International Business Unconventional Business Approach

Question: Discuss about the International Business for Unconventional Business Approach. Answer: What is fair trade? Who benefits from it? Claar Haight (2015) explains fair trade to be an unconventional approach under which an agreement between producers and consumers regarding superior terms of trade is created to have better deal amongst them. The beneficiaries of fair trade are the parties involved where they are able to improve their lives and can structure improved policies for the future. Under this process, a minimum price for the producers is determined as per directions offered by Fairtrade Standards and Pricing Unit (Fairtarde Labelling Organizations International, 2011). Price fixed by the parties ensures that it covers producers average costs of sustainable production. Moreover, producers and consumers can negotiate prices of the items based on quality of items and value prevailing in markets (Fairtarde Labelling Organizations International, 2011). On the other hand, consumers or companies buying items through fair trade can create positive impact on people that they have used sustainable way to have busine ss. Since 1992 Indonesia has imposed high export taxes on export of raw wood sawn timber. Why would it do this? (Hint; what is the impact of these export tariffs on domestic market for wood timber?) Which domestic industries will benefit from this impact?) Who is hurt by these high export taxes? When GATT/WTO came into existence it reduced trade barriers on items belonging to various segments to a great extent that is negotiated among members (Brann, 2002). However, the impact of these barriers was found to be high forest produce which gave rise to varied conflicts in international negotiations and environment. Complications of these issues were apparent in Indonesia which is biologically and geographically diverse and controls different natural resources like oil, gas and timber (Brann, 2002).The political factors or regulations in order to protect its natural resources were weak that resulted in exploitation. During Asian financial crisis the country faced complexities in improving its economic growth where the government in order to have financial stability raise the export taxes (Fyfe, 2012). During 1989-1999 the Indonesian international transactions increased 2.5% greater than GDP (Brann, 2002). It was also noticed that forest items exports before occurrence of economic crisis was nearly $9 billion per year which increased to $200 million in 1980s (Brann, 2002). Timber trade (raw wood and sawn) is extremely significant for Indonesian economy where its contribution to countrys GDP is nearly 10% where in mid 1980s it contributed to70% of globe plywood export segment (Fyfe, 2012). Imposition of higher export restriction on raw wood and timber results in reduction in local price of taxed items as domestic players can supply timber and wood at smaller quantity which decrease producer surplus (Fyfe, 2012). U.S, Japan, Singapore and ASEAN countries are significant importers of these items where high export restrictions will impact their trade treaties (Fyfe, 2012). Should we worry foreigners sell us goods cheaply? When foreigners sell their good cheaply in countries it can be reason for worry as it can have adverse impact importing nations economy (Gao, 2005). Specifically, there are two reasons behind why these foreigners sell their good inferiorly to other nations; the producing country is trying to promote their domestic industry which is also termed as dumping goods (Gao, 2005). When items are available cheaply through imports the demand for local producers reduces and there is a possibility that due to decreased competition future prices may increase (Czako, Human Miranda, 2003). Secondly, higher interdependence on foreign items impacts the balance of payments occurring between varied nations and affects currency exchange that can increase inflation rate further and harm the economy (Czako, Human Miranda, 2003). Under what condition can WTO members not use MFN when dealing with one another? Under Most Favored Nation policies, a country cannot discriminate the imported items as compared to domestic items and members are instructed to behave with compliance to commitments made by them on tariffs (WTO, n.d). However, WTO members may not use MFN while dealing with nations under following conditions (WTO, 2016): General Exceptions: When it is essential to safeguard human, animal or natural resources WTO can restrict members not to use the policies given under MFN. Security Exceptions: Countries in order to protect essential national security welfares can restrict WT members from utilizing MFN policies. These security exceptions are also permitted under GATS and TRIPS agreement. Exceptions for Regional Trade Agreements: Countries when in order to have preferential treatment of goods or services from the transacting partners agrees to depart from MFN policies. Balance-of-payments: A country in order to protect its economy from adverse impacts of deficit can restrict the MFN policies. What strategies can North American and Asian firms adopt to ensure access to the enormous EU market? With globalisation countries are entering different nations to take advantage of opportunities available in varied markets (European Commission, 2011). Several developing countries have entered European Union market with low cost strategies. For instance, Chinas Haier Group in electronic and Indias Infosys in IT is performing very well in Europe (Khannd, Palepu Sinha, 2005). Western companies that want to create counter strategies to compete with local players can implement innovative ideas to serve the requirements of people. Specifically North American and Asian firms can make two choices: Where they can adapt their business model as per the countries environment keeping their core value proposition unchanged Entities can change their contexts (framework) of working to be economical and practical. For instance, Metro Cash Carry while entering the European and Asian nations changed its context by creating links among farmers and small-scale producers and by shifting its transaction from roadside markets to computerised storeroom. What are the steps in international strategy formulation? Strategy formulation can be explained as process of selecting the most appropriate options available to entities in order to attain its specified goals and vision (Bhalla, 2013). An enterprise must involve various steps essential for effective strategic formulation before entering a new market which are as follows (The Sailor Foundation, 2013): Clarifying and determining the organisational objectives: An enterprise while entering new territories must clarifies the motive and varied means through which desired outcomes can be achieved. Evaluating the Organisational and External Environment: Proper scanning of ones own strength and weakness helps an entity to formulate effective strategies that can help them to create competitive edge among consumer segments. In order to have better internal analysis a company can implement various techniques like SWOT through which major opportunities and threat can also be identified. PESTEL and Porter five forces are other techniques through which the impact of policies on companies activities and competitive or industry analysis could be done. Setting Quantitative Targets: Under this, entity must fix quantitative target values to as per the desired outcomes. Through this a comparison based on time taken and contribution made by personnel in achieving the desired goals can be evaluated. Choosing Strategies: Based on objectives determined by companies and what outcomes in quantitative terms a firm wants to attain from international areas, selection of appropriate strategies must be done. These include selecting strategies of location, technology and pricing. How can a poor SWOT analysis affect strategic planning? SWOT analysis guides entities to identify the positive and negative aspects or factors present in the internal and external environment of company (Harrison, 2010). If organisations fail to analyse significant factors present in the environment it can result in failure of businesses as strategic formulation and selection of entry mode are done on the basis of environmental scanning (U.S. Department of Health Human Services, 2015). Under strategic planning an entity plans regarding its objectives, results and means to obtain desired performance (strategies) and when the initial steps of conducing activities are inefficient it can result in losses and increased cost that ultimately makes business a failure. How are the components international strategy (scope of operations, resource deployment, distinctive competence, and synergy) likely to vary across different types of corporate strategy (single business, related diversification, and unrelated diversification)? Global environment of enterprises may differ depending on the type of strategies that a company implements in order to take advantage present in new areas (Lymbersky, 2008). For having proper balance and profitability a company can implement different strategies like global (single), related and unrelated diversification. The distinctive elements of international policy like scope of operation vary depending on corporate strategies selected by the firm. For instance, the scope of growth that a company wants to have are different depending on geographical region or market conditions (low or high cost) and how capable a company is able to create distinctive competence (Lymbersky, 2008). Under distinctive competence an entity determines means to create competitive edge over other players while under resource deployment looks after different options (FDI or alliances) through which it can serve the requirements of consumers (Lymbersky, 2008). On the other hand, synergy is to analyze whet her the total of company part is larger than its part. While developing and implementing strategies an enterprise tries to develop necessary tactics through which it can attain its desired goals which can be determined efficiently only when different components of international strategy are analyzed properly. What are the three specialized entry modes of international business, and how do they work? The three mode entry modes of international business are single business, related diversification and unrelated diversification (Lymbersky, 2008; Tang Liu, 2011). Single-Business Strategy: Under this a firm depends on single business, items or services for earning revenues. Through this strategy an entity can have advantage of concentrating on single product through which it can serve the changing requirements of people efficiently (Lymbersky, 2008). However, changes in external environment can have vulnerable impact on the performance of enterprises following single-business strategy. Dell, McDonalds and Singapore Airlines are some of the enterprise following this strategy. Related Diversification: In this, firms are operating its activities in different areas with related (similar) business and sector at a time (Lymbersky, 2008). An enterprise that implements this strategy can have benefit of developing a creative edge in one segment in order to strengthen its performance in other business. Moreover, fluctuation occurring in the market does not result in poor performance as it can focus on other items. Unrelated Diversification: An enterprise implementing this strategy is having its activities in unrelated segments and different areas. Raising capital is easier under this mode as units are performing independently from each other and overall risk is diversified. However, the major drawback of this mode is its complexity as wider businesses are involved (Lymbersky, 2008). What factors could cause you to reject an offer from a potential licensee to make and market your firms products in foreign market? Factors that can result in rejection of potential licensee to make or market firm items in global areas are (Aswathappa, 2008): When entrance of the particular enterprise could restrain the scope of market opportunities and will lead in formulation of mutual dependency like cartel. The enterprise earlier has been involved in violation of requirements or policies mentioned in the licensing agreements. If the firm can have complexities linked with the agreement that can have adverse impact on its speed on entrance in the foreign economy. Unit 4 What are the basic differences between a joint venture and other types of strategic alliances? A joint venture involves investment of fund, resources like technology and facilities on long-term basis by the combing parties (Ministry of Business, Innovation and Employment, 2015). Under this form the benefit are segregated among all the parties involved and they have equal contribution in new venture formed after the joint venture. On the other hand, strategic alliance is categorised as collaboration among parties (companies) to have mutual shared outcomes. Partners involved in these agreements retain their independence and derives competitive edge by using other parties competency (Ministry of Business, Innovation and Employment, 2015). Some of the forms under strategic collaborations are technology transfer, purchasing settlements and joint product creation. Why would a firm decide to enter a new market on its own rather than using a strategic alliance? Though under strategic alliances enterprises can reduce their overall investment there can be integration complexities like cultural or corporate difference among entities (Carpenter Dunung, 2012). A firm in spite of using strategic alliances can directly utilise exporting as a means of undertaking transactions. The overall risk involved in the process is low and it creates an opportunity for the traders to enter new areas rapidly where they serve the requirements of people based on their framework. However, the mode can also be disadvantageous under these firms have little control over the areas with low knowledge of changing preferences of people (Carpenter Dunung, 2012). What is global matrix design? What are its strength and weaknesses? Global matrix design can be explained as a conceptual framework of conducting business in varied parts of globe that several reporting lines are developed (Aswathappa, 2008). Figure 1 illustrates a global matrix design where different managers related with departments of marketing, finance, operations and HR are involved. Matrix structure are commonly utilised by entities operating in technology segment, for instance WIPRO has segregated itself in three segments Wipro Technology, Wipro Infotech and Wipro consumer care and lighting (Aswathappa, 2008). Figure 1: Global Matrix Design (Source: Aswathappa, 2008) The major strength of this structure is that flow of interaction among the departments is two-way which assists the enterprise to get useful insights before strategy implementation. Secondly, the structure ensures flexibility which allows firms to have advantage of its key functional areas (Aswathappa, 2008). However, the structure is not advantageous for enterprise with few product lines and whose operations are in stable markets. The structure is complex where several meetings must be undertaken in order to come up with decisions and hence faster strategy formulation is not possible (Aswathappa, 2008). Do managers of international firms need to approach organization design differently from their counterparts in domestic firms? Why or why not? Past studies mentions that size of enterprise, level of competition, technology, wages, productivity factor and export propensity affect the performance of enterprises (Bellak, 2004). Yes, it is essential for managers to approach the organizational design differently from their counterparts in domestic firms. The reason behind it is that the complexities in dealing with different factors vary significantly between international and domestic entities. While going international new techniques of organizing activities are required for managing the differences in operating environmental factors like political and cultural elements. In order to have organizational control an entity must design its processes differently to serve consumers requirements efficiently (Bellak, 2004). How do legal, cultural, and economic factors influence product policy? External environment of enterprises differs greatly due to varied, legal, cultural and economic factors prevailing in countries (Aswathappa, 2008). Economic factors like changing rate of GDP, recession and depressions impacts the requirements and supply of items and can generate superior or poor performance. For instance, in Indonesia higher export restrictions are charged by government on timber (raw material) as it is being imported by various nations like U.S (Aswathappa, 2008). Entities operating in furniture segment largely depend on supply on timber and raw woods and higher legal restrictions Moreover, it is not necessary that same level of legal restrictions is prevailing in every parts of the globe. Cultural difference among ASEAN countries and European countries is different and therefore impacts the requirements of items (Aswathappa, 2008). What are some of the fundamental issues that must be addressed in international advertising? Some of the key issues that require to be addressed in international advertising are language barriers, improper design and symbols and varying perception of people (Okazaki, 2012). An enterprise cannot use a single language for an international marketing campaign, for instance, in India 22 different languages are spoken that could greatly impact the names and signs of brand choices (Okazaki, 2012). Similarly, cultural difference among countries like China, Mexico and U.S are different where different customs for personal and business transactions are followed (Okazaki, 2012). What are the pros and cons of trying to use single brand name in different markets, as opposed to creating unique brand names for various markets? Under single brand name, each item is named differently and sometimes there is no link among the ranges of products that the same company offers to people (Aswathappa, 2008). This branding avails the marketers to benefit from easy diversification to other field with brand diffusion. However, it can be disadvantageous for the enterprise in international marketing as they have to spend heavily on creating awareness for the items in the area going to be served (Aswathappa, 2008). What are the advantages and disadvantages of each pricing policy? Why do most international firms use market pricing? Pricing policies are of three types, competitive based, skimming and penetration pricing (Aswathappa, 2008). Under competitive (market) pricing policies an entity fixes the value of its items based on its competitive value. Skimming prices are used by firms when it wants to serve the requirements of high end consumers while under penetration pricing the cost of the item are kept low in the beginning and is raised after the product create demand among people (Aswathappa, 2008). By implementing market based pricing a company is able to compete with its different other players strongly in the area served. It can create competitive edge among the consumers by offering additional benefits within similar price of competitor (Aswathappa, 2008). Unit5-1 What basic set of factors must a firm consider when selecting a location for a production facility? While selecting a location for production facilities in different areas, an enterprise must look after various factors like (MacCarthy Atthirawong, 2001): Nature of operation: The nature of business a firm is in determines the location of production facility. For instance, construction or mining firms must always be located away from civilization to reduce pollution impacts on people while for retail stores a well-known or easily accessible area must be chosen. Transport: In order to transfer the items within desired period it is essential for the firm to choose a place for production unit from which transportation is available. Labour: Entities heavily dependent on labours for production requires setting up with their units to a place that can be easily accessible by the personnel else their non-availability can hamper the overall process. What basic factors must be addressed when managing international service operations? Factors like intangibility and perishability of services must be addressed by enterprises to while operating their activities internationally (World Bank, n.d; Ricks, 2006). Intangibility of services can crate complexities in assessing the service quality while perishability factors can make capacity planning critical (World Bank, n.d). In order to have better service operations customer participation is significantly essential as sometimes they sometimes people prefer customization of amenities based on their personal preferences. Why are services most closely associated with developed, industrialized economies? As per research, the share of service segment in U.S has increased significantly from 60% to 80% from 1950-2000 (World Bank, n.d). Currently the developed and industrialised economy is highly dominated by rising requirements of service segments like finance, hospitality, health, education and education (World Bank, n.d). With globalisation numerous entities are entering the developed or industrialised economy to have higher market share and profitability which has increased the intensity of competition to a great extent. With products or offering being similar, it has become important for enterprises to offer superior services to its consumers that are not provided by its competitors that can derive competitive edge among different players. What is translation exposure? What effect does balance sheet hedge have on translation exposure? Translation exposure is the changes that take place in the companys equities, income, assets and liabilities of enterprises as per the fluctuating exchange rate (Aswathappa, 2008). On financial statements like balance sheet this transaction exposure appears as financial increase or loss incurred by the entity as per change in value of assets. For instance, a company having a facility in Germany valued 1 million is currently 1:1 (dollar-to-Euro). However, due to variations in exchange rate the ratio changed to 1:2 as per which assets value become $500,000 which will be illustrated as a loss in balance sheet of company (Aswathappa, 2008). What capital budgeting techniques are available to international businesses? Pay Back Period Method: A process which proposes a period within which an enterprise will be able to recover its initial investment and there is no concept of time and value (Aswathappa, 2008). Accounting rate of return (ARR): Under this rate of return rate is determined in order to have percentage of earning as compared to investment made in a particular project (Aswathappa, 2008). As entire economic life of project is involved it provides the entity an option to compare better means that are available. Net present value: Expected cash flow at different time period can be determined with the help of discounted rate from which comparison between present value of cash inflow and investment initially made can be evaluated (Aswathappa, 2008). The government of Colefax and Fowlers home country, the United Kingdom, has chosen not to be a participant in European Unions (EUs) single currency scheme. Will this put Colefax and Fowler at a disadvantage in competing for business in other EU countries? If so, is there anything the company can do to reduce its disadvantages? Researchers expects that in short-term the impact of U.K exit from EU will result in currency volatility while its long-term impacts will be dependent on how the country unravels its involvement from the EU (PwC, 2016). Companies having their business in UK or EU markets can be disadvantageous as enterprises who conduct their business through financial mechanisms are going to experience adverse impacts like political instability and low US interest rate (PwC, 2016). In order to reduce its adverse implications companies must have better accessibility to financial reporting options like treasury, hedging and intercompany transactions (PwC, 2016). References Aswathappa. (2008). International Business. New-Delhi: Tata McGraw-Hill. Bellak, C. (2004). How domestic and foreign firms differs and why does it matter? Retrieved from https://core.ac.uk/download/pdf/11007065.pdf Bhalla, V.K. (2013). International Business. New Delhi: S. Chand Publishing. Brann, J,. (2002). Trade Policies in Indonesia. Retrieved from:https://www.saisjournal.org/posts/trade-policy-in-indonesia Carpenter, M. Dunung, S.P. (2012). International-Expansion Entry Modes. Retrieved from https://www.peoi.org/Courses/Coursessp/intlbus/ch/ch8c.html Claar, V.V. Haight, C.E. (2015). Is Fair Trade Worth Its Cost? Retrieved from: https://www.gordon.edu/ace/pdf/2015%20Spring%20-%20Claar%20and%20Haight.pdf Czako, J., Human, J. Miranda, J. (2003). A Handbook on Anti-Dumping Investigation. Cambridge: Cambridge University Press. European Commission. (2011). Implementation of the Market Access Strategy. Retrieved from https://trade.ec.europa.eu/doclib/docs/2011/may/tradoc_147927.pdf Fairtarde Labelling Organizations International.(2011). Benefits of Fairtrade. Retrieved from: https://www.fairtrade.net/about-fairtrade/benefits-of-fairtrade.html Fyfe, A. (2012). Export Restrictions on Natural Resources: The Case of Indonesia and Vietnam. Retrieved from: https://www.fao.org/docrep/003/x6900e/x6900e0d.htm Gao. (2005). International trade issues and effects of implementing the Continued Dumping and Subsidy Offset. Collingdale: Diane Publishing. Harrison, J.P. (2010). Essentials of Strategic Planning in Healthcare. Retrieved from https://www.ache.org/pdf/secure/gifts/Harrison_Chapter5.pdf Khannd, T., Palepu, K.G. Sinha, J. (2005). Strategies that fits emerging markets. Retrieved from https://hbr.org/2005/06/strategies-that-fit-emerging-markets Lymbersky, C. (2008). Market Entry Strategies: Text, Cases and Readings in Market Entry Management. Germany: Management Laboratory. MacCarthy, B Atthirawong, W. (2001). Critical Factors in International Location Decisions: A Delphi Study. Retrieved from https://citeseerx.ist.psu.edu/viewdoc/download?doi=10.1.1.563.3550rep=rep1type=pdf Ministry of Business, Innovation and Employment. (2015). Strategic alliances and Joint Venture. Retrieved from https://www.business.govt.nz/support-and-advice/advice-mentoring/for-exporters/strategic-alliances-and-joint-ventures Okazaki,S. (2012). Handbook of Research on International Advertising. Cheltenham: Edward Elgar Publishing. PwC. (2016). What you need to know about the potential financial impacts of Brexit. Retrieved from https://www.pwc.com/us/en/cfodirect/publications/in-the-loop/brexit-financial-volatility-us-companies.html Ricks, D.A. (2006). Blunders in International Business. London: John Wiley Sons. Tang, J. Liu, B.S. (2011). A Network Based Theory Of Foreign Market Entry Mode And Post-Entry Performance. International Journal of Business and Social Science, 2 (23), 50-59. The Sailor Foundation. (2013). Strategy Formulation. Retrieved from https://www.saylor.org/site/wp-content/uploads/2013/09/Saylor.orgs-Strategy-Formulation.pdf U.S. Department of Health Human Services. (2015). SWOT Analysis: Strengths, Weaknesses, Opportunities, and Threats. Retrieved from https://eclkc.ohs.acf.hhs.gov/hslc/tta-system/operations/mang-sys/planning/2SWOTAnalysisS.htm World Bank. (no date). Growth of the Service Sector. Retrieved from https://www.worldbank.org/depweb/beyond/beyondco/beg_09.pdf WTO, (2016). Principles of the trading system. Retrieved from https://www.wto.org/english/thewto_e/whatis_e/tif_e/fact2_e.htm WTO. (no date). Exceptions to WTO Rules: General Exceptions, Security Exceptions, Regional Trade Agreements (RTAs), Balanceà ¢Ã¢â€š ¬Ã‚ ofà ¢Ã¢â€š ¬Ã‚ Payments (BOPs) Waivers. Retrieved from https://ecampus.wto.org/admin/files/Course_382/Module_537/ModuleDocuments/eWTO-M8-R1-E.pdf

Book Review Kibbutz Venture In Utopia free essay sample

Summarizes the research in Melford Spiros book Kibbutz: Venture in Utopia, focusing in particular on Spiros descriptions of family structure and family life within the Kibbutz system. Melford E. Spiros book, Kibbutz: Venture in Utopia, is a case study in the possibilities of social cooperation (ix). Spiro spent eleven months in the early 1950s living among the residents of a place he refers to by the fictitious name Kiryat Yedidim, a kibbutz, or collective, in Israel, founded by a group of young Polish-Jewish immigrants in the early 20th century. The book examines the history of the kibbutz as well as presenting the current occupants daily lives and philosophies in great detail. This research will summarize Spiros book, focusing in particular on family structures and family life within the kibbutz system. Kibbutzim (the plural of kibbutz) are cooperative agricultural villages. The word cooperative here is meant quite literallyin these communities, all property, with minor

How to Hire Ghostwriters to Create Your Content

Hiring a ghostwriter can be one of the wisest investments you ever make in the future of your company. Instead of worrying about hiring an in-house writing team, an on-demand ghostwriter can create brand assets for your company to add to your business’ blog, build your network on LinkedIn, or increase the amount of content you share on social media networks like Quora, Facebook, and Twitter. Working with a ghostwriter lets you significantly increase your content output without needing to hire a full-time writing team or pay company benefits to keep them on staff. If you think an on-demand ghostwriter might be just what your business’ branding needs, keep reading. Free Actionable Bonus: Looking to outsource your content writing? Get the complete guide to finding, vetting, and hiring freelance writers 7 Reasons Why You Should Consider Hiring a Ghost Writer 1. Save Time You’re too busy to write but have expertise you want to share with your target audience. 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Once you start using a ghostwriter to increase your company’s content production, you might even kick yourself for not hiring an on-demand writing force sooner. But before you can hire someone to create content for your business, you need to figure out who to hire. 9 Questions to Answer Before You Hire a Ghostwriter As a content marketer, business owner, or company executive, you understand the marketing power of content. But you also know that producing engaging content is time-consuming and requires a unique level of skill. This is why many businesses hire a ghostwriter. It’s one of the most effective ways to position a company executive as a thought leader in their industry. Obviously, not all freelance writers are the same. So, in the second half of this post we’ll look at what questions you should ask to get the best ghostwriter for your business needs. 1. What Do You Want to Achieve? Before you begin your search, you should understand your marketing goals. 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Ongoing communication is important for clarifying briefs. If you’re in different time zones, you should clarify your working hours. You should also let the writer know if you want occasional feedback on progress. 9. What Do They Need from You to Get Started? Offering support will strengthen the relationship with your writer. Do you have any statistics that you want included in a piece? Can you refer the writer to online resources for inspiration? For the best results, ensure the writer has enough information from the outset. Building Partnerships for Business Growth Hiring a ghostwriter is a two-way partnership that is stronger if you provide ongoing assistance and communicate clearly. Follow these tips and you’re more likely to find a quality writer that will help you deliver more professional, persuasive, and attractive content to your target audience. If you need a ghostwriter for your next content project, get in touch with Constant Content today.

Theory Definition in Science

Theory Definition in Science The definition of a theory in science is very different from the everyday usage of the word. In fact, its usually called a scientific theory to clarify the distinction. In the context of science, a theory is a well-established explanation for scientific data. Theories typically cannot be proven, but they can become established if they are tested by several different scientific investigators. A theory can be disproven by a single contrary result. Key Takeaways: Scientific Theory In science, a theory is an explanation of the natural world that has been repeatedly tested and verified using the scientific method.In common usage, the word theory means something very different. It could refer to a speculative guess.Scientific theories are testable and falsifiable. That is, its possible a theory might be disproven.Examples of theories include the theory of relativity and the theory of evolution. Examples There are many different examples of scientific theories in different disciplines. Examples include: Physics: the big bang theory, atomic theory, theory of relativity, quantum field theoryBiology: the theory of evolution, cell theory, dual inheritance theoryChemistry: the kinetic theory of gases, valence bond theory, Lewis theory, molecular orbital theoryGeology: plate tectonics theoryClimatology: climate change theory Key Criteria for a Theory There are certain criteria which must be fulfilled for a description to be a theory. A theory is not simply any description that can be used to make predictions! A theory must do all of the following: It must be well-supported by many independent pieces of evidence.It must be falsifiable. In other words, it must be possible to test a theory at some point.It must be consistent with existing experimental results and able to predict outcomes at least as accurately as any existing theories. Some theories may be adapted or changed over time to better explain and predict behavior. A good theory can be used to predict natural events that have not occurred yet or have yet to be observed. Value of Disproven Theories Over time, some theories have been shown to be incorrect. However, not all discarded theories are useless. For example, we now know Newtonian mechanics is incorrect under conditions approaching the speed of light and in certain frames of reference. The theory of relativity was proposed to better explain mechanics. Yet, at ordinary speeds, Newtonian mechanics accurately explains and predicts real-world behavior. Its equations are much easier to work with, so Newtonian mechanics remains in use for general physics. In chemistry, there are many different theories of acids and bases. They involve different explanations for how acids and bases work (e.g., hydrogen ion transfer, proton transfer, electron transfer). Some theories, which are known to be incorrect under certain conditions, remain useful in predicting chemical behavior and making calculations. Theory vs. Law Both scientific theories and scientific laws are the result of testing hypotheses via the scientific method. Both theories and laws may be used to make predictions about natural behavior. However, theories explain why something works, while laws simply describe behavior under given conditions. Theories do not change into laws; laws do not change into theories. Both laws and theories may be falsified but contrary evidence. Theory vs. Hypothesis A hypothesis is a proposition which requires testing. Theories are the result of many tested hypotheses. Theory vs Fact While theories are well-supported and may be true, they are not the same as facts. Facts are irrefutable, while a contrary result may disprove a theory. Theory vs. Model Models and theories share common elements, but a theory both describes and explains while a model simply describes. Both models and theory may be used to make predictions and develop hypotheses. Sources Frigg, Roman (2006). Scientific Representation and the Semantic View of Theories. Theoria. 55 (2): 183–206.  Halvorson, Hans (2012). What Scientific Theories Could Not Be. Philosophy of Science. 79 (2): 183–206. doi:10.1086/664745McComas, William F. (December 30, 2013). The Language of Science Education: An Expanded Glossary of Key Terms and Concepts in Science Teaching and Learning. Springer Science Business Media. ISBN 978-94-6209-497-0.National Academy of Sciences (US) (1999). Science and Creationism: A View from the National Academy of Sciences (2nd ed.). National Academies Press. doi:10.17226/6024 ISBN 978-0-309-06406-4.  Suppe, Frederick (1998). Understanding Scientific Theories: An Assessment of Developments, 1969–1998. Philosophy of Science. 67: S102–S115. doi:10.1086/392812

Effects of Brand Image on Brand Loyalty in the Airline Industry Dissertation

Effects of Brand Image on Brand Loyalty in the Airline Industry - Dissertation Example People may understand branding in various ways. However, it is not enough to understand branding through having people in the target market choose your products as opposed to the competitors. But, branding, is usually meant for the prospects to get to find a product or service offered by a particular organization as the only one that can solve their problems, in the market. It is also important to encourage branding as it creates a stronger relationship between the organization and the customers. Branding acts as an assurance to the customers that the solution that an organization is providing to their problems is a kind of solution that will be there every time they need it. As a result, the customers need not worry so much about their problem. This simply shows that branding provides a consolation to the customers. Through a brand image, customers find a particular reason to feel part of the organization. Â  In the strategic positioning of organizations in the market environments, branding has become a very important factor to consider. This is because branding has come out as the main thing that an organization needs to work on to inform the public about their products and services so that they can enhance their reputation. In other words, branding can be considered to be advertising on its own. This is so because, through branding, it is like putting the name of the business in a vehicle that will take it to its destination. It can also be regarded as using an impressive letterhead to send an invoice. Branding also means using an attractive logo to send the image of a company in an attractive way. We can describe branding in various ways, just as we can say, it is like passing your business card to a client. Good branding usually attract referrals.

Ethical Integrity Essay Example | Topics and Well Written Essays - 2000 words

Ethical Integrity - Essay Example There are people who have been subjected to situations of life and death but they ended up not betraying their ethical and moral convictions. Such are the people who have what is termed as ethical integrity. Having said this, this paper aims to prove the fact hat there is no excuse or/and reason for going against or betraying morals, ethics, convictions or ethical integrity. Ethical and moral standards hold this world together in peace. Imagine if there were no standards of demeanor; then people would behave anyway anyhow. There will be chaos everywhere. But now thanks to the ethical and moral standards, as yardsticks to measure and rate behavior and conduct, peace and order is possible. Imagine a world where everyone subscribed to highest possible ethical integrity; it would be basically a paradise where there is no hypocrisy and problems are honestly and objectively handled without reservation. Indeed there will only be the truth and this truth will set the mortals free. Truthfulness and honesty are the core pillars that describe integrity and without these in every thought, word and deed, then there is no integrity at all except for hypocrisy. At some points, integrity has been described as doing the right things more especially when no one is watching you and that is exactly what it is (Carter, 1996). Integrity is defined as the strict devotion to the ethical principles. It may as well be termed as the unassailability of moral character or simply as honesty. Honesty is equal to integrity only when there is consistency and this kind of honesty is reminiscent in every level of being: thoughts, words and deeds. The synonyms of integrity are words like probity, goodness, decency, virtue, honor, godliness etc. The opposite of integrity is simply dishonesty, deceit, corruption, hypocrisy and fraudulence among others. All these are used to enable a deeper understanding and appreciation of the concept of integrity and more especially ethical integrity. More often than not, integrity and ethics are tied. When one talks about integrity, ethics is implied and vice versa. Ethics, according to the American Heritage Dictionary (2000), is construed to refer to the set of principles that govern behavior or simply the regulations or principles that govern the demeanor of a person or the membership of a profession such as law or medicine. This explains why we have things like medical ethics, law ethics etc. The code of conduct that guides people in their professions is often referred to as professional ethics. Such ethics are often based on carefully considered principles of truthfulness, accuracy and respect for human rights and dignity. Morality also guides the enactment of these ethics. Ethics as already mentioned is everywhere. Think of any profession or situation, ethics will still apply. We have ethics in medicine, in church, in school, in law, in business etc. Ethics is everywhere. The fact that these ethics do exist doesn't necessari ly mean that they are all the time adhered to. They are most of the time contravened more than they can be adhered to and this is what differentiates people in every profession or situation. There are those who will adhere and those who will dare not to. Such people or their behaviors which do not agree

Financial regulatory framework

Financial regulatory framework Regulatory framework for financial reporting The financial regulatory framework in the UK went through significant reforms in 1990-91 and has remained stable for ten years thereafter. Changes are being proposed to the regulatory framework arising out of three major reasons (a) the move by the European Commission towards developing a single capital market (b) the Enron scandal which has stimulated political interest in the regulation of accounting and (c) changes in UKs domestic laws and regulation (Fearnley and Hines, 2003). There have been several changes in the international arena that have also necessitated changes in the financial regulatory framework. Due to globalization, many UK companies are now acquiring subsidiary companies in other countries, which function under different financial parameters and there may be a need to modify the existing regulatory and financial frameworks (Haller and Walton, 2003). When different financial accounting standards exist in different countries, it may be necessary to harmonize them and this can only be achieved through modification of the financial regulatory networks. In this context, a report published by the Institute of chartered accountants in Scotland offers the view that the current position in the context of globalization is such that there is an â€Å"ever increasing volume of accounting rules†, which is not sustainable in the long run (ICAS, 2006:2). Its only principles based accounting is likely to be beneficial Domestic law and regulation has changed in different ways. First, the London Stock exchange was once self regulatory but it is no longer the Listing authority within the U.K. The UKLA (UK Listing Authority) which is a part of the Financial Services Authority (FSA) is now the responsible authority for this purpose. Second, professional bodies which are a part of the UK Accountancy profession, have set up their own private regulatory framework the Accountancy Foundation to provide independent oversight of their auditing standards, ethical standards and regulatory activities, including disciplinary procedures. New regulations have also been issued in respect of limiting the remuneration paid to directors and the Companies Act has also been modified (Fearnley and Hines, 2003). These changes in the domestic law mean that the framework which existed earlier and was largely self-regulatory may no longer be adequate. Bullen and Crook (2005) have explained why a conceptual framework is needed. Both the FSAB and IASB, share a common goal of ensuring that their standards are â€Å"principles based†, which requires that such standards must not be a mere collection of conventions but must be rooted in fundamental concepts. For instance, when the FASB members first attempted to set up a regulatory framework, they experienced considerable difficulty in attaining agreement on standards, which led them to work towards the development of a conceptual framework. If such standards are to produce a coherent financial reporting system, they must be compiled in such a way that they constitute a framework that is sound and consistent internally. Bullen and Crook (2005) have also pointed out differences in concepts and conventions through assets, wherein the concept of a piece of equipment as an asset is based upon viewing it as a source of economic benefits for the future, while the straight line depreci ation of that asset would be viewed as a convention. According to Bullen and Crook (2005), a consistent regulatory accounting framework is required to converge different aspects of expressing the same concepts. The development of an accurate and well developed regulatory framework is essential to prevent accounting fraud and deception such as the financial scandal that erupted at Enron. Secondly, it also provides advantages for investors, such as the ISAB framework for example, which Ball (2005:9) has spelt out as follows: (a) a more efficient valuation in equity markets (b) reduced costs to process financial information because GAAP adjustments are not required (c) reduced costs for being informed in a timely manner and (d) ability to create standardized financial databases. If these standards are implemented consistently, then it provides better comparability and therefore ensures that there is less risk for investors. Thirdly, it enables certain objectives of financial reporting to be met, such as (a) usefulness in making economic decisions (b) useful in assessing cash flow prospects and (c) providing information about enterprise resources, the claims of these resources and the changes that are required. Using ISAB Standards: The existing ISAB framework is similar to the FSAB framework in terms of its structural components, i.e., setting out the objectives, the qualitative characteristics of the information, elements of financial statements, their measurement and display in the statements as well as elements of disclosure. The qualitative characteristics listed for example, include understandability, relevance, reliability and comparability (Zeff 2007:291). There are two specific challenges arising where worldwide financial reporting is concerned: comparability and convergence. Most companies are using the International Financial reporting Standards in order to prepare their financial statements (Zeff, 2007). The differences in business customs and corporate structures, such as the kieretsu in Japan and chaebol in Korea which are actually networks of holding companies with interlocking relationships, raises the question of whether a standard on consolidated financial statements would ensure comparability. It must be noted that there are some factors interfering with worldwide comparability, such as the business and financial culture, the accounting culture, the auditing culture and the regulatory culture (Zeff, 2007). Different countries have different legal frameworks in place to tackle issues of financial regulation and the functioning of companies. For example, in the United States, the Sarbanes Oxley Act tries to regulate the funct ioning of companies, while in the UK, it is the Turnbull report which has guided corporate governance. Achieving similarity between the different legal national systems and their effective implementation across geographical boundaries is also difficult. While there are similar provisions among the laws of different countries, it must be noted that statutory provisions tend to set out legal parameters which may be adequate to express what financial actions would be considered illegal. The Companies Act of 2006, for example, has recently been amended to allow companies greater latitude and flexibility in their operations, such as decision making, company formation, director duties, etc, as well as spelling out limits on remuneration allowable to them. The components of the legal provisions thereby set out detailed parameters about how the company functions and how it is to carry out its business operations. The Companies Act of 2006 also requires that companies establish risk assessment and accountability measures, such as setting up independent auditor function to monitor and check accounting procedures within the Company. But all these aspects are dealt with in generalities rather than specifics in so far as statutory provisions are concerned. But the ISAB framework is much more comprehensive from the perspective of establishing and defining financial parameters. For instance, the ISAB framework defines assets, liabilities and equity clearly. Other information contained in the frameworks includes the characteristics of financial information, such as the elements of financial statements and their recognition, as well as measurement of assets and liabilities. As Ball (2005) points out, investors require high quality financial statements, which would necessitate (a) an accurate depiction of economic outcomes (b) timeliness and (c) a low capacity for manipulation by managers. None of these elements are likely to be components of the law (Ball, 2005:5). The ISAB framework on the other hand, does place an emphasis on reliability and relevance. The objectives spelt out under ISAB include the development of high quality, understandable and enforceable global accounting standards, promoting the rigorous application of those standards and bringing about a convergence in these standards.(Ball, 2005:6). Moreover, the regulatory frameworks place emphasis on reliability and consistency of accounting frameworks which helps to ensure that there is comparability and relevance across geographical boundaries. In conclusion therefore, a regulatory framework for financial reporting is necessary to ensure that there is consistency across financial standards in various countries. Regulatory frameworks also help to define financial parameters more clearly as compared to statutory provisions, which provide a more generalized set of rules and laws that companies are expected to adhere to. It is only when there is a violation in financial conduct that a legal provision can be applied and contested, in order to establish how it applies in the context of the specific incident or allegation that has been brought before the Courts. A financial regulatory framework such as the ISAB framework however, clearly defines financial parameters and allows for the preparation of accurate financial statements which are likely to be more informative for investors, based upon an accurate depiction of economic outcomes. References: * Bullen, Halsey G and Crook, Kimberley, 2005. â€Å"A new conceptual framework project†, Financial Accounting Standards Board. * Fearnley, Stella and Hines, Tony, 2003. â€Å"The regulatory framework for financial reporting and auditing in the United Kingdom: the present position and impending changes†, The international Journal of Accounting, 38: 215-233 * Haller, Axel and Walton, Peter, 2003. â€Å"Country differences and harmonization†, IN Walton, P, â€Å"International Accounting†, London: Thomson:1-34. * Zeff, Stephen A, 2007. â€Å"Some obstacles to global financial reporting comparability and convergence at a high level of quality†, The British Accounting Review, 39:290-302