Changes in preferences and tastes affect food supply from one region to another
Changes in preferences and tastes affect food supply from one region to another. Food stores are supposed to evolve with the changing tastes from time to time. Ethical implications are crucial elements to rejuvenate a business when applied effectively.
Scenario 1
Diversified challenges of business can cause business failure. In most cases, the core customers remain valuable to your business, and you need them most. Despite the surge in sales, its crucial to engage other marketing approaches to win their (customers) confidence back as you attract new ones. Understand your business well and incorporate ethical cores to improve sales since most customers need to feel valued. Consider ethical implications like culture to shape your products in terms of pricing. This solution will revive the business, and it wins back the old customers and attract new ones simultaneously.
Scenario 2
Customer relations and their value to your business are worthy of appreciation. It is vital to realize customers will “always be right,” and it is beneficial to comprehend the implications of communication and the overall action towards a situation in the business. Calling off the promotion on Ramadhan was a bad idea, depending on which side of the fence you are. Promoting the products Muslims require most like whole foods creates value to them, which prolongs the bond between the product and seller. Means of communication is a vital organ on the success of any business. Therefore, it is essential to use a communication channel that is appealing and not attacking. The use of email by the company was provocative and abusive to the Muslim community.
Asset 97
Physicians and patients get systematic information that helps them choose specialists and hospitals. Providers have an incentive to improve performance in areas they might have overlooked, and those who cannot compete are likely to drop out of the market. Quality report cards have no downside. Settings up elaborate pay-for-performance schemes may not even be necessary. Fear of the fickle consumer may be incentive enough” “While I like the idea of report cards,” replied Leslie, “researchers have found little evidence that they have a significant impact. In principle, report cards may push low-quality firms, induce entry by high quality firms, or encourage existing firms to improve quality, but the evidence is far from compelling, as Dranove and Jin argue in 2010. Epstein noted in 2010 that study after study has found that report cards seem to have modest impacts on referrals and market share, probably because referring physicians already steer patients to higher quality providers. I like the idea of public reporting of price and quality data, but it’s hard to make the case that report cards have had much of an effect.” “Whoa,” replied Kai, “I think you are getting confused. Most doctors and hospitals provide comparable levels of service. Only a few fall short of the mark. The goal is to improve population outcomes by steering patients away from those providers or getting the providers to improve. A few patient switches are enough to move market share, and even if we can’t show clearly that report cards work, everyone is improving. Where we have report cards, we see better performance. That’s enough for me.” Discussion question: 1. How do report cards addresses information asymmetric? Would reducing information asymmetries guarantee better markets? 2. Does it matter whether report cards are produced by governments or private organizations? 3. Why are a few patient switches enough to influence market outcomes?
Information asymmetric (information failure) is the situation when one alliance has significant material and knowledge in an economic transaction. In this case, the buyer has little experience of goods and services being sold, and vice versa is also possible.
1) Report cards have aggregate information about providers, health care, and patients. Report cards tend to address the patient’s and providers’ challenges. They will improve the welfare of matching patients and providers. They can be used to gauge the health expenditures in health facilities. They bring competition among providers, which enhances the quality of products and services offered.
2) Not until proper policies governing the production of health cards, we can have confidence in private organizations of government departments. Providers have the power to sway and manipulate the overall data for their benefits.
3) The quality of services provided by a firm encourages patient switches, which cause an uproar in the market since patients are looking for quality products and services.
Asset 98
Just one thing stood in their way – that damned risk analysis process. They started with identifying the key risk elements that could face the business during its start-up phase. They considered the process between the time that they received the funding and day one of trading. What could possibly go wrong? Lots of things. They brainstormed the possibilities and recorded them. They then considered the effect that these would have on the project as a whole. The list they generated provided them with too much to do – they would spend all their time trying to prevent things going wrong and not enough making sure that the positive steps towards the business opening were happening. They needed to prioritize the events. As importantly, what would happen, when they eventually occurred? Who would be responsible for each of them? On what basis could they rank each risk, in order to identify the most important risks for which they would develop mitigation and ownership? They decided to use a table to show the risk event, its likelihood, and severity and then multiplying the two ratings together to provide a risk priority number (RPN). This would then allow the ranking of the risk elements. For the three highest ranked elements, the group then generated a mitigation process with someone in the group taking ownership of that process. The result of their deliberations is shown in Table. As can be seen, the top three risks were identified and mitigation tasks put in place to either prevent the risk event happening or to reduce its effect. The initials of the “owners” of that risk in the last column show who has agreed to monitor that set of events and ensure that the mitigation is put into place before the project suffers from that event occurring. Table: Simple risk management table | Risk event | Likelihood | Severity |RPN(rank)| Mitigation | Owner | Brochure not ready in time for business launch|4|8|32(2)|Identify rapid printing firms; develop artwork early| A.L. | Website not ready in time for business launch|4|9|36(1)|Website to be ready 3 weeks prior to launch for testing; use simple version first| S.L. |Banking facilities not ready|2|10|20(5)|Place orders immediately for opening stock| K.M. |Initial stock not ready|3|8|24(3)| | |Group cannot agree on items to be sold|3|7|21(4)| | |Loss of one of group members|1|10|10(6)| | Answer these questions: 1. What further methods could have been used to generate ideas for the identification part of the risk process? 2. How scientific can the method that was used to rank the risks claim to be? 3. What should happen as the project progresses to manage risk? Suggest a plan for the remainder of the project (the three months up to the business launch)
The risk analysis approach is used to recognize and analyze probable issues that can affect business or project at the beginning. It also comes with ways to alleviate the risks identified. Additionally, it adds confidence to the launch of the project.
1) Another technique to generate ideas is the risk occurrence timeframe. It is essential to recognize the length of the impact whenever it happens—use of risk classification to understand the probable chances. Application of risk exposure to know the urgency of the risk. Risk repository files all historical data on similar projects launched before.
2) Scientific methods are characterized by modification, measuring, observation, and formulation. All the methods used to generate ideas of risk process have observed this criterion.
3) The plan to mitigate the risks includes; impact assessment, risk tracking (watch list), implementation, and tracking the progress of mitigation measures.
Asset 99
Define 6 Key Terms from EACH Group. They can come from any topic of the group. If possible, gather 6 terms from more than one topic of each group. Only 6 key terms for each group, which are separated by lines._____________________________________________________________________ Human Resources Management Labor Relations, Designing Reward Systems, Performance Appraisal, Developing the Workforce, Staffing the Organization, Strategic Human Resources Management _______________________ Managing the Diverse Workforce Diversity Today, Managing Diversity versus Affirmative Action, Multicultural Organizations, How Organizations Can Cultivate a Diverse Workforce ___________________ Leadership Leading and Managing, Power and Leadership, Traditional Approaches to Understanding Leadership, Contemporary Perspectives on Leadership, Developing Your Leadership Skills _________________ Motivating for Performance Setting Goals, Reinforcing Performance, Performance-Related Beliefs, Understanding People’s Needs, Designing Motivating Jobs ______________ Teamwork The Contributions of Teams, Types of Teams, How Groups Become Real Teams, Building Effective Teams, Managing Lateral Relationships _______________ Communicating Interpersonal Communication, Improving Communication Skills, Organizational Communication.
Human resource management is the mode of maximizing your efficiency through resource allocation and pre-planning.
Labor relations is the relationship between the employees and the employer in terms of decision making in an organization.
A Reward system is designed to assess the overall performance of each worker and favorable rewards.
Performance appraisal is the consistent review of the worker’s performance and their contribution to the firm.
Staffing the organization is the method of acquiring eligible employees for an organization.
Workforce diversity management is the process of treating workers with respect and equality and pushing them to work to their potential.
Contemporary perspectives in leadership use personal influence to inspire people to achieve the objectives of the company.
Affirmative action is discrimination through color and race, while workforce diversity embraces every worker at equal measure.
Reinforcing performance is the act of motivating workers in an organization.
Building a capable team entails strong relationships with workers and fostering teamwork.
Organizational communication is delivering a message between ranks in an organization to achieve a common objective.
Asset 100
Assume a small economy is open. According to classical economic theory, explain what will be the long run effects of an increase in taxes. You need to present and discuss a formal model in detail for this question and then explain the implications of the model in the context of the question, i.e., explain the effects of expansionary fiscal policy in the model. You may want to organize your answer around three parts: a. Aggregate Supply/Output (includes a discussion of the determinant of the level of output and the effect of fiscal policy on output in the long run) b. Aggregate Demand/Real Expenditures (includes a discussion of components of expenditures, their determinants, and the effect of fiscal policy on expenditures and the composition of expenditures). c. Market for Foreign-Currency Exchange (includes a discussion of the determinant of the ex-change rate and the effect of fiscal policy on the real exchange rate in the long run).
Classical economic theory suggests that the economy is always self-regulating, and it is always close to the real GDP. It is based on beliefs that interest rates, wages, and prices will always be flexible. Therefore, markets well when external and internal factors do not influence them.
The upsurge in taxes leads to low wages, which affect the working environment; consequently, in the long-term, it does not affect the economy since it reduces government spending.
- a) Fiscal policy affects the demand through taxation, and high tax affects the overall employment. Consumer spending affects the monetary policies which impact the money supply in the economy. All of these factors affect interest rates and inflation.
- b) Government expenditure and its composition change the fiscal policy, which impacts the deficit levels and personal spending.
- c) Fiscal policies increase income, and the demand for imports soar. However, it has a devastating effect on the economy on a long term basis since it reduces interest rates, which decline the demand for dollar currency in the foreign market.
Asset 101
Write your paper based on the following prompt What are your “I am” statements? Who is it you say you are For this paper I want you share what you are. For example. I am a brother…. I am a Christian…. I am a father.. , I am a neighbor._ ; as I want you to go through the process of self-reflection to truly level set yourself as a foundation for this course as to who you are From you. and I, will be able to better understand how we can make a plan for a path to reach our aspirations Your paper should provide a description in further detail for each “I am” statement. Step One: The first is the prompt that you will find in the course unit. The prompts often ask for personal reflection. Step Two: The second component is finding a current event article from a credible source (refer to course reference list for assistance) regarding a current topic/issue relating to the prompt. You will use that article to support what you wrote regarding the prompt. You will then write a summary of the article that includes. A basic summary of the issue Description of the various sides of the issue What your conclusions are regarding the issue based on the evidence that the article presented. Your position statement must be clear and detailed. Note: need a paper that don?t have any plagiarism.
Self-reflection is evaluating yourself to build self-awareness. Through this process, you can understand your weaknesses and strengths in life. It helps boost emotional intelligence. It also helps oneself become clear on your goals.
Self-reflection helps make the best choices, and if I commit fully to this aspect, I will boost my creativity. It is important to be honest with yourself and not be swayed by social media aspects since people only show the positive side. The moment you become real to yourself, it’s the only time you will be able to explore the full potential. Several questions can guide you to realize self-reflection, for example, how I feel about something, what I want in life, why I am avoiding this or that. When I am doing self-reflection, I get a deeper understanding of my worth and my inner abilities for a successful life. Additionally, this ought to be a repetitive practice to achieve the best aspect of your life.
Asset 102
Consider the well-studied fact that married men earn more than single men, a concept known as the male marriage premium. Do a rigorous evaluation of the relationship between being married and earning more money: a. What are some differences between a group of married men and a group of single men that might generate this relationship? b. If we control for these observed differences, does the male marriage premium still exist? c. What are some likely omitted variables in the estimation of the impact of marriage on earnings? Be sure to explain why the omitted variables you chose are valid. d. How did researchers try to control for these omitted variables? What studies did they do to try and estimate the causal relationship between marriage and earnings? e. If we accept the idea that there is a causal link for men between getting married and earning more money, why does marriage increase men’s earnings.
In cross-examination on wage regression, married men have been found to earn more money compared to single men. It assumed this criterion is reached through the selection hypothesis. Moreover, there other additional factors that contribute to the marriage premium economically.
- a) Married men make more money hourly while divorced earn slightly lower, although higher than the never-married individuals. These differences are believed to bring by employment bias.
- b) Even after we take total control of these differences, it will difficult to do away with a male wage premium. Married men are productive in the economy.
- c) In the wage premium, some variables are not put into considerations, such as education and age.
- d) Researchers have conclusively found that marriage does not discredit high wage rates. The selection hypothesis gives full accountability for wage gaps.
- e) Marriage increases men’s wages due to economic factors such as human capital, which makes men more productive.
Asset 103
by reading any business publication gives examples that illustrate one of the four principles of engineering economics Fundamental Principles in Engineering Economics Principles: 1- A nearby Dollar is worth more than a distant dollar. 2- All that counts is the differences among alternatives 3-Marginal revenue must exceed marginal cost 4-Additional risk is not taken without the expected additional return. (homework, using these four things
the principles of economic engineering state that any situation that throats an act to make a decision is based on one or two alternatives. And the only future differences depict the overall outcome. The engineering economy focuses on assessing the advantages of the planned solutions.
1) Developing the analysis and finding the subsequent alternative. For example, it helps an organization recognize the variance between incremental costs in operation. It also involves other variables such as interest before determining an alternative.
2) All that counts is the variance among alternatives, for example, assuming there are different ways for an organization to avail their products to the market. These alternatives would be air, road, sea. The choice on which channel should save money with distance into consideration
3) Marginal costs should exceed costs, for example, the selling price of the car should exceed the production cost.
4) The additional risk is not taken without expecting additional returns; for example, investing in the bank with a saving account is low while investing in shares has high risk and high returns.
Asset 104
Fundamentals of International Business Currency Exchange Activities Overview: International businesses must deal with currency exchanges when creating contracts with foreign partners – but is it always worthwhile? Instructions Step 1 – Assume your U.S. business uses an Indian distributor to reach customers in India. Your distribution contract requires a $100,000 payment from your firm for transportation services. However, analysis has shown that using this distributor saves approximately 7 million rupees in local distribution costs. Step 2 – Using one of the many exchange rate information sites available online, look up the current exchanges rates for the dollar and rupee. In addition, look up investment articles and information regarding the recent history and future predictions for these currencies. Step 3 – Comparing distributor costs to the local savings your company believes it has. Is the contract a worthwhile arrangement? Why or why not? Also report on the future of the currencies in question. Do you believe the positive or negative effects will continue unchanged, worsen, or improve? I need to write a report or summary to explain these 3 steps… Note: The currency dollar is 1 us dollar = 66.72 Indian rupee. What report could I write based off this information.
Fundamental for international trade entails the concepts of production and distribution channels. Exchange rates play a vital role in determining the easiest alternative to distribute products and services overseas.
Fall in exchange rates should be sent the signal that there will decline in terms of trade. In this case, the different rates between India and the U.S. have been increasing for the last five years. Recent history has shown the economy of India is declining, their GDP is way too low, and it might take time to rejuvenate it. The prediction of high exchange rates in the future remains high. Therefore, the company will incur more costs in transporting the products from the home country to India. Depending on the economic shifts in India, it will be difficult to determine if the situation will improve. Moreover, if the situation worsens in terms of exchange rates, the distribution costs will soar, which will impact the entire company.
Asset 105
the catwalk or on the back of a celebrity. Zara’s designers follow such fashion trends closely, but whereas a typical clothing company manufacturing in Asia could take six to nine months to get a new design into the shops, Zara completes the process in around five weeks. It buys some garments and material from Asia, often partly finished or undyed, but approximately half of its clothing is manufactured in-house at its base in La Corua in northwest Spain or by a cluster of small contractors in the same area. The clothing is delivered by truck to Europe and by air to the stores Zara is now opening in other parts of the world. Zara avoids mass production. Although some stock is replenished, its clothing, for both men and women, is deliberately made in small batches, which helps create a scarcity value: buy now in case it is gone tomorrow. It also keeps shops looking fresh and reduces markdowns. At Zara, the number of items that end up in a sale is about half the industry average. a. Operation strategy needs to be aligned with overall business strategy. Discuss how Zara should develop its business and operational strategy. Highlight some important characteristics and issues that Zara should take into consideration when formulating its business strategy and operational strategy
operation strategy is the process in which a company will propose to allocate resources for its business activities. Its main objective is to minimize costs and maximize production effectiveness. The approach helps in money management.
Zara company should engage characteristics of operation strategy to maximize its returns and overall production. The company should focus on developing core competencies which involve equipping the staff with appropriate marketing skills. It is essential to create a competitive environment for the business. In this case, you focus on priorities that embark on the quality of products and services. The company should be obliged to developing its products both locally and internationally. It is crucial to create a long-term relationship with customers; thus, the customer should be upfront. The company should evaluate and formulate other approaches that will enable the company to adapt to different environments. Cross-functional interactions of every department of the organization ensure coordinating for the common objective of the company.