Feminist Foundations Essays -- Feminism Females Essays

Feminist Foundations As the feminist movement has progressed through several generations it has shifted quite a bit in its general approach and theory. Contemporary writers such as Baumgardner and Richards, and Henry have illustrated a generational shift away from structurally aimed actions, and towards individual acts of subversion and small political actions (Baumgardner and Richards 126-202). This current course is very similar to the direction of other highly organic movements such as sustained dialogue. Feminism though, is particularly well documented, justified, and understood. Thus by comparing the feminist movement’s present tack to that of sustained dialogue, it will be possible to gain insight into the direction these movements should take, and this comparison will highlight the essential and effective foundations as well as the crucial divergences of these movements. Finally I will use the idea of objectivity as a justification for social action to create a new model of soci al action and conflict resolution. Within third wave feminism there is a controversy over the significance of subversive actions that are framed by a very specific context. These actions are exemplified by the Girlie movement (Baumgardner and Richards 126-202), where feminists dress in cloths and accessories typically associated with â€Å"girlhood†. While wearing such cloths they execute typical feminist actions or more subtle acts of subversion, the key component is that they rely heavily on the mocking of the dominant society, or on satire. The Girlie movement also expands to women who dress according to the dominant ideas of being â€Å"feminine† as a statement of the absurdity of the stereotype. This type of action is what I... ... My Mother’s Sister. Indiana UP, 2004. Heywood, Leslie, and Jennifer Drake. â€Å"We Learn America Like a Script: Activism in the Third Wave; or Enough Phantoms of Nothing.† Third Wave Agenda: Being Feminist, Doing Feminism. Eds. Leslie Heywood, and Jennifer Drake. Minneapolis: University of Minnesota Press, 1997. 40-54. Mohanty, Chandra Talpade. â€Å"Under Western Eyes: Feminist Scholarship and Colonial Discourses.† Feminism without Borders: Decolonizing Theory, Practicing Solidarity. Durham, NC: Duke University Press 2000. 333-358. Nemeroff, Teddy, and David Tukey. Diving in: A Handbook for Improving Race Relations on College Campuses Through the Process of Sustained Dialogue. Washington D.C.: Harold H. Saunders and the International Institute of Sustained Dialogue, 2001. Saunder, Harold H. â€Å"Sustained Dialogue’s Niche.† Source Document: Harold H. Saunders, 2005.

Dow’s Bid for Rohm and Haas Essay

Dow started as a manufacturer of commercial bleach in 1897, and was founded by Herbert Dow. He merged his company in 1900 with Midland Chemical, which lead to diversification of his portfolio to agricultural and food products. In 1912, Dow started to pay dividends every quarter without any reductions or interruptions. By doing so, they were the only Fortune 200 firm that established these figures. Dow became a major player in the M&a field, since they acquired between 1983 and 2007 95 business, took stakes in 58 firms and divested 166 businesses. In 2006, Dow’s CEO Andrew Liveris announced the ‘Dow of Tomorrow’ strategy, which consisted of two pillars. One was pursuing an asset light approach to its commodity business. In order to do so, he signed a JV agreement with a subsidiary of the Kuwait Petroleum Company, named Petroleum Industries Company. Dow and PIC signed a Memorandum of Understanding, which generated Dow a $7.2 billion after tax revenues. Second, Mr. Liveris wanted to build a high-growth and high-value added performance business. In order to achieve this objective, Dow agreed to purchase Rohm and Haas. This acquisition had the purpose for Dow to become a producer of high-value chemicals and advanced materials. Why does Dow want to buy Rohm and Haas? As mentioned in the introduction, CEO Andrew Liveris announced the ‘Dow of Tomorrow’ strategy. This included becoming a high growth and high-value added producer of specialty chemicals, with less cyclicality. Rohm and Haas fitted the picture perfectly, since they were an advanced material and specialty chemicals company, operating in 27 countries. Besides the interesting company profile description, there were several other reasons  why Dow was interested in the Rohm and Haas company. Most important reason was that the acquisition would make Dow reduce its cyclicality and increase its growth prospects. Expanded product portfolios, increased geographic market, improved market channels and innovative technologies will obtain the expected growth and cost synergies. Forecasts predict additional growth synergies values between $2.0 and $2.6 billion and $0.8 billion costs synergies, including shared services and governance, manufacturing, supply chain and work process improvements. Besides the above-mentioned advantages, Dow and Rohm could be a global leader in specialty chemicals and advanced materials if they combined forces. Also by combining their R&D, the development of new products and innovations could be stimulated. So overall, Rohm and Haas fitted the picture projected by Andrew Liveris perfectly. Rohm and Haas supported Dow’s commitment to maintain their highest standards in pursuing and selecting growth opportunities to satisfy their long-term shareholder values. Was $78 per share a reasonable bid? In order to draw a conclusion of the reasonability of the bid, we need to valuate Rohm and Haas as a firm with and without the synergies created by the acquisition. If this total value exceeds the $78 share price, Dow will pay the price, since it will be beneficial for them. The benefits of the synergies can be calculated by dividing it between the two firms on a multiple or 50/50 basis. The excel file attached to the assignment contained a WACC of 8,5% based on a tax rate of 35%. In our analysis, we also calculated a WACC with a tax rate of 26%, since this was the average tax rate. This leads to a WACC of 8,7%. As a basis, we took 2% growth. Rohm and Haas had at time of the acquisition 195,200,000 shares outstanding. From the balance sheet of Rohm and Haas 2008H1, we took the values of cash and debt (long and short term debt). Both inputs were needed in order to calculate the share price. Below, you can find how we calculated the share price for the situations with and without synergies. The synergies involved consist of two different types, namely growth and cost synergies. Growth synergies include expanded product portfolios, increased geographic reach, improved market channels and innovative technologies. These synergies are expected to create between 2 and 2.6 billion dollars, which gives an average of 2.3 billion. Second, potential cost synergies consist of purchasing synergies, shared services and governance, manufacturing & supply chain improvements and work process optimization. These synergies are expected to generate 0.8 billion dollar. The values of these synergies combined totals a 3.1 billion dollar gross benefit, which is a netted by deducting the 1.3 billion cost of implementation, leaving a value of 1.8 billion dollars. In order to make the most suitable valuation and draw the best conclusion for the reasonability of the share price of $78, we take the original and revised forecast into account. Both cases are also used for the sensitivity analysis to be as specific as possible. Below are the sensitivity analyses of Rohm and Haas for the original forecasts. Based on our assumptions, share price of Rohm and Haas is $55.79 without synergies and $65.01 with synergies. These values differ a little from the share price we found in our valuation analysis, however this is due to rounding and number of decimals difference in WACC and growth percentages. Lowest value without synergies is $47.10 with a growth of 1% and a WACC of 9% and a highest share price of $95.58 with a growth of 3% and a WACC of 7%. If we now look at the original forecast with synergies, we see an increased share price, which is logical, since value is created by the synergy. The share price of Rohm and Haas is $65.01 based on the growth rate of 2% and a WACC of 8.7%. The share price differ between lowest value of $56.32 and highest value of $104.80, based on the same input as with the analysis with no synergies. In both cases, the share price is below $78 so if Dow offers this price in both situations, the will not profit from this acquisition. However, we will still perform the 50/50 and multiples valuation in order to see which is the best in the situation if Dow is obliged to acquire Rohm and Haas. Looking at  case were synergies are created and using the 50/50 method, we get a share price of $55.79 + ($65.01 – $55.79)/2 = $60.4. As we already mentioned, this price does not match the $78. Now using the gross profit of Rohm and Haas as a percentage of the gross profit of both companies combined, we get a multiple of 26.11%. Using this 0,2611 multiple, the appropriate share price is $55.79 + (0,2611 * (65.01 – $55.79)) = $58.20 Again, this is below the share price of $78, which makes the outcomes of both methods unfavorable for Dow. Now let us look at the revised forecast. Since this is a post-crisis forecast, predictions were lowered, which lead to a lower overall value. Hence, this will be reflected in our sensitivity analysis by lower share prices. Below are our findings. As already predicted, share prices are lower in the revised forecast due to the crisis adjustments. For the sake of the case, we will also perform a 50/50 and multiples calculation. If we look at the 50/50 share price, we get a share price of $41.38 + ($50.60 – $41.38)/2 = $45.99. The multiples basis will give us a share price of $41.38 + (0,2661 * ($50.60 – $41.38)) = $43.79. Reviewing both forecasts and within these forecasts both with and without synergy, we can conclude that a share price of $78 is not reasonable. This conclusion holds in the case of 50/50 and multiples calculations. Major deals risks and allocation We will pay special attention to Exhibit 4 when examining the major risks and their respective allocations. The first risk comes from the item 1.01 describing the financing of the deal. Dow will issue a fixed amount of $4 billion in convertible preferred stocks to Berkshire, Hathaway and Kuwait Investment Authority. This amount is independent of the current stock price of Dow, meaning that a drop in Dow’s share price would need more shares to pay for the deal, decreasing the relative voting rights of current shareholders. To be even more precise, in paragraph 2.1a it states that no matter what happens Dow has to pay $78 dollar per share at the time of the merger, transferring all the financial  risk to Dow. Furthermore, a large part of the deal is financed with a $13 billion loan, issued by a consortium of 19 banks lead by Citigroup, Merrill Lynch and Morgan Stanley, increasing their leverage ratio and overall risk of the company. These high debt values come with high interest payments, leaving fewer cash to meet its dividend obligations. In a possible economic downturn this problem becomes larger, increasing the probability of not meeting their dividend payments which have not been changed for over 97 years. A further interesting statement is the ticking fee to ensure the deal would close. When the deal is not closed before January 10, 2009, the payment per share will increase with 8% annually, translating to a higher deal price of approximately $3 million more per day until the deal is closed. In addition if the deal is not closed before October 10, 2009, Dow has to pay $750 million termination fee. This will, again, transfer all the risk to Dow if the deal cannot be closed before October 10, 2009. In paragraph 3.1 the Material Adverse Effect clause states that Dow is allowed to withdraw from the transaction if the business, operations or financial conditions of Rohm is hit by a material adverse effect. This seems fair but there is a large set of exceptions made in the clause for which Dow cannot withdraw from the transaction, including the following events: any event which affects the chemical industry, macro economy as a whole, the financial, debt, credit or security market, any decline in Rohm’s stock price or any failure to meet internal or published projections. So, in case of an economic downturn mainly Dow is affected and not Rohm. Roam and Haas are even protected from a decline in their share price. Thus, these statements will, again, transfer almost all the risk to Dow Furthermore, Dow takes on another risk by relying on the joint venture with Kuwait’s PIC to finance $7 billion of the deal. They do not take into account the possibility that this joint venture could fail due to i.e. a downturn in the overall economy. If it fails it leaves a gap of $7 billion in their financing plan, exposing Dow to even more risk. Finally, the overall high price and ticking clauses make it a risky deal when compared to the expected synergies. The probability of achieving all expected synergies is a magnitude smaller than the probability of high costs, which is certain. It leaves Dow exposed to a possibly large loss when the expected synergies are not met in the future. The only risk that Rohm and Haas face is the possible termination of the deal from their side if the deal is i.e. taking too long. They have to pay a $600 million termination fee if the decide to do so. Other than that, considering the mentioned risk allocations from above, the total risk of this deal is mainly resting on the shoulders of Dow Chemical. CEO recommendations To give a complete view of the options that both CEOs had at the time we will first describe the situation they were in.   Shortly after the deal announcement the financial crisis started, causing an overall recession including in the chemical industry. Dow was hit on many fronts: overall share prices dropped with over 50%, a fourth quarter loss of $1.6 billion, quarterly sales decline of 23% and a drop in operating rate to 44% in 2008. Forcing Dow to close off 20 facilities and firing over 5000 employees. Furthermore, after the joint venture deal was closed with KPC’s PIC, the failing oil prices and overall recession caused KPC to terminate the contract by paying a termination fee of $2.5 billion to Dow. This caused a gap in the financial plan for the merger for Dow, decreasing their stock price even further and degrading their rating to BBB. As mentioned before, Dow was not the only one affected by the economic recession. Rohm was facing a poor performance as well, forcing it to fire over 900 employees, freeze spending and a 20% decline in sales. Considering the above, Dow refused to close the deal with Rohm and Haas after approval from the European Commission and U.S. Federal Trade Commission. Arguing that the recent macro-economic developments are material adverse effects, enabling them to terminate the deal. Options and recommendation for Dow’s CEO, Andrew Liveris Considering the situation as described above, Liveris had three different options: continue with the termination of the deal, close the deal for $78 per share or renegotiate with Rohm and Haas to agree on different terms. If Dow continues to terminate the deal it will go to court for the approval by the judge. It needs to win in court otherwise Dow is forced to commit to the deal. Given the statements enclosed in the material adverse effect clause, the chances for Dow to win are pretty slim. If Liveris opts to close the deal for $78 per share he will need a lot of additional cash. Considering the economic situation, and the fact that the joint venture failed, acquiring this amount of additional cash will be very hard. The possibility to acquire more debt through the already existing bridge bank loan from 19 different banks is pretty small considering the low credit rating of BBB. If he does succeed in acquiring more debt he will probably not be able to meet the net-debt-to-total-capitalization restriction in the covenant. This is, according to the first loan of $13 billion, required to be lower than 65% which they will not be able to meet, thus not creating incentives for the banks to lend more money. Considering the above, terminating the deal will not be possible and closing the deal for $78 per share lacks financing. The best option Andrew Liveris thus has is to renegotiate the merger deal and buy some time. He will then be able to look for other sources of financing or renegotiate the already existing bank loan. One possible option could be to sue KPC for terminating the joint venture and claiming the $2.5 billion, which in turn could finance the termination fee. Considering that this will destroy the relationship between these two companies this would not be recommended. Options and recommendation for the CEO of Rohm and Haas, Raj Gupta The situation for Raj Gupta is a bit simpler: either sue Dow for not completing the deal or renegotiate with Dow to postpone the deal. Both having different advantages and disadvantages. The first option is to go to court and continue the case that Dow has to complete the deal or otherwise pay the termination fee. Considering the  exceptions stated in the material adverse effect clause that macro-economic effects and effect on the chemical industry in general are excluded from this clause, Gupta will have a strong case and is likely to prevail in court. Committing Dow to the deal or otherwise paying the termination fee of $750 million. The second option is to renegotiate the deal with Dow. The most important disadvantage considering this option is that it would almost certainly come to a deal which is less favorable for Rohm and Haas when compared to the original deal. Which term should be reconsidered? For example, a lower price per share would decrease the expected value for the shareholders. Shareholders will not vote for such a deal, especially the Haas family who owns 30% of the company and is waiting to exit for $78 a share. The only option, although shareholders will not be amused in the least, is to delay the due date of the deal, preserving the harmony between the companies. Even if Gupta will win in court, the possibility that the deal will go through considering the financing problems of Dow is still small. Rohm and Haas will in this case only receive the termination fee of $750 million. Gupta obviously wants the deal to go through and so do the shareholders of Rohm and Haas, enabling them to exit the company and receiving a high premium while doing so. Terminating the deal will negatively affect both companies and their shareholders. Therefore it would be better for Gupta to facilitate any possibility that the deal will go through, even implying a possible decrease in price per share. Our recommendation thus is to renegotiate the deal, making sure that it succeeds. The premium for the shareholders might be lower but both companies can benefit from the acquired synergies and shareholders can still opt to exit. Resolving the legal dispute Considering the above, it would have been in the best interest of both companies to renegotiate the deal. However, Rohm and Haas decided to continue their trail against Dow Chemicals. The judge will therefore make a decision based upon the facts presented to him. Based on the facts alone, the most likely option for me, William B. Chandler  the Third, Chancellor in the Delaware Court of Chancery, is to enforce the merger contract between the two parties. In particular, the specifics of the Material Adverse Effect clause in paragraph 3.1 state that the MAE clause does not include the following events: â€Å"any event which affects the chemical industry, macro economy as a whole, the financial, debt, credit or security market, any decline in Rohm’s stock price or any failure to meet internal or published projections.† To be more specific; the argument according to Dow that the recent material developments have created unacceptable uncertainties on the funding and economics of the combined enterprise, justifying the termination of the deal, is overruled by the ‘specific performance’ clause in paragraph 3.1. Therefore, the ‘specific performance’ clause, as requested by Rohm and agreed upon by Dow, is binding and hereby enforced. The merger will be executed as planned. Dow will have several different options to solve the financing issue, cutting dividends, renegotiating debt and other means to generate cash could be used. If the deal is not closed before January 10, 2009, as stated in the contract, Dow will pay a ticking fee of 8% per annum. Dow should have been more careful drawing up the contract as it is signed and before me today. Since the possibility of an economic downfall is especially stated in the deal clause, I will make no exception and hereby conclude that the Dow will meet all deal requirements as stated in the contract. Every penny has to sides, if you risk it, you could lose it. Thank you. *slams the hammer*

John Marshall Essay

â€Å"Its is emphatically, the province and duty of the judicial department, to say what the law is.† (Ducat, Craig Constitutional Interpretation p. 10) These seventeen words written two hundred years ago made the highest court in the United States supreme, and making it so, Chief Justice John Marshall’s words in that sentence continue to make an impact on every Supreme Court case thereafter. Justice Marshall laid the basic foundations to protect the Federal system that was established by the Constitution. In Marbury v. Madison, McCulloch v. Maryland, and Gibbons v. Ogden the Supreme Court maintained the United States as a federal state. Marbury v Madison was the influential case that the Supreme Court cites as a precedent when employing judicial review. It left the power to be rested on the judicial branch when determining to uphold either the law or the Constitution. By establishing the right to judicial review, Marshall, with the support of the legislative and executive branches, made all cases before the courts subservient to the U.S. Constitution. Cases that have been heard after Marbury v. Madison, that come into question, must be interpreted through the Constitution. Uniformity of all states of the Union were established when Marshall and the Supreme Court ruled in McCulloch v. Maryland. Although the Constitution gave powers to the states under the Tenth Amendment, Marshall implemented the powers of the Federal government by exercising Article 1 Section 8 Clause 18 (necessary and proper clause) and Article 6 Section 2 (supremacy clause). Marshall explained that the Constitution gave the federal government the power to incorporate a bank if it deemed it necessary and proper not for the powers of Congress, but necessary and proper for the powers granted to Congress by the Constitution. Marshall also outlined the rights of the states by enacting Article 6 in his decision. He stated that the supremacy clause prohibited the states from having the power to tax, which would then involve the states power to destroy the powers of the Constitution to create. Gibbons v. Ogden expanded the powers of the Federal government aforementioned in the previous two influential cases. This case defined the Commerce Clause found in Article 1 Section 8 Clause 3. In his genius, Marshall defined commerce not only as an exchange of commodities, but also the means by which interstate and foreign intercourse those commodities travel. By giving the Federal government control over commerce through interpretation of the Constitution, Marshall preserved the prosperity of the country as an economic Union conducting business under national, not state, control. Chief Justice John Marshall’s decisions in all three of the cases explained previously depict the evolution of the Supreme Court. Marbury v. Madison separated the powers of the three branches of governments, McCulloch v. Maryland separated and defined the powers of the Federal and state governments, and Gibbons V. Ogden separated the commerce powers of the Federal and state governments. Marshall decided each case based on the foundations established by the U.S. Constitution, and in each of his decisions, he preserved the integrity of the Framers intentions of the United States as a Federal state.

Sales Management and Strategy

Sales Management and Strategy The business world is currently experiencing high levels of competition. This is due to availability of capital, easy entry into markets, present of substitutes and increase in the purchasing power of consumers (Sorce 6).Advertising We will write a custom research paper sample on Sales Management and Strategy specifically for you for only $16.05 $11/page Learn More As a result, firms need to come up with effective and efficient strategies in order to achieve a competitive advantage over their rivals in their respective fields of operation in order to be profitable and sustainable in the short run and in the long run. Consultative sales approach is a strategy that managers of many organizations currently use to stand at a competitive edge over their rivals. The main aim of this strategy is to develop strong relationships between firms and their clients (Sorce 9). Many managers view this strategy as a critical differentiator hence enabling a firm not only to i ncrease its sales but also to stand at a competitive advantage over its rivals. The relationship that is developed through consultative sales approach makes sure that a firm understand the needs and desires of its customers. In this way, the firm is capable of developing goods and services that satisfy this need. This in turn creates brand loyalty and acts as an avenue for the growth of a firm in the short run and in the long run. From the discussion that has been presented so far, it is essential for firms to develop strong relationships with their customers. However, marketers usually try to maximize the benefits of economies of scale while utilizing the consultative sales approach. To achieve this, marketers usually believe that it is more convenient for a firm to develop strong relationships with a few large customers than many small customers (Oliver 35). This is because firms normally incur high operational costs in marketing, selling and distributing finished products or serv ices to the customers. Therefore, concentrating once a few large customers will reduce the extra costs, time and energy that is required to carter for many small customers. Therefore, a strong relationship exists between constructive sales approach and marketing. It is essential first for a firm to identify its target market, come up with effective and efficient marketing strategies that will capture the attention of their targeted customers, then finally use the consultative sales approach to develop strong relationships.Advertising Looking for research paper on business economics? Let's see if we can help you! Get your first paper with 15% OFF Learn More However, before a firm decides to build a strong relationship with a client, it needs to have a clear understanding of them. This is essential, as it will determine the type of relationship that the firm shall develop with its clients and the tastes and preferences of the clients. It has always been advisa ble that a firm partners up with clients who are innovative, creative, leaders in their respective industries, and clients who are highly experiences (Sorce 12). Collaborating with such clients will improve the reputation and credibility of a given firm hence boosting its operations in the short run and in the long run. After the prospective customers have been identified, it is essential for a firm, through its marketing strategies, to build a strong customer commitment to the brand (Reichheld 18). In most cases, this is achieved through customer satisfaction and through the development of brand equity. This in turn results to the development of a strong relationship between a firm and its customers. To satisfy the needs of its customers, a firm needs to deliver goods or services that are of superior quality as compared to the ones provided by rival companies in the industry. This plays a critical role in the development of brand equity. Brand equity is a factor that is based on th e level of brand loyalty, brand awareness, reputable quality of the brand, relationship of the brand and its customers and marketing impacts of the brand by its loyal customers (Reichheld 19). It is essential for a firm to ensure that these factors are implemented successfully as they guarantee repeat purchases, protection against price fluctuations, increased responses from customers and marketing of the products by customers especially through the word of mouth. Initially, firms strived to achieve a relationship that was based on consumer satisfaction. However, the results of recent studies have shown that despite the fact that customers might be satisfied with the quality of goods or services offered by a firm, quite a good number of them usually defect to other brands (Reichheld 19).Advertising We will write a custom research paper sample on Sales Management and Strategy specifically for you for only $16.05 $11/page Learn More Thus, to overcome this set back, it has always been recommended that firms that deal with consumer products to develop brand equity with their consumers while firms that focus on industrial products should develop strong brand relationships with their clients (Reichheld 19). Several marketing strategies have been developed to ensure that brand equity is achieved. This includes the use of electronic and print media to advertise the products. It is as a result of this fact that many advertisements of various products are found on radio, TV, newspapers, magazines, social network sites and websites with huge traffic on the internet. These adverts seek to capture the attention of customers from different cultures and backgrounds as well as customers who have different tastes and preferences. The use of social media as a platform of advertisement and consumer engagement has also increased. It is through such forums that firms get to understand the needs, tastes and preferences of their customers and involve them in the process of manufacturing, developing, testing and marketing their final products. This form of involvement plays a critical role in brand equity. Some firms also sponsor public events to increase the awareness of their products. Gillette for example is a brand that sponsors many sports and sports shows. Through its activities, the brand has gained a lot of recognition worldwide. Through its activities in a bid to sponsor the 2010 football world cup, Coca Cola increased its brand awareness and restored its brand loyalty to many consumers all around the globe. On the other hand, firms that focus on industrial products use a different marketing approach in building brand relationships with their clients. Here, the sales force of a firm plays a critical role in developing a relationship that is based on interdependence between a firm and its clients through one-on-one communication (Sorce 14). One-on-one communication has always been considered as the most convenient way to build a long lasting relationship with clients by firms that manufacture and sell industrial products. Initially, it was difficult for a firm to reach out to all its clients at an individual level. It is perhaps as a result of this that firms advocated to focus on a few large clients than many small clients. Despite the fact that this notion is still applicable, the presence of marketing databases coupled with improvements in the utilization of the information communication technology (ICT) has improved the process reaching out to customers at an individual level.Advertising Looking for research paper on business economics? Let's see if we can help you! Get your first paper with 15% OFF Learn More Therefore, marketing and consultative sales approach play a critical role in developing brand equity and strong brand relationships with their clients. In the process, firms that utilize this strategy usually develop strong brand loyalty. This is essential especially in a time where firms face stiff competition from their rivals, as firms will benefit from the economies of scale by serving their loyal customers who are always ready to pay premium prices and market the products or services of the firm through word of mouth. This will not only increase the market share of such a firm but it will also ensure that the firm is profitable and sustainable in the short run and in the long run. Strategic Sales Management and Sales Forecasting and Budgeting Sales forecasting is an essential concept in sales management position of a firm. GE Appliances, for instance, put a lot of consideration on sales forecasting due to its importance in the planning its operations. GE appliances also use sal es forecasting as a tool of determining the future sales of the company. The data generated from this method is critical in the development of market mix and generation of effective leads for the firm (Mentzer 34). Reduced costs of operations coupled with the increase in consumers have increased the level of competition in almost any industry, including the electrical appliance industry that GE Appliances operates in. Thus, to overcome this challenge, GE Appliances has utilized sales forecasting among other strategies. Through sales forecasting, GE Appliances is able to determine its future sales values. In the process, the firm is capable of formulating effective planning strategies that will improve the quality of its products and services hence ensuring that it stands at a competitive edge over its rivals. Sales forecasting also gives the firm information pertaining to changes in market trends, consumer tastes and preferences and the general performance of the industry (Jackson 1 23). With this information, GE Appliances is capable of maintaining a strong work force that is capable of meeting the needs and demands of its clients. This information is also essential in the development of budgets. For instance, the firm might realise that the performance of some of its brands are not as per the expected standards. With this information, the firm shall spend more on advertising the product hence increasing its brand awareness into the market. This enables the firm to overcome the challenge that it might be facing as a result of increased competition within the industry. From sales forecasting, the sales figures for the next financial period are usually determined. Consequently, the net sales, profit or loss can be ascertained. With this information, GE Appliances usually decide on whether to control or increase the budgets of its various departments (Jackson 131). Several challenges are usually faced while creating a budget. In most cases, budgets are created ba sed on decisions and data from a macro level of operation. However, the actual application of the budget shall be on a micro level. Therefore, to ensure that the budget is implemented in an effective and efficient manner, several considerations need to be put in place. First, the need of the budget needs to be established. Here, the managers and head of departments need to determine all the expenses, whether direct or indirect, that they might incur. To achieve this, GE Appliances usually get this feedback from sales managers (Stanton 14). It is also essential to ensure that there are multiple views of the budget to ensure that the budget incorporates the sales of different regions as well as different products. This will give room for the identification of nons of such instances include having different payment schemes for employees who are at the same level, failure of appraisal systems, and poor resources for work. These factors will ultimately reduce the morale of employees henc e reducing their performance. It is thus the role of sales managers to identify and eliminate such factors to ensure that the operations of all employees are as per the expected standards of the firm. This will increase the ease at which the firm as well as its sales force will achieve its short term and long-term goals and objectives. Sales Force Compensation As it has been discussed before, compensation is an essential aspect that determines the performance of an individual. This is because, most sales representatives are optimistic regarding the compensation package that they will receive during the time that they will commence their work on a given organization. Employees usually regard a compensation package that will be able to carter for their needs and reflects their level of employment, skills and expertise (Bernardin 91). It is with regards to this that GE Appliances takes this factor into consideration to ensure that the process of designing the compensation package refle cts the employment level of an individual, his/her qualifications and the effort that an employee puts to the firm. Additionally, the firm recognizes the fact that employees regard the level of loftiness that they get from their compensation. It is with regards to this that the firms also puts a lot of care while designing the compensation packages of various employees who are at the same level of employment. Thus, the first step that sales managers consider while developing compensation packages is the preparation of job descriptions of the sales representatives. At GE Appliances for instance, sales representatives may be involved in the selling of kitchen appliances, dishwashers, washing machines or marketing of these products to either businesses or customers. Therefore, it is evident that these employees conduct different tasks and hence their compensation should be different. The sales managers then need to measure the job description of an employee to the sales targets. Here, the sales managers need to consider factors such as the number of sales made, number of new customers introduced, volume of goods sold and the revenue generated by an employee. Once this has been done, the sales manager then needs to determine the categories of compensation. Usually, the education background, skills and expertise play a critical role in the development of these categories. Finally, the sales manager should then develop a compensation plan that includes all the employees and reflect the effort that they have put in conducting the activities of the firm. These compensation packages should not be too little or too much. They should effectively reflect the effort, skills and expertise of an employee. In addition to this, sales managers should also give sales employees incentives for the extra work done or effort put. Bernardin, John. Human Resource Management. New York: McGraw Hill, 2008. Print. Ghosh, Nathan. Management Control Systems. New Delhi: Prentice-Hall, 2005. Print. Ingram, Thomas. Sales Management: Analysis and Decision Making. New York: M.E. Sharpe Inc., 2009. Print. Jackson, Ralph. Sales and Sales Management. New Jersey: Prentice Hall, 1996. Print. Kujnish, Vashisht. A Practical Approach to Sales Management. Mumbai: Atlantic Publishers and Distributors, 2006. Print. Mentzer, John. Sales Forecasting Management: A Demand Management Approach.  California: Sage Publications, 2005. Print. Oliver, Lawrence. â€Å"Whence Consumer Loyalty.† Journal of Marketing 63.1(1999): 33-44, Print. Reichheld, Frederick. The Loyalty Effect. Boston: Harvard Business School Press, 1996. Print Robbins, Stephan. Organizational Behaviour: Concepts, Controversies and  Applications. New Delhi: Prentice Hall, 1999. Print. Roberts, Anthony. Management Control System. New Delhi: McGraw-Hill, 2008. Print. Sorce, Patricia. Relationship Marketing Strategy. Sydney: Printing Industry Centre, 2002. Print. Stanton, Rich. Management of a Sales Force. New Delhi: McGraw Hill, 2003. Print. Zoltners, Prabhakant. The complete Guide to Sales Force Incentive Compensation. New York: Amacom, New York, 2006. Print

Second Battle of Bull Run of the American Civil War

Second Battle of Bull Run of the American Civil War The Second Battle of Bull Run (also called the Second Manassas, Groveton, Gainesville, and Brawners Farm) took place during the second year of the American Civil War. It was a major disaster for the Union forces and a turning point in both strategy and leadership for the North in the attempt to bring the war to its conclusion. Fought in late August of 1862 near Manassas, Virginia, the two-day brutal battle was one of the bloodiest of the conflict. Overall, casualties totaled 22,180, with 13,830 of those Union soldiers. Background The first Battle of the Bull Run occurred 13 months earlier when both sides had gone gloriously to war for their separate notions of what the ideal United States should be. Most people believed that it would take only one big decisive battle to resolve their differences. But the North lost the first Bull Run battle, and by August of 1862, the war had become an unrelentingly brutal affair. In the spring of 1862, Maj. Gen. George McClellan ran the Peninsula Campaign to recapture the Confederate capital at Richmond, in a grueling series of battles that culminated in the Battle of Seven Pines. It was a partial Union victory, but the emergence of the Confederate Robert E. Lee as a military leader in that battle would cost the North dearly. Leadership Change Maj. Gen. John Pope was appointed by Lincoln in June of 1862 to command the Army of Virginia as a replacement for McClellan. Pope was far more aggressive than McClellan but was generally despised by his chief commanders, all of whom technically outranked him. At the time of the second Manassas, Popes new army had three corps of 51,000 men, led by Maj. Gen. Franz Sigel, Maj. Gen. Nathaniel Banks, and Maj. Gen. Irvin McDowell. Eventually, another 24,000 men would join from parts of three corps from McClellans Army of the Potomac, led by Maj. Gen. Jesse Reno. Confederate Gen. Robert E. Lee was also new to the leadership: His military star rose at Richmond. But unlike Pope, Lee was an able tactician and admired and respected by his men. In the run-up to the Second Bull Run battle, Lee saw that the Union forces were yet divided, and sensed an opportunity existed to destroy Pope before heading south to finish McClellan. The Army of Northern Virginia was organized into two wings of 55,000 men, commanded by Maj. Gen. James Longstreet and Maj. Gen. Thomas Stonewall Jackson.   A New Strategy for the North One of the elements that surely led to the fierceness of the battle was the change in strategy from the North. President Abraham Lincolns original policy allowed southern noncombatants who had been captured to go back to their farms and escape the cost of war. But the policy failed miserably. Noncombatants continued to support the South in ever-increasing ways, as suppliers for food and shelter, as spies on the Union forces, and as participants in guerrilla warfare. Lincoln instructed Pope and other generals to begin pressuring the civilian population by bringing some of the hardships of war to them. In particular, Pope ordered harsh penalties for guerilla attacks, and some in Popes army interpreted this to mean pillage and steal. That enraged Robert E. Lee. In July of 1862, Pope had his men concentrate at Culpeper courthouse on the Orange and Alexandria Railroad about 30 miles north of Gordonsville between the Rappahannock and Rapidan rivers. Lee  sent Jackson and the left wing to move north to Gordonsville to meet Pope. On Aug. 9, Jackson defeated Banks corps at  Cedar Mountain, and by Aug. 13, Lee moved Longstreet north as well.   Timeline of Key Events Aug. 22–25: Several indecisive skirmishes took place across and along the Rappahannock River. McClellans forces began to join Pope, and in response Lee sent Maj. Gen. J.E.B. Stuarts cavalry division around to the Union right flank. Aug. 26: Marching northward, Jackson seized Popes supply depot in the woods at Groveton, and then struck at the Orange Alexandria Railroad Bristoe Station. Aug. 27: Jackson captured and destroyed the massive Union supply depot at Manassas Junction, forcing Pope into retreat from the Rappahannock. Jackson routed the New Jersey Brigade near Bull Run Bridge, and another battle was fought at Kettle Run, resulting in 600 casualties. During the night, Jackson moved his men north to the first Bull Run battlefield. Aug. 28: At 6:30 p.m., Jackson ordered his troops to attack a Union column as it marched along the Warrenton Turnpike. The battle was engaged on Brawner Farm, where it lasted until dark. Both sustained heavy losses. Pope misinterpreted the battle as a retreat and ordered his men to trap Jacksons men. Aug. 29: At 7:00 in the morning, Pope sent a group of men against a Confederate position north of the turnpike in a series of uncoordinated and largely unsuccessful attacks. He sent conflicting instructions to do this to his commanders, including Maj. Gen. John Fitz Porter, who chose not to follow them. By afternoon, Longstreets Confederate troops reached the battlefield and deployed on Jacksons right, overlapping the Union left. Pope continued to misinterpret the activities and did not receive news of Longstreets arrival until after dark. Aug. 30: The morning was quiet- both sides took the time to confer with their lieutenants. By afternoon, Pope continued to assume incorrectly that the Confederates were leaving, and began planning a massive attack to pursue them. But Lee had gone nowhere, and Popes commanders knew that. Only one of his wings ran with him. Lee and Longstreet moved forward with 25,000 men against the Unions left flank. The North was repelled, and Pope faced disaster. What prevented Popes death or capture was a heroic stand on Chinn Ridge and Henry House Hill, which distracted the South and bought enough time for Pope to withdraw across Bull Run towards Washington around 8:00 p.m. Aftermath The humiliating defeat of the North at the second Bull Run included 1,716 killed, 8,215 wounded and 3,893 missing from the North, a total of 13,824 alone from Popes army. Lee suffered 1,305 killed and 7,048 wounded. Pope blamed his defeat on a conspiracy of his officers for not joining in the attack on Longstreet, and court-martialed Porter for disobedience. Porter was convicted in 1863 but exonerated in 1878. The Second Battle of Bull Run was a sharp contrast to the first. Lasting two days of brutal, bloody battle, it was the worst the war had yet seen. To the Confederacy, the win was the crest of their northward-rushing movement, beginning their first invasion when Lee reached the Potomac River in Maryland on Sept. 3. To the Union, it was a devastating defeat, sending the North into a depression that was only remedied by the quick mobilization needed to repel the invasion of Maryland. The Second Manassas is a study of the ills that pervaded the Union high command in Virginia before U.S. Grant was chosen to head up the army. Popes incendiary personality and policies bared a deep schism among his officers, Congress and the North. He was relieved of his command on Sept. 12, 1862, and Lincoln moved him out to Minnesota to participate in the Dakota Wars with the Sioux. Sources Hennessy, John J. Return to Bull Run: The Campaign and Battle of Second Manassas. Norman: University of Oklahoma Press, 1993. Print.Luebke, Peter C. Second Manassas Campaign. Encyclopedia Virginia. Virginia Foundation for the Humanities 2011. Web. Accessed April 13, 2018.Tompkins, Gilbert. The Unlucky Right Wing. The North American Review 167.504 (1898): 639–40. Print.Wert, Jeffry. Second Battle of Manassas: Union Major General John Pope Was No Match for Robert E. Lee. History.net. 1997 [2006]. Web. Accessed April 13, 2018.Zimm, John. This Wicked Rebellion: Wisconsin Civil War Soldiers Write Home. The Wisconsin Magazine of History 96.2 (2012): 24–27. Print.

Build strategy Assignment Example | Topics and Well Written Essays - 2000 words

Build strategy - Assignment Example Several strategies can be undertaken by this institution to solve this challenge of staff shortages. Importance of building a strategy Strategic planning is vital to any business in order to realize success. A strategic plan incorporates the mission, vision, and creative thinking. It mainly gives a description of the where the company is headed to by giving the details of achieving it. Strategic plans are the expressions of the visions and dreams of successful outcomes (Kaplan & Norton, 2008). It serves as the design of how a company can achieve its strategic objectives. Strategic planning can be focused on the whole organization or a department (Williams, 2006). For a hospital such as Milton Keynes, the strategy of solving the problem of understaffing will be focused on the entre institution. Objective The objective of this assignment is to build a strategy that can be implemented by Milton Keynes hospital in order to solve the issues related to understaffing. The strategy that will be developed will help the organization solve its immediate staffing problems and ensure that it is sustainable in the long-run. The strategy must put into consideration the implications of the implementation on the hospital. Such implications include: effect on patient care, increased costs and the ability of the institution to meet nursing needs in the future. Description of the problem The problem of understaffing in hospitals in the United Kingdom is rampant with the nation hospital services naming 26 healthcare institutions as operating below the safe staffing levels. This problem is further highlighted by the failure of sixteen percent of these institutions to come up to the required levels (Swayne et al, 2008). One of the main contributions of those staffing shortages especially in the nursing profession is due to the aging of the nursing population and the unwillingness of the younger generation to join the nursing profession. Despite in increase of foreign-born professiona ls in the medical profession, this group cannot meet the rising demand for medical care. The demand for higher pay, a weakening economy and increased medical demand is straining the thin available labor force (Mireille, 2007). Analysis of the problem Difficulties associated with understaffing are worsened by changes in medical care for example novel medical technologies and a reducing average stay in hospital that have contributed to increase in the level of care demanded by patients while they are in medical institutions. Novel medical technologies facilitate less seriously sick patients to receive medical care in out patient environments instead of inpatient environments. Furthermore, patients who would have spent the early days of recovery in hospitals are being released to nursing institutions or to their homes. The result of these changes in hospitals is that healthcare institutions are experiencing an influx of more patients who require more care. Staffing of healthcare instit utions is an issue of concern because of its effects on quality of care and patient safety (Greener, 2009). Sensitive outcomes, especially those attributable to nursing are one signs of quality of care. It can be defined as the changeable patient or caregiver situation, condition or

Discussion Board - JIT Just In Time Assignment Example | Topics and Well Written Essays - 250 words

Discussion Board - JIT Just In Time - Assignment Example ion in small quantities, production based on the Masters schedule of production and orders, reduced wastage, improvement of production flow continuously, as well as improvement of quality of production and many more. This paper will narrow on Production in accordance with the Masters schedule of production and order as the key principle. This will be examined in relation to Pizza Pizzeria as a company that has adopted the principle. Production in accordance with the Masters schedule of production and orders is a principle that only makes production based on the orders received from the customers. The goal of this production is to ensure that the goods and services that are produced are all consumed by the customers and there is no wastage at all. This is the principle that Pizza Pizzeria has adopted in its production. The company only produces based on the orders that it receives from the clients. Though this mode of operation was originally meant for Pizza production, the company has extended this mode of production to the entire foodstuff it sells. This production has ensured that Pizza Pizzeria does not inquire any losses as a matter of wastage. The principle works positively to the company since even the customers are aware that they would have to wait for their food to be processed. Customers now make it their habit to use their premise as a meeting place where they can meet as they wait for their food to be ready. Beckford, C. L., & Campbell, D. R. (2013). Domestic food production and food security in the Caribbean building capacity and strengthening local food production systems. New York, NY: Palgrave