External Environment: PricewaterhouseCoopers (PwC)

External Environment: PricewaterhouseCoopers (PwC) Globalisation refers to the growing economic integration of the world, as trade, investment and money increasingly cross international borders (which may or may not have political or cultural implications) (Schifferes, 2007). Over the past years, there has been a great increase in globalisation. The aim of this study is to analyse the international business environment of an organisation and the impact of globalisation on business organisations. The organisation chosen for this study is PwC. PricewaterhouseCoopers (trading as PwC) is a multinational professional services firm headquartered in London, United Kingdom. It is the worlds largest professional services firm and the largest of the Big Four accountancy firms measured by 2012 revenues (Wikipedia, 2012). The Big Four firms are PwC, Deloitte, Ernst Young and KPMG. 1 ENVIRONMENTAL ANALYSIS The business environment can be divided mainly into two groups: internal and external. The external environment can be either micro or macro. There are several tools that can be used to analyse these environments. Internal Environment: Consists of the strengths, weaknesses and core competencies of an organisation. It can be analysed using SWOT analysis, Value Chain analysis and Three Circles analysis. SWOT analysis is the main tool used in analysing the internal environment. It is an acronym for Strength, Weaknesses, Opportunities and Threats. Value Chain analysis attempts to understand how a business creates customer value by examining the contributions of different activities within the business to that value. Three Circles analysis involves examining customers needs, company offerings, and competitors offerings in order to clearly articulate what the companys competitive advantage is and how it differs from those of its competitors. External Environment: It refers to the business environment that an organisation has little or no control over but directly affects its operations. The following tools can be used to analyse the external environment: PEST Analysis. This tool used in analysing the forces affecting the macro environment of an organisation. It is an acronym for the political, economic, social, technological, environmental and legal forces. Porters Five Forces Analysis. It is used to analyse the attractiveness of an industry by considering five forces within the market. Stakeholder Mapping. It is used to identify stakeholders and their level of power and interest in an organisation. This enables the company relate with each stakeholder. 1.1 ANALYSIS OF THE MICRO-ENVIRONMENT (PwC) Threat of new entrants: To succeed in the professional services industry, some requirements include: Huge capital investment Years of experience Brand loyalty The industry is already dominated by strong firms with these qualities doing well both locally and internationally; new entrants are not a threat. Bargaining power of suppliers is high. They are big, rich and their alumni are  everywhere, throughout institutes, regulatory bodies, government, their clients boards and even within almost every other accountancy firm (Prizeman, 2011). Bargaining power of buyers is low. To obtain the best in professional services, there are very few options to choose from. Threat of substitute products No substitute; professional services (especially auditing) are required by law. Except when smaller firms offer the same services at cheaper prices, which is not a major threat. Rivalry The industry is highly competitive especially among the Big Four accountancy firms. 1.2 ANALYSIS OF THE MACRO-ENVIRONMENT The PEST analysis of PWC is given below: Political There are several laws that govern the firms activities. PwC offers services such as tax advisory and assurance services which are a very sensitive part of business. They should be treated with utmost care else face severe penalties. For example, they were recently fined  £1.4 million for failures concerning reports on client-money accounts at JPMorgan Chase Co. (JPM)s London securities unit (Moshinsky, 2012). Also, these regulations are changed or updated from time to time; therefore, PwC has to ensure they are always in compliance with the law. Furthermore, regulations on payment of taxes, financial statements and auditing make PwC continuously relevant in the market. Economic The recession in UK and other countries has affected the sales, profit and growth of several companies, including PwC. Therefore, some companies hire other firms which provide the same services as PwC but charge less, so as to reduce costs. This has also affected PwCs profits. Socio-Cultural Due to the highly professional services the organisation offers, it requires several highly skilled employees. Finding such individuals and retaining them is not an easy task, especially when other companies keep trying to win them over; offering them better employment packages. Technological This could act as a threat or opportunity to the organisation. New inventions, changes and advancement in technology provide an avenue for PwC to improve its operations and stay ahead of the competition. Computers, software, phones, internet, intranet etc are important resources to the firm. But keeping up with the rapid changes in technology is almost impossible. 1.3 IMPACTS OF THE INTERNATIONAL BUSINESS ENVIRONMENT Political Regulations governing PwCs activities differ from country to country and these are updated from time to time. These include employment laws, tax policies and competition laws. As an international organisation, this affects the firms operations because PwC has to ensure that all its operations including strategies and values are in line with the laws in the several countries it operates in. For examples, in most countries, the law requires that accounting firms to be locally owned and independent. This has affected how PwC is structured. Economic The global recession cuts across the several countries PwC operates in; this has generally affected the firms operations and flow of income. The industry, professional services, is a highly competitive one with other members of the Big Four (top four countries offering professional services) striving to be the market leader and several other firms seeking growth in the same industry. Also, the rise in unemployment as a result of the global recession has made it difficult to obtain employees with the necessary skills and experience required in the firm. Lastly, the increase in free trade among nations of the world makes it possible for PwC to continue to expand and increase in several foreign countries. Socio-Cultural There are several ethics that govern how people and organisations operate. These ethics differ from country to country. PwC believes in excellence and integrity. This could be difficult to uphold because in certain countries. For example, bribery has become generally accepted in some African countries even though they know it is wrong. PwC employees could get involved in this, which would affect their ability to judge fairly, be excellent and uphold integrity. Technological Some countries are not as technologically advanced as others. This can slow down PwCs operations in some of these countries. For example, internet connection is not as stable and fast in Nigeria as it is in the UK. Fluctuations and temporary breakdown of internet service can have adverse effects on the companys activities. A team in Nigeria might not be able to meet up the deadline of making a certain presentation, if there is no internet service needed to carry out research and development on that topic. 2 IMPACT OF GLOBALISATION ON ORGANISATIONS 2.1 EXTENT OF GLOBALISATION The Industrial Revolution led to the globalisation of today. It started in UK and spread to other parts of the world. Changes in agriculture, manufacturing, mining, transportation and technology had great effects on the world economy. Globalisation began to grow as a result of the increase in world trade in the 1940s. When it became evident that the Great Depression in the early 1930s was due to the restrictions and barriers to free trade in the world, countries began to lift and/or reduce restrictions to trade. This led to the development of several trade agreements among countries. Furthermore, the continuous advancement in technology has also led to the constant increase in globalisation. PwC is one of the many firms that has benefitted from the increase in globalisation. It has a network of firms that spread across 771 cities in 158 countries. Free trade between UK and these other countries has made it possible for PwC to move its resources (especially capital and manpower) to these countries, blend in with diverse cultures and set up a network of firms that has made PwC become the global market leader in professional services. 2.2 EFFECTS OF GLOBALISATION The benefits and opportunities that globalisation brings to organisations especially PwC are: Larger markets: Globalisation has made it possible for PwC to expand not only within UK but to other countries as well, enabling the organisation to emerge as the worlds market leader in its industry. Foreign investments: Globalisation provides an avenue for PwC to increase its investments by investing internationally, which also leads to increase in returns. Increase in profits: Access to larger markets and increase in investments has lead and will continue to lead to increase in returns, revenue and profits for PwC. Movement of labour: Globalisation allows for free movement of human resources among countries. This provides an opportunity for PwC to hire professionals from one country to work in another country. Thereby enabling firms to have access to skilled workers regardless of where they are located. Exchange in culture: The world is full of diverse cultures. An international firm like PwC has access to inputs from people of different cultures, beliefs, customs and backgrounds. This enables the firm to learn more and be versatile. Competitive advantage: Operating in the international market gives PwC an advantage over other similar companies operating locally. Larger markets, increased investment, increase Employment opportunities: Globalisation enables PwC to provide employment opportunities in several countries especially the underdeveloped and developing countries it operates in. This is a great way to be socially responsible and impact the communities. Globalisation also has a number of challenges that affect organisations. Some have been explained in 1.2 and 1.3, others include: Less developed countries: Operating in countries that are underdeveloped or developing can be difficult sometimes. This is because they might not always have the resources available to make the business as productive as it should be. Exposure to the international market: Globalisation means the firm would be exposed not only to local forces but international ones as well. The firm has to deal with competitors, markets, trends, political, economical, socio-cultural, environmental and legal issues at the international level. Cultural differences: Operating internationally exposes the firm to diverse cultures. To be effective in these countries, PwC would have to adapt to their cultures, rather than impose its own, yet without losing its unique touch. This is quite tasking. Criticisms: Critics have pointed out negative effects of globalisation; PwC has to avoid being part of the problem. Criticisms include: loss of culture to stronger ones, exploitation of less developed countries and increase in unemployment in developed countries. 2.3 STRUCTURES OF INTERNATIONAL ORGANISATIONS Organisational structure consists of activities such as task allocation, coordination and supervision, which are directed towards the achievement of organisational aims (Pugh, 1990). It could be functional, divisional or matrix depending on the type that best suits a companys operations. An organisation that operates internationally must carefully select a structure that would accommodate its operations both at home and abroad. Structures of some international organisations include: Walmart Stores: Walmart is a multinational retailer corporation headquartered in the US. It has a divisional structure with three main divisions; Walmart Stores (U.S.) Sams Club (U.S.) and International stores (Hitt, 2008). This structure helps Walmart to focus better on each division. Narrowing the focus really allows the company to perform more effectively because they are allowed to pinpoint specific areas needing change and adjust appropriately (George and Jones, 2005). Starbucks: It is a coffee company headquartered in the US. It has a matrix structure combining divisional and functional structures. Divisions are based on the regions the company operates in; China and Asia Pacific, Americas and EMEA (Europe, U.K., Middle East, Russia and Africa) (Starbucks, 2011). The functions are designed to consolidate functional activities into teams that have a shared vision and goals to support the business (Shultz, 2008). An advantage of having this kind of organisational structure is maximized communication channels (George and Jones, 2005). Unilever: It is a British-Dutch multinational consumer goods company. It has a matrix structure, divided based on product segments (2), functions and the regions it operates in. Unilever developed and implemented this organisational structure for their company to improve communication and to take advantage of resources that are available to them (Hitt, 2008). PwC: PwC runs as a network of firms rather than a multinational company due to laws in different countries requiring accounting firms are to be locally owned and independent. Each firm runs its own structure but all report to PricewaterhouseCoopers International Limited (PwCIL) that coordinates the activities of all partner firms. 2.4 INTERNATIONAL OPERATIONS OF PWC Networking: All PwC firms operate as a separate legal entity; thereby allowing them to operate independently. Although not to be referred to as a multinational company, its operations are not different from multinationals except that, PwC firms have autonomy to operate and do not send money to the Global Headquarters. Support from other members: All firms in the network count on each other when they lack necessary information or expertise for a project. Internet: Free access to information to all members via PwCs global portal network; employees in different countries can relate with and gain from each other. Same methodology: PwC firms all over the globe have the same approach to work from pre-project planning to post-project assessment. Charges: Whenever someone from a firm helps another firm in a different country, the person is per hour spent. Quality Assurance: To ensure that member firms are committed to quality and strictly abide by standards /policies, PwCIL quality assurance team constantly conducts a PwC-wide quality control check. CONCLUSION Globalisation is here to stay. As the world continues to encourage free trade, organisations will continue to expand internationally. Therefore, in order to thrive in the international market, organisations have to make the most of the international business environment. Environmental analysis enables the organisation to understand its strengths and weaknesses, as well as opportunities and threats to the company. This enables the firm to understand the impact the international environment has on its operations and adjust accordingly. Criticisms to globalisation should not prevent free trade, but educate organisations on the better ways to operate internationally. Important to note is the organisational structures of a number of multinationals: matrix and divisional structures. TASK 2 CLASS PRESENTATION INTRODUCTION Corporate social responsibility (CSR) is a process with the aim to embrace responsibility for the companys actions and encourage a positive impact through its activities on the environment, consumers, employees, communities, stakeholders and all other members of the public sphere who may also be considered as stakeholders (Wood, 1991). IMPORTANCE OF CORPORATE SOCIAL RESPONSIBILITY According to Von Tunzelmann (1996), corporate social responsibility is important in business because: It is a way of motivating and building pride in employees and managers. It contributes to the development of a healthier community (e.g. through a better qualified workforce or a reduction in the level of crime), thus creating a more favourable business environment. It assists in identifying new markets and anticipating societal and consumer preferences. It allows differentiation from competitors. It leads to an enhanced reputation helping the company to be well-liked in the community. It encourages a climate of trust and goodwill, facilitative of business. It helps in overcoming problems associated with the implementation of operational plans. It helps in maintaining public confidence in the legitimacy of business operations. It minimises the prospects of future regulation. MORAL AND ETHICAL ISSUES Ethics refer to the moral principles that guide or influence peoples actions and behaviours. The most important resources in any organisation are the people in it; therefore, it is necessary pay attention to the principles that guide peoples conducts. Organisations that operate internationally are faced with several moral and ethical issues, described by Mehalu (2011): Utilitarianism in this view you approach an ethical problem using the question, Which course of action will do the most good and the least harm? This view is based on the ideas of Jeremy Bentham and John Stuart Mill (18th and 19th Century). Actions are considered good or bad depending on the extent to which they make the greatest number of people happy. So suffering of a few is okay as long as it maximises the overall good. Rights view in this view you ask the question, Which alternative best serves others rights? This view is based on the ideas of Thomas Jeffersons Declaration of Independence (USA) and John Locke and Immanuel Kant. Actions here are judged according to whether peoples rights have been served and may be seen in terms of keeping within the Law. (E.g. shareholders rights are written in Law). Theory of justice view in this view you ask the question, What plan can I live with which is consistent with the basic values and commitments of the community in which I live? This view is based on the ideas of John Rawls and Alasdair MacIntyre (late 20th century). Actions are judged according to the enforcement of widely-held views of justice and virtue. (E.g. protecting the needy; looking after the community). Integrative social contracts theory in this view you would ask the question, What course of action is possible in the world as it is now? This view is based on the ideas of Machiavelli in which actions are judged according to pragmatic consideration and practicalities. Decisions are made according to the current situation and with reference to what ought to be done. So you would be both pragmatic and idealistic as the need arose. CORPORATE STRATEGY AND ETHICAL RESPONSIBILITIES Although corporate social responsibility is important and beneficial to organisations, sometimes there are conflicts between corporate strategy and ethic and social responsibilities: Profit Sharing: The aim of most organisations is to maximise profit; shareholders want maximum returns on their investment. But focusing on moral and ethical activities can reduce the extent to which profits can be maximised. This can create a conflict when deciding how to draw a line between profit sharing and contributing towards CSR. Corruption: Sometimes, managers or employees are faced with unethical issues that could help in achieving corporate strategy. For example, falsifying or hiding sensitive parts of a financial report to make company records look good. Or giving bribes to get vital information about competitors. Being morally or ethical may seem to have negative impact on a firm in the short-run, but in the long-run, it is still the best option. Competition: PwC is the market leader in the professional services industry; the company strives to maintain that position for as long as forever. The industry has a very high level of rivalry; therefore, in order to maintain that position, PwC has to constantly be ahead of the competition. In implementing this strategy, PwC has to ensure that ethical, moral and legal steps are taken. This is not always easy because it yields slower results. For example, PwC could decide to directly or indirectly bad-mouth other firms to their clients so as to win them over. Or release private information regarding its clients to prospective ones in order to win them over. Recruitment: Finding a balance between the organisations commitment to improving the society by reducing unemployment and achieving corporate strategy by employing high quality staff is not always easy. PwCs has a rigorous recruitment process which does not leave room for private interest as everything is done right. But it also seeks to improve the society by hiring and training. LEGISLATION AND CORPORATE SOCIAL RESPONSIBILITY Corporate social responsibility (CSR) is guided by a number of laws, regulations, standards and principles: The Global Compact: The Ten Principles: CSR in PwC is based on a set of principles listed by USB (2012): Human Rights Principle 1: Businesses should support and respect the protection of internationally proclaimed human rights within their sphere of influence; and Principle 2: make sure that they are not complicit in human rights abuses. Labour Standards Principle 3: Businesses should uphold the freedom of association and the effective recognition of the right to collective bargaining; Principle 4: the elimination of all forms of forced and compulsory labour; Principle 5: the effective abolition of child labour; and Principle 6: eliminate discrimination in respect of employment and occupation. Environment Principle 7: Businesses should support a precautionary approach to environmental challenges; Principle 8: undertake initiatives to promote greater environmental responsibility; and Principle 9: encourage the development and diffusion of environmentally friendly technologies Anti-Corruption Principle 10: Businesses should work against all forms of corruption, including extortion and bribery. CSR in PwC is also governed by a number of national and international norms and standards. Four pre-dominant ones explained by Stanislavska et al (2010) are: SA 8000 SOCIAL ACCOUNTABILITY Social Responsibility: It is a certification norm which sets requirements in the area of child labour, forced labour, BOZP, discrimination, work hours, right to congregation and evaluation. It was created by Social Accountability International (SAI), a non beneficial non-governmental organisation in the US. The SA8000 specifies the requirements for corporate social responsibility in 9 areas: Child Labour, Forced and Compulsory Labour, Health and Safety, Freedom of Association Right to Collective Bargaining, Discrimination, Disciplinary Practices, Working Hours, Remuneration and Management Systems (SA 8000, 2012). AA 1000 ASSURANCE STANDARD: AccountAbilitys AA1000 series are principles based standards to help organisations become more accountable, responsible and sustainable. They address issues affecting governance, business models and organisational strategy, as well as providing operational guidance on sustainability assurance and stakeholder engagement (AA1000, 2008). It also includes: constructing socially responsible strategies; methods of communication with involved parties; ethical audit; choice of indicators and CSR reporting etc. ISO 26000: International Organisation for Standardization (ISO) is an independent organisation concerned with the creation of international standards for industry. ISO standards are voluntary mechanisms managed by market and as such they can be realized by private economic organisations. ISO 26000 aims to assist organisations and their network in addressing their social responsibilities and providing practical guidance related to SR, identifying and engaging with stakeholders and enhancing credibility of reports and claims made about SR. Furthermore, the standard aims to: emphasize performance results and improvements; increase customer satisfaction and confidence; promote common terminology in the SR field; be consistent, and not in conflict, with existing documents; treaties, conventions and other ISO standards (Castka and Balzarova, 2008). Some PwC firms have been accredited with a number of other ISOs including ISO 14001 environmental management systems and ISO 27001 information security management system. OECD GUIDELINES FOR MULTINATIONAL ENTERPRISES: The Guidelines are recommendations addressed by governments to multinational enterprises. They provide voluntary principles and standards for responsible business conduct consistent with applicable laws. The Guidelines aim to ensure that the operations of these enterprises are in harmony with government policies, to strengthen the basis of mutual confidence between enterprises and the societies in which they operate, to help improve the foreign investment climate and to enhance the contribution to sustainable development made by multinational enterprises (OECD, 2011). Code of Conduct (PwC, 2011): PwC also has a code of conduct based on its core values (excellence, teamwork and leadership) that govern corporate social responsibilities in all its firms around the world. It covers topics such as behaving professionally, respecting others and corporate citizenship. It also includes a summary of ethical questions that should guide employees: Is it against PwC or professional standards? Does it feel right? Is it legal? Will it reflect negatively on you or PwC? Who else could be affected by this (others in PwC, clients, you, etc.)? Would you be embarrassed if others knew you took this course of action? Is there an alternative action that does not pose an ethical conflict? How would it look in the newspapers? What would a reasonable person think? Can you sleep at night? CONCLUSION No firm operating either locally or internationally should ignore the importance of corporate social responsibility. Although sometimes it may seem to be in conflict with corporate strategy, in the long run, it is of great benefit to any firm. Proper attention should be paid to the laws and regulations that govern CSR. There are many of them; as much as possible, organisations should seek to abide by all of them. Also, companies can develop their own code of conduct based on these laws and its mission, vision and values. This would make it much easier to abide by.

Dukes v. Wal-Mart Essay -- Sexism Gender Walmart Discrimination Essays

Dukes v. Wal-Mart Stores, Inc. is a legal battle concerning whether or not the company engaged willfully in gender-based discrimination. Underlying causes, organizational culture and ethical issues will be examined in determining how the largest private employer in the United States could have fallen prey to unfair labor practices.   Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã¢â‚¬Å"In 1999, women constituted 72% of Wal-Mart’s hourly employees, but only 33% of its managerial employees† (Bhatnagar, 2004). This fact and many others are the reasons many people allege that Wal-Mart has unfair labor practices. The Dukes v. Wal-Mart case challenged the hiring, promotion and pay practices of Wal-Mart. The case was filed in June 2001. When the case reached class certification status it became the largest class action civil rights suit against employment discrimination in American history. The case represented approximately 1.6 million women that had worked for Wal-Mart from 1998 to 2001 who felt that they had been discriminated against because of their gender.   Ã‚  Ã‚  Ã‚  Ã‚  Many women involved in the Dukes case alleged that Wal-Mart’s policies vary from gender to gender. The managerial staff is comprised mostly of men. The relocation policy in place has a distinct impact on female employees. To become a manager, one must relocate multiple times at each management level. Female employees claimed that this could potentially have a disparate impact on single and married mothers, therefore the policy is not fair to all; favoring the chances of a male getting a promotion over a female.   Ã‚  Ã‚  Ã‚  Ã‚  According to the Berkeley Women’s Law Journal (2004), Wal-Mart pays its employees about one-third less than what similarly unionized employees earn. Wal-Mart’s slogan is â€Å"Everyday low prices,† and they accomplish this by keeping wages low and by suppressing any efforts made by unions to unionize Wal-Mart. In addition to paying low wages, some Wal-Mart stores allegedly violate the Federal Fair Labor Standards Act. The Federal Fair Labor Standards Act regulates overtime pay and child labor standards. Many employees have claimed that Wal-Mart makes them work more than 40 hours per week without overtime pay. When management realized how much overtime pay they were logging, they would call in managers to adjust the time sheets. An internal audit exposed the violations of the Federal Fair Labor Standards Act.   Ã‚  Ã‚  Ã‚  Ã‚  Many o... ...   Ã‚  Ã‚  Ã‚  Ã‚  The company should employ the stakeholder theory as opposed to the agency theory. Each member associated with Wal-Mart will be treated fairly and honestly. In incorporating the deontology perspective as opposed to the Utilitarian viewpoint, the company will show its desire to right previous wrongs.   Ã‚  Ã‚  Ã‚  Ã‚   Wal-Mart has to implement a number of changes to correct the problems it has created. Attention must be paid to ensure the employee is treated fairly. Other ways must be sought to maintain profit levels and make the stockholders happy. References Bhatnagar, Ritu. (2005). Dukes v. Wal-Mart as a Catalyst for Social Activism. Retrieved July 12, 2005, from the University of Phoenix Library EBSCOhost database Dukes v. Wal-Mart, Inc. (2004). Class Certification Status Decision, United States District Court, Northern California. Retrieved July 15, 2005 from http://www.walmartclass.com/public-home.html. Featherstone, Liza. (2004). Rollback Wages! Retrieved July 12, 2005, from the University of Phoenix Library EBSCOhost database. Sellers, Jeff M. (2005). Deliver us from Wal-Mart? Retrieved July 12, 2005, from the University of Phoenix Library EBSCOhost database.

Outsourcing Information Technology and Security Essay

This can be defined as the employment done to another company by an organization for the service provision in information technology or security services rather than the use of the corporate workers in the performance of such a duty. With the growing intensity of commercial activities the concepts of strategic management has been of importance in formulating various structures and economies in the business activity. Managers have consistently understood the role played by external outsourcing. Such is done is the recognition of the economies of scale and economies in the cost factor which the organization would have been affected. The Elite Supercars can be voted in as one of the global organizations where outsourcing has never been compromised. However a deep concern into the principles of economies of cost factor have been put into consideration. Firstly, an importance is attached to the scale of adequacy in terms of levels of ability for the service provider. Since the provision of both the information technology and security services call for technical pursuits from the providers, the choice of service providers has been in recognition of their technical abilities and competencies. Either, the outsourcing activity has still been in evaluation of the cost parameters. Through this activity, the company was to get a relatively lower scale in its costs. However, a scrutiny and evaluation was done by the management in accordance with the cost factors in choosing various clients against their quality of services. The choice of the clients by the company was indeed a compliment of lower costing service sales above high quality service inputs. Above all other factors, the evaluation of the environmental factors in the activity was a factor. However the two choices were complimentarily environmental friendly within the organizational setup With Elite Supercars, outsourcing information technology and security has been important complements in its activities. This is a car manufacturing company with its roots at Singapore. However to it, outsourcing of the above two corporate factors draws a question of high concern. Firstly, with its increased manufacturing activity, the company had to outsource development of various software useful in the organization’s processes. In the 1st November 2006, the company’s CEO released a press release, where it had contracted the Northern Ferrari Hire for developing an outsourcing program through the web marketing. This was to involve various software on strategic marketing modalities. Perhaps, the impressive sales turn over embraced by the company can be credited to this fact. Through the program, the company is able to adequately provide an attractive package of marketing services to its customers. Through this method, customers have closer relationship with the company where it can adequately communicate with them through the Internet. Suchan, Charles, 2006) Some various examples show the implementation success of this activity. This activity by the organization’s implementation of the program has even driven it to its extended boundaries of its activities. The program was provisional and to a strategy in various accounting components. Firstly, it was a way of optimal costing. As an important tool in an organization, optimal costing implies efficiency in the activity performance. Optimal costing is also seen as the economical method in use of organizational resources. To the Elite Supercars, outsourcing of information technology is a complement of various efficiency-costing benefits. The information outsourcing therefore shows a big success in the company’s costing system where it has obtained various efficiencies related to the program. Through use of an external supply, the organization had various benefits ascribed to it in terms of the costs. Like an external contract, the activity itself was less costing than the use of its own staff. Either, this activity by its own required a high scale of technological know how about it. In regard to its inexperienced employees, outsourcing is still fundamental in the implementation success of the program. Elite Supercars was not strong and able enough to provide the set of competent staff allied to this facility. Either well, to the organization, the provision of a set of technical staff on information technology was not economical enough in relation to the cost factor of the broad organizational activity. However to the company, perhaps the greatest benefit from the project was the consequent development and growth of its sales turn over. Since the enactment of program, the company has continued to experience high sales volume. Above this, there have been various efficiencies in terms of the marketing factor. There has been a continued reduction in the cost of marketing through the various effecienciess and economies of scale borne out of the process. (Cantwell, Alfonso, Granstrand, 2004) Outsourcing, by the Elite Supercars on security has been fundamentally one its management activities. From the past experience in insecurity and theft of its cars at their manufacturing site, the company had to seek refuge of finding a storage facility for its cars. To the company, it chose to use the facility of storage that had been constructed by Dutch Authorities. With the same storage facility, the organization experiences lower cases of theft (if any) to its highly priced cars. Formerly, the increasing state of loss of cars had become a problem which threatened the company in being out of the industry. It had continued to get higher levels of losses through the theft of its cars. At one level therefore, the facility offered cost saving attributes through reduced scales of care theft. (Domberger, 1998) The move to use the storage facility provided by the Dutch Authorities was perhaps one of it strategic management goals. Construction of its own facility was a factor seen as increasing the level of its cost factor consequently. The construction of its own shortage facility was to involve a high level of cost factor compared to the level of its operational capacity. This is an attribute of success in the implementation of the program. Since prevention of car from theft was still a factor of consideration, the opportunity cost of not constructing its own facility was basically to be through the use of another facility. Otherwise, the loss that could accrue from the loss of the cars through theft was far beyond the cost outlay got from the payment to the external shortage. Therefore, the security outsourcing program was itself a factor of high attribute in the success of the company’s activities. To the current period, security problem is no longer an issue and the company continues to embrace the broad economies allied to these out sources. Broadly therefore, outsourcing activity by the company shows a strategic management tool towards the organization activity. The company embraces the long run benefits of these two programs.

Prepare and Monitor Budget - 949 Words

Assessment Task 1: Element 1 Prepare Budget Information Research Assignment. 1. Mountain View Hotel organisational chart, profit or cost center and people who are involved in the budget committee. People who involve in budget committee are: General Manager, Resident Manager, Sales and Marketing Manager, Food and beverage Manager, Hotel Accountant, Maintenance Manager, Front Office Manager and Housekeeping Manager. 2. As the Executive Chef you are responsible for developing your activity centers budget. The general Manager has told all profit center managers to increase net profit by 5%, and maintain current departmental labour cost. He has advised that there will be a major advertising campaign to increase mid week occupancy. List†¦show more content†¦Carbon tax has trigger prices to go up while people also deal with job tax, mortgage payment, leisure tax and household tax. This is bringing up pressure to everyone. Mountain View Hotel may need to increase prices on services to level with market prices, such as room prices, food and beverages prices. The proposal for revenue, costs, cash flow and profits will vary in operation‘s buying strategy, business suppliers and customer’s expectation. In addition, I also need to consider last accounting period won’t be the same with current or next accounting period and how the prices effect during budgeted period. The introduction of carbon tax has reflected change on products prices, energy fee, and wages. The budgeting forecast will consider higher than before to meet up with business goal profit. 6. List and explain two ways that your inclusion in the Mountain View’s budget committee allows you and your team and opportunity to be involved in ensuring that the budget is achievable and will assist in meeting the organisation goal and objectives. Answer: Meeting is important and apply to any business especially big business. From the meeting: 1. Each department representative may give ideas, suggestions, complaint and supports to each other. ManagersShow MoreRelatedVice President Of Business Development1445 Words   |  6 Pages†¢ Develop creative outreach strategies to attract and retain clients.  ¬ Vice President of Operations †¢ Monitor project objectives, company policies, procedures and performance standards of all field personnel. †¢ Monitor construction through the Project Management Team in collaboration with the project site Superintendent to ensure that the project is built ahead of schedule and within budget. †¢ Represent the company at project related meetings as requested.  ¬ Vice President of Preconstruction †¢Read MoreVice President Of Business Development1186 Words   |  5 Pagesfield personnel. Monitor the construction project through the Project Management Team and collaborate with the project site Superintendent to check the project schedule and budget. 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Study On Some Of The Kse Concepts Finance Essay - Free Essay Example

Sample details Pages: 10 Words: 3144 Downloads: 2 Date added: 2017/06/26 Category Business Essay Type Research paper Did you like this example? Ans. Trading in the future market offers an opportunity to the investor to invest in securities other than stocks. Investing in the futures market has a number of advantages. Don’t waste time! Our writers will create an original "Study On Some Of The Kse Concepts Finance Essay" essay for you Create order Firstly, instruments in the futures market are considered highly leveraged investments. The investor can earn alot from it by only investing a small amount. For instance, the investor will only have to pay 10% of the value of the contract and might earn much higher than it. In order to be profitable in the futures market, the investor must also be aware of the price fluctuations in the market; if he does so then he can earn ten times more than the amount invested by him. Another advantage of trading in the futures market is that it is a paper investment. Although it involves trading of different kinds of commodities because it is a paper investment so it does not face the problem of transferability. Instead of the commodities the contracts keep changing hands. The investor then does not need to worry about the storage of the commodities as well. High liquidity of future contracts is another benefit of trading in the futures market. This means that it is easy to buy and sell or order the contracts as they are being traded on a daily basis. There is a large number of buyers and sellers available for the contracts whatever the commodities may be. Some other advantages of investing in future contracts are that it enjoys fairer trading than stocks and shares. Because it is difficult to make predictions about the futures market it results in price manipulation in the stocks market. The commission charged on future contracts is also low than other markets. Depending on the level of service provided, the broker can earn as low as Rs.50 or as high as Rs.500 per transaction. The investor can money quickly in the futures market as the market is fast-moving than the cash market. But this can also be a disadvantage for the investor if he is not able to make the right prediction he can suffer quick losses as well. 2.  Ãƒâ€šÃ‚  Ãƒâ€šÃ‚  Ãƒâ€šÃ‚  Ãƒâ€šÃ‚  Discuss in detail the characteristics of three mutual funds of a single investment company (for example, AKD is an investment company and more than 4 mutual funds) Ans. AL-MEEZAN INVESTMENT MANGEMENT LIMITED: Joint venture of Meezan Bank and Pak Kuwait Investment Company (PKIC), Al-Meezan investment limited is registered with SECP and provides shariah compliant investment solutions. It majors in investment management i.e. floating and managing mutual funds and shariah based investment advisory. MEEZAN ISLAMIC INCOME FUND: It is the countrys first ever Shariah compliant Bomd fund. It invests in a diversified portfolio of Islamic investment instruments like Sukook bonds, Morabaha and Musharika instruments, certificates of Islamic investments etc and provides provides the investors capital gains as well as regular income. CHARACTERISTICS: Aimed at preserving capital through intelligent fund management Aims at providing, income consistently which is halal and strictly monitored and approved by Shariah Advisors Minimum intial investment of Rs. 5000 and Rs. 1000 subsequent investment amount at regular intervals Readily encas hable units throughout the year Offers tax benefit of Rs. 60,000 for salaried person and of Rs. 75,000 for non-salaried person on investments held for one year Lower risk and competitive return on the investment as a result of diversification of portfolio Till June 30, 2008, the fund size increased by 4889%, net assets stood at Rs. 5737m, and cumulative return was 14.06% MEEZAN CASH FUND: CHARACTERISTICS: Pakistans first ever Shariah compliant money market fund Rated AA(f) by JCR-VIS Provides maximum preservation of capital invested Can be easily cashed within 2 working days Involves no commission neither front-end nor back-end Risk of investing long-term fixed income instruments and stock market Ideal for short-term investments Flexible monthly, quarterly, or semi-annual based payments Healthy tax-free returns Provides a tax benefit of upto Rs. 60,000 in case of salaried person and Rs. 75,000 in case of non-salaried person MEEZAN ISLA MIC FUND: CHARCTERISTICS: Largest equity fund in the private sector as well as the largest Shariah compliant equity fund By investing in a large size of portfolio of securities it not only reduces the risk of price volatility but also the research and execution costs. The task of monitoring and evaluation of investment is handled by the fund mangers, who are trained investment professionals This fund also provides a tax benefit of Rs. 60,000 for salaried person or Rs. 75,000 for self-employed person on investments held for one year Provides an impressive return on the investment It is an affordable investment for small investors with a minimum investment of Rs. 5000 3.  Ãƒâ€šÃ‚  Ãƒâ€šÃ‚  Ãƒâ€šÃ‚  Ãƒâ€šÃ‚  Discuss how margin financing works at KSE? (the detailed method of where the funds are obtained from and how funds are then lent to investors ) Ans. Margin financing is a system to fund the investors, in which loan is extended to them uptil a certain limit. If the investors are short of money to purchase shares, they can get a loan for it from the stock broker. If the broker has that amount of amount he gives the loan to the investor at a specific interest rate. If not, then he acts as a middleman between the financer and the financee. The financee can be any financially sound company or an individual, who will lend the money at badla rate. In badla transactions the stock broker and the financial institution make an exchange of specific number of shares at a specific rate. But in whatever way the investor is financed, the loan is extended to him uptil a certain limit called margin. Margin specifies the limit upto which the investor can borrow funds. MARGIN = EQUITY / TOTAL PURCHASE PRICE Previously, the leverage product being used in KSE was called CFS MK-II (Continuous Funding System Mark II) which has now been modi fied as named as Margin Funding. The difference between international and locally practiced margin financing is that in the international MF it does not involve any middlemen, instead the banks or lenders bear the whole risk. 4.  Ãƒâ€šÃ‚  What is KMI index, how it is formed and why it was introduced? Ans. KMI-30 (Karachi Meezan Index) is the first Islamic index of Pakistan. It was formed by KSE (Karachi Stock Exchange) and Al-Meezan Investment Management Limited in September 2008 on the 1st of Ramazan. The reason for establishing an Islamic index in the country was to provide a suitable benchmark to the investors on their Shariah compliant investments. The KMI-30 index comprises of 30 shariah compliant companies included on the basis of free-float, which qualify the shariah screening criteria. It is a total return index which is maintained by KSE. While the Meezan company, contributes in the shariah expertise, screening, and guideline skills in the activities. The Shariah Board of Al-Meezan Investment Company is headed by the renowned scholar Justice (R) Mufti M. Taqi Usmani. The KMI index has been very successful and in the previous year, it gained top position in the world indices by delivering 107.4% dollar-based returns.  5.  Ãƒâ€šÃ‚  Ãƒâ€šÃ‚  Ãƒâ€šÃ‚  Ãƒâ€šÃ‚  What is KSE 100 index? Discuss what does increase of decrease in points mean? Ans. KSE-100 is a stock index which acts as a benchmark to compare price at the Karachi Stock Exchange over a period of time. It was established on Nov 1, 1991 and is the most generally accepted measure if the exchange. It comprises of 100 companies with the highest market capitalisation from each sector, in order to ensure maximum market representation. The index moves up or down with the increase or decrease in points. For example, if on one day the total market capitalization at the stock is 1056000 and we consider it equal to 1000 points. Then the base market capitalization would be 1056. The next day the market capitalization moves down to 1047000. It is calculated as, = 1000*MARKET CAPITALIZATION / BASE MARKET CAPITALIZATION So, = 1000*1047000/1056000 = 0.9915 = 991.478 This would mean that the index has fallen from 1000 to 991.478 points i.e. there is a decline of 8.52 points.   6.  Ãƒâ€šÃ‚  Ãƒâ€šÃ‚  Ãƒâ€šÃ‚  Ãƒâ€šÃ‚  Differentiate between KSE 100 index and KSE 30 index? Ans. On the 1st of September, 2006 KSE launched its stock index, the KSE-30 index. This stock index is based on the free-float of shares rather than only market capitalization. The free-float methodology means that it takes into account only the active shares of the stock exchange and not the outstanding shares. Therefore the index at any time reflects the free-float market value of the 30 companies. It provides a benchmark to the shareholders to compare the stock prices over a period of time. Being based on the free-float methodology it is a true representative of the market, unlike the KSE-100 index. The KSE-100 includes the 100 highest market capitalised companies, for this reason even a slightest movement in the price of a company can change the trend of the index. And secondly, the KSE-100 is a total return index which not adjusted for dividends, bonuses or rights but the KSE-30 is adjusted when the company announces to give a dividend.  7.  Ãƒâ€šÃ‚  Ãƒâ€šÃ‚  Ãƒâ€šÃ‚  Ãƒâ€šÃ‚  Summarize the listing rules of KSE which are necessary for a company to get listed on KSE. Ans. A company cannot trade its securities on KSE quotation board or futures counter unless it is listed on KSE. In order to get listed the company shall submit an application to KSE in the prescribed form accompanied with the prescribed fee. The decision about granting permission shall solely be taken by the BOD of KSE within 3 months. If the permission is refused then the company and SECP is informed within 2 weeks. The BOD may relax the regulations if 2/3rd of them are unanimous on it. In case the permission to a company is refused, the application fee shall be refunded within the prescribed time. While considering granting permission the BOD will also take into consideration the publics interest in the company. The company shall be required to provide KSE any additional information, document or declarations as demanded by KSE. If a company does not do so, it shall be refused permission and it can then apply again for permission after 6 months of the refusal. The company permitt ed shall then offer 50% of its capital to public in case its capital is upto Rs.500m and more than 25% or Rs.250m if the capital is beyond Rs.500m. The BOD may relax these requirements depending upon the circumstances. Only those companies shall be eligible for being listed which are: Public companies or enacted companies Have a minimum paid-up capital of Rs.200m Its public offerings has been subscribed by at least 500 applicants The companies shall then submit the prospectus to KSE for clearance before an application for its approval is sent to SECP. After approval KSE shall published the prospectus along with the Performa in newspapers at Lahore, Karachi, Islamabad or at any other any place and the company shall provide KSE with the copies of these documents. After this, the company shall: Accept the application of allotment of shares through the bank Issue the shares of certificates in marketable lots Inform KSE about receiving subscription within 5 working d ays of closure of subscription list Dispatch all shares of certificates within 30 days of closure of subscription list as issued in marketable lots The company shall pay minimum of 1% brokerage fee to KSE members within 30 days of closure of subscription list The signatures of the shareholders shall be verified within 48 hours of request On receiving the shares of transfer the company shall immediately issue receipts and shall not charge transfer fee The company shall keep KSE informed about any corporate decisions or dividends and bonuses and shall hold Annual General Meeting within 4 months of the closing of the financial year.  8.  Ãƒâ€šÃ‚  Ãƒâ€šÃ‚  Ãƒâ€šÃ‚  Ãƒâ€šÃ‚  Discuss theses terms of KSE: Odd-lot, defaulter counter, de-listed companies, provisionally listed companies, future market ODD LOT: In general, odd lot means to trade less than 100 securities in an exchange. At KSE, the investors are provided the facility of an automated market through which the investors can buy or sell securities in bundles less than the number of shares traded on average in the ready market. DEFAULTER COUNTER: Defaulter counter is a mechanism at KSE which shows the names of the companies which were previously listed but for some reason have failed to payout the liabilities and refund the shareholders. No trading takes place in the shares of such companies and in order to punish such companies, KSE throws them out in the defaulter counter, this act puts pressure on the companies to comply with the KSE Listing Regulations. According to these regulations, the money market shall put the company in the defaulter counter if, It has not declared any dividend to the shareholders for 5 consecutive years since the last date of declaration of dividends Has not paid listing fee c ontinuously since 2 years Is about to be liquidated Has not held Annual General Meeting continuously since 3 years Has not joined CDS system after CDC declared its securities to be eligible And has been quoted at a value below 50% of the face value since 3 years The companies that do not comply with these regulations are issued a show cause notice and given time to rectify the error or give reason for the default. DELISTED COMPANIES: Before the defaulter counter mechanism was launched at KSE, the listed companies that did not comply with the KSE Listing Regulations were matched with the regulations and if failed were quietly delisted from the exchange. It had little impact on the companies and the major loss was borne by the shareholders, because of the defaulter counter now the companies try to payout at least some dividend to the shareholders. PROVISIONALLY LISTED COMPANIES: Provisionally listed companies are those, whose shares not already officially li sted at KSE, but they make upto the specified amount of minimum public offering, these shares are traded at the provisionally listed counter. And after the dispatch process of the allotted shares is completed through the CDC, the provisional counter ends and the outstanding transactions are transferred to T+3 counter. On this counter the trading cost of securities is summed and the settlement is made on the third day. FUTURE MARKET: It is a market where future contracts i.e. derivative securities are traded. A contract is made to sell or purchase the securities at a specified price on some future date. The list of companies, to be traded, in the future market are refreshed after every six months under the criteria determined by SECP and the investors are informed in advance. 9.  Ãƒâ€šÃ‚  Ãƒâ€šÃ‚  Ãƒâ€šÃ‚  Ãƒâ€šÃ‚  Can a broker go bankrupt? How? Ans. Brokers are individuals or institutions who buy or sell the shares for the investors and in return charge a commission for the services provided. The commission charged can be high or low, depending on the level of services given. If an investor wants to purchase shares but does not have that amount of money, he can borrow it from the brokerage house. In case, the broker does not have that amount, he borrows money from other brokerage houses or, local or foreign investors. All this settlement takes place through NCCPL (National Clearing Company Pakistan Limited). The settlement process allows a maximum period of 3 days to the brokerage house. Sometimes it happens that the brokers are unable to, both, pay back the other brokerage house or to the financial institutions, in the settlement process and then they are declared bankrupt. The brokerage house has 3 days to make the payment, if still it is not able to do so, it is penalised first and after that it is declared bankrupt . This is the T+3 approach, which means that there are three more days for the payment of cash. 10.  Ãƒâ€šÃ‚  Ãƒâ€šÃ‚  Differentiate between CDC and NCCPL? Remember to give clear cut points of distinctions between the two companies; only discussing their functions  will not serve the purpose.  Ans. There are 3 main players in the capital market of Pakistan i.e. stock exchanges, CDC and NCCPL. All the three participants are trying their best to bring efficiency in the capital market. For this reason they are coming up with innovations, CDC (Central Depository System) is one such system which performs the function of electronic book-entry of shares. It has facilitated, quickened and secured the process of settlement and delivery of shares. This system works under CDC (Central Depository Company), a separate legal entity which is responsible for maintaining and settling the shares of investors. Previously, the settlement and delivery of shares was done manually, it took 2-3 days in settlement after which the shares were mailed to the investor and were faced with the risk of being damaged, faked or duplicated. It was a slow process and was not secure but now it has been replaced by CDS through which the shares are transferred and settled electronically. The settlement proces s involves two steps, the borrower pays the cash and the seller delivers the securities. The first step of settlement of cash is performed by NCCPL (National Clearing Company Pakistan Limited), while the second step is performed by CDC. NCCPL maintains and settles the accounts of brokerage houses. Any exchange of cash between the brokerage houses is done through NCCPL. It has replaced the three individual clearing houses of stock exchanges and now all brokerage houses are registered with NCCPL. It is a separate legal entity which was formed to operate NCSS (National Clearing and Settlement System). It performs the clearing and settlement functions for brokerage houses and charges a commission from them. In the previous years when NCCPL was not formed, the clearing process took a long time and the probability of default of the brokerage houses was high. Whenever an investor of one brokerage house wants to buy or sell shares from an investor of another brokerage house. It takes place through both NCCPL and CDC. First of all the brokerage house makes cash transaction whose accounts are settled through NCCPL. The moment this is done, CDC is electronically informed through KATS (Karachi Automated Trading System) and the shares are settled and transferred in the investors account. Every investor is required to open an account with CDC, when an investor opens an account with the brokerage house; his sub-account is automatically opened with CDC. Through KATS CDC comes to know the origin of the transaction. 11.  Ãƒâ€šÃ‚  Ãƒâ€šÃ‚  Discuss at least 3 internet website from which you can obtain historical share prices data. Also tell the steps in which you can do so? Ans. Historical shares price data can be obtained from the following 3 websites: lahorestock.com/ cnbcpakistan.com globalfinancialdata.com. On the Lahore stock exchange website, scroll on the Market Information tab and click on Market History in the drop-down menu. It will open the webpage for historical share prices On the CNBC website, click on the Market Watch tab and then click on the History tab. On the Global Financial Data website, first of all you will need to log in. After that in the GFD filter search given on the left pane of the main page, enter the relevant information and it will provide you with historic share price information about any company listed in the KSE.

The Plaza ( Jose Marti Memorial ) - 1032 Words

Mostly known for its revolutionary heritage, Cuba is a large island found in the Caribbean and largely remains a mystery to most people who have never ventured into the country. If it has always been in your bucket list, you should know that you are in for a treat with its places that speak of a rich history, beauty, diversity and a range of activities such as fishing, diving and a an entertaining nightlife. Below are some of the places that will offer you the time of your life in the country. 1. Revolucion of the Plaza (Jose Marti Memorial),Havana The Revolucion of the Plaza should be the first stop for lovers or students of history interested in the country. In the middle, features a gray tower, 109 meters in height, a memorial of Jose Marti who was a Cuban national hero. To get a better view , you can ascend to the top of Havana city,which is the capital city of the country. Beneath the monument is the Memorial of Jose Marti that is the home of a museum on the hero. The square claims its place in history as the place where the country’s former president the late Fidel Castro delivered speeches to vast audiences that sometimes attracted large crowds of more than one million people. In 1998, the late pope John Paul II celebrated mass there. 2. Santa Clara Located in the Villa Clara province, Santa Clara boosts cultural interactions that are rich and that will amaze anybody who is there to have a good time. The fact that it is a university town making it vibrant as well.Show MoreRelated10 Best Places Visit Of Cuba1090 Words   |  5 Pagesthe country. 1. Plaza de la Revolucion (Jose Marti Memorial), Havana The Plaza de la Revolucion should be the first stop for lovers or students of history interested in the country. The center of the Plaza de la Revolucion features a gray tower, 109 meters in height, a memorial of Jose Marti who was a Cuban national hero. You can ascend the tower to get better view of the city of Havana, which is the capital city of the country. Beneath the monument is the Jose Marti Memorial that is the home

Total Quality Management Within an Organization Free Sample

Question: Discuss about the Total Qulity Management In Goodyear. Answer: Introduction Total quality management (TQM) ensures that every staff within an organization commits to sustaining high standard work taking into operational considerations of the organization. This report provides a brief of the total quality management in Goodyear Tyre highlighting successful application of TQM within the company. Problems within the organization are also assessed evaluating TQM strategies to mitigate them. Finally, the report provides recommendations to sustain TQM that will help the company to maximize profit. Total quality management in Goodyear Tyre Total quality management in Goodyear Tyre has enabled the organization to improve approximately 12% advancing to reduction in energy rates by 15% in upcoming 5 years. Advanced global data management system has been incorporated alongside TQM to track water and energy usage in real time (Goodyear.com 2017). Figure 1: Global energy use (Source: Goodyear.com 2017) Figure 2: Global water use (Source: Goodyear.com 2017) Figure 3: Global GHG emissions (Source: Goodyear.com 2017) Incorporating energy efficient and eco friendly programs, Goodyear Tyre has successfully increased its revenue to US$ 18.138 billion since 2014. Figure 4: TQM factors (Source: Influenced by the idea of Shah 2013) Continuous improvement Improvement of each area of Goodyear Tyre is highlighted by increased non-tire products, which includes industrial hose, conveyor belts, airsprings, power transmission, medical application synthetic rubbers etc. that helped the company to excel in competitive market. Employees of According to Ross (1999), Goodyear Tyre carry a mission statement of credit-card size that focuses in improvement of services and products for meeting customer needs. Investors and employees through this mission statement enabled the business to sustain prosperity in automotive and commercial products. Customer focus Goodyear designs its tyres according to customer needs. Goodyear Eagle 360 is designed for ensuring safety and enhanced driving experience for cars and its intelliGrip design provides added traction on road to prevent skidding during rainy season. Pricing of these tyres are also economical keeping in mind budget of customers (Oakland, 2014). Prevention Dale (2015) stated that Goodyear focuses on preventing poor quality products rather eliminating defects. Due to enhanced checking and quality control team, Goodyear has increased its logistics, research and development along with procurement process aligning with objectives to provide defect free products. Universal responsibility Goodyear Tyre faced a serious issue in revenue and suffered loss during 2010s. However, TQM enabled the firm to adopt a policy that resulted to maximize profit. Oakland (2014) commented that the manufacturing units of tyre were based in USA with high labor cost. Goodyear relocated its manufacturing units overseas to countries having low labor and manufacturing cost. Thus, it saved cost of manufacturing and invested the money in development of business. Goodyear Tyre transferred approximately 50% of its global capacity to countries having low cost by 2012 (Goodyear.com 2017). Conclusion TQM enabled Goodyear Tyre to overcome challenges of globalization and develop its progress through continuous growth that enabled the organization to provide customer satisfaction. Preventing poor quality products through thorough inspection besides the strategy to outsource its manufacturing units highlights the TQM competency of Goodyear Tyre. Recommendations Figure 5: Recommendations (Source: Created by the author) Track TQM records It is recommended to Goodyear Tyre to track TQM records of responsiveness to environment applied by TQM to ease its implementation. Management audits should be carried out precisely and accurately to create a database from where important information can be pooled during need. Employee motivation Employees should be motivated by HR and relevant managers on a regular basis to enhance innovation within the organization. References Dale, B., 2015.Total quality management. John Wiley Sons, Ltd. Goodyear.com, 2017, Goodyear Tyre [online], Available at: https://www.goodyear.com/en-US/international?expand=in [Accessed 26 Mar 2017] Oakland, J.S., 2014.Total quality management and operational excellence: text with cases. Routledge. Ross, J.E. and Perry, S., 1999.Total quality management: Text, cases, and readings. CRC Press. Shah, M.J., 2013. Globalisation impact of total quality management (TQM) staretgy in the Indian banking sector, International Journal of Transformations in Business Management, 3(4), pp. 1-5