a petty thing and as soon as darkness strikes everyone puts down guns and waits until morning. Overall the majority of the changes are to make the lines have more impact but some are also to be in with the structure. The poem is in two stanzas, the first seems to create a picture of the entire events of a whole war. Due to the way it talks of battle and then mention remembrance at the end. Due to the language used and the usage of alliteration the stanza seems to have a sense of speed about it and overall creates a very compelling picture of war. The second stanza has a much more religious and emotional view about it. The pace is slowed down and there is much emphasis on the connotations and imagery, which the author crates. The poem is a very true reflection of the way in which life was wasted in World War One.

Milk and Cassava Cake

CASSAVA CAKE INGREDIENTS * 2 pounds Cassava root, grated * 1 can Coconut Cream * 1 can Coconut Milk * 3 Eggs, beaten * 1 cup Whole Milk * 1 stick or 1 cup Butter, melted * 2 cups Sugar * 1/2 teaspoon Salt * 1 teaspoon Vanilla Extract * 1/2 cup grated Cheese (optional) Topping: * 1 can Condensed Milk * 1/3 cup Coconut Cream * 3 Egg yolks * 1/2 cup grated Cheese PREPARATION TIME : 15 minutes COOKING TIME : 60 minutes Pre-heat oven at 400  °F 1 Mix together all the cassava ingredients except the topping. Portion the mix into 2 separate baking pans (or one rectangular pan) and pop them in the oven. Bake for 35 – 40 mins or until the top is firm and set. 3 Mix together the topping and simmer for a minute. Set aside. 4 Pour the topping onto the cake and bake for another 15 minutes or until golden brown. Test for doneness – please see Cook's Tip below. 5 Let the Cassava Cake cool down for 30 minutes or longer before slicing and serving. BENG'S TIPS * The cassava cake cooks f aster if you portion the mix into 2 or 3 smaller pans than baking them all in one pan. The center of the cake gets cooked last so to test for doneness – the top should be golden brown, then insert a toothpick in the center and if comes out clean, it's done. * Substitution : for a creamier, tastier cake, use Half and Half, light cream or evaporated milk instead of whole milk. Also, you can use 6 egg yolks instead of 3 whole eggs. Read more: http://www. filipino-food-recipes. com/cassavarecipefilipino. html#ixzz2OUdbDbsQ Cassava Cake Cassava cake is another all-time favorite dessert in the Philippines.It is made from grated cassava which Filipinos call kamoteng kahoy or balanghoy. Desserts made from cassava are very popular because cassava is easily grown anywhere in the country. This is another kakanin (Filipino native sweet delicacies) that is so perfect for special occasions and even for regular snack or dessert. It is so easy to make —just mix all the ingredients and put it in the oven! The only hard part is waiting for it to bake! 🙂 Cassava cake is so popular that there are a lot of different versions available. Check out mine! I shared this on Miz Helen's Country Cottage's Full Plate Thursday, It's a Keeper Thursday, and Sweet Tooth Friday. Prep Time: 10 minutes   Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   Cook Time: ~1 hour and 20 minutes   Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   Servings: 12-15 Ingredients: Cake: * 2 packs grated cassava (1 lb each) * 1 ? 14-oz. can condensed milk * 1 14-oz. can coconut cream * 1 12-oz. can evaporated milk * 3 eggs * ? cup sugar (If you want it sweeter, you can double the amount of sugar) Toppings: * ? can condensed milk * 1 egg Procedure: 1. Preheat oven to 375 degrees. 2. In a small bowl, mix ? can condensed milk and 1 egg. Set aside. 3.In a large bowl, mix all cake ingredients thoroughly. 4. Transfer to a lightly greased baking dish or pan. Bake for 1 hour. 5. Pour the condensed milk and egg mixture on top of the cassav a cake. Bake for 20 minutes more or until desired brown color is achieved. (I usually bake it for 25-30 minutes because my husband loves it with a little burnt sides. ) 6. Remove from oven and allow to cool down completely. (In the Philippines, it is usually topped with grated cheese, but my daughters don’t like it that way so I omitted that part. ) 7. Slice and serve for dessert or even for snack.

The Greatness of Corporate Soul Essays - Virtue, Nicomachean Ethics

The Greatness of Corporate Soul Essays - Virtue, Nicomachean Ethics Bus 102 Sec 022 The Greatness of Corporate Soul In the article The Greatness of Corporate Soul, the author suggests that business enterprises are looking for a paradigm of the market economy that both achieve intellectual and practical authenticity of the corporation's purpose. In order to understand greatness of soul, we should first understand Aristotles conception of virtue itself. According to Aristotle, there are two classes of virtues. There are intellectual and character virtues. It is certain that Aristotles virtues was widely recognized by the people from Aristotles period to present. A companys greatness can be both financially or philosophically or both. This essay includes essential informations that reveals how greatness driven by superior expertise can help households, small businesses, and multinational corporations to exceed their potentials and lead to success. If an employee in the company can make commitment to hard work and have perpetual endurance for his/her tasks, the likelihood of them succeeding in the co mpany is very high. Not only does these ingredients move cooperations toward greatness, but also help to promote a healthier environment for the society. The idea of greatness requires discipline of perseverance. The foundation of business are closely related to social,behavioral and management science. According to Aristotles Nicomachean Ethics, the standards for corporation to success are not fully based on building prestige and honor but rather to have a strong integrity of character of management decisions in order to perpetual vitality of the firm. This kind of standard is the paradigm of a successful management and should be adopt by all corporations. In essay one, the author suggests that the political and economic system that support the idea of greatness is capitalism. However, capitalism is not simply just the definition of wealth and resources but is infused deeply within the social contract. The social contract is a theory addresses the questions of the origin of our soc iety and authority of the state over the individual. Today in our society, there are many mechanisms available to managers to maintain their high ethicality in their organization. examples can be ethics-oriented management and ethics training. We can make use of such mechanisms to make corporation stronger both financially and ethically. Greatness of soul is a type of virtue of character which requires the owner to have intellectual virtue. Greatness of soul is closely related to generosity. Since the great souled person has the correct view of value, external goods are often seem to be not the first priority when they think about management. External goods without virtue is not acceptable because those goods are not earned based on ethics guideline. Only the good person deserves glory and honor. Also, the great-souled person does not really care about everything. A person with greatness of soul will not even care even for honor because the desire for external good is weak and thus he will not have the motivation to perform despicable actions. Overall, the greatness of soul make the virtues greater. The author believes that all virtues are closely related to each other, there are always connections amongst any virtues. This is because things will not occur in isolation with other things. Aristotles purpose of showing the idea of the greatness of soul is to teach us how to distinguish the promise of human. There are many great companies around the globe who already have adopted the idea of corporate soul. Understand greatness is the key for a company to establish effective management systems that can utilize their resources to fairly serve the society. In order to understand greatness of soul, we should first understand Aristotles conception of virtue itself. The idea of greatness requires discipline of perseverance. Not only does these ingredients move cooperations toward greatness, but also help to promote a healthier environment for the society. Understand greatness is the key for a company to establish effective management systems that can utilize their resources to fairly serve the society.

L 20 - Presentation Skills ( 3 ) Essays - Communication Studies

L 20 - Presentation Skills ( 3 ) Essays - Communication Studies L 20 - Presentation Skills ( 3 ) Top t ips for effective presentation s Preparation Cue cards 31991305778500 u se index cards only keywords number your cards one theme per card use colour coding Rehearsal at least twice check timing the most impo rtant part of the preparation Beginning Capture audience ' s interest by relating the subject to them and giving specific purposes . 520890520574000 Speak slowly at the beginning as nervousness speeds us up. Begin your presentation in a cheerful way with a smile. In case you forget, write the word SMILE on your first cue card. Language Use everyday language, concrete words, and rhetorical qu estions Avoid jargon, complex phrases, being too formal, and long sentences Body language Posture - stand up straight, with feet slightly apart. Gestures - use of hands and facial expression can hold audience ' s attention. Hands - one palm holding the other hand is a relaxed, confident position Eye contact imagine that you are a lighthouse, with its beam continually moving 46891285778500 round the whole audience Avoid playing with pens or fiddling with hair Task 1 Look at the following list of talking habits and rank them from most distracting (1) to least distracting (8). When you have finished, compare your view with the results of a survey of managers in the United States. ______ Foreign accent ______ Talking too softly ______ Poor grammar / mispronouncing words ______ High pitched voice ______ Talking too fast ______ Using erms , errs, you knows' ______ Talking too loudly ______ Monotonous, boring voice Voice Project your voice and aim for the back Emphasize the importance by saying some words louder or repeating them Go faster to excite Go slower to show importance Pause often and look round audience Give emphasis with voice and body Task 2 To make a presentation interesting, you have to make your voice interesting. Read aloud the sentences below emphasizing the underlined words and think about the meanings of these sentences. 1. This course will help you become a much better presenter. 2. This course will help you become a much better presenter. 3. This course will help you become a much better presenter. 4. This course will help you become a much better presenter. 1. 2. 3. 4. Ending You should include a summary before drawing a conclusion. You should try to relate your ending to the beginning. This wraps up the message neatly and effectively. You should end your presentation with a quotation, anecdote, question or call for action. You should memorise the ending so that you have maximum impact on the audience. You should never rush through the ending as the audience remembers this part more than anything else. Task 3 The extracts below are from the end of a presentation, but they are in the wrong order. Put them in a logical order. If you have any more questions, I'd be happy to answer them. Thank you for your time and interest. So, to summarize, we've looked at four of the main areas where cross-cultural communication can be improved: language, time, space, and logical reasoning. Before I let you go, I'd just like to leave you with one of my favourite quotations: " The peoples of the world are like islands shouting at each other over seas of misunderstanding. " Let's start building those bridges. 46285152286000 __________ __________ __________ __________ Answering questions If you don't know the answer to something, say so - be honest. Any attempt at covering up will be immediately noticed by the audience and they will lose confidence in everything else you have said. Task 4 - Match the situations to the responses. Situations A member of the audience Responses 1. asks a very long and unclear question that you just can't understand. [ ] That's not really the subject of my presentation today, but I'll be happy to talk to you about that after we're finished here. 2. starts by saying: I have three questions' [ ] I'm sorry. I don't quite see what you mean. Could you rephrase your question? 3. asks a question that requires a very long and complicated answer. [ ] Sorry to

Banking Technology in the Fight against Money Laundering in UK Private Essay

Banking Technology in the Fight against Money Laundering in UK Private Banking - Essay Example Banking has gone a long way since this was practised in Italy during the Renaissance Period. In other parts of the world, the ancient Persians and Arab traders had used a primitive form banking facilities to ply their commerce. China even had some form of checking facilities where the traders from faraway areas could encash a check for their use while in foreign lands. Globalisation in trade and commerce has made banking a crucial part of a modern economy. The fast growth in world commerce and finance has also brought with it new challenges not seen before. Along the heels of globalisation is the growth of crime syndicates and certain individuals who find it convenient to use modern banking facilities to move large sums of money around. This attempt to hide the monies is known as money laundering and it is the purpose of this research paper to explore how the use of modern banking technology can help in the fight against this pervasive crime. The amount of money being laundered in an estimate given by Asian Development Bank (ADB) is about $2.17 to $3.61 trillion annually or around 3%-5% of the total world gross domestic product. This represents a huge security risk to international finance and presents social, economic and political concerns due to narco-politics. 1.1. Early use of Technology in Banking The early uses of technology in the banking industry were for efficiency and accuracy. At that time, security was not yet a major concern. Use of electronic banking has also gone a long way from initial use of computers to keep customers' records, compute for interest and other transactions. Information and communications technology (ICT) resulted in great strides in efficiency in the financial and banking services sectors but this also spawned cyber-crimes (Shroff, 2007) related to money and banking such as identity thefts, illegal transfers of money or fictitious accounts. The use of computer technology was meant to be a tool for competitive advantage such as improving customer service. The adoption of computer technology in the industry was related to needs of information technology such as creating a niche strategy for bank branches (Violano & Collie, 1992). 1.2. Objectives The primary research question of this paper is to investigate the effectiveness of using banking technology in fighting money laundering in private banking in the United Kingdom. In particular, this research objective is of great importance considering that London is one of the biggest financial centres in the world in terms of banking, investments and fund flows. A lot of the world’s funds pass through the London banking system and the criminals use this opportunity to mingle their funds with legitimate funds of local and foreign investors. Additionally, subsidiary research questions are posed in relation to the main question: 1. What are the steps involved in the money laundering process and what methods are used to launder money (the various ways to cover the tracks of its origin)? It is important to know what steps are involved in money laundering so it is easier to catch the criminals. The point is to disrupt the money flow and catch the criminals as early as possible and it takes knowledge of the money laundering process to do it effectively. 2. What existing banking technologies are used in the fight against money laundering? Existing banking technologies using modern computers are found to be inadequate in detecting money laundering. The urgent need is to use a far more sophisticated technology that is effective in detecting certain patterns from among thousands of seemingly-unrelated transactions. 3. What are the areas that are susceptible to money laundering in UK private banking? There are several areas in which money laundering can be done through the facilities and services of private banking. It can include practically the whole host of investment areas where large sums of money can be profitably invested and more importan tly, in the areas where it does not attract unwanted attention

Respond Assignment Example | Topics and Well Written Essays - 250 words - 1

Respond - Assignment Example In my point of view, the best example of my words is music industry. Lyrics to modern popular songs almost always include coarse language, especially it can be witnessed in rap songs. Sexual relationships, racism and other taboo topics are broached by many performers. It is done mainly to offend their opponents or to simply to get a good PR. But the worst thing is that public condones and even encourages that. 2. Last century may boast with an impressive amount of films. Some of them were good, real opuses, while others turned out to be simple flicks. But there was one film which was a huge sensation and gave birth to dozens of remakes. I am talking about the very first episode of the James Bond film series. It is called â€Å"Dr. No†, shot back in 1962 and since that time there have been made more than 20 films about this MI6 secret agent. Moreover, the traces of James Bond films can be found in tons of other thrillers and spy movies. The one of most recent rehashes of it is the film called â€Å"Kingsman: The Secret Service†. Of course, the plot of this movie somehow differs from traditional James Bond style; however, the theme of secret agents and their incredible spy gadgets was undoubtedly borrowed from the 007 Agent’s