Sustainability in Australian Business Principles and...

The Relevance of Sustainability in Marketing Decision Making Introduction Sustainable marketing calls for socially and environmentally responsible actions that meet the present needs of consumers and businesses while preserving and enhancing the ability of future generations to meet their needs (Kotler amp; Armstrong 2012, p. 582). The aim of sustainable marketing is to satisfy the customer’s the needs and wants while also putting high emphasis on the environment and the social issues and thus creating profits in a socially responible way. Mention triple bottom line While traditional marketing is a process by which companies create value for customers and build strong customer relationships in order to capture value from customers†¦show more content†¦Walmart constantly initiates sustainability initiatives which postively affects the customer’s environmental behaviors, employees and its suppliers. It also promotes sustainablity to its employees by initiating ‘personal sustainability project’ (PSP) where employees are com mitted to responsible acts in front of their coworkers like from quitting smoking to replacing their lighting system at their house with energy saving bulbs. Because Walmart operates under very stringent environmentally focused practices they also enforce many laws to its suppliers to examine the carbon life cycle of their products and change the way they manufacture, package and transport the goods. This strategy saves Walmort extra costs which in turn reduce costs on the poducts they sell and which adversely can save customers money. This creates a win-win scenario for both Walmart and itsShow MoreRelatedThe Topic Of Sustainable Business Practices966 Words   |  4 Pagessustainable business practices. Firstly this report will define what is meant by the term sustainability and its dimensions. Secondly examples will be provided to illustrate the ways in which ExxonMobil is operating in an ethical and sustainable manner. Thirdly this report will critically look at the area of envi ronmental responsibilities to an organizations and what ExxonMobil is doing in that aspect. Finally this report will observe the importance for organization to be sustainable. Sustainability accordingRead MoreThe Sustainability Of The Telstra Network1616 Words   |  7 Pagesmillion fixed voice services and three million retail fixed broadband services around the country. The company comprise with the Australia largest stakeholders with 1.4 million. The research projects will discuss and analyse the sustainability of the Telstra network business in the environment through the review of academic works, corporate websites and annual reports. It also focuses on different trends which are applied by Telstra to bring drastic change in the eco-friendly atmosphere. To start,Read MoreIntegrated Reporting And Non Financial Information1749 Words   |  7 Pagesfinancial and sustainability report into a single document. (Sokya, 2013) Integrated reporting may be used as a management device; the success of the current business model and corporate decision-making processes in dealing with economic, social and environmental difficulties that arise during business can be summed up in an integrated report. An integrated report creates value for shareholders and the wider stakeholders in society by balancing the imperative for long-term sustainability with short-termRead MoreThe Mining Boom And Western Australia s Changing Landscape : Towards Sustainability Or Business As Usual?951 Words   |  4 PagesA., Mayes, R., Pforr, C. (2013). The mining boom and Western Australia’s changing landscape: Towards sustainability or business as usual?. Rural Society, 22(2), 111-124. doi: 10.5172/rsj.2013.22.2.111 This publication processes the challenges of the Western Australian Mining Industry. The journal will focus on the economical benefits of the mining boom that occurred in the Western Australian mines, as well as, the effect it has on society and environmental challenges. The text continues to exploreRead MoreEthics And The Ethical Dilemma1252 Words   |  6 Pages Ethical dilemma occurs in every business field and in every area of work. Now speaking about the ethics in an engineering perspective we generally refers to code of ethics 2010 that was written for Engineers in Australia. But these are basically applied to all employees in engineering field. The four principles to be followed according to code of Ethics 2010 are 1. Demonstrate Integrity. 2. Practice Competently. 3. Exercise Leadership. 4. Promote Sustainability. Now let us see each of themRead MoreAdvantages And Disadvantages Of Csr918 Words   |  4 PagesINTRODUCTION Corporate Social Responsibility (CSR) practices are the self-regulatory and long term practices of almost every organization in terms of Social, Economic and Environmental sustainability as compliance with ethical norms and legal requirement (McWilliams, 2000). CSR has practiced in almost every business as the growing concerns of broader stakeholders involving corporation business such as community, investors, employees, suppliers, etc. instead of only companies’ shareholders as in theRead MoreCorporate Social Responsibility And Its Legal Requirements1366 Words   |  6 Pagessocial environment, issues related to social responsibility and sustainability are gaining more and more importance, especially in the business sector (Webfinance. 2014). Business goals are inseparable from the societies and environments within which they operate. Whilst short-term economic gain can be pursued (Catalyst Consortium. 2002), the failure to account for longer-term social and environmental im pacts makes those business practices unsustainable. In our current society, the Global Compact asksRead MoreA General Description Of The Westpac Banking Corporation1568 Words   |  7 Pagesoil among many others. b. The external forces that impact on the organization. External factors that Westpac have no control over include - The environment- Westpac was one of the many organizations which signed the Equator Principles. The main aim of the Equator Principle is to handle social and environmental risk in financing certain projects and also dealing with climate change. - Customers- With the aim of helping their customers and the community to ensure long-term growth The legislationRead MoreMarketing sustainability1333 Words   |  6 Pagesrelevance of sustainability in marketing decision making What is marketing? What exactly is marketing? Is it just convincing people to buy products through various media? Billboards, TV commercials, junk mail and magazines filled with advertisements? From the consumer’s perspective, that is how it seems (Kotler et al. 2010, p. 5). But from a business’s standpoint, marketing is viewed very differently. Marketing is viewed as being based on an exchange relationship between a business and its customersRead MoreWesfarmers : Financial Analysis Essay1488 Words   |  6 Pagesgroup with strong financial focus (Australian Securities Exchange,2008). The ongoing success of Wesfarmers is based on shareholder focus, financial disciplines and goodwill and hence it has achieved significant financial growth in the preceding 6 years. It is a â€Å" diversified Australian group, provides home improvement products, building supplies, coal mining, gas, industrial and safety products, food, groceries, apparel, office products and insurance (Business Review, 2008). Wesfarmers key

Ethics Ethical And Unethical Behavior Essay - 1183 Words

As defined by Webster Dictionary ethics are â€Å"rules of behavior based on ideas about what is morally good and bad; an area of study that deals with ideas about what is good and bad behavior: a branch of philosophy dealing with what is morally right or wrong†. There is more to ethics than the simple definition. To understand ethics one must define what is ethical and unethical behavior in the workplace and it importance, prescriptive approaches, psychological approaches, whistle-blowers, and ethics as organizational culture. These factors help establish a strong foundation of security and positive ethic practices for an organization. The purpose of this analysis is to dissect the five factors (business ethics, prescriptive and psychological approach, whistle-blower, and ethics as organization) as it relates and supports each other. This analysis will also discuss the responsibilities that come following ethical procedures and the consequences for not abiding to these guidelines. Ultimately, individuals or groups’ decision are influenced by the nature of a company. Therefore, ethics are critical the success of an organization. Analysis Straight Talk Managing Business Ethics To begin, Trevino and Nelson (2014), defines ethical behavior in business as behavior that is consistent with the norms, principles, and practice of business practice that have been agreed upon be society. Laws encode many principles and standards; and ethical standards and laws certainly overlap inShow MoreRelatedEthics, Ethical, And Unethical Behavior1290 Words   |  6 Pagesmember within a corporation starts to cheat, steal, and coerce the system, it becomes a domino effect that leaves devastating ramifications. We will discuss issues like falsifying financial statements, improper use of company funds, ethical behaviors and unethical behaviors. Fairness The first virtue that I choose to discuss within this paper is the word fairness. Fair is defined as â€Å"agreeing with what is thought to be right or acceptable; treating people in a way that does not favor some over others;Read MoreEthics : Ethical And Unethical Behavior869 Words   |  4 PagesWhat is ethics? What are some of the issues of ethics that occur in social research? How important is ethics in research? Ethics or moral philosophy involves, arranging, defending, and endorsing concepts of right and wrong conduct in society. The term ethics, according to Henry Sidgwick, derives from three great ethical philosophers of ancient Greece, Socrates, Plato, and Aristotle. Conducting social research, without proper use knowledge pertaining to the code of conduct is violating human rightsRead MoreDifferences Between Ethical And Unethical Business Activity956 Words   |  4 Pagesbetween ethical and unethical business activity Ethical Behavior In recent years big corporations have discovered the significance of the corporate social responsibility issue. They have increasingly made sustainability declarations or advertised ethical codes, which then they are expected to abide by. (Law Business Ethics Research Initiative.) Keith Miller the author of Is Ethical Behavior Good for Business has found that ethical behavior is good for business. His research found that ethical businessRead MoreUnethical Behavior Has A Negative Impact On The Public, Economy And Work Environment Essay910 Words   |  4 PagesEthics according to the Merriam-Webster dictionary is â€Å"the principles of conduct governing an individual or a group† (Ethic, 2015). As public administration professionals, we have a duty to make ethical decisions and always put the general public’s interest before our interest. Repeatedly, the general public is being confronted with unethical behavior. Unethical behavior continues to be a persistent problem in the public, nonprofit and for-profit sectors. Some recent unethical behavior includesRead MoreHuman Nature, Unethical Behavior, Ethical Behavior And Work934 Words   |  4 Pagesnew idea of an ethical work force. According to Business Ethics, â€Å"ethics is the set of principl es a person uses to determine whether an action is good or bad† (Collins, 2012). While some would argue the greatest achievement in longevity is a strong bottom line, others state by forging a strong correlation between ethical behavior and work habits, employees are less likely to participate in workplace misconduct. This essay identifies the direct correlation with longevity and an ethical work force. SoRead MoreSales Ethics Is an Oxymoron1567 Words   |  7 PagesIs Sales-Ethics an Oxymoron? Globalization highlighted the ethical issues and concerns for every individual organization, multinational organizational conduct their operations under ethical code of conduct to confine the issues faced by unethical conducts. Many organizations such as pharmaceutical firms, technological firms and financial firms pay more attentions to ethical behavior to ensure the sales to consumers have been impeccably ethical. However managers pay attention to behavioral ethicalRead MoreEthical Behavior : The Good And The Bad828 Words   |  4 PagesEthical Behavior: The Good and the Bad Written Assignment I Alea Mayes Eastern Michigan University â€Æ' Ethics is needed within every organization. Before I get into that concept in great detail, I would first like to explain what ethics is. â€Å"The concept has come to mean various things to various people, but generally it s coming to know what it right or wrong in the workplace and doing what s right† (McNamara). This doesn’t intercept with the law. Yes, many legal things can be considered ethicalRead MoreWhat Is Business Ethics?1294 Words   |  6 Pages6308 – Assignment: Business Ethics Essay (50 points) What is business ethics? Business ethics can be understood as codes that define the actions and behavior of the employees in an institution. Standards are set by every company to define what is accepted as ‘Right’ and each employee is expected to abide by these standards. For a business to run successfully it is important to abide by the set of standards that are defined. Companies around the world observe these ethical principles strictly; ensuringRead MoreCode Of Ethics And Ethics Essay1704 Words   |  7 PagesCode of Ethics Implementation A Code of Ethics is regarded as the written guideline to the moral constitution of an organization ( ). The Code of Ethics (Appendix A) outlines the rights, duties, responsibilities, and a benchmark for the organization and its evaluation (Mihai Alina, 2013). It contains behavioral principles and rules of conduct that aids in the decision-making processes and balances the stakeholders expectations and interests against corporate responsibilityRead MoreImportance Of Ethics In Interior Design1721 Words   |  7 PagesIntroduction: Ethics is a branch of philosophy that involves systematizing, defending, and recommending concepts of right and wrong conduct (Internet Encyclopedia of Philosophy, 2017). In simple terms, ethics is the system of what is right and what is wrong. Usage of ethics on daily basis is important to a human being, a person is judged based on his/her behavior, whether it’s reasonable or aimless, ethics help people to have a purpose for their actions. Whether it’s during work or outside

Marketing Strategy and Plan

Question: Discuss about the Marketing Strategy and Plan for Retail Marketing Sustainable Management Futures. Answer: Retail Marketing In the current growing market, the term retail marketing is known to become the major trend that is emerging in the whole of the economic cycle. For the consumer, the retail market provides the basic platform is order to encounter with the goods and the shop owner at the start. Fixed locations such as departmental stores, specialty stores, supermarkets, etc. are comprised under the retail market (Goworek McGoldrick, 2015). Here Marks and Spencer in Singapore is taken as the Non-domestic Retailer. These are the locations where the consumer is met with the shopkeeper and will make the purchases of the goods in return which has some certain value. All goods are sold by the shopkeepers to the consumers by maintaining a certain margin for gaining the profits. The main purpose of the retail market shopkeepers is just to satisfy the customers. In addition to this, their needs are fulfilled along with the demands (Boboc, Ariciu Ion, 2015). In the marketing strategy, the strategy of the Marks and Spencers retail marketing has developed into one of the fundamental elements. In this, a whole lot of planning and the proper implementation of the planning are included (Gupta, 2014). First, the focus should on the nature of the retail which is simple. The major factors in the retail industry are that the marketer has to focus primarily on the desires and the needs of the consumers. The customer loyalty of Marks and Spencer has to be created by the business which is considered to be the basic function of the retail. This is because if ones the loyalty of the customer is gained towards your brand than to sustain in the marketplace will not be a difficult task for the longer duration of time. But creating the customer loyalty is not an easy task. It will take years in order to create the customer loyalty by the brand (Miller, 2014). Analysis of Retail Mix Retail mix could be defined as a formidable element in the strategic direction of an enterprise and is responsible for accomplishment of retail strategy objectives. The retail mix allows the translation of a strategic planning process into a functional marketing campaign. The comprehensive planning and integration for accomplishing reasonable retail mix objectives is accountable for the outcomes such as improvised differentiation in products, competitive advantage of the retail organization over industry peers and emphasis on the marketplace. The retail mix of Marks and Spencer comprises of six profound factors such as merchandise range and assortment; marketing communications; store layout, visual merchandising and store design; store formats and locations; customer services and delivery of services; and pricing strategy and tactics. The following illustration of the individual elements in the retail mix facilitates a comprehensive evaluation of feasible prospects for realizing reta il strategy. Merchandise range: The retail industry primarily relies on the efficiency of the merchandise in attracting as well as retaining customers regardless of the nature of products or services. Therefore the necessity for reflection on product breadth in context of Marks and Spencer range element in the retail mix could be imperatively observed. The merchandise mix could be aptly moderated to the market requirements through determination of a cognizable balance between the product depth and breadth thereby contributing to the success of the retail establishment. Furthermore, these factors are also assumed as generic elements of a retail inventory strategy (Floyd, et al., 2014). Product breadth can be defined as the assortment of product lines provided by the retail establishment and it is also known as merchandise breadth, product line width and product assortment width. The references to higher product breadth are accountable for a larger assortment of product lines without any prominent concerns for brand choices. The efficiency of product breadth in context of Marks and Spencer is also associated with the product mix length that accounts for the total products served by the organization in individual product lines. The definitions of merchandise depth is also a necessary implication for product mix since it serves as the significant half of the retail inventory question alongside product breadth. The merchandise depth is indicative of different variants of specific product facilitated by the organization (Fornari, et al., 2013). The difference in the product line breadth and depth would have to be considered accountable for determining the retail product mix. However, these two elements are responsible for framing the merchandise mix or the product assortment of a retail organization. It could be observed that product breadth is minimal for specialty retailers such as Nike which provide higher product depth i.e. variety in its specific product line. On the other hand, retailers such as Tesco provide higher product breadth and hence customers could be able to access assortment from the merchandise mix (Haddock, et al., 2014). Marketing communications: Marketing communications are assumed as viable resources in the retail mix since they are able to address the promotional requirements for the business. Marketing communications allow the organization to access opportunities for informing, persuading and reminding people regarding the organization and its products. The essential references to the generation of plausible outcomes through store based methods and market based methods for promotion of the organization refer to impact of promotion on beliefs, behavior and feelings. The implementation of communication mix in retail industry is indicative of the outcomes of competitive advantage as well as customer engagement. Necessary elements for store based promotions refer to in-store displays of discounts for specific products and new product arrivals. Point of Sale displays, in-store advertising, personal selling, the sale and in-store sales promotion can be assumed as the profound indicators of store based promotion methods. Store b ased promotion methods are associated with promising characteristics such as offering products to customers, in-store motivation of customers for purchasing, promotional pricing in a specific period, comprehensive communication with store personnel and in-store customers (Jayasankaraprasad, 2014). Store layout, design and visual merchandising: The store layout, design and visual merchandising aspects of retail mix are also accountable for describing the strategic capabilities of the organization to acquire sustainability. The impact of the aesthetics of a store is also considered as prominent inclusion in the retail mix since it influences consumer behavior thereby moderating the implications for sustainability and competitive advantage of the organization. The exterior design is accountable for drawing customers towards the store on the basis of the propagated vision of the organization. Examples of major retail organizations implementing similar store exterior design in various locations could be imperatively observed (Melis, et al., 2015). The influential factors in context of store layout refer to the functional utilization space, invitation for customers and interior arrangements. Depending on the store location and shopping scenarios, retail store design and visual merchandising approaches could be determined for an organization. The store design and layout offer the customer with a viable impression of the stores offerings alongside providing retailers with the opportunity to improve communication and create a promising image of the store in customers minds. The environment created by the layout and design of the store refer to the exterior look of the store, store interiors, promotions, atmosphere of the store and the themes associated with the store. The exterior design of the store comprises of the location, parking, architecture of the building, ease of access and compliance with health and safety regulations (Oppewal, Tojib Louvieris, 2013). Customer service: Providing service of superior standards has always been an objective for Marks and Spencer. To render best service is also challenging and complex at the same time. This is due to the inconsistent and intangible characteristic soft the services that are provided. Standardization and customization are basically used by the retail company to deliver better customer service. Customization of services of Marks and Spencer in accordance with the requirements of the customers while standardization involves following of the guidelines during the delivery of the service. Different services provided by the retail company can be categorized into three groups such as pre-transaction, post transaction, and transaction services. Availability of information and convenient retailer hours are the pre-transaction services that are commonly offered to the customers by the company (Rolbina, et al., 2016). The customers are targeted for gathering of information regarding a merchandise of a store and the processes to purchase through pre-transaction services. The delivery of the transaction service occurs when the customers are shopping at the store. The retailer provides post-transaction services after the services or merchandise have been purchased. Evaluation of the quality of service is done by the customers through comparison of the delivery of the actual service at the store with the expected service. The gap between the expected service quality and the perceived service equality has resulted into the recognition of four types of gaps in the delivered service quality. The retail company has to minimize and try to close the gap between expected and delivered service so as to improve the service quality. The Marks and Spencer can reduce the gap by identifying the expectations of the customers, standards establishment to deliver the service that is expected by the customers, provision of support to the service provider on an instrumental and emotional level, and communicating the service offerings and merchandise to the customers in a practical manner. The Marks and Spencer can strengthen and re-establish the bonds with the customers by following the procedure of listening to the customers, provision of a practical and fair solution and fast resolution to the issues. Customer service is the major determinant of success in the retail industry. Maximum profits can be earned by the retailer by developing the integrating programs for the customer service (Stovall III, 2015). Formats and Locations of Retail Mix: The retail formats have evolved over time since as they are considering consumers ease and hassle free experience. The retail formats adopted today have made the customers experience convenient and simple. The retail formats can be classified into various kinds. Departmental stores These forms basically deal with wide range of consumer goods like home appliances, apparels, electronic, etc. Premium assortments are stocked and customers can check them and make purchases based on their preferences. Emphasis is laid on quality of products. Eg: Marks Spencer plc is a British multinational retailer which has multiple stores in Singapore. Supermarket It is a large form of traditional retail store which deals with grocery items like eatables and other household items. Generally it is situated at a location which is easily accessible by customers. Eg Walmart is an American retail supermarket which has international presence. It has over 800 stores in Asia alone. Emporium It refers to an outlet which sells large variety of products. Eg: Furniture emporium. The American furniture brand Ashley Furniture Homestore plans to open over hundred stores in India. Superstore: A superstore can be described as a very large supermarket that is mostly the selling centre for household goods, electrical goods, clothes, foods, etc. Superstores generally charge anywhere from 16 to 45 percent less than the smaller counterparts in the market. Hypermarket: The hypermarket is a retail store that includes a grocery supermarket and a departmental store. It is a large establishment that offers a wide range of products such as clothing, groceries, and appliances. Pricing strategy and tactics in Retail: There are various external factors which affect profitability of retail business. Setting up fair price is crucial since it is the only source of revenue generation. Before determining right price they should be aware about costs associated with products. The two prime costs involved are cost of goods and operating cost. The first cost comprises of amount paid for the product, shipping charges. The latter involves expenses incurred for marketing, overhead charges, etc. The main object of pricing strategy is to cover costs involved in obtaining products and expenses involved in operating in the business. Below are a few major retail pricing strategies: Premium The pricing technique involves setting a high price for the products or services so that they can encourage customer to have positive perception about the offering (van Loon, et al., 2015). They try to bring about psychological association of luxury when they adopt this strategy Eg: Apple. Discount The strategy is to sell low priced products in large quantities. The object is to increase the sales in peak seasons. Promotional discounts are short-term and are given to increase sales. It is beneficial for customers who purchase in bulk. Eg: Walmart. Every Day Low Price With this technique the consumers can purchase products at a low price without having to wait for discount season or promotional events. It helps retail stores to reduce time, effort and expenses involved to reduce prices during specific events. Eg: Procter Gamble. High-Low Pricing This strategy is adopted when high price is charged for a product but once its popularity declines, it is sold at lower price through sales.. Buyers should have a specific preference while making such purchases. A different method of using the strategy involves inflating the price for short duration. Eg: Apparel retailers. Sustainable competitive advantage The conclusive interpretation of individual strengths and weaknesses that could be facilitated by the distinct elements of the retail marketing mix should be a promising factor for determining the sustainable competitive advantage that can be acquired by retail organizations. The first element in the retail mix of Marks and Spencer is related to merchandise range or product assortment that could provide considerable competitive advantage (Gruber Wigmore, 2016). Retailers face substantial difficulties in attaining sustainable competitive advantage since majority of competitors could purchase products of popular brands and sell them. However, the aspect of formulating private-label brands which indicate the existence of prospects for product development, marketing and sale could be realized in the case of the concerned retail enterprise to obtain sustainable competitive advantage (R?ducan R?ducan, 2014). This factor could be considered as the benefit derived from product depth and indicates the pitfalls that could be associated with product breadth. The extent of the product breadth creates choices for competitors to introduce substitutes or sell the nationally accessible brands at rationally minimal prices (Gruber Wigmore, 2016). Private label brands are also reflective of the potential for quantified results that could be accomplished from the customer loyalty and feedback for a specific product of private label brands. The store location, design, layout and visual merchandizing can be moderated to adapt to the existing market scenarios which provides advantage. On one hand while these elements in the retail mix are accountable for advantages such as behavioural influences on the customers mind-set and creating an amiable environment. However, the changing preferences of customers and the increasing variation in product lines could require changes in the store layout and designs which could involve substantial costs for renovation and remodelling. While the notable benefits of brand identity and attractiveness could be obtained from this aspect of retail mix, the limitations that could arise in the long term activities of the retail enterprise could reduce the potential of store location and design to accomplish sustainable advantage for the enterprise (VarleyRafiq, 2014). Marketing communications serve as the channel which connects the organization with the customers. Customers have the opportunity to access information pertaining to various product lines and the discounts which are offered for specific products. The use of marketing communications for estimating the prominent factors related to brand attractiveness also serve as prolific advantages for the company (Gruber Wigmore, 2016). The critical reflection on the disadvantage that can be noticed in the case of marketing communication refer to the insufficiencies in addressing diverse customer segments and the presence of noise in various marketing channels which could lead to false perception of brand identity by customers. Customer service is also accountable for providing sustainable competitive advantage for a retail organization. Customer services have the capability for developing a considerable brand image for a concerned retail organization since the identity of an enterprise is largely framed on the basis of interrelation between reputation, tradition and customer service (R?ducan R?ducan, 2014). On the contrary, the dependence on human resources and the prospects for sustainable competitive advantage could be acquired only through developing a service reputation. Formats and locations of stores serve as the critical factors for the decision of customers. The development of strong competitive advantage with respect to the selection of a favourable location could be considered as a prominent advantage of formats and store location in the retail mix. However, a critical gap is also associated with this element of retail mix which refers to requirement of a sustainable location alongside the concerns for establishing strategic approaches to establish various store formats according to location and the type of merchandize that would be provided to customers (Varley Rafiq, 2014). Pricing strategy and tactics of Marks and Spencer could provide sustainable competitive advantage when moderated effectively in unison with the merchandise range and customer service aspects of retail mix. One of the formidable strengths of pricing strategy and tactics element in the retail mix is directed towards the immediate acquisition of customers. However, the pricing strategy and tactics are associated with pitfalls in the long term when changes in the enterprises external and internal environment or changes in customer preferences could lead to revision of pricing. Challenges to continued international growth SWOT Analysis of Marks and Spencer: Strength Weakness Financial Backing Uniqueness Cost leadership strategy Little Differentiation Bad publicity Increased Employee turnover Opportunity Threat Growth in International Market Online selling growth Increase competition Changing exchange rates Rising commodity product price Challenges of Marks and Spencer: Huge competition at international Market Due to technical advancement Political environment has immense effect on it. Need to establish the good relationships with other franchisees. Conclusion: With the help of the appropriate retail marketing plan the customer loyalty can be created. Some of the examples of such plans are as follows: promotional activities of sales in the form of gifts, discounts, coupons, reward points, loyalty cards, etc. It is now possible for creating the healthy relationship with the customers with the help of the numerous newly developed sales promotional programs that are promoted by the retail marketing strategies. During earlier times, it has not taken into consideration in creating the emotional bonding with the customers, and hence customers were just treated as the customers to buy goods and pay the amount. Thus, this is the reason for the lower loyalty of the consumers and therefore gave rise to the wide range of product switching. Therefore, for igniting the sales target the marketing strategy of creating strong bonding with the customers has to be made by the company so that it can reach its profit level with the increased loyalty for the brand. References Boboc, D., Ariciu, A.L. and Ion, R.A., 2015. Sustainable Consumption: Analysis of Consumers Perceptions about Using Private Brands in Food Retail.Sustainability,7(7), pp.9293-9309. Floyd, K., Freling, R., Alhoqail, S., Cho, H.Y. and Freling, T., 2014. How online product reviews affect retail sales: A meta-analysis.Journal of Retailing,90(2), pp.217-232. Fornari, E., Fornari, D., Grandi, S. and Menegatti, M., 2013. The influence of retailing-mix levers on private label market share: The case of the Italian FMCG market.Journal of Retailing and Consumer Services,20(6), pp.617-624. Gruber, P. and Wigmore, T., 2016.Leadership and Management. In Handbook of Intensive care: Organization and Management (pp. 3-25). Goworek, H. and McGoldrick, P., 2015. Retail Marketing Management: Principles and Practice. Pearson Higher Ed. Gupta, S., 2014.Retail marketingan exemplar changeover.ZENITH International Journal of Multidisciplinary Research, 4(8), pp.1-8. Haddock, C.K., Hyder, M.L., Poston, W.S., Jahnke, S.A., Williams, L.N. and Lando, H., 2014. A longitudinal analysis of cigarette prices in military retail outlets.American journal of public health,104(4), pp.e82-e87. Jayasankaraprasad, C., 2014. Consumers cross-format shopping behavior in an emerging retail market: multiple discriminant analysis.Journal of International Consumer Marketing,26(1), pp.29-57. Melis, K., Campo, K., Breugelmans, E. and Lamey, L., 2015. The impact of the multi-channel retail mix on online store choice: Does online experience matter?.Journal of Retailing,91(2), pp.272-288. Miller, D., 2014. Retail Marketing: A Branding and Innovation Appraoach. Oppewal, H., Tojib, D.R. and Louvieris, P., 2013. Experimental analysis of consumer channel-mix use.Journal of Business Research,66(11), pp.2226-2233. Rolbina, E.S., Kalenskaya, N.V., Novenkova, A.Z. and Ukpere, W.I., 2016. Marketing foundation for retail and office centers tenant mix. Riel, A., Lelah, A., Mandil, G., Rio, M., Tichkiewitch, S., Zhang, F. and Zwolinski, P., 2015.An Innovative Approach to Teaching Sustainable Design and Management.Procedia CIRP, 36, pp.29-34. R?ducan, R. and R?ducan, R., 2014. Leadership and Management. Procedia-Social and Behavioral Sciences, 149, pp.808-812. Stovall III, G.W., 2015. A Tale of Two Cities-San Francisco and Tucson: The Effects of Retail Mix on the Perceived Value of the City, Urban Identity and Willingness to Pay. van Loon, P., Deketele, L., Dewaele, J., McKinnon, A. and Rutherford, C., 2015. A comparative analysis of carbon emissions from online retailing of fast moving consumer goods.Journal of Cleaner Production,106, pp.478-486. Varley, R. and Rafiq, M., 2014.Principles of retailing. Palgrave macmillan. Williams, C., 2013. Principles of management.South-Western/Cengage Learning. Marketing Strategy and Plan Question: Explain "Marketing Strategy and Plan". Answer: Introduction This report is a marketing plan of a 360-degree online assistance plan of a live tutor. The report discusses the marketing strategies and detailed marketing analysis including customer analysis, market growth and acquisition strategies. Who is your target market? The target market for 360-degree online assistance program will be covering all age group segments. The live stream application will be covering people of all classes belonging to any kind of occupation. This innovative online stream tuition portal will focus on all the customers however the major focus will remain on the age group of 15 to 50 years of age group. The focus of advertising will be on every segment. People of every field will be targeted. For identifying the necessity of the online live stream tutorials, questionnaire method will be considered. This idea will help in identifying the nature and demands of customer who prefer live streamlining of tutorials(Smith, 2004). Profile of the customer and how are their needs currently being met? The most essential analysis for a marketing plan to get successful is to have the analysis of the customers of a business. Customers analysis helps in identifying the strengths of the customers, so that a company can make their product better. Before launching of a product, a company needs to undertake a thorough plan in relation to the prospective customers. This is essential for our company, as the company is going to deal online, so it becomes more necessary to understand what customers company is going to interact with. The target segment of 360 degree live assistance application will be teachers, students, working people, homemakers and even old age people who are looking for some tutorials. The product will be helping in transferring the solutions to the queries of the customers based on live tutor streaming. There has been extensive usage of online tutorials nowadays. There are many online sites, which are offering solutions to the queries raised by the customers; however this site offers high level of satisfaction, as the customer will be discussing his issues face to face with some tutor, with the help of video chat. With no such facility available in the market currently, the people at present mail their queries to online the portals of tuition sites, and most of the times, they get frustrated as they get a different answer to their queries and most often they get late replies. The major reason behind the dissatisfaction was that there was no physical person present with whom the customers can directly communicate with. Now this new product of 360-degree tuition through live streamlining will help the customers in getting their queries resolved as and when it occurs. Hence, after analyzing the requirements of the 360-degree live streamlining online tutorial site, the company can decide to launch the site, as there is opportunity in market(Khan, 2004). Any Complementary Products or Services The 360-degree live assistant application will be accessible on every i-phone and android. The application will be allowing the customers to purchase the tutorial help and classes for 10 dollars per class. The stream application will be requiring a front facing camera for the video calling and hands free stands that can be purchased from the application itself, for 20 dollars that will be having a built -in microphone. How large is your market? Growth rates? The e- learning market is currently expected to hike by around 125 billion dollars by the end of 2020. The market is completely self paced and it has reached more than 25 billion dollars in the year 2010(DOCEBA, 2014). The below pie chart shows the percentage of growth of the market in the countries: Figure 1: E- Learning Statistics (E-learning, 2015) The e-learning market has reached more than 1 billion dollars in the year 2013. On the other hand, market of e- learning is expecting to grow more than 10 billion dollars by the end of 2020. What are the trends in the market? Automation is a new concept in the world of e- learning. Though many of e- learning tools have been offered in the online market now days, the coming years are expected to bring in new levels. For instance, responsive learning management system will be accessible by all the platforms in the coming time. Through this kind of learning system, the customers will be able to automatically adjust the e- learning course elements. How do you see the market evolving? E- Learning is no longer a new concept. The development of the effective instructional designing and online practices considering the time and cost savings, reveals that the e- learning business has strong growth prospect in future. The market research done by the ambient insight in the year 2012- 2017 across the world in respect of e- learning market, shows that the five year annual growth for the e- learning market will be 18 percent and estimated global revenue would be at around 12 billion dollar. It was identified that around 80 percent of the users will not be leaving home, if they will have an option of virtual e- learning. How will your competitors react? There are various e- learning options available in the online market, for offering tuitions to the customers. The main competitors of the 360 degree will be the online tutorial sites that offer the service of online tuitions. The competitors are not going to get much happy with the new service in market. This is because, the 360 degree live assistant is going to offer the video chat service option, which will give an additional benefit to its customer to deal directly with a tutor through video chat regarding their queries. Marketing Plan Sales and marketing strategies The marketing strategy of 360-degree live assistant will be based upon the classification of future growth opportunities within the market and assessment of risk associated. It would be good, if the company adopts product differentiation strategy. There are other competitors, which are well established and very popular. The company has to differentiate the service line from others. Thus the company will be offering unique core capability to its users through live online tutorial assistance. This assistance will be available in the companys site only. Uniqueness in the application design and services will be about selling unique proposition, as this the best strategy that the company can adopt. How will you convert from contacts to leads to customers to advocates? Nurturing the contact to leads and thereafter to advocates, will require the company to have nurturing campaign, in which the company will be using CRM software for assisting and strengthening inbound marketing efforts(Janzer, 2012). The CRM strategy will enhance the inflow of the prospects from the initial contacts to sales by keeping the customers engaged and involved. As every aspect of the inbound marketing process is very important, but the sad part is that it will never reach the potential without the effective CRM(Cognizant, 2011). CRM will increase the conversion of the lead into adapters. Company will try to build long-term relationships in between the company and the prospects in the market(Market Smartly, 2014). CRM services will help in understanding the leads better. The nurture campaigning is important for sales enhancement(Mathur Trivedi, 2016). Costs and strategy of acquiring customers Customer acquisition cost is the metric that has been growing in usage, along with the emergence of online learning sites. 360 degree online Assistance Company will be spending around 100000 dollars in three months on advertisements and the marketing team is expecting that they will able to acquire around 10000 new orders during this time period. This means that the cost of acquisition of the company is 10dollars per order. Company will be able to improve the cost of acquisition by enhancing the on- site conversion metrics and by enhancing the value of customer. Acquisition is probably the main issue which companies comes across, because there are many competitors in market, which are also looking for such customers. For acquiring new customers, the company needs to add more functionality, which the other companies are not offering (Tech Target, 2004) Company needs to have varied management options. Company will be following ACTMAN strategy for acquiring the customers (Bhardwaj Maharshi, 2014) At first, the company will be focusing on targeting the customers In the second step, awareness generation and product positioning will be done In third point, the company will be placing the pricing In the fourth step, the company will be giving the chance of trial of services. In this service, customers will be given a chance to use the services of 360-degree live assistance free, for a certain time. After the trial, the company will be taking feedbacks and in case of negative feedbacks, the changes will be made then and there In the last step, the company will be developing long term valueAny way to schedule marketing and sales expenditure to pay as you go Marketing and sales (Kundu, 2013)expenditure plan of 360-degree online assistance services Advertising $7500 Website $6000 Promotions $4000 Mailing $12000 Referral $3000 Training $3000 Services $7440 Total $42940 Customer's looking forward for online stream tutorial will have to pay around 10 dollars for any class they wish to attend. As and when, a customer will pay for the class; he/she will be guided to an online video chat option for live streamlining tutorials. The company will charge certain sum of money and the amount will be decreased as the customer uses the services. The deduction will be according to the customers usage. Company will be following pay as you go strategy for the sales purpose(Weber, 2002). 4Ps Product, Price, Promotion and Place Place: For enhancing the sales of the 360-degree online assistance, it is essential that the company place the product in close connection with the leading players in the marketplace. Company needs to target the social sites and other consulting sites that offer advertisements of such kind of similar sites. Apart from it, the company will be having its own online site and application(Training place, 2013). Price: The strategy which company is planning to use for its services is the price skimming strategy. In this strategy, company will be keeping high price for the services in the initial period. After acquiring the first set of the customer, they will be decreasing the prices for catering to the next set of consumers. The application will be free to download and commission will be taken from the purchases of service made in the application. Promotion: Company will be promoting through social sites, as the social sites offer a platform through which the company will be able to diffuse the information at a very fast rate(Uzulu, 2009). Product: 360 degree live assistant will be like an application which will be a live stream application that will be accessible on android and IOS. This service will be offering an opportunity to the individuals to purchase the live streaming tutorial help and classes. Company will be offering services in the fields of DIY, cooking, automotive, technology and beauty. Conclusion The market plan and marketing analysis shows that the company will be offering 360-degree online assistance for live streamlining tutorials. The customers have to pay 10 dollars for each class. The company will be offering tutor services in varied areas. The company is planning to offer new services, which are unique in market and because of that; the company is planning to enter the market with skimming pricing technique. References Bhardwaj, N. Maharshi, D.N., 2014. Interplay of 7Ps of Marketing Mix in Customer Acquisition: An Empirical Study of Retail Banking. The International Journal Of Business Management. Cognizant, 2011. Building the Advocacy-Based Customer Loyalty Roadmap. Cognizant. DOCEBA, 2014. E-Learning Market Trends Forecast 2014 - 2016 Report. DOCEBA. E-learning, 2015. Elearning Market Online Learning Statistics. Khan, B.H., 2004. The PeopleProcessProduct Continuum in E-Learning: The E-Learning P3 Model. Issue of Educational Technology. Kundu, D.S.S., 2013. SALES MANAGEMENT: AN OVERVIEW. ddegjust. Market Smartly, 2014. Nurture to Convert: Turning Leads into Loyal Advocates. Mathur, A. Trivedi, D.V., 2016. Nurturing the Sales Funnel Through Social Media for Creating Brand Advocates. Global Journal For Research Analysis. Smith, D.C., 2004. Implementing an institutional e-learning centre: guiding notes and patterns. E- Len. Tech Target, 2004. Customer-Based Strategy. Tech Target. Training place, 2013. Building a Strategic Plan for E-Learning. Uzulu, 2009. E-Learning Implementation Strategy and Plan for the University of Zululand. uzulu. Weber, J.A., 2002. Managing the marketing budget in a cost-constrained environment. Industrial Marketing Management.

The Devil and Daniel Webster Essay Example For Students

The Devil and Daniel Webster Essay The play The Devil and Daniel Webster was written by Stephen Vincent Bent in 1938. Stephen Vincent Bent was born in 1898 in Bethlehem, Pennsylvania. His education came from Yale University and the Sorbonne in Paris, France. The Devil and Daniel Webster has a wide array of characters, each with a distinguished personality, yet an overall temperment that would be fitting of a New England community. The main character is Jabez Stone, a wealthy New England statesman whose possition was the state senator of New Hampshire. He had started out as a farmer though, but moved up in life and, when he was about thirty years of age, married the fair woman, Mary Stone- who was in her early twenties. The fiddler, though not incredibly important, was a key character in that he provided foreshadowing. We will write a custom essay on The Devil and Daniel Webster specifically for you for only $16.38 $13.9/page Order now When he said, But the very devils got into that fiddle of mine., he was forshadowing the coming of the devil to disturb the merriments. A very key character in this play is the devil himself, which took the name of Scratch (for that was what he was called in New England communities). He had come to steal the soul of Jabez Stone, claiming that he had a right to Jabez because of a legal contract. Last- but most certainly not least in this story- is the great Governor of New Hampshire, loved by all, Daniel Webster. Daniel Webster was not only the governor, but an excelent orator. He had a way of using words to pursued the opinion of others, sometimes by conveying feelings or emotion. The play starts out in the ornate home of Jabez and Mary Stone, right after their wedding has taken place. The Fiddler, who sat upon a Cider Barrel, played a tune on the Fiddle, and all of the guests danced to it. Basically, it was a wedding reception. At first, there was nothing more than small talk going on, but by using even this smalltalk, Bent very accurately described the lifestyles of the New England residents. As the play progressed, political favor of the day was expressed as Daniel Webster arived, associating himself with Jabez Stone. One man cried out, Vote the Whig ticket! and another, Hurray for Daniel Webster! Of course, political disfavor was also shown, as Scratch (the devil) portreyed himself as a lawyer from Boston, implying that the political party from Boston was disfavored. Later on, after some forshadowing by both Jabez and Mary, it is learned that Jabez had sold his soul to the devil. He had done this because of the dessolite land he had to farm, it was entirely baren, and had an abundance of large stones there. In return, the devil brought him prosperity- for a time. Jabez had become state senator, married a wonderful woman, and had friends in high places. But it did not last forever. A small climax- more like a turning point- occurred when Scratch had driven all the guests away from fear. He then left for a short time, preparing to come back at a later time to reclaim his prize. Daniel Webster, however, felt confidant that he could defeat Scratch in a fair trial and/or debate. As it turned out, both happened. When Scratch came back, they had a trial- a trial with a biased jury of the undead. A great oratory debate soon followed between Scratch and Daniel Webster. It was a fierce debate, though it did remain civil. Webster used his cunning intellect against Scratch, but in every case, either Scratch would refute his claim, or the judge at this trial, Judge Hawthorne of the Salem Witch Trials, would over-rule Daniel Webster- no matter how logical he had been. For instance, when Daniel Webster claimed that Mr. Stone is an American citizen, and American citizen may be forced into the service of a foreign prince., the devil replied that he was no foreigner with when t he first wrong was done to the first Indian, I was there. When the first slaver put out for the Congo, I stood on her deck. Such a trial was impossible to win, until Daniel Webster used his words to bring back memories of the undead jury- of when they had been alive and human. He appealed to them, one by one, and slowly changed the sway of the biased jury of the undead. In the end, the verdict was not guilty, and old Scratch was finally flung out the door. Overall, I thoroughly enjoyed this play by Stephen Vincent Bent, and I would recommend reading it.

Drivers Ed essays

Drivers Ed essays The book I am reading is called Drivers Ed. It is about a girl named Remy, her friend Lark, and her other friend Morgan. The first 25 pages of the book starts off by describing Remys family, which includes her mom, dad, younger brother Mac, and younger brother Henry. Then it talks about Morgans family. It consists of his mom, dad, and little sister Starr. His dad is going to run for governor, and it pretty much says how perfect his family and life is. It also lets you know that Remy has a crush on Morgan, and Morgan has a crush on Remy. Anyway, in this class, the teacher has a lot of trouble with names. He announces three names to go drive, and Remy, Lark, and Morgan drive most of the time. He calls out Remy, Christine, and Morgan. Lark then switches with Christine. Remy is driving, and she accidentally drives over the median and leaves some of the muffler behind. Then Lark drives and runs a red light. It doesnt let you know how Morgan did, but when they get back from driving, they get an idea that they should all steal road signs for their room. In the next 25 pages, Remy, Lark, and Morgan plan to go out to steal their signs. Lark is sick though, so she doesnt go. None of them have their licenses, so Nicky Buddy drives. He is one year older than all of them, and he lives by Morgan so he is friends with him. Remy decides that she want a Morgan Road sign, they get a Thickly Settled sign for Lark, and Morgan takes a Stop sign. Also, Remy and Morgan kiss when they are in the car. When Remy comes home, Mac starts to question her and she has to hide the Morgan Road sign in the bushes to make sure that Mac doesnt tell their mom what she did. In the next 25 pages, Morgan begins to think about the fact that he is going out with Remy now. He is worried about what is going to happen in school the next day. In concert choir, he doesnt even look at her, or talk to her. H...

How to Write the Best About Us Page (50 Examples and a Template)

How to Write the Best About Us Page (50 Examples and a Template) What’s the first page you read when you find a new company and want to learn their story? If you’re like a lot of folks, it’s the  company’s about us page. Those pages, usually found in the footer navigation on most business sites, are powerful pieces of an effective website content strategy. However, they’re sometimes overlooked, too. When they’re written well, they can help your company show off its personality, differentiate itself from the competition, and leave a positive impression on potential customers. So, why ignore those potential benefits when you can do it right and reap the rewards? That’s exactly what this post will show you how to do. Here’s a quick summary of what you’ll find: What separates quality About pages from ones that are uninspired. Tons of real-life examples. A step-by-step process for writing a page of your own. Plus, you’ll get a free template to expedite your process. About : Is your marketing team struggling to get organized? Learn how to fire makeshift marketing with , the industrys leading marketing management platform. How to Write the Best About Us Page With 50 Examples and a Free Template via @ Table of Contents About Us Page Template What is an About Us Page? Page Placement Why Are These Pages Important? Five Pages That Got It Right 45 Reals Writing an About Us Page in 7 Steps Figure Out What Your Page Will Include Create a Project Checklist Write Your Mission Statement Explain What You Do Map Out Your Company History Incorporate Your Values Include Visual Elements Download Your Free About Us Page Template Writing your page will most likely start with a simple Word doc. So, rather than create one from scratch, why not snag this free template instead? It lays out fields for everything you’ll need to hand over to a developer to get your page created. Download it now, then learn how to put it to use in this post. Awesome news! Youre invited to a 1on1 marketing demo of ! In 30 mins or less, you can see howtoWhat is an About Us Page? In simplest terms, it’s a page on your website that explains what your business does. That sounds straightforward enough, right? Sure, it does. But, because of this, they’re occasionally treated like nondescript pieces of content, created to fulfill a requirement on a checklist. That’s selling those pages short, though. Get it right, and they go from a line item no one looks at, to an essential element of telling your company’s story. Approached this way, they’re: Useful pieces of your site. Essential pages for establishing who you are and what you’re about. Worth spending time on to get right.Where Should These Pages Be Located? Generally, they’re found in website footers: Why Are These Pages Important? Every company claims to have core values and some kind of differentiator that makes them different than other companies out there. But, no other company on Earth shares your exact story, or your specific reason for being in business in the first place. Conveying that difference and giving people a reason to care about you more than your competition can make the difference between someone making a one-time purchase and forgetting who you are, to becoming a loyal brand advocate. Certainly, that’s a lot of weight to put on one website page, and it takes more than just one page to become a beloved brand (like having a good product and an actual mission, things no amount of content can cover up). But, they do help, and they’re great because they let you put that story front and center. Taking a Look at Five About Pages That Got it Right So, what exactly do these pages look like when they’re done well? To give you some ideas, here are some samples to check out. There are all different types of companies represented too, from simple-yet-effective designs, to more complex examples. Home Depot Hardware store chain Home Depot’s example here is straightforward, yet infuses strong imagery and the brand’s voice and tone well to rise above being generic. For example, rather than a basic â€Å"About Home Depot† headline, it works in language that appeals to their brand (being built from â€Å"right materials,† an appropriate allusion for a hardware store). Toyota One small touch to take away from Toyota is considering putting people front and center, rather than products, on these pages (they’re about the people that make up your company, as much as they’re about what you make or sell, after all). Plus, the simple navigation bar works well to make it easy to move around the page, too: Dashlane Password manager and security solutions provider Dashlane uses their page to not only talk about what they do, but to actually demonstrate their impact using hard data: Saucony Shoe and apparel manufacturer Saucony steps things up a notch with some striking design work and powerful visuals: As you scroll down the page, it animates between chapters with different pieces of the brand’s story and history (note the chapter navigation tabs at the bottom): If you have access to a skilled web development team with the time and resources to build something like this, the extra effort is well worth it. Penguin Random House When you first visit this page from Penguin Random House, you’ll find a tiled layout linking to multiple pages: This works well because it makes it easy for readers to find exactly what they’re looking for (which might include anything from their company story to open job listings). Recommended Reading: How to Write a Powerful Case Study That Converts Leads Into Customers With 50 Examples and 7 Templates 45 More Reals of the Best About Us Pages Around If you’d like to scope out even more samples, browse through the list below and click on any brand names that sound interesting. There’s a wide range of industries, companies, and websites. Nike Google Microsoft Threadless The New York Times Adobe Amazon Twitter IKEA Spotify Sweetwater BMW Slack Sony Samsung Mod Cloth Stitcher Capital One Canonical   (hey, that’s us!) Vox Zappos G2 Crowd Zazzle Redbubble UCLA Knock Knock Museum of Modern Art Intel HP Intuit Electronic Arts MailChimp Funko SEGA Revlon Wikipedia Mozilla Automattic Toggl Target Evernote New York and Company GAP Pinterest What do effective about us pages look like? Check out these 45 examples, curated by @ Writing Your Own About Us Page in 7 Steps So, how do you make your own story stand out? Start by following this simple process from start to finish. What your ultimately able to create may be contingent upon your available design and development resources. But, one thing that’s totally in your control as a marketer is to make sure your written content is on point. Step 1: Figure Out Everything Your Page Will Include It’s easy to start writing before you have a clear plan, thinking you can wing it, and still get it done efficiently. This is a mistake. Working without some sort of plan or outline means you’ll be liable to miss details, waste time, and create a lower-quality page. So, figure out the following first: Which sections will your page require? Some common pieces include your mission statement, a brief company description, corporate history, and core values. Who might you need to talk to for more information?  Track down subject matter experts and anyone with a long tenure at your company who might be able to help fill in information you’ll need. Set up some meeting times on your company calendar. How will you create graphics?  If you have a design team, this question is answered for you. If you’re on your own, you may need to figure out what you can do on your own. Recommended Reading: Website Content Template: How to Get Content Right the First Time, Every Time Step 2: Create a Project Checklist The team at never starts a project without a checklist. They’re the best way to make sure nothing gets missed on any project or piece of content. Before moving forward, list all the steps you’ll need to complete when creating your page. Some things to consider include: Research time. Gathering existing copy (like documented mission statements and core values, if you have them already). Writing an outline. Crafting on-page copy. Designing graphics. Proofing and editing. Publishing the page. One way to create a simple checklist is to use Google Sheets, Excel, or Evernote. customers can also create them using Tasks and Task Templates. These make it possible to create reusable project checklists, built right into your team’s marketing management platform. Start by creating a new project on the calendar and select your desired content type (such as a WordPress page, article, or other label of your choosing): Next, start listing your required tasks: Click +Schedule  to specify deadlines for each one: Now, when each item is checked off, you’ll see the progress percentage bar tick up: When looking at the full calendar, you’ll see this reflected there as well: This makes it easy to track your progress (and see how your concurrent projects are progressing too, all in one place). Recommended Reading: How to Easily Plan Copy for an Entire Website the Best Way Step 3: Start With Your Mission Statement More and more these days, people want to buy from companies they believe in. It’s not always enough to just churn out a product and put it in front of people. Rather, in many industries (particularly things like apparel and food), customers want to feel like they’re buying into a movement that says something about themselves. For an example, think of a company like Toms of Maine. They make things like toothpaste and deodorant, products where there’s no shortage of competition, and plenty of options available for price-conscious consumers. But, unlike most of those alternatives, Tom’s of Maine has a unique mission: to create products that are safe to use without potentially harmful side effects to the environment or yourself. In fact, they were founded explicitly because co-founders Tom and Kate Chappell wanted natural hygiene products for their family, and weren’t satisfied with what was on the market. Here’s a look at their exact mission statement today: Your company might not have such a grandiose mission. But, you almost certainly have a reason for existing, even if you’re selling something as otherwise ordinary as toothpaste. Recommended Reading: How to Create a Marketing Strategy That Will Skyrocket Your Results By 9,360% Step 4: Explain What You Do and Offer in More Detail Beyond why you do what you do, people need to know in clear terms what you actually create or sell. Some points to consider including: What exactly do you sell? How do your values and mission contribute to better quality products? How does that impact your customer’s day-to-day life using your stuff? Then, write to make people care. Even though this page is about you, it’s more about why people should buy from you. So, figure out the â€Å"why† behind your â€Å"what.† Follow these two points to do this: Instead of talking about selling products, talk about the solutions those products solve. Instead of focusing on your company, focus on how you help your customers. It’s as simple as that. Stick to those guiding rules and you’ll be well on your way to writing a page people will actually stop and read. Recommended Reading: How to Build the Best Editorial Style Guide in 10 Steps (Free Template) Step 5: Map Out Your Company History Sometimes to know where you’re going, it helps to know where you’ve been. One way to show this to your audience is to map out your company’s history. Not only does this help customers get to know your company better, it can help reinforce your brand authority if you’ve been around for some time. Here’s a simple example from Marshall Amplification: And here is an illustrated example from : To get started, follow these steps: Figure out your company’s key historical milestones. Set up interviews with internal stakeholders who might be able to help (CMOs, founders, and executives may be good contacts). Create an outline. Open up a doc and list them in chronological order. Write a quick blurb for each one. If you’ll be creating a company history graphic, keep each point punchy to keep the visual flow moving. For tools that can help you create visual timelines without (much) design or development assistance, check out the following: Timeline.js: Free and open-source tool for building interactive timelines. Piktochart: This freemium infographic design tool can be used to create timelines. Canva: Similar to Piktochart. Easy to use and offers tons of flexibility. Another option is to create a standalone company history page, and then link to it prominently from your About Us page. Recommended Reading: The Best Social Media Image Sizes Guide For Marketers Step 6: Incorporate Your Values Most companies have some sort of core values or principles. These are usually five or six points that guide your culture and business philosophy. These are often treated like something that’s pinned on the wall and forgotten, existing only because someone decided they needed to one day. But, when they’re thoughtfully crafted and ingrained into how your company operates, they can be powerful guideposts for how employees should approach their work, and your customers. For example, look at Ben and Jerry’s. Their values are core to everything they do, and they make them clear on their website: The page also includes an embedded YouTube video that helps communicate their mission and values: Note that not all of these values are directly related to making ice cream. But, they help people who buy their ice cream know their supporting a company that reflects their values too. That can be powerful for persuading people to buy and building long-term loyalty. Your values don’t necessarily need to be overtly political or world-changing in nature. And, if your company doesn’t have documented core values, this portion may need to be a project for another day. But, as long as you have some sort of purpose behind why you’re in business, you can incorporate that into your page. Recommended Reading: How to Overcome Makeshift Marketing: The Buyer's Guide Step 7: Include Visual Elements Finally, add in your visual design elements. This might include: Company photos. Designed graphics. Slide decks. Videos. If it’s visual, and it can help tell your story, why not include it? If you’ll need a designer to create graphics, be sure to give them clear direction. In the document you use to write your page, include notes formatted something like this: IMAGE TITLE: HEADLINE: DESCRIPTION: ON-IMAGE TEXT: This should give them enough to bring your idea to life. Go Rock Your About Us Page You’ve got examples to follow, an entire process and workflow laid out, and a template to get it all done. All that’s left is to do now is get down to work. Best of luck writing your page, and if you have questions or comments, please do share them below.

Disaster Recovery Planning Essay Example | Topics and Well Written Essays - 1000 words - 1

Disaster Recovery Planning - Essay Example The changing situation of the world and the realities which we live in a post 9/11 world has made sure that essential services such as police and hospitals continue to function in situations where the disaster is created rather than imposed. While the organization has plans on how to deal with storms, weather disasters and other calamities, the focus of the body is more on providing assistance to others rather than understanding how it can continue to function even if the building becomes inaccessible. However, it seems that the people at the organization understand that a continuity plan is simply essential for handling situations when our greatest fears are turned into reality. For these situations we have a continuity plan which comes into play when internal or external factors make it necessary for us to resort to emergency actions in order to continue providing services. In our case, the level of the threat and the level of the disaster will engage our continuity plan to the level required. For example, if our database integrity is damaged or information security is compromised we can use backups which are stored on location or restore from an earlier point in the week from our offsite data backup location. This process is in line with the suggestions made by Britt (2005) who recommends a modular stepwise plan for disaster recovery as being the most effective. That is how our continuity plan functions once an assessment about the disaster has been made.

Changes in Family and Personal Finances in the Last Generations Essay

Changes in Family and Personal Finances in the Last Generations - Essay Example Political factors such as the Cold War and political tensions globally also affected their productivity and participation in economic activities, which in turn affected their financial status. These people benefited from the social and political stability witnessed from 1970-2000. Personal and family finances of people of generation Y have changed because of changes in government policies, information technology and globalization. Most generation X families relied on one paycheck. This means that only one spouse engaged in economic activities. Though these families relied on one paycheck, they spent 54 percent of their income. Spending was mainly concentrated on fixed expenses such as insurance, mortgage, food and loans. Conversely, most generation Y families have both families working. These families spend 75 percent of their earning on fixed expenses (Warren and Tyagi 20). The spending trends of generation X and generation Y are important because they show that generation Y is more financially vulnerable than their counterparts of generation X. In case of uncertainties such as illnesses and job loss, people of generation X could easily cut back on their spending. These families used 54 percent of their income on fixed expenses and 46 percent on discretionary spending such as fashion and vacation. They could easily cut back on these spending in order to ensure that they overcome the uncertainty. A generation ago, families could address setbacks such as illnesses and job loss by cutting back on their spending. 54 percent of the income of these families was used on fixed expenses.

Psychology of Color Essay Example for Free

Psychology of Color Essay The brain receives signals from three different color channels: red, blue, and green. When the brain receives a mix of these signals, we perceive colors that are mixtures of these three primary colors through a process called color addition (Think Quest â€Å"Color Psychology†). All colored visible light can be expressed as either mixtures or consistencies of red, blue, or green, which by perception between the eyes and the brain, produces the vast spectrum of color that exists to humans and other organisms alike. With the ability to alter our moods and bodily functions, color has more of an impact on us than we may realize. Each color produces different effects on humans, bringing about numerous physiological and psychological changes as unique as the color itself. Its presence everywhere in our daily lives makes these effects inevitable, no matter how unaware we are of them. Colors not only alter the state of our mind and body but can also reveal a lot about ourselves, including our personality, experiences, and ability to evoke memories. Colors can be categorized into two groups, warm colors and cool colors. Warm colors consist of any shade of red, orange, yellow, and pink. They can evoke emotions ranging from feelings of warmth and comfort to feelings of anger and hostility. Cool colors consist of greens, blues, and purples. Although they generally create a calming, soothing effect, they can also bring feelings of sadness or indifference (Kendra Cherry â€Å"Color Psychology: How Colors Impact Moods, Feelings, and Behaviors†). Although each of the colors within these two groups produces altercations somewhat similar to those of its group members, they create their own objective, one-of-a-kind effects on the human body and mind. Red is one of the three primary colors, as well as one of three different color channels the brain receives signals from. It represents blood, heat, passion, love, intensity, danger, and is often associated with Christmas and Valentine’s Day (Nicholson, Mary, Dr. â€Å"Colors and Moods†). Being a very stimulating color, whenever the sight of it is picked up and signaled to the brain, red activates the adrenal glands. Physiologically, red can increase heart rate, respiration, appetite, and blood pressure. It can also raise stamina and improve the functioning of the central nervous system (Kate Smith, â€Å"Color: Meaning, Symbolism, and Psychology†). The psychological effects of red include feelings of anger, vitality, and a sense of protection from fears and anxieties. Red can also increase enthusiasm, irritability, and sensuality. With its ability to dispel negative thoughts, it encourages confidence, action, and ambition (Think Quest). In a study by professor of psychology Andrew Elliot and researcher Daniela Niesta, it has been demonstrated that the color red makes men â€Å"feel more amorous towards women† (Science Daily â€Å"Red Enhances Men’s Attraction to Women, Psychological Study Reveals†). Even before the experiment, research provided both empirical and biological support to Elliot and Niesta’s claim. Empirically, red has been associated with romantic love and passions across cultures and the millennia. Biologically, they found faith in humans’ deep evolutionary roots to primates. Research has shown that â€Å"nonhuman male primates are particularly attracted to females displaying red. Female baboons and chimpanzees, for example, redden conspicuously when nearing ovulation, sending a clear sexual signal designed to attract males† (Science Daily). The study looked at men’s responses to photographs of women under various color presentations. In one experiment, subjects were shown a photograph of a woman framed by a border of red and either white, gray, green or blue. The men were then asked questions about how attractive they found the women to be. Another experiment consisted of two photos of the same woman in which the woman’s shirt was digitally colored either red or blue. Along with questions concerning attraction, they were also asked about their intentions about dating, such as â€Å"Imagine that you are going on a date with this person and have $100 in your wallet. How much money would you be willing to spend on your date? (Science Daily). The results of the experiment showed that under all conditions, the women wearing or framed by red were rated significantly higher in attractiveness and sexual desirability than the exact same woman shown with any other color. Those whose favorite color is red are typically outgoing, impulsive, aggressive, and restless in personality. Red is a color chosen by those who carry an open nature and a zest for life (Annie B. Bond, â€Å"Your Favorite Color: What it Says About You†). Orange is a color that commands much attention. It represents warmth, enthusiasm, exuberance, liveliness and is also associated with Thanksgiving and Halloween (Nicholson). Physiologically, orange can stimulate the sexual organs, benefit the digestive system, and strengthen the immune system. It incites activity, socialization, and due to its hate-it-or-love-it quality, it also sparks controversy (Smith). Psychologically, orange relieves feelings of self-pity, lack of self worth, and unwillingness to forgive. It can also open emotions, increase energy, and even serve as a perceptual antidepressant (Think Quest). Due to its association with arrogance, danger, and over-emotion, a survey proves that orange has been labeled as â€Å"America’s Least Favorite Color† (Laurie Pawlik-Kienlen â€Å"The Subconscious Psychology of Color†). People who prefer the color orange are often flamboyant, fun-loving, and enjoy living a social life. They can be somewhat histrionic and fickle, but are generally good-natured, agreeable, and popular (Bond). Yellow is an uplifting color that is most associated with optimism, intellectuality, enlightenment, happiness, and signs of a bright future. Yellow can increase alertness and decisiveness, encourage communication, and stimulate the muscles and lymph system. Yellow can also activate the brain, spark clear, creative and intelligent thoughts, encourage memory, and stimulate mental processes (Smith). In a psychological sense, yellow brings feelings of happiness and increases perceptiveness, self-confidence, and optimism. It aids in discernment, good judgment, organization, and understanding (Think Quest). However, a dull yellow can bring feelings of fear. Those who favor yellow generally tend to be adventurous, shrewd, and carry a strong sense of humor. They can often shun responsibility due to their freedom-loving personalities, but are usually clear and precise thinkers who have a good outlook on life (Bond). As one of the three color channels, green occupies more space in the spectrum visible to the human eye than most colors. Green represents nature, health, abundance, wealth, good luck, growth, peace, and clarity. Green can help acquire physical equilibrium and relaxation, and has been shown to be beneficial to the heart. It also relaxes muscles and induces slower, deeper breathing (Smith). Psychologically, green has a tranquilizing and balancing effect. It brings about comfort, laziness, relaxation, and harmony. It can also alleviate nervousness and anxiety, and offer a sense of renewal and self-control (Think Quest). Surveys show that Green is America’s second favorite color (Pawlik-Kienlen). It usually a color liked by those who are gentle, sincere, and reputable. However, their tendency to be too modest and patient can lead to their exploitation. They are generally community-minded people who prefer peace at any price (Bond). Blue is the last of the three color channels. It is closely associated with spirituality, melancholy, cleanliness, wisdom, sadness, trustworthiness, and commitment (Nicholson). Being at far ends of the color spectrum, the color blue has almost entirely opposite effects of the color red. Blue decreases appetite, breathing, heart rate and blood pressure. It also regulates sleep patterns, keeps bone marrow healthy, and stimulates the pituitary and thyroid glands and causes the production of calming chemicals. Blue brings feelings of calmness and relaxation. It can also eliminate insomnia, aid intuition, and increase mental clarity and control (Smith). However, an excessive amount of blue can be depressing and saddening (ThinkQuest). Surveys prove that the color blue, being the least gender specific, is labeled as â€Å"America’s Favorite Color† (Pawlik-Kienlen). People whose favorite color is blue are typically preserving, sensitive, and self-controlled. Even though they can be worriers who are often cautious, they are faithful and have steady character (Bond). Purple is the majestic color of mystery, creativity, unrest, and royalty (Nicholson). Being the mixture of red and blue, the effects of the color purple contain elements from those of both red and blue. Physiologically, purple can alleviate skin conditions; suppress hunger, balance metabolism, and calm the mind and nerves. It can also be perceived as an antiseptic and a narcotic (Smith). Psychologically, purple increases creativity, intuition, imagination, and sensitivity to beauty, high ideals, spirituality, and compassion. It can balance the mind, cleanse emotional disturbances, and combat states of shock and fear (Think Quest). Purple is the favorite color of adolescent girls. Those who prefer purple over all the other colors tend to be artistic, individualistic, fastidious, and witty. They can become aloof and sarcastic when misunderstood, but are generally unconventional, tolerant, and dignified (Bond). Pink is associated with youth, romance, free spirit, lightheartedness, love (Nicholson). Being a lighter tint of red, many aspects of red are evident in the color pink. Pink can stimulate energy and help muscles relax. Like red, it also increases blood pressure, respiration, heartbeat, and pulse rate. Pink offers feelings of calmness, protection, and a sense of nurture. It encourages action, reduces erratic behavior, and sparks a desire to be carefree (Smith). Embodying the gentler qualities of red, pink represents unaggressive sensuality and unselfish love. People whose favorite color is pink are often charming, maternal, and gentle. However, they tend to desire a sheltered life and require affection, â€Å"perhaps wanting to appear delicate and fragile† (Bond). Brown is an organic color that represents reliability, approachability, the natural world, and connections with the Earth (Nicholson). It provides a sense of orderliness, security, stability, and wholesomeness. It also conveys withholding emotion and feelings of retreating from the world (Smith). Those who like the color brown are generally steady, conservative, conscientious, and dependable. They may be tactless and inflexible, but they are responsible and kind (Bond). Black, white, and gray are not considered colors, but are shades. Although they elicit no physiological effects, they still bring about psychological changes. Black represents authority, power, emptiness, sophistication, silence, and death (Nicholson). It evokes strong emotions and sense of potential and possibility. Black produces feelings of passiveness, emptiness, and being inconspicuous (Smith). Those who like black want to give a mysterious appearance, which indicates a suggestion of hidden depths and inner longings (Bond). White represents purity, neutrality, and safety (Nicholson). It aids mental clarity, encourages the elimination of clutter, purifies thoughts and actions, enables fresh beginnings, and offers a feeling of freedom and openness (Smith). However, an overabundance of white can bring feelings of separation, coldness, and isolation. People who like white indicate a desire for perfection, simplicity, and a recapture of lost youth and freshness (Bond). Gray is the shade in-between black and white. It is associated with dignity, conservativeness, control, independence, and authority (Nicholson). Gray increases independence, self-reliance, evasion, non-commitment, and lack of involvement (Smith). It is unsettling and creates a sense of high expectations, separation, and loneliness. Those who like gray are hard-working and often search for composure and a steady life with few ups and downs (Bond). The effects and associations of a color vary from person to person subjectively. Changes in the general effect of a color depend on some one’s personality, experiences, culture, and memories. Through a subjective perspective of color, a negative association with a color could cause undesirable effects and stir distaste towards that color. For example, if you receive a heartbreaking letter sealed in a green envelope, green may now be your least favorite color due to a new subconscious association with heartbreak and sorrow. In Elliot and Niesta’s study on the relationship between attraction and the color red, they also concluded that â€Å"Although red enhances positive feelings in this study, earlier research suggests the meaning of a color depends on its context. For example, Elliot and others have shown that seeing red in competition situations, such as written examinations or sporting events, leads to worse performance† (Science Daily). In a study conducted by UC Berkley, researchers found that people’s color preferences were linked to their experiences. â€Å"To conduct their studies, the researchers had four different groups perform four different tasks rating their color preferences, recording the objects they associated with each color, rating how they felt about each object or matching an object to a color† (Rachel Banning-Lover â€Å"Study Links Color Preference to Experiences†). They found that color preference was highly shaped by experience. For example, one subject stated that their favorite color was pink, and then later admitted to having fond memories in her sister’s pink bedroom, which would produce a positive association with the color pink. The researchers also discovered a link between school spirit and color preferences. Those who attended Berkley generally preferred their own school colors, blue and gold, over red, Stanford’s school color. There has also been cross-cultural evidence that creates varying effects of color. â€Å"Cross-cultural differences can occur in two ways different cultures may have different objects that influence individuals perceptions of certain colors, or two cultures may have the same object but may associate different feelings with that object† (Banning-Lover). For example, somebody from France may feel energized around navy blue—although blues are typically calming—due to the widespread use of the color in their country. Personality is a big, if not the biggest, impact on somebody’s preference and perception of a color. In general, extroverts or those with energetic personalities are drawn to richer, warmer colors, while introverts or those with relaxed personalities prefer cooler, more subtle colors (Bond). Colors that are found in certain areas of our everyday lives have a reason for being there. Understanding the objective effects of colors, many places have used certain colors to subconsciously manipulate the public into feeling or acting a desirable way, most of the time without them even realizing it. Red is commonly used in restaurants, both fast food and sit-downs, due to its ability to increase the appetites of its customers and therefore increasing their likelihood of buying more food. Orange is the color of most traffic cones and construction signs. Used to grab drivers’ attention, orange increases their awareness to prevent accidents. Green lights are often used in forensics due to its ability to incite a confession from criminals more than any other color of light. With its strong connection with the Earth, green is also used to promote environmentalism. Blue is commonly used in hospitals to calm patients. Research also shows that people are more productive in blue rooms, for example, weightlifters are able to lift heavier weights in blue gyms (David Johnson â€Å"Color Psychology†). Pink is proven to reduce erratic behavior, and is therefore used in many prison holding cells (Think Quest). Due to its ability to tranquilize, sports teams sometimes paint the locker room of the opposing team pinks so their opponents will lose energy. White symbolizes neutrality and is used for truce flags. It is also worn by doctors and nurses to imply sterility (Johnson). The roots of studying the effects of color can be traced back to ancient cultures, such as the Chinese and Egyptians. They practiced â€Å"chromotherapy, or using colors to heal. † For example, â€Å"blue was believed to soothe illness and treat pain,† while â€Å"yellow was thought to stimulate the body† (Cherry). Just like color psychology received much skepticism in ancient times; it still receives much skepticism today. No matter how unaware we are of the physiological and psychological effects of color, there is no doubt that color has a huge impact on our lives, playing a role in moods, decisions, sensations, and much more.

Analysis of Privacy in the Information Age :: Exploratory Essays Research Papers

Privacy in the Information Age    This is the Information Age, the age of gathering information. People are introduced to all types of information from print and broadcast media, and they themselves are the object of information collected on an increasing scale. Computers have be come so entrenched in people's lives that they have come to take computers for granted, and usually stop to complain on occasions when these machines fail them. Computers collect our paychecks, pay our bills, dispense our cash, send our orders, and save our data. While computers may only contain bits and pieces of our personal information, collectively computers know us better than many of our friends and relatives. The use of the information highway by marketing firms, law enforcement agencies, the me dia, financial and educational institutions to collect and compile personal information is making may consumer advocates and privacy experts uneasy. However, many Americans, even though concerned about privacy invasions, simply acc ept the loss of their p rivacy as a consequency of the Information Age and are not willing to give up the benefits and conveniences which information technology has provided them (Long 19).    British novelist, George Orwell, may have been accurate in his novel, 1984, envisioning a future where citizens are constantly monitored, but he never imagined how or to what degree this would be done. Today, a citizen's personal informatio n is everywhere: processed, manipulated, stored, and sold. In the last 10 years, data collection has escalated (Mossberg B1). There is nothing that doesn't create a pool of data that can be used in creative ways. Computers can collect personal data t o find patterns that reveal a citizen's habits, preferences, and personality. What is particularly surprising is the extent in current years to which this personal data about citizens can be obtained and made available to many interested parties. The is sue, therefore, affects everyone. Privacy and the consumer, privacy and the workplace, and privacy and medical records in the Information Age are all issues of privacy that people must deal with today.    In the 1990's, the Internet has virtually changed the lifestyle of the consumer. One-to-one marketing and advertising has become very popular on the Internet, and the personal service it gives a consumer can save him time and effort.

Audit Program Essay

The purpose of this part of the audit process for Apollo Shoes is to design tests of controls, substantive tests of transactions, and analytical procedures for the sales, collection, payroll, personnel, acquisition, and payment cycles. These test and procedures are with intent to attest operating effectiveness of internal controls of Apollo Shoes on the basis of documentation provided. It is with the understanding that with the performing of test and procedures an opinion can be formed but management of Apollo shoes is responsible for the maintenance and assessment internal controls of over financial reporting. The design of test of controls of the sales and collection cycle follows. Sales and Collection Cycle Tests of Controls Sales Cycle: The review of the revenue and collection cycle manual of Apollo Shoes provides the improper record keeping of sales orders and that sales orders are not numbered which may affect the accuracy of pricing on invoices so steps. The test of controls for sale cycle to determine accuracy will be: 1. Examine sample 1004345 for Anglonesia Rehabilitation and Reprogramming Institute invoice to review unit prices of merchandise listed. Compare unit prices on invoice for merchandise to these shoe types from inventory status report of 2007. 3. Verify unit prices on invoices are correct. Collection Cycle: A review of balance confirmation from customers provides a customer of Apollo Shoes Neutralizer’s account balance was understated by $ 1,388. 75, which prompts testing of existence of collections. With that information, the test of controls of existence of collections will be: 1. Determine if bank reconciliation has been performed. . Request bank deposit slips and for end of year for 2007 and bank statement with information for deposit for end of year 2007. 3. Review accounts receivable aged trial balance. 4. Compare deposit amount listed on bank statement to deposit slips. 5. Review balance on reconciliation. 6. Compare payments customers indicate on balance confirmations to those listed on deposit slips for end of year 2007 and payments indicated on accounts receivable aged trial balance. Verify the amounts of reconciliation, bank statement, deposit slips, and accounts receivable aged trial balance align. Substantive Tests of Transactions Sales Cycle: With the same rationale of attesting to accuracy of recorded sales with the test of controls notation of a customer indicating receipt of merchandise not requested, the steps of substantive test of transactions are: 1. Examine sample 1004345 for Anglonesia Rehabilitation Trace invoice back to shipping documents, sales and customer order. 2. Verify shipping amount is correct. . Verify if what is listed is sales order was shipped. 4. Verify if what listed on sales or is what Anglonesia Rehabilitation requested Collection Cycle: In regards to collections, the same rationale for test of controls proving existence with the basis of Neutralizer having an understated balance, the substantive test for collections would be: 1. Review cash receipts journal for the amount of the cash receipt indicated by customers. 2. Review bank s tatement for deposits indicated. 3. Review deposit slips for list of deposits. 4. Verify amount customers indicate they payment is listed on deposit slips and are included on deposits listed on bank statement. Analytical Procedures Sales Cycle: From the basis of negative press that Larry Lancaster addresses in the letter to shareholders the assumption is that sales will decrease. The analytical procedures to confirm expectations for the sales cycle will be: 1. Review the sales trial balances from end of year 2006 and 2007. 2. Divide the sales trial balances for 2007 by the 2006 trial balance. 3. Determine the percentage change and if it is positive to confirm expectation. Collection Cycle: From the same basis for the analytical procedure for the Sales cycle and questions of collectability from Mall-Wart, it is the expectation that AR will balance will be larger than last year so the analytical procedure will be: 1. Review audited balance of AR for 2006 and the unaudited balance of 2007. 2. Determine if the AR balance has increase as expected. Payroll and Personnel Cycle The payroll and personnel cycle have a high level of internal control to ensure that employees are paid accurately and on time. This also ensures that the company files accurate and timely payroll returns with the government. Tests of Controls 1. Review time cards for hourly employees to ensure that the time clock was used to record all hours worked. 2. Review time cards for hourly employees to confirm that the supervisor has approved them. 3. Examine the last payroll or employees listing which supervisors checked and compare it with personnel files to confirm that all paid employees are current employees. Review personnel files to confirm that all current pay rates have been properly authorized by supervisors and properly documented. . Review personnel files to confirm authorized pay rates match the paychecks from the last pay cycle. 6. Review personnel files for current and updated W-4 and I-9 forms. 7. Observe the segregation of duties in the payroll department and confirm that payroll forms are reviewed before checks are issued. 8. Confirm that the correct payroll forms are sent to accounts payable. 9. Confirm that there is a segregation of duties in the treasurer’s office. 10. Confirm with supervisors that all paychecks are distributed or turned back in to the treasurer’s office. Verify that all paychecks are signed for when picked up or dispersed. 12. Confirm that all payroll checks are numbered and accounted for. 13. Review payroll tax liability accounts and ensure they are properly recorded. 14. Review payroll tax expense and tax liability accounts and confirm amounts against the quarterly payroll tax returns. 15. Review the bank statements for the payroll account to verify that deposits are transferred every two weeks and payroll checks are the only withdrawals. Substantive Tests of Transactions 1. Review the payroll journal for adjusting entries or unusual entries. . Compare cancelled checks against payroll journal and verify that the information matches and is correct. Examine the endorsement on the cancelled checks to ensure that they were endorsed correctly. 4. Compare cancelled checks against the list of current employees. 5. Reconcile the distributions in the payroll journal with the checks cleared on the bank statement. 6. Confirm and review bank reconciliations for the payroll account. 7. Select 100 hourly employees and recomputed their hours worked from the time cards for three separate pay cycles. Select 100 hourly employees and recomputed their gross pay based on their time cards for three separate pay cycles. 9. Select 200 employees and confirm that withholding amounts are accurate based on W-4 and current tax tables. 10. Use the same 200 employees in the previous test and recalculate net pay based on verified gross pay and withholding calculations. 11. Examine the payroll transactions to ensure that expenses are being allocated to the correct expense account. 12. Examine cleared check dates and compare them with the pay cycle pay dates. Compare the payroll expense account balances with the previous year payroll expense account balance (adjust for increases in pay or new hires). 2. Compare direct labor costs as a percentage of sales and compare with prior years’ percentage. 3. Compare payroll tax expense as a percentage of salaries and wages with prior years’ percentage (adjust for increases in tax rates). 4. Compare accrued payroll tax accounts with prior years. 5. Compare accrued vacation, sick pay, and other benefits as a percentage of salaries and wages with prior years’ percentage (adjust for any policy changes and new hires). 6. Verify accrued payroll taxes with the subsequent period’s payroll tax returns to determine the amount of the liability at the balance sheet date. Acquisition and Payment Cycle The acquisition of goods and services is important to ensure proper internal controls are in place and being followed because these include purchases of raw materials, equipment, supplies, maintenance, and research and development. In reviewing Apollo Shoes acquisition and payment cycles, and developing the audit plan, tests of controls must be reviewed, followed by substantive tests of transactions, and finally analytical procedures. Tests of Controls 1. Complete a walk-through of five judgmentally selected receipts of inventory. a. Verify the procedures in the client’s memo by interviewing the workers. b. Is the segregation of duties still being observed? 2. Complete a walk-thorough of five judgmentally selected payments. c. Verify the procedures in the client’s memo by interviewing the workers. d. Is the segregation of duties still being observed? 3. In order to test if the process for authorizing payments is working, judgmentally select ten payments and check each for: e. Is it canceled? f. Is the purchase requisition attached? g. Is the receiving report attached and showing the same quantity invoiced and ordered? h. Is the receiving report signed by the receiving clerk? i. Does the quantity paid and the price paid, match the invoice and the purchase requisition and purchase order? j. Did the vendor offer a cash discount? If so, was the discount taken? k. Was the invoice paid on time? 4. In order to test if the process for receiving goods is working, judgmentally select ten receipts from last month and check each for: l. Was it supported by a valid purchase requisition and purchase order? m. Was the receipt signed by the receiving clerk? n. Was the quantity received the same as the quantity ordered? o. Was the shipment paid in the right quantity and prices (as ordered)? 5. In order to test if the process for purchasing capital assets is working, judgmentally select two capitalized assets from the general ledger and check each for: p. Was it authorized? q. Is the depreciation taken correct each month and started with asset being put into service? r. Observe the asset. 6. Review any old receiving, requisition, or purchase orders that are not matched. Review any old invoices that are not matched. Inquire about their status. Substantive Tests of Transactions 1. Observe the client’s year-end inventory count. a. Judgmentally select ten count tags and make copy. b. Note any slow moving or damaged items. c. Resolve any differences between inventory records and counts. d. Get copy of full count when complete. 2. Verify count is recorded in the GL (and subsidiary ledger agrees with GL): e. Trace selected items from inventory count into general ledger detail. Select several items from GL and trace to count sheet. g. Verify that slow-moving and damage inventory is valued at salvage estimates (odd sized shoes). h. Test foot (verify math) of inventory valuation. i. Test pricing of inventory by tracing to purchase invoice. j. Test cut-off by reviewing receipts two weeks before and after year-end and determine that they were recorded in the correct period and counted or excluded from inventory as appropriate. k. Review inventory adjustment for reasonableness based on differences found during count. Review costing method (LIFO/FIFO) journal entries. l. Review reserves for obsolescence. 4. Review payments since year end that are over 10% of materiality. Verify that if they were incurred prior to year end that they are accrued in year-end payables. 5. Obtain a letter from legal counsel about contingent liabilities. 6. Read minutes of the board of directors for contingent liabilities or subsequent events. 7. Ask management about any incurred but not paid amounts. m. Review any old receiving, requisition, or purchase orders that are not matched with invoices. Review any old invoices that are not matched with purchasing documentation. 8. Inquire about the status of the large shipment of odd sized shoes at year end. Was this paid? Analytical Procedures 1. Compare current transactions with previous year’s statements. a. Similar expenses should not have significant variances period to period. b. Any significant variances should be examined to determine the reason. 2. Accounts payable transactions should be reviewed to ensure no unusual vendors or companies received payment when they shouldn’t have. Ratios should be calculated and compared from period to period. Any significant variances should be examined to determine the reason. c. Average Accounts Payable Trade Balance d. Accounts Payable Turnover e. Days in Accounts Payable 4. Compute inventory turnover and compare to prior years to see if trend is reasonable. 5. Compute a three year trend for inventory, payables, cost of goods sold, and operating expenses. 6. Calculate inventory and payables as a percent of assets and expenses as a percent of sales. f. Ask the client to explain fluctuations that are large or unusual.