Thursday, September 5, 2019
Factors That Affect The Pricing Decision
Factors That Affect The Pricing Decision In Finland, Lukka and Granlund (1996) observed that product cost information had its greatest importance in pricing, tendering and cost reduction decisions. In Italy, Cescon (1999) noted the most important uses of product costs were in cost reduction, pricing, make-or-buy and investment decisions, and its least important role related to decisions about distribution channels. Based on the above quotations, the costs of the product, its inputs including the amount spent on product development, testing, and packaging required to be taken into account when a pricing decision is made. Therefore, product costs are very important to make a pricing decision. In Australia, Joye and Blayney (1990) found that product costs were of major importance in the pricing decisions of the majority of companies. Therefore, cost is a major factor that will affect pricing decisions. Variances between actual and budgeted cost are inherent in business. Actual cost may not correspond with budgeted cost, thus, it is important to have a thorough planning on how can these cost affect company profit. Profit planning must take into account expected changes in cost. An increase in cost with no corresponding change in selling price will greatly affect company profits. Thus, the ability of the enterprise to limit suppliers bargaining power as to control the price of raw materials and production will be greatly influence the pricing decision. A products cost can be classified as fixed or variable costs, according to whether the volume changes. quoted by Dominiak Louderback, 1997. Fixed cost is the cost that remains the same regardless of the level of production or the level of sales such as property taxes, rent, advertising, insurance, and utilities. Moreover, variable cost is the cost that changes in a directly proportion to changes in production volume such as sales commission, packaging, labeling and shipping costs. In many manufacturing companies, labor costs remain constant over wide ranges of output, so managers can consider labor as a fixed cost for many short-term output decisions. In addition, most overhead costs change only when managers decide to restructure the company, so these costs do not change as output fluctuates from day to day. The only cost that definitely does go up and down with production is the material cost. Hence, the cost of material will increase especially when economic downturn and the price of product will increase eventually. In spite of all, the product cost information was significantly more important when used directly in decision making. This may be because product cost information may be regarded as being more important when it is actually being used in a decision rather than as a guide for possible future decisions. Product cost information may be significantly more important in continuous production process manufacturing than in discrete-part and assembly manufacturing for product mix, output level and product discontinuation decisions because continuous production processes lead to the production of many different products for which a variety of product related decisions will need to be made. DISTRIBUTION(PLACEMENT) Placement under marketing mix involves all company activities that make the product available to the targeted customer, quoted by Kotler and Armstrong, 2004. With this, the easier the targeted customers can get the product, the more success of your company in distributing product. Distribution is getting your product to the consumer. Once you know your market area and have safely processed and packaged your product, you have to place it where your customer can buy it. On a general note, while planning placement strategy under marketing mix analysis, companies consider six different channel decisions including choosing between direct access to customers or involving middlemen, choosing single or multiple channels of distributions, the length of the distribution channel, the types of intermediaries, the numbers of distributors, and which intermediary to use based on the quality and reputation, quoted by Proctor, 2000. Therefore, distribution is important because it affects sales, profits and competitiveness. It can contribute up to fifty percent of the final selling price of some goods. Without distribution even the best product or service will fails. Author Jean-Jacques Lambin believes that a marketer has two roles which are organizing exchange through distribution and organizing communication. Moreover, distribution can be classified by channels, coverage, locations, transportation, logistics and others aspects. Physical distribution or Place must integrate with the other Ps in the marketing mix such as price, product and promotion. For example, the design of product packaging must fit onto a pallet, into a truck and onto a shelf, prices are often determined by distribution channels, and the image of the channel must fit in with the suppliers required positioning. You can see how Coca Cola further integrate the timing of distribution and promotion in the Hall Of Fame later. In fact, they see distribution as one of their core competencies. In addition, geographical pricing is setting different prices for a customer in different parts of the world which is includes shipping costs. Therefore, there will be difference price on the same product in differences country. Although within a country, the same product will be charged to different prices, which may be caused by the urban or metropolitan area, income distribution and others factors. Apart from that, distribution strategy is influenced by the market structure, the firms objectives, its resources and its overall marketing strategy. All these factors are addressed in the section on selecting Distribution Channels. The first strategic decision is distribution intensity which include of intensive, selective and exclusive distribution. Intensive distribution aims to provide saturation coverage of the market by using all available outlets. For many products, total sales are directly linked to the number of outlets used such as cigarettes and beer. Intensive distribution is usually required where customers have a range of acceptable brands to choose from. In other words, if one brand is not available, a customer will simply choose another. The second one is selective distribution which involves a producer using a limited number of outlets in a geographical area to sell products. The producer can choose the most appropriate or best-performing outlets and focus effort on them. Selective distribution works best when consumers are prepared to shop around or they have a preference for a particular brand or price and will search out the outlets that supply. The last one is exclusive distribution which is an extreme form of selective distribution in which only one wholesaler, retailer or distributor is used in a specific geographical area. The next strategic decision clarifies the number of levels within a channel such as agents, distributors, wholesalers, retailers, franchisees, direct marketing and others. In some Japanese markets there are many intermediaries involved. In the marketing channel of distribution in Japan, especially in the retail sector, the number of retailers had been increasing from 1950s to the beginning of 1980s consistently. However, it has begun to decrease in the beginning of 1980s, explained by Hisao Fujimoto. Companies such as Ford, Ferrari, Toyota, and Nissan use specific dealers to make their products available, whereas companies such as Nestle involve a whole chain of wholesaler retailers to reach its customers. In conclusion, distribution is playing a big role in the pricing decision. The business communities should place the product efficiently and effectively, and set a reasonable price for selling. There is some advice for the consumer, that is consumer should shop for the best price as they can find regardless of how long the levels of distribution and how far the place of selling the product from you. ECONOMIC CONDITION Economic environment of the country is an important factor affecting the pricing decisions. Inflationary and deflationary conditions will also affect the pricing decision of a company. Inflation is a rise in the average price level of goods and services in an economy over a period of time. Money loses purchasing power during inflationary periods since each unit of currency buys progressively fewer goods. Consequently, inflation also reflects erosion in the purchasing power of money which is a loss of real value in the internal medium of exchange and unit of account in the economy. Therefore, a company should decrease the price of product when there is an inflation so the consumer will be afford to buy it. On 20 July 1993, Alan Greespan, chairperson of the Board of Governors of the Federal Reserve System, testified before a congressional committee. He said: The role of expectations in the inflation process is crucial. Even expectations not validated by economic fundamentals can themselves add appreciably to wage and price pressures for a considerable period, potentially derailing the economy from its growth path. However, deflation is a decrease in average price level of goods and services in an economy over a period of time. While lower prices may seem ideal from a consumers point of view at first, but deflation leads to rising of unemployment and falling in production, a situation from which it is extremely difficult to recover. Therefore, a company should charge a higher price on product when selling it so that it can be able to pay for salary of employees and covered the production cost. On the other hand, the prices are increased in boom period to cover the increasing cost of production and distribution. To meet the changing economic conditions, several pricing decisions are available such as price can be boosted to protect profit against rising costs, price protection system can be linked with the price on delivery to current costs and emphasis can be shifted from sales volume to profit margin and cost reduction. On March 16 alone, five days after the earthquake and tsunami and as the nations nuclear crisis was worsening, United States investors put $700 million into Japanese Exchange Traded Funds, according to the data from Trim Tabs, an investment research organization. That was twice the previous largest daily inflow on record, in 2003. After the earthquake, investors waited for two trading days before acting. But on Wednesday, March 16, after stocks in Tokyo fell by about 10 percent, investors in the United States responded by moving heavily into E.T.F.s. One reason may be that Japanese stocks still have far to go in their recovery. Though the Nikkei 225 index in Tokyo has bounced back from recent lows, it is still down 9.43 percent since before the earthquake.
Wednesday, September 4, 2019
Oconto, WI vs. Las Vegas, NV :: essays research papers
Oconto, WI vs. Las Vegas, NV      I currently live in Oconto, WI, but would love to go to Las Vegas, NV. Therefore, I am going to compare these two very different cities in terms of economics. There is great variation in the comparison between Oconto, WI and Las Vegas, NV. Oconto is located in Oconto County and Las Vegas is located in Clark County. Las Vegas has an elevation of 2000 feet, while Oconto is only 591 feet. Oconto has a land area of      6.9 square miles, compared to Las Vegas with 113.3 square miles. Also Oconto has only one zip code, but Las Vegas has 36. The population of Oconto, Wisconsin was estimated at 4,751 in July of 2002. Compare this to the estimated population in July 2002 for Las Vegas at 508,604 people. Males made up 48.0% of Oconto’s population at 2,259 and females made up the other 52.0% at 2,449. However, males made up 50.8% of the population in Las Vegas at 243,077 and females made up the remaining 49.2% at 235,357 people. The median resident age for Oconto is 36.9 years. This is fairly close to that of Las Vegas at 34.5 years. Oconto had a median household income of $34,589 in 2000. Again Las Vegas had a fairly close number of $44,069 which was also in 2000. A big difference comes in the median house value between the two cities. Oconto has a value of $69,800 which was in 2000. However, Las Vegas had a value of $137,300 in 2000. The race breakdown between the two cities is also very different. The majority of Oconto is made up of the White Non-Hispanic race at 97.3% of the population. Following are the minorities in Oconto of American Indian at 1.2%, two or more races at 0.9% and Hispanic at 0.8%. By looking at this data it is easy to see that Oconto is not a very culturally diverse town. The majority of Las Vegas is also made up of White Non-Hispanic people at 58.0%. This is considerably lower than Oconto and Las Vegas is made up of many more races than Oconto. Following are the minorities in Las Vegas of Hispanic at 23.6%, Black at 10.4%, other races at 9.7%, two or more races at 4.1%, Filipino at 2.3%, American Indian at 1.5%, Chinese at 0.6%, Other Asian at 0.6%, and Japanese at 0.
Tuesday, September 3, 2019
An Interview with a Juvenile Offender Essay -- Interview Essays
At the age of 23, Charlie has a fairly good life. He has a good job with a national insurance company, and recently married his girlfriend of three and a half years, Autumn. They are expecting their first child this November. But things have not always gone so well for Charlie. When Charlie was two and a half years old, his mother Laura and father Jose Chili Pepper gave birth to their second child, Chloe. Jose and Laura knew there was something wrong with Chloe right away, because of the way she turned her hand, but no doctor in Fudge Brownie, Montana, would confirm Jose and Laura’s suspicion their daughter had Cerebral Palsy. Frustrated and unable to find work, Jose moved his family from Fudge Brownie, Montana back to Watershed, Kansas, where they had originally lived before Chloe was born. The Chili Peppers stayed with Jose's sister Carolina for a time along with Jose's niece Catherine Sanchez and another of his sisters, Juanita. After a short time Jose decided he and his family needed their own place to live. He and Laura packed up eighteen-month-old Chloe and three-and-a-half year-old Charlie and moved to a small house on Sunny Days Avenue where the family lived for the next few years. Charlie loved living in that neighborhood. It was almost like living in the countryside, with little traffic and wide-open fields where Charlie and his friends could run free and be kids. According to Charlie's father Jose, "It was the perfect place for a little boy." But Charlie's happiness would be short-lived. Due to medical problems with his mother and sister, the family moved once again when he was five years old. "Charlie really loved living there and was happy in his first school," Jose recalled. "He was very upset that we had... ...l unloved at times. His parent's when he was eleven only seemed to aggravate the problem. Discipline was inconsistent, and often he was able to get around punishment by wearing down his mother, who could be easily persuaded to give in to what he wanted. Family finances were strained. Although Charlie went to school in an upper middle-class neighborhood, his family could not afford to buy him as much as many of his friends’ parents. He began to run around with kids who were associated with a local gang and was rejected by other friends because of his behavior. Today, Charlie is closer to his family. He spends time with his mother father and sister. His relationship with his wife, Autumn, while occasionally rocky, has been a positive influence. He is a responsible young adult, who has been fortunate to have gotten the intervention he needed as a troubled teenager.
Monday, September 2, 2019
Romans :: essays research papers fc
Roman Flores Az History & Government Period 3                                                       5-9-00 Mr. Bentley                                    Flores 1 How a bill becomes a law in Arizona      A bill has to go through many different stages before it can become a law. Each year, Congress considers thousands of bills. Only a few hundred of these will become laws. The rest are destroyed by congressional committees, by negative voters in one or both houses of Congress, or by presidential vetoes. The process by which a bill becomes a law is complicated and may require a lot of effort.      Every bill starts with an idea. Some ideas come from members of congress, and citizens who write to their representatives suggest. To be considered by congress, however, ideas for bills must be sponsored by a representative. Then they will debate the bill. The rules for debate are complicated. In some cases, the house speeds up the debate process by meeting as a â€Å"Committee of the Whole,†a special gathering of all house members. The rules for debating within a committee are more informal, so debates can proceed more quickly and easily.      Voting and final revisions are the next step. After a bill has been debated, it is brought to a vote. Voting is done in one of three ways. The simplest way is a voice vote, in which everyone who supports a bill is asked to say â€Å"yea†or â€Å"nay†. A voice vote is usually used for bills that are clearly popular or unpopular. A more exact method of voting is the standing vote. This type, members are asked to stand up when in support or opposition. A third roll call vote. Each member’s name is called individually and he/she is asked to say â€Å"yea†, â€Å"nay†, or â€Å"present†. Present means no opinion.      The governor signs the bill, then it becomes a law ninety days after the end of the session. However, there is an exception. â€Å"If the legislature attaches the emergency clause an passes the bill by a 2/3 vote, the bill becomes a law instantly. The governor may veto the bill.
Sunday, September 1, 2019
Congestive Heart Disease Essay
The main function of a healthy heart is to ensure proper blood flow throughout the body and supplying all the organs with the nutrients that are necessary for survival. Congestive heart failure (CHF) is also known as Congestive heart disease, but for this paper we will use failure, Consistent with the research. Congestive heart failure is a disease that primarily causes the heart to be compromised. This leaves the heart unable to perform the main function of pumping blood throughout the body to maintain homeostasis. Congestive heart failure affects mostly individuals 65 years and older; however it can happen at any time. Anderson, et al 2010). According to Goldberg & Konstam, â€Å"It is also one of the most common forms of heart disease. Approximately 4. 9 million Americans suffer from CHF, with about 400,000 new cases diagnosed annually. †(as cited in Mithal, Mann, & Stone, 2002, p. 46). Prevention methods are important factors for avoiding this disease. There are several treatments available for congestive heart failure that focus on reducing fluids from the body to remove congestion from the heart or reduce blood pressure in the arteries. The heart can be described as muscular pump; it’s primary function is to pump blood. The heart consists of four chambers. The upper two chambers are called the atriums and the lower two chambers are called the ventricles. As the heart contracts, blood is pumped through the body with the assistance of four heart valves. Blood that is low in oxygen flows back to the heart after circulating through the body. The blood enters through veins and enters the right atrium. This chamber empties blood through the tricuspid valve into the right ventricle. The right ventricle continues to pump the blood under low pressure through the pulmonary valve into the pulmonary artery. The blood is now directed to the lungs where it gets fresh oxygen. After the blood is oxygenized, the blood will have a bright red appearance, and it is now considered rich with oxygen. The blood will now return to the left heart through the pulmonary veins to the left atrium. From there it passes through the mitral valve and enters the left ventricle. The left ventricle pumps the oxygenated blood out through the aortic valve into the aorta. The aorta takes blood to the body’s general circulation. Congestive heart failure is the inability of the heart to sufficiently supply the body with oxygenated rich blood adequately. The hearts primary function is to move blood throughout a network of vessels. The blood provides the cells of the body with oxygen and nutrients needed while also removing waste products of the body and releasing carbon dioxide. Organs such as the brain, liver, lungs, intestines and kidneys are also compromised. When the weakened muscles of the heart is unable to supply the kidneys with the necessary amount of blood the kidneys are compromised. The kidneys are now unable to perform their function of excreting sodium and water. This causes the body to retain fluid, which directly affects the lungs. The lungs now become congested with fluids known as pulmonary edema. The liver is similarly affected with the accumulation of fluids due to the inability to excrete wastes. This causes a huge accumulation of toxins in the body. The intestines will also be affected and will not be able to absorb the necessary nutrients for daily function. Without treatment CHF will eventually corrupt and attack every organ of the body. Common symptoms include swollen legs or ankles and difficulty breathing. Weight gain is often seen due to the accumulations of fluid within the body. (American Heart Association, 2010 ; Anderson, et al 2010). There are several factors that commonly contribute to congestive heart failure. Coronary heart disease is an accumulation of plaque resulting in a narrowing or hardening of the arteries that supplies blood to the heart muscle known as the myocardium. This is the most common type of heart disease resulting in the leading cause of death for men and women in the United States. (MedlinePlus, 2010). Another factor is hypertension (high blood pressure), which refers to high pressure found in the arteries. Approximately one in three adults in the United States (73 million people) are estimated by The American Heart Association (2010) to be diagnosed with high blood pressure. A myocardial infarction, producing a thick scar tissue and interfering with the heart muscle’s normal function is another factor which could result in a heart attack. Heart valve disease has been linked to congestive heart failure as well. This could be a result of an outbreak of rheumatic fever or some other causes. Another factor contributing to congestive heart failure would be an infection of the heart lining known as endocarditis causing damage to the heart valves or possibly a myocardium of the heart known as myocarditis. Other common causes are alcohol and drug abuse, arrhythmias, obesity, ardiomyopathy and congenital heart defects. (American Heart Association, 2010). There are several ways to prevent congestive heart failure. Diet management is a key factor in securing a future without congestive heart failure. Maintaining a proper diet is crucial. Being overweight will act as a burden to the heart causing it to work harder to pump blood throughout the body. It is necessary to reduce sodium intake to avoid retaining fluids. The next step would be to increase potassium intake. Individuals who have congestive heart failure are usually prescribed diuretics to help excrete fluids causing a loss of potassium. Potassium can be found in green leafy vegetables and most fruits, particularly bananas, oranges, and dried fruit. Other factors for congestive heart failure prevention would involve exercise, no smoking and limited alcohol consumption. (Health-cares, 2010). There are many factors used for treatment for congestive heart failure. Various drugs are incorporated into treatment for congestive heart failure. The uses of drugs are intended for reducing fluids within the body or to reduce blood pressure in the arteries of the body. Typical drugs used for treatment are Ace inhibitors, beta-blockers, digitalis, diuretics and vasodilators. Beta-blockers are intended to improve function for the left lower ventricular pumps. Diuretics are intended to assist in eliminating products that primarily contribute to congestion such as salt and water. Digitalis serves a very important role in strengthening the heart so it can serve as a more efficient, reliable, and effective pump. Treatment may involve surgery if the failure is a result of a poor functioning heart valve. Surgery could involve repair or replacement of a heart valve or in drastic cases, replacement of the heart itself. General treatment will also consist of exercise, weight loss, rest and specific attention to maintaining a suitable diet plan. (American Heart Association, 2010). The Practice Framework of a person that has congestive heart failure is greatly affected. Individuals must reduce the amount of exertion on their bodies to prevent over stimulating the heart. The limitations caused by the failure make performing even routine tasks more difficult. Some of the activities of daily living (ADL’s) that this individual might have issues with might be, getting dressed and undressed, toileting, personal hygiene, bathing and eating. Some Instrumental ctivities of daily living (IADL’s) that might be affected could include preparing meals, taking medications, shopping (food or clothes), using the phone, house work, managing money and bills. As an Occupational Therapist (OT), One can educate patient/individual on the importance of reduced fluids and stress will make for a better heart and a healthier individual. The individual needs to learn that sucking or chewing on an ice cube is better than drinking a glass of water. Due to the increasing amount of fluids the medications are trying to get out of the body, drinking would be just adding more to the body and also adding more tress on the body. The roles/routines/habits will have to change because of the congestive heart failure and how the individual now has to take it slower and easier to get the job done. OT addresses any shortness of breath (SOB) and fatigue that might accrue during any of their daily living activities, routines, habits ect. Individuals learn to use adaptive equipment to help decrease the energy used to get the job done. Examples would consist of using a shower instead of a tub (if applicable), have grab bars inside and outside the shower, have a bath bench/chair with a hand-held shower head and a long handled sponge for easier athing. Less bending over for easier dressing/undressing by using open front garments with buttons/snaps, using a button hook if need be; use a dressing stick to put on lower extremities (LE) garments. Use a lighter comforter for less weight; use a step stool to reach things to reduce straining. Keep the house cooler and if the patient/individual is SOB outside have a portable pocket hand held fan/fan with mister. To reduce strain and stress have a garbage can with wheels would be very useful. One more example might be to have a recliner to keep legs up as well as change positions frequently for circulation. OT’s also each how to break down the tasks into small components to make the task at hand more manageable. For instance laundry is a big task for anyone, so instead of doing all the laundry in one day, do smaller loads spread out or one load a day. Pull the laundry out of the drier and hang it up as soon as laundry is done to save the wrinkles and then having to iron in addition too. Use lighter pots and pans to cook with. Having the appliances at arm’s length, waist level, within easy to reach to help with saving body energy. OT’s do whatever it takes to get the individual back to independently living a healthier life to the best of their ability. Congestive heart failure is a condition that needs to be specifically addressed and treated. The condition can be managed by complying with lifestyle changes, following a treatment plan, and taking prescribed medications. Without following a treatment plan the disease will consume the organs of the body causing irreversible damage. It is important to be aware of limitations concerning the disease to avoid over exertion which can be fatal. â€Å"Early intervention in the treatment of Congestive heart failure is crucial in providing the best outcome. †(Ciccone, 2007).
Application Essay
With a solid international experience and background in Accounting and Finance, I am eager to pursue these two interests throughout my future career.Choosing an educational institution, I also kept my career plans in mind. I am applying for a transfer to New York University, since a world-class school located in the most vibrant economic capital of the world will undoubtedly help me to maximize my contribution to the Accounting profession and open up new career possibilities.Besides, at the moment when I was standing on top of the Empire State Building, I decided that I am eager to study and work in the wonderful city of New York.The main reason is definitely my belief in superior quality of Stern Business School’s educational program as compared to most other universities.Knowledge is more important than ever before in our information-driven age, and in my deepest conviction, Stern will provide me with more profound courses that will expand the knowledge from the basic course s for Accounting Major completed in my community college. Eager to complement my major with Finance classes, I anticipate finding excellent opportunities at Stern that ranks as one of the top US business schools forFinance curriculum. I have ascertained that I can be successful in this area after my expertise was confirmed by the victory in two stock investment contests in Korea and I obtained experience managing a private asset management company together with my colleagues.These successes prompted me to switch from Engineering and IT to Accounting. With A’s in all accounting classes at my community college, I believe the time has come to move onwards and to take my knowledge of Accounting and Finance to a new level that will enable me to leverage my experience and inborn abilities.The international focus of Stern is, from my perspective, another important advantage of the school. Looking on my experience in China where I worked at my father’s international trade busi ness for two years, I still feel the positive effects of this work that helped me improve my knowledge of the Chinese language, as well as receive hands-on experience in trading and enhance my intercultural competence.The diversity of Stern’s student community is a great asset since it will help me expand the boundaries of my cross-cultural competence and start friendships with people from all over the world. Drawing on my experience of working as a Korean language teacher and participating in the International College Students Association’s cultural exchanges in my community college, I hope to make my contribution to diversity on NYU campus.I also recognize that, given the vital importance of networking in today’s competitive business environment, studying at Stern can help propel my career through acquaintance with professionals likely to obtain positions in the leading international companies.This global focus of the school will give me a competitive advantag e in achieving my final goal, the position of a CFO in a renowned multinational company. Combined with my knowledge of Chinese, Korean and English, a degree obtained at NYU will maximize my choices for a successful career start.Access to the hub of the global economy is another important criterion for my choice. I feel that to learn the most about the US economy, I have to get to the center of business located in Manhattan. Using this opportunity, I can help make contacts with those who are at the forefront of what is happening in the US business community.Located in the middle of the global economy, NYU will give me an excellent chance to search for a job in a top-ranked accounting form after graduation. During studies at NYU, there will surely be plenty of opportunities to increase my prospects of employment through a range of internships and broaden my work experience that is often a decisive factor in accounting careers.I am positive that Stern Business School will be an importa nt step toward the realization of my ambitious career aspirations. With outstanding faculty, exemplary curriculum, world-wide reputation and international focus, Stern is the ideal match for my future plans.A degree obtained from NYU will become the next building block of my professional career, taking me further in the exciting pursuit of knowledge about the business world. I strongly believe that years from now, I will be looking at this pivotal point in my life, remembering with gratitude my student years at Stern, full of intriguing discoveries, intense preparation for future work and friendships with outstanding individuals from the whole world. Application Essay The reasons for including social sciences in my life long career originated at high school when I showed a deep interest and enthusiasm in studying of government, basics of law and psychology.  Since that time I’ve realized that my professional life would be connected with work on government agencies with focus on social relations.My deep interest in law and psychology as well as my critical and logical thinking abilities have been doing me a great favor in my professional life which is associated with two different spheres of professional activity: finance and psychology.After graduation from college in 1998 with a Degree in Psychology I have been working part time as a counselor for mentally challenged people in group homes and also had a job of accountant and tax consultant in consulting company. This versatile professional experience gave me a great and invaluable practice of working with people and studying psychological issues as well as it gave me a great cha nce for further improvement of knowledge in the field of human behavior and nature of human relations.On the other hand the work in finance sphere gave me an opportunity to develop and improve my critical evaluation and conclusion skills and gave opportunities for essential independent thinking and independent work practice that is one of integral components of my future career goals.  My rich and deep knowledge of human nature and behavior and my long interest in studying law prompted me to think about continuation of my education and pursuing of Criminal Justice Master degree, which is caused by my career plans to work for FBI or federal Patrol.A solid background in psychology on the hand with my critical and analytical reasoning skills will serve as a strong basis for studying law and criminology. That’s why John Jay School of criminal justice, that has excellent criminology programs, will pave the way for further professional growth and excellence.Â
Saturday, August 31, 2019
Feasibility Report Essay
The company will sell custom-made cakes, cupcakes and coffee. The revenues from the business will come from the sale of decorated cakes and cupcakes, as well as coffee for customers who visit the shop. The business will raise revenue from service: cake decoration and creation of the centerpieces of many of the most remarkable occasions of the lives of clients. Service revenue will come from different customized cake designs, decoration and bake creations. The business will use many different designs as discussed by Graham (2007) and Wilson (2011). The major revenue source during the initial year will be service revenue, including drink, cakes, and cupcakes sales. The business includes walk-in service. It will have two ordering delivery channels; phone orders and via online ordering. In addition, parking bays will be provided at a fee. The projected revenue from parking bays will be $75000 per year. The revenue from the sale of cupcakes, cakes and drinks is projected to be $100000 yea rly. The revenue from custom-making service will be $50000 annually. Therefore, the total projected revenue will be $225000. Cost Drivers The business will consider the costs in order to stay in business (Marron, 2014); (Kidder, 2012 ). a) Upfront Costs Since the business is new, there will be several starting costs before official opening. Upfront costs consist of the purchase of furniture and fittings (table, chairs, coffee machines, installation of EFTPOS (electronic funds transfer at point of sale) and computers, cutlery, and front decoration (Ilasco and Seto, 2012 ); (Spencer, 2010). Advertising expenses will consist of the advertising campaign in the initial year. The advertising drive will be geared towards increasing sales to cater for the other costs (Marquis, Demand Media, 2014). Materials for shop decoration will be used to attract new customers. The total cost will include the cost of employing an interior designer. In addition, the business will consider the bond for the rent. This is because the expense must be paid prior before the business is opened. There will be other upfront costs that will include the certificates and legislations required for the business opening (Department of Health, 2014). b) Fixed Costs Owing to the scenic area of Melbourne, the high cost of rent must be taken into account. Utilities like lighting, heating, telephone lines, internet router and air conditioning have to be considered before the official opening. The business will choose a cheap electricity supplier. There are many to choose from (Smart Utilities, 2014). For an attractive design of the display in the shop, an interior designer with experience will be sought once per year. The cost associated with this will be recorded as ‘expenses for design.’ Besides, the parking bays’ rental will be a yearly fixed cost paid to Melbourne City Council (Hamer, Currie and Young , 2011). The parking bays will be provided to increase revenue. The business will take legislations into consideration, because set annual fees will have to be paid to the relevant bodies to ensure business continuation. c) Variable Costs These are the expenses that will change with the output of the business. The main variable cost in the cake and cupcake shop is raw materials used in the production of cupcakes, coffee and cakes such as lollies, vegetables, fruits, flour, milk, coffee beans and chocolate (Leach and Melicher, 2014). The cost of vegetables and fruits will change depending on seasonal and weather changes. There will be other variable costs like package expenses: boxes, bags, staff wages and utilities. The workers in the shop will include 1 baker 1 decorator Junior casual staff Wages will be paid fortnightly. Additionally, the business will offer staff uniforms and training opportunities. There will be allowance of discount expenses owing to the high-inventory turnover and the need to supply fresh products. On special occasions, the business may have deals or offers that will reduce the unit profit. There will be other expenses like machinery maintenance, new fittings and insurance. These will be required as the business grows. Resource Requirements/Mapping Human Resource It will be very easy to get the key employees as it will only involve placing adverts on the street notice boards. There will be an added cost of interviews, as well as paying the Melbourne City Council (City of Melbourne, 2014). Physical Resource Property for lease is available in the area identified. Due to the scenery of the area, the cost of lease is high. However, the expected returns are high. The business premises will be gotten under a one-year lease. This will save the cost that may be incurred in paying monthly costs. Similarly, it will avoid the costs associated with monthly rent increases. Financial Resource The total startup cost is $130000. The business will raise $30000 and $100000 will be obtained from the bank as loan. Costs for maintenance will be catered for by the revenue from the business. Investment Size The business plans to raise $130000 to meet its startup cost. The funds will be used for: Developing the company’s cupcake and cakes store location Financing for the first year of operation Capital to buy baking equipment and ovens The company will contribute $30000 to the venture. The remaining $100000 will be financed by the bank as loan. Projected Startup Costs Initial Lease Payments and Deposits $20000 Working Capital $60000 Security Deposits $20000 Opening Supplies $10000 Company Vehicle and Lease Deposits $2000 Marketing Budget $10000 Miscellaneous and Unforeseen Costs $8000 Total Startup Costs $130000 References Aaron Marquis, Demand Media , 2014. The Average Profit Margin for a Cake Bakery. [Online] Available at: http://smallbusiness.chron.com/average-profit-margin-cake-bakery-14214.html [Accessed 11 05 2014]. Department of Health, V. A., 2014. Starting a food business. [Online] Available at: http://www.health.vic.gov.au/foodsafety/bus/foodbus.htm [Accessed 11 05 2014]. Graham, J., 2007. The Crabapple Bakery Cupcake Cookbook. Print ed. London: Penguin Group (USA) Incorporated. J. Leach, Ronald Melicher, 2014 . Entrepreneurial Finance. 5 ed. Stamford: Cengage Learning. Kidder, D., 2012 . The Startup Playbook: Secrets of the Fastest-Growing Startups from Their Founding Entrepreneurs. Illustrated ed. San Francisco : Chronicle Books. Marron, D., 2014. Cupcake Economics. [Online] Available at: http://dmarron.com/2009/11/28/cupcake-economics/ [Accessed 11 05 2014]. Meg Mateo Ilasco, Catherine Seto, 2012 . Mom, Inc.: The Essential Guide to Running a Successful Business Close to Home. Illustrated ed. San Francisco: Chronicle Books. Melbourne, C. o., 2014. Rates and valuations. [Online] Available at: https://www.melbourne.vic.gov.au/buildingandplanning/ratesandvaluations/Pages/RatesandValuations.aspx [Accessed 11 05 2014]. Paul Hamer, Graham Currie, William Young , 2011. Parking Price Policies – A review of the Melbourne congestion levy. Australasian Transport Research Forum 2011 Proceedings , 1(1), pp. 1-16. Spencer, P., 2010 . Start a Cupcake Business Today. London: InformationTree Press. StartupBizHub, 2014. Starting a Cake Business. [Online] Available at: http://www.startupbizhub.com/starting-a-cake-business.htm [Accessed 11 05 2014]. Utilities, S., 2014. Compare Electricity Rates in Victoria. [Online] Available at: http://www.smartutilities.com.au/electricity-comparison-victoria/ [Accessed 11 05 2014]. Wilson, D., 2011 . Baker’s Field Guide to Cupcakes. Unabridged, reprint ed. New York City: Houghton Mifflin Harcourt.
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