Fedex Express In Vietnam Commerce Essay

Fedex Express In Vietnam Commerce Essay This thesis aims to evaluate and formulate business strategy for FedEx Express in Vietnam to further promote the companys competitive advantages. Fred R. Davids Comprehensive strategic management Model is used for this strategic formulation. At the first stage of this process, FedEx Vietnam quantitative evaluations of internal, external environments and its Competitive Ability Profile are created. A strategic group of five managers and specialists who are knowledgeable in air express transportation industry is formed up to determine factors of each matrix and weight/ score of each attributes of these components. Data from this input stage shows the companys Internal Factor score shows companys weakest points are operating under agency contract. FedEx External Factor score reveals the company is responsive to external environment. However the level of responsiveness to competitors and administration style in Vietnam is not high. In Competitive Profile Matrix, FedEx ranks the second position among the four market leaders. The areas that company needs to look into for improvement is customer service and marketing. With the data from input stage, SWOT matrix and Grand strategy matrix are used to formulate all applicable strategies. At final stage of the formulation process, all alternative strategies that were selected in matching stage are put in Qualitative Strategic Planning Matrix (QSPM) to determine which strategies out of given alternative strategies are more attractive. With the result, the thesis goes to some recommended tactics for some key functions to implement the two selected strategies for FedEx in Vietnam. RATIONALE THE RESEARCH As an infrastructure service, air express transportation playing more and more important role in the global economy. In Vietnam, the economic booming and dramatic growth of international trade bring very high demands for air express transportation. This demand is critical in both terms of transportation capacity and quality of service. Being in Vietnam for more than 17 years, FedEx Express the world leading air express transportation company, has been operating under agency contract with Seabornes Logistic. This business model gave FedEx an excellent access to Vietnam market at start up. However after more than 17 years of development, in new business context with stronger competition and higher customer demand the company is facing with following challenges: Gap between customer needs and the ability of the operation team Various customer demand for value added service versus the current core products Harder competition from main competitors This situation requires FedEx VN to review its strategy for necessary adjustment in order to maintain the good growth and steadily expand its market share. And that is my purpose to choose this topic for my thesis. RESEARCH OBJECTIVES The research has 3 main objectives: Review strategy formulation models and theories that are applicable to the practical business. Evaluate FedExs competition ability in the context of Vietnam air express industry. The research will propose recommendations for FedEx business strategy in Vietnam from now to the year 2018. This research will answer the following questions: Why FedEx need to change its business strategy in Viet Nam? What is attractive strategy for FedEx Vietnam to 2018? RESEARCH METHODOLOGY Fred R. Davids strategy formulation framework is used for the strategy evaluation and selection. The model includes three stages: input stage, matching stage and decision stage. In the input stage, a team of strategists with participation of fifteen members from regional and FedEx Express Vietnam sales, marketing, customer service and operation management was formed up. The team discussed and agreed on list for internal factors (for Internal Factor Evaluation IFE Matrix), external factors (for External Factor Evaluation EFE matrix) and key success factors (for Competitiveness Profile Matrix). After the three matrices created, members of the team score weight and rate of each component factor independently. The collective IFE, EFE and CPM are made up by average the score from each team member. These matrices then are brought to team discussion for final review and comment. Secondary data from FedEx profiles, industry surveys/reports and related information from Internet was used for the team analysis and evaluation. In the matching stage, outcome of the input stage is used to generate feasible alternative strategies. SWOT matrix and Grand Strategy Matrix are the two techniques in this stage. Result of matching stage is a consolidated work sheet with all alternative strategies. The strategies which are applicable in both matrices are picked up for analysis in Quantitative Strategic Planning Matrix (QSPM). In QSPM strategist can determine which strategy is most attractive to the firm base on attractive score. This is the last stage of the process. SCOPE AND LIMITATIONS The research is for business strategy of FedEx Express in Vietnam from now to 2018. However strategic management is a continuous process containing of strategy formulation, implementation and evaluation. But in the scope of this research, the thesis will focus on some business strategies recommendation for FedEx Express Vietnam only. Given the scope of the thesis, detail implementation plan and evaluation/feedback for continuous improvement which are equally important to ensure a successful strategy were not deeply mentioned in the research. Without evaluation and feedback, management cannot get all employees involved in the strategic management process and hence cannot take full advantage of the process. CHAPTER I: THEORICAL FRAMEWORK Strategy and Business Strategy Definitions Strategy is not a new concept. In modern economy, when talking about business, strategy is usually the first thing to be mentioned. It is considered as cornerstone of business which determines failure or success of a firm. Thereve been a lot of definitions by scholars and researchers over the world. In an article What is strategy? on Havard Business Review in 1996  [1]  , Micheal E. Porter defined strategy as creating fit among a companys activities. The success of a strategy depends on doing many things well not just a few and integrating among them. If there is no fit among activities, there is no distinctive strategy and little sustainability. Regarding corporate strategy, a definition by Kenneth R. Andrews in 1998  [2]  supposed Corporate strategy is the pattern of decisions in a company that determines and reveals its objectives, purposes and goals and it produces the principle policies and plans for achieving those goals, and defines the range of business the company is to pursue. Strategy also defines the kind of economic and human contribution it intends to make to shareholders, employees, customers and communities. Another definition by John A. Pearce in 2000, a strategy reflects companys awareness of how, when and where it should compete, against whom it should compete and for what purpose it should compete. In all mentioned definitions, strategy and business strategy are almost the same in a corporate or entrepreneur scope. So, in general, a business strategy defines how a business/firm will go to succeed in its industry and market against its competitors. So, it should represent the ways that the management can make to define and secure the future of that business. In particular, a business strategy defines the scope of business, objectives, offering values, competitive advantages to meet customer needs as well as succeed now and in the future. Furthermore, a business strategy should include both objectives to be accomplished and the actions must be done to follow that direction. Business Strategy Management Business strategy management is defined as the set of decisions and actions that result in the formulation and implementation of plan designed to achieve a companys objectives. In general, business strategy management process includes three steps: Figure 1: Strategy management process Source: Strategic Management, Statistic Publishing House 2007  [3]   The formulation step includes analysis of current situation, forecast of future status to select and set up an appropriate strategy. Implementation is a process to achieve strategic target(s) by using strategy formulation that set out in previous step. To make the strategy working well, an important step is evaluate and adjustment. At this phase, the implementation is analyzed to see if there is any area that firms need to change to make the strategy more adaptable. Business strategy management helps enterprise clearly determines its objectives and how to archive it. It is instrumental in archiving high performance, cost effective and action oriented. With setting up of short term objectives in supporting for long-term ones, the process involves all members of the company, from front line employee to senior management level. This in return will enhance the firm to prevent troubles. Manager will get support from subordinates in forecasting of the strategic planning and in monitoring of the implementation stage. The involvement of employees in strategic formulation also improves their knowledge of the productivity reward relationship in all strategic plans hence, it heightens their motivation. The strategy management also helps the firm better adapt to changes of environment. The movement of environment, especially for those fast moving factors, usual creates opportunities as well as risks to the firm. Continuous strategic management which requires managers to analyze and forecast of the near and far future environments, helps manager to better manage and make the best of opportunities while minimize the risk that firm may have to face with. However, business strategy management process usually requires a lot of time and effort from managers. This might has a negative impact to operational responsibilities. Manager must be trained to minimize this impact by scheduling their duties to allow necessary time for strategic activities. Business Strategy Formulation Process: To give out strategic decision, it requires a comprehensive study on internal and external environments of a firm in regard to the firm objectives. Going to further details of the formulation process, it can be divided into 3 stages: Figure 2: Strategy formulation process Source: Strategic management concept and case, Fred R. David 2007  [4]   Input stage In this stage, firm has to gather all basic input information that is required to formulate strategy. They include External Factor Evaluation Matrix (EFE), Internal Factor Evaluation Matrix (IFE) and Competitive Profile Matrix (CPM). External Factor Evaluation: EFE summaries and evaluates both macro and industry (micro) environments. Base on that evaluation, strategist can determine opportunities and threats to have appropriate solution. The aim is to promote opportunities and avoid or reduce impact of the threats. Macro Environment: PEST model is a good tool for evaluation. The components of this model include: Political: The direction and stability of the political factors are major consideration of managers in formulation strategy. Political factors define legal and regulatory frame in which the firm operates in. It includes law and regulation on fair trade, minimum wage, pollution, patent, trade mark and many other actions. Economics: This regarding the nature, environment and direction the countrys economy in which a company operates. The factors to be evaluated include interest rate, inflation rate, finance policy, unemployment, risk level of investment, level of integration of the economy to world economy or to international organization that it is member of, trade balance, GDP growth rate and trends in growth of each economic sector. Social: demography, social structure, life style, education, religion, etc are social factors that affect a firm. Technology: Technological change can have a big impact on the industry that a firm operates. Creative technological adaptations can lead to possibilities for new products, for improvement of existing product. Industry environment: Michael Porters Five Force Model is the tool for this analysis. Competitors: This is the major determinant of competitiveness of the industry. Factors to be evaluated are number of competitor, rate of industry growth, economic of scale, sustainable competitive advantages and fixed cost allocation per value added etc. Suppliers: The bargaining power of suppliers is measured by determining supplier switching cost versus the firm switching cost, degree of differentiation of inputs, present of substitute inputs. Customers: Bargaining power of customers is the ability of customer to force prices down, ask for more higher quality service and play competitors off each other. The level of this power depends on customer volume, switching cost, availability of substitute products and differentiation of products. New entrants: The new entrants bring threat of higher level of competition. This threat is measured through barriers to entry, switching cost, economics of scale, product differentiation, capital requirement etc. Substitute products: The existence of replacement product brings in threat of customer to switch to other alternatives. The determined factors are relative price of substitute, customer propensity to substitute, buyer switching cost, product differentiation. Figure 3: Industry environment (Porter Five Forces Model) Porters Five Forces Source: Mindtool.com  [5]   After gathering information, all external factors are quantitatively evaluated with weight and rating score. Weight of a factor would indicate the relative importance of the factor to be successful in the firms industry. A weight assign to a factor can be from 0 to 1 with condition that total weight of all factors is 1. Rating score measures responsive level of the firm to respective factor. It ranges from 1 to 4 with 1 = poor response, 2= below average response, 3 = above average response and 4 = superior response. Figure 4: Steps to develop EFE matrix Select key external factors. Weigh importance of the factors from 0 to 1. Total weight of all factors must be equal to 1 Rate the level of response of the firm to each external factor from 1 to 4 with 4 is the highest rate Calculate weighted score for each factor (TAS). TAS = factor weight * rate Total weighted score for the firm The total weighted score (TAS) is equal to weighing score time rating score. The firms EFE TAS is sum of all external factors. This TAS shows the responsiveness of the firm to the external environment. If the score is 2.5 up, it means firm response to the environment well. Internal Factor Evaluation IFE summaries and evaluates major strengths and weaknesses in all areas of a firm. This includes: Human resource: The areas to be evaluated are ability to formulate and implement the firms strategy of it management at all level, readiness of the work force to implement that strategy, capacity of the organization structure in adapting with the changes of business environment. Tangible asset: Finance resource, facility, vehicle, raw material, etc. These items are normally reflected on company balance sheet Intangible asset: These are not assets that we can touch and see, but they are very often critical in creating the firms competitive advantages like brand name, company reputation, technical knowledge, patent and trade mark. Functional groups: Capacity and performance of each function of the firm like marketing, sales, finance, RD, operation, quality managementà ¢Ã¢â€š ¬Ã‚ ¦ Similarly to EFE matrix, the IFE matrix is developed via 5 steps Figure 5: Steps to develop IFE matrix Select key internal factors. Weigh the importance of the factors from 0 to 1. Total weight of all factors must be equal to 1 Rate the level of response of the firm to each internal factor from 1 to 4 with 4 is the highest rate Calculate weighted score for each factor (TAS). TAS = factor weight * rate Total weighted score for the firm The total IFE TAS of the firm shows how strong the firm is. If it is from 2,5 upward, it means the firm is in strong status. Competitive profile Matrix CPM identifies a firm major competitor and their particular strengths and weaknesses in relation to a sample firms strategic position (David, 2007). Different from EFE, critical success factor in a CPM are broader. They dont include specific or fact data and even just focus on internal issues. The critical success factors in a Competitive Profile Matrix also are not grouped into opportunities and threats as they are in EFE. This provides internal strategic information that is also very important to the firm. Matching stage By matching and aligning key external and internal factors, this stage will generate all feasible alternative strategies. The technique use in this stage includes Strengths-Weaknesses-Opportunities-Threats (SWOT) Matrix, Grand strategy Matrix. Other matrices like Strategic Position and Action Evaluation (SPACE) Matrix, Internal-External (IE) Matrix, Boston Consulting Group (BCG) Matrix can be considered to use in this matching stage. SWOT Matrix The SWOT analysis was made popular by Andrew (1965). Through evaluating of components of a firms internal and external environments, this analysis enable the firm to approach its most feasible and applicable strategy to get its strategic objectives. By answer the question how the company makes the most of its strengths, circumvent its weaknesses, capitalize on its opportunities and manage its threats, SWOT model provides an efficient tool for the company long range planning base on qualitative analysis rather than merely base on quantitative forecast (Edmund P.  Learned, 1965). SWOT matrix presents a mechanism for facilitating the linkage among company strengths weaknesses threats and opportunities in the market place. It also provide framework for strategy formulation with its 4 types of strategies: SO (Strengths-Opportunities) strategy, WO (Weaknesses-Opportunities) strategy, ST (Strength-Threats) strategy and WT (Weaknesses-Threats) strategy (Figure6). Figure 6: SWOT/TOWS Strategic Alternatives Matrix External Opportunities (O) 1. 2. 3. 4. External Threats (T) 1. 2. 3. 4. Internal Strengths (S) 1. 2. 3. 4. SO Maxi-Maxi Strategy Strategies that use strengths to maximize opportunities. ST Maxi-Mini Strategy Strategies that use strengths to minimize threats. Internal Weaknesses (W) 1. 2. 3. 4. WO Mini-Maxi Strategy Strategies that minimize weaknesses by taking advantage of opportunities. WT Mini-Mini Strategy Strategies that minimize weaknesses and avoid threats. Source: Mindtools.com  [6]   Manager can develop these 4 strategies by answering: SO How can his firm use its strengths to take advantage of the opportunities? ST How can his firm take advantage of its strengths to avoid real and potential threats? WO How can his firm use its opportunities to overcome the weaknesses you are experienced? WT How can his firm minimize its weaknesses and avoid threats? Grand Strategy Matrix Grand Strategy Matrix can be used by firm to select applicable strategies from all 15 principal grand strategies base on evaluating of two dimensions: competitive position and market growth. The two dimensions of Grand Strategy Matrix make up a 4 quadrant axis. Quadrant I is for firms which have strong competition position and operate in rapid growth industry. Aggressive strategies like market penetration, market development, and product development strategies are effective choice for the firm to further promote its competitiveness. The firm can also choose vertical integration to acquire business of its supplier or customer if it has excessive resources. If the firm in this Quadrant is too heavily committed to a single product, it can reduce the risk by using concentric diversification to expand its business through acquiring or generating related business in term of technology, market or product. Quadrant II represents for firms that have a weak competitive position in a rapid growth industry. These firms must evaluate its present position to the marketplace and determine what make them to be ineffective in competing in the market. The firms should firstly apply intensive strategies like market penetration, market development, product development to improve it competitiveness. Using horizontal integration to acquire similar firm(s) operating at the same stage of the product-marketing chain is also a suitable alternative in case the firm lack of a distinctive competence or competitive advantage. In the worst case when there is no chance for competitiveness improvement, divestiture or liquidation should be considered. Quadrant III is for firms operate in slow-growth industries and have weak competitive position. To avoid of further lost or even bankruptcy, the firm must take drastic changes. Retrenchment should be the first strategy that the firm considers to cut cost or reduce asset. Other options for firms on this quadrant are divestiture or liquidation. Quadrant IV is for firms that have a strong competitive position but are in a slow growth industry. Diversification to more promising growth areas is the efficient strategy in this case. The firms can pursue concentric diversification strategy to expand its business to related areas or conglomerate diversification strategy to acquire business that not synergic to its current one but have high profit margin. Figure 7: Grand strategy Matrix Rapid Market growth Quadrant II Slow market growth Strong competition Position Weak competition Position Quadrant IV Quadrant I Quadrant III Source: Formulation, Implementation and Control of Competitive Strategy, Pearce/Robinson, 2000 Decision stage At this final stage of strategy formulation, Quantitative Strategic Planning Matrix (QSPM) is used to evaluate feasible alternative strategies identified in Stage 2 with input information from Stage 1. Evaluation through QSPM reveals the relative attractiveness of alternative strategies and thus it is base for selecting specific strategies. This technique allows top managers to assess alternative strategies objectively based on a firms internal strengths/weaknesses and external opportunities/threats (David, 1986). In QSPM, left column consists of key internal and external factors from Stage 1, and the top row includes feasible alternative strategies from Stage 2. Information of key internal/external factors and weight of each factors are extracted directly from the EFE Matrix and IFE Matrix. The top row of a QSPM includes alternative strategies derived from matrixes that used in Stage 2. These matching tools usually generate similar feasible alternatives (David, 2007). QSPM determines best strategy to the firms by calculating total attractiveness scores (Multiply Attractiveness Score with Weight of each factor for each alternative strategy) and sum Total Attractiveness Scores of each alternative strategy in the QSPM table. As mentioned above, weights of the internal and external factors are directly transferred from IFE and EFE matrix in Stage 2 and Attractiveness Scores (AS) are defined as quantitative values with 1 for not attractive, 2 for somewhat attractive, 3 for reasonably attractive, and 4 for highly attractive. Figure 8: Qualitative Strategic Planning Management (QSPM) model Internal factors Weight Strategy alternative Strategy 1 Strategy 2 AS TAS AS TAS 1 2 3 External factors 1 2 3 Total attractive core Total Attractiveness Scores will show the relative attractiveness of each optional strategy, considering the impact of the adjacent internal or external critical success factor. The higher the Total Attractiveness Score, the more attractive the strategic alternative is. The Sum Total Attractiveness Scores reveal most attractive strategy in each set of alternatives (Figure 8).

Hacking :: science

Hacking Describe a negative aspect of ICT’s impact on the information society. Describe how ICT has brought this about and what society is has done in response to it. Abstract Hacking has been and still disease different societies suffer from. The essay aims to provide the reader with knowledge regarding the effects hacking caused to our society, and how the society responded and tried to solve or minimize those effects. Different issues regarding hacking are discussed, such as the motivations that were behind guiding hackers who were at first computer professional to perform unauthorized activities, at the same time a discussion about the types of attacks can be found. The society response to hacking attacks lacks till this moment the ability to stop or completely prevent attacks from happening because as long as security tools are developed, more sophisticated hacking attacks are invented. That’s why we should start to think about hacker’s psychology as the main way to prevent and stop attacks by understanding their needs or desires. Introduction The Oxford English Dictionary defines hacking as â€Å"cut or chop roughly; mangle: cut (one’s way)†Ã¢â‚¬ ¦ to its present definition as â€Å"gain unauthorized access (to data in a computer)†. Banks (1997:11) defines hacking as â€Å"something that boring mainframe computer operators did to improve performance and battle boredom.† Here banks focuses on boredom as the reason of hacking. A more technical definition of hacking according to Digital Guards data base (2001) is â€Å"unauthorized use, or attempts to circumvent or bypass the security mechanisms of an information system or network.† Darlington (2001) believes hacking is not limited to accessing data or information but also includes an attack on the privacy of all people. Almost all different opinions agree on the illegality of hacking. On the other hand the word hacker is the agent of hack or hacking and it was defined as a person who enjoys accessing files whether for fun, imposing power or the interest related to the accessed files or data according to Taylor (1999). While Marotta (in Taylor, 1993) has a negative view of the hacker as a data lord, a barbarian who takes what he wants. Himanen (2001) defines hacker as any person who performs illegal actions whether they were related to computer or not which means the usage of a device apart from its functionality. Seems hacking according to Himanen is related to any illegal or unauthorized action. Seebach (1999) finds hacker as a person who feels delighted and full of joy when being able to access a system and break the security utilities but Himanen (2001) doesn’t consider hacker as a thief.

“Born To Run” by Christopher McDougall Essay Essay

In Christopher McDougall’s â€Å"Born to Run† a lot has been written about the Tarahumara Indians of Mexico and their almost superhuman ability to run hundreds of miles over rugged terrain while suffering little in the way of fatigue or injury. It appears that the Tarahumara are the last members of the human race to live up to our true evolutionary potential. You could chalk up their success to a lack of junk food, stress and the evils of 21st century society, or perhaps they have been somehow genetically endowed with endurance abilities that the rest of us lost at the beginning of the Industrial Age. We learn that this seemingly lost ability is actually alive and well in the strangest places and people. In â€Å"Born to Run†, McDougall tracks down members of the reclusive Tarahumara Indian tribe in the Mexican Copper Canyons. After being repeatedly injured as a runner himself, McDougall marvels at the tribe’s ability to run ultra-distances (over 320 km) at incredible speeds, without getting the routine injuries of most American runners. The book has received attention in the sporting world for McDougall’s description of how he overcame injuries by modeling his running after the Tarahumara. He asserts that modern cushioned running shoes are a major cause of running injury, pointing to the thin sandals called huaraches worn by Tarahumara runners, and the explosion of running-related injuries since the introduction of modern running shoes in 1972. Alongside his research into the Tarahumara, McDougall delves into why the human species, unique among other primates, has developed traits for endurance running. He promotes the endurance running hypothesis, arguing that humans left the forests and moved to the savannas by developing the ability to run long distances in order to literally run down prey. If you look at humans from a physiological point  of view, we are an upright biped, a body type that would make us very vulnerable to attack on the plains of Africa. There is no physiological advantage that we have that can exploit in order to hunt and be successful, apart from the ability to run long distances. Running, for the Tarahumara is integral to their societal structure and even the way in which they run, in strategic formation in respect to social rank, improves their endurance and their speed, as well as having incalculable benefits on their fitness, mental well-being and social health. The fact that in the Tarahumara society, clinical depression, greed, crime, war, violence, domestic abuse, as well as a host of modern illness such as cancer and heart disease is virtually unheard of. The Tarahumara lives to a ripe old age and is extremely happy in doing so. The greatest race the world has never seen refers to the Copper Canyon Ultra marathon but it could equally refer to the Human Race, and its history of development which is intertwined with running. Running helped make us who we are, and it IS who we are, it is one of the purest expressions of our humanity and deserves its place as so. When it comes to going ultra-distances, nothing could beat the Tarahumara not a racehorse, not a cheetah, not even an Olympic marathoner. Very few outsiders had ever seen the Tarahumara in action, but amazing stories of their superhuman toughness and tranquility have drifted out of the canyons for centuries. One explorer spent 10 hours crossing a mountain by mule while a Tarahumara runner made the same trip in 90 minutes. One reason the Tarahumara squeeze so much mileage out of their feet is because they don’t baby them. The Tarahumara add strength to their stride from childhood by passing a wooden ball with their feet as they race through the woods. Keeping the ball in play means lunging, backpedalling and twisting all movements that later translate into powerful, economical self-propulsion. Your body needs to be shocked to become resilient and for the Tarahumara, that’s just daily life. They step into the unknown every time they leave their caves because they never know how fast they’ll have to  sprint after a rabbit, how much firewood they’ll have to haul home, or how tricky the climbing will be during a winter storm. Before the Tarahumara run long, they get strong. Personally I think the Tarahumara Indians motive people to do their best in running. At least I know they have motivated me to do better in my events in Track and Field. And with this in mind I can see improvement and so have my coaches.

Free Essays on Dali VS Esher

Dali vs. Esher At first glance at Dali’s Swans reflecting elephants, it just appears to be swans swimming on a peaceful lake. At a closer look one should see elephants in the reflection of the swans. The trees are eerie and nightmarish. The blue sky is reflected in the water, which gives it color. All of these aspects raise the question where does the land end and where does the sky begin? Vivid details and curiosities cover every inch of this painting. A man in the moon watches over the lake, a man painted in vivid detail stands on a landscape blurred by impressionism. The message in the painting seems to be to always take a second look, things may not always be what they seem. In M.C Esher’s drawing, Ascending/ Descending, a rectangular inner courtyard is bounded by a building that is roofed in by a never-ending stairway. The inhabitants of this building would appear to be monks, adherents of some unknown sect. Perhaps it is their ritual duty to climb those stairs for a few hours each day. It would seem that when they get tired they are allowed to turn about and go downstairs instead of up. Yet both directions, though not without meaning, are totally useless. Two recalcitrant individuals refuse, for the time being, to take any part in this exercise. They have no use for it at all, but no doubt sooner or later they will be brought to see the error of their nonconformity. It would appear that Escher is making a comment about the drudgery and conformity of these monks. Is he poking fun at religion? While both works of art present many intriguing details, one definitely stands above the other. Dali’s surrealist painting is far superior to M.C. Escher’s drawing. The use of detail in the painting outstrips Escher’s drawing. Dali’s painting also supports its message better, causing the observer to take a second look at everything he encounters in the painting. Is that really just a cloud? Also, the quality and the diff... Free Essays on Dali VS Esher Free Essays on Dali VS Esher Dali vs. Esher At first glance at Dali’s Swans reflecting elephants, it just appears to be swans swimming on a peaceful lake. At a closer look one should see elephants in the reflection of the swans. The trees are eerie and nightmarish. The blue sky is reflected in the water, which gives it color. All of these aspects raise the question where does the land end and where does the sky begin? Vivid details and curiosities cover every inch of this painting. A man in the moon watches over the lake, a man painted in vivid detail stands on a landscape blurred by impressionism. The message in the painting seems to be to always take a second look, things may not always be what they seem. In M.C Esher’s drawing, Ascending/ Descending, a rectangular inner courtyard is bounded by a building that is roofed in by a never-ending stairway. The inhabitants of this building would appear to be monks, adherents of some unknown sect. Perhaps it is their ritual duty to climb those stairs for a few hours each day. It would seem that when they get tired they are allowed to turn about and go downstairs instead of up. Yet both directions, though not without meaning, are totally useless. Two recalcitrant individuals refuse, for the time being, to take any part in this exercise. They have no use for it at all, but no doubt sooner or later they will be brought to see the error of their nonconformity. It would appear that Escher is making a comment about the drudgery and conformity of these monks. Is he poking fun at religion? While both works of art present many intriguing details, one definitely stands above the other. Dali’s surrealist painting is far superior to M.C. Escher’s drawing. The use of detail in the painting outstrips Escher’s drawing. Dali’s painting also supports its message better, causing the observer to take a second look at everything he encounters in the painting. Is that really just a cloud? Also, the quality and the diff...

Lawrence Sports †Working Capital Policy Paper

Lawrence Sports – Working Capital Policy Paper Free Online Research Papers Lawrence Sports is a manufacturer and distributor of sporting goods equipment and protective gear. They have one major customer, Mayo Stores, which supplies 95% of the company revenues for Lawrence Sports. Mayo Stores is a leading world retailer and is in the process of expanding their business internationally. The expansion process has limited Mayo Stores’ ability to make the scheduled payments to Lawrence Sports. This is having a great financial impact on Lawrence Sports business operations (University of Phoenix, 2007). Lawrence Sports has two primary suppliers: Gartner Products and Murray Leather Works. Gartner Products is the largest supplier, providing approximately 70% of the materials for Lawrence Sports. Lawrence Sports is not a major customer for Gartner Products which could limit financial negotiation abilities. Murray Leather Works is a much smaller company. Murray Leather Works has been able to obtain Lawrence Sports as their primary customer, supplying 75% of their revenues. Negotiations with Murray Leather Works will need to be handled delicately. Delaying payments too long could have a severe impact on Murray Leather Works financial well-being. It will be important to structure agreements with both suppliers which allow for payment flexibility for Lawrence Sports (University of Phoenix, 2007). Lawrence Sports needs to build and maintain strong relationships with both their customers and suppliers. These relationships strengthen account negotiation processes. It will also provide for proper management of accounts receivables and accounts payables which will reduce the need to rely on borrowing from the bank line of credit (University of Phoenix, 2007). Properly managing cash reserves, credit policies, negotiating supplier strategies, and available bank financing will provide Lawrence Sports with an optimal working capital strategy. This strategy shall also be monitored to ensure suitable performance is being achieved. Working Capital Policy Cash balance requirements including cash reserves needed for long-term opportunities that may arise. Lawrence Sports needs to determine an ideal cash reserve. An ideal cash reserve is to find a proper balance between flexible financial policies and restrictive financial policies. Flexible financial policies include maintaining large cash balances and marketable securities, holding large balances in inventory, and offering liberal credit terms. Restrictive policies are the opposite of flexible policies low cash reserves, low inventory, and no credit sales. A restrictive policy could result in shortage costs. Shortage costs occur when current assets are low which result in payment defaults or creating a need to borrow (Ross, 2004). Lawrence Sports is required to maintain a minimum of a $50,000 cash balance in the bank at all times (University of Phoenix, 2007). This needs to be considered in determining the ideal reserve and reviewing cash budgeting. Cash budgeting includes examining the timeline of cash inflows and cash outflows and reviewing the sources and uses of cash. Currently, Lawrence Sports is faced with delayed payments from their primary customer, Mayo Stores, and a need to make payments to their suppliers. An alternative available is to borrow from a bank line of credit. This is not the preferred solution due to the high-interest costs incurred. Lawrence Sports needs to determine a target cash reserve for their company. The target needs to incorporate the minimum $50,000 required cash balance by the bank, determine a safety reserve for unforeseen expenses, and the cash required for the company operating cycle. Lawrence Sports may want to benchmark industry websites in determining an optimal cash balance. They can also review credit policies, supplier negotiations, and financing strategies to assist with cash requirements for the operating cycle. Credit policy that balances Lawrence Sports desire to minimize accounts receivable and maximize revenue. Lawrence Sports is currently faced with a collection issue with Mayo Stores. Mayo Stores is currently two weeks behind in their payments due to their international expansion efforts. Lawrence Sports has been informed to not expect any payments for an additional two weeks. The lack of cash inflows is creating financial burdens for Lawrence Sports. A review of the credit policy should be reviewed. Lawrence Sports has three different options in offering credit to customers: terms of sale, credit analysis, and collection policy (Ross, 2005). The terms of sale review the period to grant credit, cash discounts, and credit instruments. Three factors affect a decision to grant credit: the probability of non-payment, size of the account, and perish-ability (Ross, 2005). Mayo Stores is Lawrence Sports’ primary customer and a good relationship has been established. Products supplied to Mayo Stores are non-perishable. Providing credit terms generally increases sales. Denying credit to Mayo Stores could be a fatal decision. Therefore, payment negotiations need to be handled delicately. Lawrence Sports could offer a cash discount for payments received early. A cash discount such as 5/10/net 30 could be offered. This would encourage Mayo Stores to provide payments within the first 10 days by offering a 5% discount on the balance due. Payments not received within the first 10 days would not receive a discount (Ross, 2005). This would speed up cash inflows for Lawrence Sports and reduce the need to borrow bank funds. Lawrence Sports could re-negotiate credit instruments by requiring Mayo Stores to sign a promissory note, commercial draft, banker’s acceptance, or conditional sale contract. These instruments provide for a more formal collection policy where repayment ability may be questionable (Ross, 2005). Requiring a credit instrument could damage the relationship with Mayo Stores and may not be the best option to pursue. Supplier negotiation strategy for terms of payment that balances the costs to Lawrence Sports and their cash requirements. Lawrence Sports currently has two primary suppliers: Gartner Products and Murray Leather Works. Gartner Products is the major supplier for Lawrence Sports, but Lawrence Sports is not one of the primary customers. Therefore, losing business from Lawrence Sports would not have a large impact on Gartner Products. A delay in making payments to Gartner Products could limit the ability to receive supplies from Gartner Products. Murray Leather Works is a small supplier, but Lawrence Sports provides 75% of their revenues. Delayed payments to Murray Leather Works could have a severe impact on operations. Lawrence Sports has a couple of options available in making payments to the accounts payables. They could stretch the payables or re-negotiate their payment terms. Stretching payables allows a company to defer payments. This can be costly due to the loss of being able to take advantage of discounts (Brealey, 2005). Lawrence Sports would need to compare the cost of losing discounts versus the cost of using bank financing. The option that provides the most benefit to Lawrence Sports should be used first. Lawrence Sports could also re-negotiate their credit terms with their suppliers. Increasing the due date from 30 days to 45 to 60 days out would allow additional cash inflows to be received in order to satisfy the payment due dates. Increasing the credit period can reduce the price paid by the customer and can increase sales (Ross, 2005). Increasing the credit period may be beneficial for the suppliers. However, the suppliers would need to adjust their cash budgeting to accommodate the request. Short term financing strategy to ensure the availability of an adequate line of credit while minimizing the cost of that credit. Lawrence Sports has many bank financing options available to them. Some of these options include a revolving line of credit, bridge loans, term loans, and commercial paper. Lawrence Sports currently has a revolving line of credit available to them with a maximum borrowing limit of $1.2 million. Their account is set up to automatically transfer funds if the cash balance goes below the required $50,000 balance. The downfall to using the line of credit is the interest rate associated with borrowing. When the balance reaches $550,000 or higher, the interest rate charged is 16%. Lawrence Sports prefers to keep bank borrowing and the interest rate as low as possible (University of Phoenix, 2007). Other bank lending options include bridge loans and term loans. A bridge loan serves as short-term interim financing. Bridge loans are typically self-liquidating. Term loans for working capital purposes typically have a maturity of four to five years. These loans will normally have level payment amounts. Some situations allow these loans to have a balloon payment or a single bullet payment. Often term loans are renegotiated before maturity. Short-term loans often have a lower interest rate than lines of credit, making this an attractive feature. Term loans can require collateral. Collateral can consist of a pledge of accounts receivables, inventory, or other long-term assets (Brealey, 2005). Lawrence Sports could look to term loan financing for working capital needs. A term loan could be a viable option with a lower interest rate and set payment amounts. This payment structure could result in less demand on the working capital position. Lawrence Sports could also consider issuing commercial paper. Commercial paper eliminates the intermediary and allows the company to issue their own short-term unsecured notes directly to investors. They are typically issued for periods ranging from 60 days to 9 months. Often bank lines of credit are used as guarantees for commercial paper, therefore, reducing the risk involved. Lawrence Sports could consider issuing commercial paper. However, they will need to ensure their credit rating is very high. Investors are often reluctant to invest in low rated companies (Brealey, 2005). Lawrence Sports will want to examine their bank financing options in their working capital strategy. Bank financing will need to be used in situations where cash shortfalls exist between accounts receivables collections and cash outflows to accounts payables. An understanding of how the shortfalls arise and when cash inflows can be expected for repayment will be crucial in obtaining bank financing. Metrics that will be used to monitor performance against the policy. Lawrence Sports has a variety of methods and financial analysis tools to measure financial performance. As the Finance Manager, a regular review of the financial statements will be crucial. The information provided on the financial statements will allow for performance ratios and indicators to be created. Short-term solvency can be measured through the current ratio and quick ratio. Asset management can be monitored through the asset turnover ratio, receivables turnover ratio, and inventory turnover ratio. Leverage ratios, such as the debt-equity ratio and the long-term debt ratio, measure the company’s dependence on bank financing. Profitability is measured through the net profit margin, return on assets, and return on equity ratios (Brealey, 2005). Lawrence Sports will want to monitor these ratios on a regular basis. It is recommended that monitoring range from daily to the use of financial forecasting over a three to five year period. These various analyses will allow Lawre nce Sports to monitor their financial position at all times and make adjustments as necessary for long-term company viability. Ethical Implications Lawrence Sports will want to ensure their financial information is documented properly. Financial information that is not properly accounted for can mislead the financial division, lending institutions, as well as investors. Misreporting information leads to faulty financial positions which can lead to obtaining more funds than the company has the ability to repay. It can also result in legal implications of falsifying documents for financial gains. Legal issues can lead to business closures and the possibility of key management personnel serving jail time. The government has put financial reporting requirements in place to help avoid financial misrepresentation. However, a proper review of financial documents needs to be completed on a regular basis by multiple persons within the financial department to serve as a check and balances system. Conclusion Lawrence Sports has many working capital strategies available. A mix of managing cash inflows from accounts receivables, cash outflows for accounts payables, and bank financing options will provide for a strong working capital policy. A cash reserve balance also needs to be available for unforeseen expenses. The best policy for Lawrence Sports is to work with their customers to set collection policies that will provide for cash inflows as quickly as possible while maintaining strong relationships to encourage future sales and revenues for company growth. Lawrence Sports will also need to negotiate payment terms with their suppliers that will accommodate the cash inflow trends. Relationships with suppliers also need to be carefully negotiated to maximize payment terms while at the same time providing for cash inflows for the supplying companies to operate. This is a delicate balance to achieve. The preference is to have accounts receivables collected prior to accounts payables being due. Situations occasionally arise where accounts receivables collections need to be extended which can affect the ability to satisfy accounts payable due dates. In these short-fall situations, Lawrence Sports needs to have bank financing available. Lawrence Sports currently has a revolving line of credit available to cover shortfalls. The interest rate associated with the line of credit is extremely high. The preference is to minimize the use of the line of credit as much as possible. Lawrence Sports will want to communicate their financing policies with their employees to ensure maximum performance is achieved and employees are engaged in the company. Providing a full understanding of company policies will result in best performance on both an employee level as well as a company level. References Brealey, R. A., Myers, S. C. Allen, F. (2005). Principles of corporate finance: Managing risk. New York, NY: McGraw-Hill Companies, Inc. Ross, S. A., Westerfield, R. W., Jaffe, J. (2005). Executive Summary (7th ed.). New York, NY: McGraw-Hill Companies, Inc. University of Phoenix. (2007). Working Capital Management. Retrieved September 19, 2007, from University of Phoenix, rEsource, Simulation, MBA 550 – Resource Optimization. Research Papers on Lawrence Sports - Working Capital Policy PaperCash or Card?International PaperGoogle Research PaperFalse AdvertisingGap Analysis: Lester ElectronicsDigital Marketing Mix Google EssayGene One the Transition from Private to PublicInflation TargetingCauses of the 2008 Financial CrisisEmployment Law Essay

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