California and The United States Research Paper

California and The United States - Research Paper Example This is because revealing of gold was an essential indication of the future economic growth of the state. Consequently, this led the U.S to acquire California for its future economic strength and expansion of its territorial boundary towards the west (Olson & Olson, 2011). The need for the United States to expand its territory was also a factor that led to the acquisition of California. The then President James K. Polk influenced the territorial expansion during his tenancy to ensure his region had a wide area of influence as well as security against other rival states at that particular time such as Mexico and Spain (Genovese, 2010). Polk achieved his desire of expanding the U.S territory through the invasion of Texas, ending the Mexican-American war and negotiation of the Oregon treaty with Britain (Genovese, 2010). Finally, the outcome of these activities was an acquisition of California among other states and US’ western advancement in terms of territory. Manifest Destiny focused on US’ territorial boundary growth, in particular, the western expansion in order to spread beliefs and culture of America. Manifest destiny drew support from democratic individuals who were for the spread of American ideologies while employing nonviolent measures for the peaceful coexistence of the people (Paris, 2012). Thereby, Manifest destiny became crucial in the acquisition of California during the process of western expansion. Discovery of gold in California also attracted a large number of emigrants thus prompting global emigration of wealth seekers from Germany, Turkey, Mexico, China, France, Ireland and Chile thus creating suspicion of the US gaining California (Gold, 2012). This created the necessity to establish measures of eradicating suspicion brought by foreign immigration (Gold, 2012). The number of Chinese immigrants was high than the other immigrants that come for the sake of acquiring wealth through the sale and purchase of gold.

Explain, giving examples from the articles Essay Example for Free

Explain, giving examples from the articles Essay Explain, giving examples from the articles, what is meant by oxidation and show how oxidation reactions are used to cause explosions. Outline reasons why some explosive mixtures oxidise faster than others. [4] An element is oxidised if It gains oxygen. It loses electrons. Its oxidation state increases. Explosives such as gunpowder or black powder contain powdered carbon, sulphur and potassium nitrate. This can be ignited by a fuse where carbon and sulphur will be oxidised. Carbon will form into Carbon Dioxide and Sulphur will form into Sulphur Dioxide. This reaction shows when a pure sample of carbon burns in air. C(s) + O2(g) i CO2(g) This is an oxidation reaction where carbon has gained oxygen and its oxidation state has increased from 0 to +4 The potassium nitrate in the gunpowder acts as an oxidiser and provides oxygen for the reaction. All the oxygen required is available almost instantly; therefore carbon and sulphur burn in a fraction of a second. The reactants and products of this reaction are Reactants: KNO3(s) C(s) S(s) Products: CO2(g) SO2(g) N2(g) + Other solid products The volume of the reactants is very small. The products are mainly hot gases produced suddenly in a confined area. This rapid increase in pressure leads to an explosion. (132 Words) To maximise the force of the reaction, all solids involved are finely divided into powders and the proportions of reactants in the mixture are calculated very accurately. The power of the explosion is made greater by confining the reaction inside a restricted space e. g. Cannon. Fuels used in fireworks; Potassium Chloride (KClO3) and rockets; Hydrogen Peroxide (H2O2) are mixed with oxidisers to produce explosions. Some explosive mixtures oxidise faster than others if the reacting element(s) gains more oxygen and has a greater oxidation state.   Give an account of the development of chemical compounds for use in explosives. Describe the advantages of each new chemical explosive over its predecessors, and describe how the explosives were adapted to make them safer and more effective. [9] The very first discovery of an explosive chemical compound was unintended. In 1846 Dr Christian Schi nobein accidentally spilled concentrated sulphuric and nitric acids; he quickly cleaned the contaminated area with an apron made of cotton. Knowing that the apron would soon be destroyed by the acids, he rinsed it out with water and hung it up to dry in front of the fire. Moments later the cloth burst into flames. Dr Schi nobein was not aware that he had discovered gun cotton otherwise known as Cellulose Nitrate or Nitrocellulose. From 1860s onwards the military began investigating the possibilities of cellulose nitrate as a smoke-free gunpowder. Towards the end of the nineteenth century, black powder had been replaced as a propellant for military purposes by a smokeless powder based on cellulose nitrate. This substance catches fire very quickly and burns without lighting a fuse; produces very little smoke and creates an impulsive impact. Therefore, explosive shells were replaced by cannon balls and bullets replaced musket balls. This smokeless powder used by the British Army is called cordite and was invented in 1880s. It consists of Cellulose Trinitrate and Glycerol Trinitrate amongst other substances. This substance catches fire very easily and burns quickly. The powder was transformed into a jelly-like substance by adding an organic solvent propanone. This smokeless powder is now used worldwide as a military propellant. (253 Words) In 1847 an Italian scientist, Ascanio Sobrero was experimenting with concentrated acids. He combined together nitric, sulphuric acids with glycerine. The new substance formed was a yellowish oil. He had discovered Nitroglycerine. He experimented with a small sample and realised that was extremely unstable. Its behaviour was unpredictable. It could be detonated by the touch of a feather. Immanuel Nobel and his son Alfred Nobel from Sweden were responsible for controlling Nitroglycerine. Nobel made a deliberate explosion by mixing Nitroglycerine with (kieselguhr) which is a silica based mineral. He made a paste which could be shaped into rods. These would only explode when they are intentionally detonated. These are the very first safe high explosives. Nobel developed even safer ways to detonate these explosives. He found out that the most reliable and effective way to set off nitroglycerine was to use small quantities of gunpowder. He also invented the first percussion cap that gives out a small explosion when it is given a sharp impact. The caps were filled with a compound known as fulminate of mercury Hg(CNO)2. This substance is very sensitive that even a finger tap can cause it to detonate. This ignites the gunpowder or other explosives. In 1867 Nobel patented his dynamite. It was called Dynamite No 1. He soon realised that very effective mixtures could be made by replacing the inert kieselguhr by a substance that would itself burn or explode. He combined nitroglycerine with charcoal, barium nitrate and sulphur which led a new explosive product in 1869. It was called Dynamite No 2. This product was suitable for use in quarries and coal mines. Nobel patented another explosive product in 1875. He added 7 to 8 per cent of collodion (nitrated cellulose) to warm nitroglycerine forming a stiff jelly-like substance known as blasting gelatine. This product proved to be more powerful explosive than dynamite, because both nitroglycerine and collodion were explosive. During the Second World War, Trinitrotoluene (TNT) was developed. TNT contains nitro groups (NO2). It doesnt react with metals therefore can be used in metal containers to produce bombs. TNT causes headaches, anaemia and skin irritation. Subsequently, workers in factories often suffered health problems. (280 Words)   Discuss, with reference to high and low explosives, the ideal features of an explosive reaction, explaining, with examples, how chemical reactions produce energy and how they cause increase in pressure. [6] Nitroglycerine is acknowledged as a high explosive. It produces a large volume of hot gas. Its decomposition only takes microseconds at a pressure of 275 000 atmospheres. Black Powder and Cellulose Nitrate are considered as low explosives. They produce a large volume of hot gas. The decomposition takes millisecond at a pressure of 6000 atmospheres. An ideal explosive reaction must take place very quickly. It must be an exothermic reaction where heat is given out. The products formed must mainly be hot gases produced in a confined space. This leads to a big rise in pressure which is the main cause of the explosion. An equation for explosion of nitroglycerine C3H5N3O9 (l) 3CO2 (g) + 21/2H2O (g) +11/2N2 (g) + 1/4O2(g) 1 mol of liquid 7. 25 moles of gas No oxygen supply from air was needed for the reaction. The exact products are based on the actual explosion. In an oxidation reaction oxides of nitrogen such as (NO and NO2) may be produced. The amount of heat energy released from a nitroglycerine explosion is 6275 KJ kgi 1. The increase in pressure will produce greater energy from the explosion. Describe how UK methods of manufacture of propanone have changed since the beginning of the First World War. [3] Before the war propanone was manufactured by dry distillation of wood in a process that excluded air. This method was very inefficient. In 1914 a Russian chemist, Chaim Weizmann, developed a new process that produced propane by bacterial fermentation of starch in maize. This process was capable of producing 30 000 tonne. After the war propanone was manufactured from propan-2-ol by passing the vapour over a copper catalyst at 500i C and 400kPa. Propanone was produced from propene, a product of catalytic cracking of crude oil fractions. (230 Words)   Discuss how attitudes to health and safety in chemical research and industrial chemistry have changed over time. Use examples from the history of development and manufactures of explosives and medicines. [4] The discovery of cellulose nitrate was a hazard of health and safety. The discovery of nitroglycerine was another major hazard as it its behaviour was very unpredictable. Its discoverer Ascanio Sobrero was badly scarred as a result of an unexpected explosion that spattered glass fragments into his hands and face. He said victims killed during nitroglycerine explosions He was ashamed to be the inventor of such a deadly explosive. In Nobels nitroglycerine factory, there was an explosion that killed his young brother Emil and another chemist. However test on animals showed that nitroglycerine causes blood vessels of the brain and heart to flow with blood. Nitroglycerine was considered a possible treatment. Nitroglycerine is effective for treating angina pectoris; intense pain in heart. A medicine known as amyl nitrate similar to nitroglycerine are used as treatments to this day. (110 Words) OCR-AS Chemistry (Salters) Open-Book Paper (2005) 2852/01 1 Name: Mohammad Ahmed Candidate No. 9023 Show preview only The above preview is unformatted text This student written piece of work is one of many that can be found in our GCSE Patterns of Behaviour section.

The Milky Way and Andromeda Galaxies

The Milky Way and Andromeda Galaxies The optical morphology of galaxies varies according to environment. In a rich cluster, galaxies will usually be elliptical, S0 and cD galaxies. In lower density regions irregular and spiral galaxies are more commonly found. Such low density regions include near the edges of galaxy clusters, in groups, on the outer edges of rich clusters, or as a relatively isolated galaxy. Examples of irregular galaxies that follow this pattern include those in the Local Group (e.g. NGC3109, Sextans A and B) and the irregular galaxies that can be found on the outskirts of the Virgo Cluster. In high density regions there is the likelihood of more interactions that could lead to alterations in morphology, for example galaxy-galaxy and galaxy-cluster interactions. These types of interactions could explain why there are fewer spiral galaxies in high density regions. The merging of two spiral galaxies of similar size is thought to result in the formation of an elliptical galaxy. Spiral galaxies that fall into the intracluster medium are thought to lose a significant proportion of their interstellar medium due to the effects of ram pressure stripping, resulting in a S0 or dwarf spheroidal galaxy. In the centre of a rich galaxy cluster it is common to find a luminous elliptical galaxy (such as M87 in the Virgo cluster), these are likely to have formed from the merger of several smaller galaxies and in some cases can result in the formation of a cD galaxy. An example of the morphological distribution of galaxies in a rich cluster can be seen in the Virgo cluster which has the c D galaxy M87 at its centre and a high proportion of elliptical and S0 galaxies surrounding M87. The impact that environment has on dwarf galaxies is not so well known since these galaxies are fainter and thus more difficult to observe. 1b) The luminosity of galaxies also varies with optical morphology. On average spiral and irregular galaxies are brighter than ellipticals or S0 galaxies of a similar mass. Spiral and irregular galaxies have a higher content of very young stars whereas S0 and elliptical galaxies contain older, less bright stars. However, since galaxies can vary significantly in size then the luminosity needs to be looked at over a range of galaxy types and sizes. Elliptical galaxies exhibit the widest variation in size and luminosity. The luminosity of ellipticals can be in the range 3 x 105 to 1011Lsun and this is due to them ranging in size from extreme dwarfs to cD galaxies. A dwarf elliptical such as M32 has a luminosity of 1.995 x 109Lsun (source: Grebel, 2003) and a cD galaxy such as NGC 6166 has a luminosity of 3.7 x1011Lsun (source: Bender, 2015). There is less variation in size for spiral galaxies and they can only be found as large or giant systems, consequently spiral galaxies have luminos ities over the range 108 to 2 x 1010Lsun. A typical spiral galaxy such as the Milky Way has a luminosity of 2.5 x 1010Lsun (source: Grebel, 2003). Irregular galaxies have luminosities in the range 107 to 109Lsun and therefore are not as bright as some of the giant spirals. In the Local Group there are dwarf irregular galaxies such as NGC 6822 which has a luminosity of 9.4 x 107Lsun and larger irregular galaxies such as the Large Magellanic Cloud which has a luminosity of 2.5 x 1010Lsun (source: Grebel, 2003). . The Milky Way and Andromeda are due to merge with each other in approximately 2 billion years. As the two galaxies get closer the biggest changes will be caused by the gravitational effects of the two galaxies and the friction caused between the gas and dust. These early effects will result in the shape of the galaxies being altered when stars are forced out of their orbits. Ultimately, how both galaxies are affected by the merger process will be dependent on the collision angle, speed of the galaxies, their size and composition. Material from the outer disks of both galaxies will be stripped off and form tidal tails. During the merger process the orbits of the stars will become random and have little order. It is unlikely that any stars will collide with each other as they are so far apart. However, some stars will be ejected from the final galaxy. As the galaxies collide clouds of hydrogen gas will accumulate and be compressed enough to trigger gravitational collapse and thus begin the star formation process. During the merger process the dark matter is unlikely to interact and will remain unchanged. The Sun will be moved from its present orbit and is likely to end up in the outer halo of the newly formed galaxy at a radius >30kpc as part of an extended tidal tail. There is also the small possibility that the Sun could be ejected from the galaxy altogether. As the two black holes at the centre of each galaxy approach within 1 light year of each other they will begin to emit gravitational waves. This energy will radiate out, affecting the orbits of stars. It is possible that the gas accumulated by the black hole merger could create a luminous quasar or an active galactic nucleus in the centre of the newly formed galaxy. Since the Milky Way and Andromeda galaxies are similar in size, then their spiral structures will be destroyed during the collision and the new single larger system will result in a giant elliptical galaxy.

Cystic Fibrosis Essay example -- essays research papers

Cystic Fibrosis   Ã‚  Ã‚  Ã‚  Ã‚  Cystic fibrosis is an autosomal recessive trait on chromosome 7. This disorder affects chloride transport resulting in abnormal mucus production. This lifelong illness usually gets more severe with age and can affect both males and females. Symptoms and severity differ from person to person. Cystic fibrosis is the most common fatal inherited disease among whites and the major cause of chronic lung disease in children. 50% of people are expected to live to be 30, but a majority die before age thirteen. 1:2000 whites have cystic fibrosis, 1:17000 blacks, 1:6000 live births, 1:2500 Americans, and 1:20 is a carrier.   Ã‚  Ã‚  Ã‚  Ã‚  The genes are inherited in pairs, with one gene coming from each parent to make the pair. Cystic fibrosis occurs when both genes have mutations. A person with cystic fibrosis receives one cystic fibrosis gene from each parent. The parents of a child, with cystic fibrosis, each carry one nonworking copy of the gene and one working copy of the gene. The parents are called cystic fibrosis carriers, and because they have one working gene they have no symptoms. Carrier parents have 1:4 chance to have a child who is a noncarrier of cystic fibrosis, a 1:2 chance to have a child who carries the gene, and a 1:4 chance with each pregnancy to have an affected child. If you have a son or daughter with cystic fibrosis, then you have a 1:1 chance of being a carrier. If you have a brother or sister with CF, you have a 2:3 chance of being a carrier. If you have a niece or nephew with CF, you have a 1:2 chance of being a carrier. If you have an aunt or uncle with CF, you have a 1:3 chance of being a carrier and a 1:4 chance if you have a 1st cousin with CF.   Ã‚  Ã‚  Ã‚  Ã‚  Cystic fibrosis affects the lungs in particular. The secretions are thick and sticky rather than thin and watery. This interferes with the removal of dust and germs. It can lead to lung infections and even chronic lung damage. Air passages become clogged with mucus and there is often widespread obstruction of the bronchioles. Expiration is especially difficult. More and more air becomes trapped in the lungs, which results in obstructive emphysema. Atelectasis can occur leaving small areas collapsed. Eventually the chest assumes a barrel shape. The right ventricle, which supplies the lungs, may become strain... ...gerate and be demanding for attention.   Ã‚  Ã‚  Ã‚  Ã‚  Parents may have knowledge deficit and may need a lot of teaching and explanation. One of the misconception parents have is that their child's intelligence is greatly decreased. Intelligence is not affected. Parents often feel guilty, since this is an inherited disease. The child spends the majority of his time at home due to this lengthy illness. The child is also hospitalized for complications although stays are short to prevent exposure to other infections and illnesses. This puts a financial, physical, and emotional burden on the family. When do the parents find time for each other, themselves, or other children? How do they distribute their time and energy equally and fairly? Parents need encouragement and reassurance. They also need explicit instructions. Parent groups can help along with the Nat'l CF Research Foundation and the 1-800-FIGHT-CF hotline. Parents usually need help from a social worker and financial help for special equipment. Insist parents to get help from other family members or friends and encourage them to get away from it all periodically. Alarm clocks can remind them of medication times.

Macquarie Bank

?Introduction Macquarie Bank has been recognised as one of the most prestigious banks in Australia and around the world. Macquarie was established in Australia in 1969, it began operations in Sydney in January 1970 with only three staff. Macquarie Bank first opened its doors for business on 1 March 1985 with a retail branch in Sydney. Today, Macquarie Bank operates in a range of investment banking, commercial banking and selected retail financial services markets both in Australia and overseas. It is the only substantial, majority Australian owned investment bank and is a licensed trading bank under the Australian Banking Act 1959 (Macquarie History, 2007). Macquarie Bank has been consistently associated with a stream of major financial innovations, which have underpinned its reputation as a market leader. Their main focus that has helped them in their success is their risk management department as well as their focus on select markets on which they enter. The Macquarie culture is represented by the way in which they work together. The values to which they aspire can be summarised in six principles: integrity, client commitment, strive for profitability, fulfilment for our people, teamwork, and highest standards. Macquarie Bank’s commitment to the six principles is vital for continued growth and prosperity (Macquarie, About Macquarie, 2007) Operating Environment: The Macro Environment Political and legal forces Political and legal forces hold a great impact on all industries that wish to operate legally within a country. Regulatory groups are required within the banking industry to assist in the stable operation of a nation. A major regulator would be The Australian Prudential Regulation Authority (APRA). Various other major political and legal forces which solely influence the banking industry include The Australian Bankers’ Association (ABA), The Australian Securities and Investments commission (ASIC) and The Reserve Bank of Australia (RBA). APRA was created to be an advisory figure in the regulation of the Australian financial services industry. This group â€Å"oversees banks, credit unions, building societies, general insurance and reinsurance companies, life insurance, friendly societies, and most members of the superannuation industry† (APRA, 2007). The ABA works with its members to provide analysis, advice and advocacy and contributes to the development of public policy on banking and other financial services† (ABA, 2007). The ABA acts as a union for banks and ensures that the banking industries views are heard, when the government decides to alter policies or legislations. Th e ABA also helps to strengthen the benefits of competition to Australian banking customers. ASIC’s task is to enforce and regulate companies and financial services laws in order to protect the customers as well as the investors and creditors. ASIC exists to regulate; â€Å"Australian companies, financial markets, financial services organisations and professionals who deal and advise in investments, superannuation, insurance, deposit taking and credit† (ASIC, 2007). â€Å"The RBA’s main responsibility is the monetary policy† (RBA, 2007). The board members make the policy decisions with the aim of gaining a low and stable inflation over the medium term. According to the RBA website, the other major goals include; maintaining financial system stability and promoting the safety and efficiency of the payments system. The RBA also acts as a banker to the Australian Government and actively participates in financial markets, manages Australia’s foreign reserves and issues Australian currency notes. Global Forces Changes in the financial status of markets overseas, drops or increases in interest rates overseas, and even new political regimes can all affect organisations around the world. Global forces which have recently held an effect on Macquarie bank would be the current drop in the US economy which has affected markets all around the world. The main impact which it has made in Australia has to do with financial institutions since they hold assets from the US market. This has directly affected Macquarie with its financial services and products. Economic forces Economic forces pertaining to Australia can greatly influence the way businesses operate. General economic forces such as inflation rates, interest rates, currency exchange rates, unemployment levels, average disposable income, and personal saving rates can all affect organisations to a certain extent (Hill et al, 2004, p74). Inflation has affected Macquarie bank which then in turn goes to interest rates. Currently economic forces within Australia include rises in certain industries including the mining industry and real estate. By these industries entering a boom period, it increases the amounts which these industries will be willing to invest which in turn increases profits for banks. Technological forces In modern society with technology being so closely tied to having a competitive advantage, a lot of industries compete to keep up to date with new developments. The invention and increased use of computers, internet, and phones have all made a major impact on organisations around the world. The main effect that technological advancements have made within Macquarie bank is that internet banking is now a common and widely used item so banks need to constantly upgrade their technology in order to prevent hackers from entering their databases and causing havoc. Operating Environment: The Micro Environment There are many forces that can impact the outcome of a firm’s growth and profitability. For Macquarie Bank, the forces that impact their success will be explored with the analytical frame work introduced by Michael Porter; his five forces model, which will look at the major contributing factors that will aid and deter the growth of Macquarie Bank in this industry. Risk of threat of new entrants The risk and threat of new entrants into the market can be seen as both high and low. High, since there has been a deregulation of the market for banking, which will allow for overseas competitors to compete in the local market. This is a large threat since these are the competitors that have a large pool of resources that can actually compete to a high level with Macquarie. However, the threat can also be seen as low since there is still a high degree of entry barriers, i. e. operational regulations and laws implemented by the government and other regulatory boards. Additionally, a major factor that will deter competitors would be such things as brand loyalty as well as the over saturation of banks in the industry. Therefore, the threat of new entrants can be seen as moderate and is highly dependant on the entrant’s resources and capabilities. Rivalry among established companies The rivalry in the banking industry can be seen as discrete, yet volatile. They advertise in the media about their interest rates, products and services, however, apart from that, their actions are rarely seen. Each bank firm always try to gain the better package and interest rate to attract more customers. However, these rates are quite similar with little variance. A major factor that gives them the competitive advantage would be the image the bank upholds and the services provided in comparison. The main point of attack that most banks concentrate on now is their customer service area, since most of the services that they provide are quite similar. Macquarie has a very well maintained, high profile image. They provide a lot of diverse services; however, they charge premium service fees for them. This has not deterred people from using their services, but has given their users a sense of assurance; they feel as though they pay top dollar for top service and quality. This sense of prestige as well as resources and capabilities has given the Macquarie bank their high image and profile as well as success. Bargaining power of suppliers The main supplier of Macquarie bank would be their shareholders. By owning a share in Macquarie depicts that these people have invested money into this organisation and since there are various options to choose from, Macquarie must be unique in some sense to attract these people. It would become costly for Macquarie to lose these shareholders as with banks, money is the good which is being transferred and to lose shareholders would only lead to a deficit in funding for the bank. Therefore, the bargaining power of suppliers would be seen as high since there is no switching cost for them to move their money into another investment area. Macquarie must come to a compromise with supplier demands or face losing a stream of equity and funding. Threat of substitutes The main threat of substitute services for Macquarie Bank would be; credit unions and building societies. Credit unions, especially the larger ones offer most of the services that Macquarie offer, however, with fewer fees. Building societies although not as main stream and service diverse as credit unions have the potential to develop the competencies to deliver them, for example, Bendigo Bank; which was originally a building society. Although these two types of institutions do not offer the wide array of services that Macquarie does, it can steal away some of Macquarie’s customers, since they deliver a minimal version of the services that Macquarie provides. Additionally, with Macquarie’s reputation and diverse array of services, the threat of substitutes would be on a miniscule level. Bargaining power of buyers The banking industry in Australia can be seen as a saturated market. This saturation allows buyers (consumers) a level of bargaining power. This means that the consumer can negotiate interest rates and packages to their advantage against the provider. However, since there are only a few financial institutions in Australia, many of whom can charge higher prices for services and packages. Yet on the other hand, the domestic banking industry is considered to be competitive, which can offset the balance with only having fewer firms in the market. Therefore, the bargaining power of buyers can be considered as moderate. Competitive Advantages Macquarie bank provides investment banking, commercial banking, retail financial services in Australia and selected financial services offshore. It operates through the following business segments: Asset and Wealth Management; Financial Markets; Investment Banking; and Lending. Macquarie is a diversified international provider of financial and investment banking services. It has the following key resources and capabilities compared to Commonwealth and Bendigo Bank: Human Resource Macquarie bank’s hosts and presenters are industry experts who have the xperience and knowledge to achieve the maximum outcome in this complex and rapid changing economic environment. With a network of over 10,000 people in 24 countries, the staff can add the most value and advantages to clients. Annette Martins is currently employed as an associate economist in the economics team at Macquarie bank. Her past experience includes working for the NSW Treasury as an economist within the Economic and Fiscal directorate. Other staffs have worked for such as Reserve bank of Australia (Macquarie, 2007). At Macquarie, there are elites in different professions such as Economy matters, Marketing, Property and Vision. All the staff members are carefully drawn from a broad range of industries and market segments. It is also allowing them to apply their expertise to the customers. Customer Resource Macquarie bank is currently operating its services in more than 40 countries around the world as OzForex is serving around 30,000 transacting customer internationally. It provides a depth of service (accurate and insightful view) with specialist capabilities to wholesale and private customer in both the domestic (Australia) and international economies (Macquarie, 2007). Simultaneously all these customers may invest their money with other Macquarie’s business groups such as Funds management or financial service groups. They both run domestically and internationally. The Financial service group services more than 670,000 clients all together with other Macquarie Departments. Department Resource Macquarie is currently operating its service in seven major business groups which are Investment Banking Group, Equity Markets Group, Treasury and Commodities Group, Banking and Securitisation Group, Real Estate Group, Funds Management Group and Financial Services Group. With all these services, Macquarie owns huge customer resources within Australia and foreshore. Each department in Macquarie is serving specific groups which may overlap with other departments because Clients may be interested in more than one service which Macquarie provides (Macquarie, 2007). Subsidiary Companies Macquarie is providing its specialist banking and financial service in select markets around the world. It also has a lot of subsidiary companies around the world. OzForex is an online foreign exchange provider which Macquarie has purchased 51% of the shares. It will allow Macquarie to offer tailored foreign exchange services to its substantial retail financial services within financial service groups (Macquarie-OzForex, 2007). Comparison against rival Banks Commonwealth bank’s principal activity is providing integrated financial services which include business and institutional banking, superannuation, life insurance, funds management and broking services and finance company activities. It operates in Australia, NZ, UK, USA, and Japan†¦etc. It has a wide presence in Australia with the largest branch and ATM network. It also received the award for excellence – Best Bank in Australia but was not mentioned in relation to investment services (Commonwealth Bank, 2007). Bendigo bank’s main financial services include business banking and commercial finance, funds management, treasury and foreign exchange services, superannuation and trustee services. It operates mainly in all Australian estates and the Australian Capital Territory. Bendigo bank is responsible for a number of banking innovations in Australia such as visa credit and debit cards (Bendigo, 2007). With all the resources and capabilities when comparing Macquarie bank to Commonwealth bank and Bendigo bank, Macquarie is on a leading position for investment banking. Deregulation is expected to lead to an increase in competition in the banking industry, and could involve a decrease in profitability. There are four factors in a bank’s competitive advantage that needs to be considered: (Chen. T. , 1999) Manpower Financial management Asset base Intangible assets Achieving success in the industry will involve 3 key factors. These are the costs, product and financial strength of the corporate entity. To be successful in the banking industry, the bank needs an insight into the changes in banking methods, cost management and long-term financial solutions. Macquarie bank’s strategy is to expand selectively in practical areas. (Macquarie Annual Report, 2007) Macquarie has entered the market of infrastructure investing since 1996. It has become one of the largest private managers of infrastructure in the world, with rapidly increasing revenue and profit. Macquarie bank’s specialist funds are currently buying toll roads, airports and rail systems world-wide. It is also a key growth driver and has been exported to international markets; its assets under management in specialist funds increased 50 per cent from $A87. 6 billion to $A131. 3 billion. Macquarie’s long-term strategy has allowed them to enter new sectors and regions flexibly as opportunities arise. This strong risk management has become a key factor of Macquarie’s success. The overall result is driven by strong growth in every region where Macquarie operates. Macquarie has achieved No. ranking in Australia for mergers and acquisitions whilst maintaining its leading market position for equity rise. It has also been ranked No. 1 broker by the ASX (Australian Stock Exchange) in market share. Macquarie bank, Australia’s largest Cash Management Trust (CMT) provider also has an agreement with Australia’s largest retail equities network, GBST (Glob al Banking & Securities Transactions). These strategic alliances provide Macquarie with an enhanced reach to its customers as well as customers from other alliances, hence forming a broader network. Company Strategy Macquarie company strategy Macquarie states that â€Å"Our strategy is to expand selectively, seeking only to enter markets where our particular skills and expertise deliver real advantage to clients† (Macquarie Annual Report, 2006); â€Å"Macquarie aspires to be a pre-eminent provider of financial services over the long haul† (Macquarie, 2007). This statement also shows that their strategy is to be a leader in their sector. (For more information on the business level strategy, please refer to appendix 1). Competing with Macquarie. Macquarie Bank Group can be seen as the market leader in investment banking, inancial services and retail banking â€Å"Macquarie Bank has been consistently associated with a stream of major financial innovations, which have underpinned its reputation as a market leader† (Macquarie History, 2007). The way that they have focused on market segments has given Macquarie an edge over their competitors; since they service the market segments which they see profit and growth in for themselves as well as their customers. What this means is that they minimise their risk of entering â€Å"stagnant† areas and maximise growth and return by servicing their target groups. Macquarie Bank Financial Results Total income from ordinary activities for the year 2007 was up 49% to $A7,181m; International income was up 70% to $A3,457m; Net fee and commission income was up 25% to $A3,540m; Trading income was up 20% to $A1,047m; Net interest income was up 23% to $A728m. Asset and equity investment realizations and other income were up 257% to $A1, 866m (Macquarie Financial Report, 2007). The expense to income ratio was slightly down at 73. 2 % (Macquarie, 2007). Refer to appendix 2 for the pie chart. *EPS = Net Earning / Outstanding shares Macquarie banks financial possession as of May 2007 is Net profit of A$1. 46bn. There has been a 60% increase as compared to the later year and six times the level increase as compared to the last five years. Earnings per share increased 48% from $A4. 00 to $A5. 92. This is 4. 5 times the level of earnings per share of five years ago (Macquarie, 2007). Earnings per share are generally considered to be the single most  important variable in determining a share's price. It is also a major component of the price-to-earnings valuation ratio. The P/E looks at the relationship between the share price and the company’s earnings. A high P/E  suggests that investors are expecting  higher earnings  growth  in the future compared to companies with a  lower P/E. However, the P/E ratio doesn't tell us the whole story by itself. It's usually  more useful to compare the P/E ratios of one  company to other companies in the same industry, to the market in general or against the company's own historical P/E. P/E Ratio = Market price per Share / EPS P/E of Macquarie for 2007 = 82. 75/ 5. 916* = 13. 987 (Macquarie Financial Report, 2007) The Pay-out Ratio shows the amount of earnings paid out in dividends to shareholders. Investors can use the payout ratio to determine what companies are doing with their earnings. The payout ratio also indicates how well earnings support the dividend payments: the lower the ratio, the more secure the dividend because smaller dividends are easier to pay out than larger dividends. (Investopedia, 2007) Macquarie Bank (Payout Ratio) 2005 2006 2007 53. 20% 54. 40% 54. 30% As the ratios above show, there has been very slight fiction in the level of dividend payouts. There has been a 0. 0% decline in the ratio which could only mean, that investors are feeling secure with the payout of the company which in turn means the company has higher retained earnings in their balance sheet and are able to keep investor confidence. Other data from the financial report suggests a decline in the expense to income ratio, for every $A1 of income $A0. 732 goes into expense. This suggests that Macquarie is h andling its expense well and is confident enough to pay off their investors. Return on Equity is a ratio that captures profitability, efficiency and capital structure within an entity. Changes in the ratio will reflect the direction of an entity’s profitability, asset efficiency and capital structure. ROE for Macquarie Bank 2006 = Net profit/ Average equity x 100 ROE = 916 /5968 ROE =15. 34% ROE for Macquarie Bank 2007 = Net profit/ Average equity x 100 ROE = 1463 /7519 ROE = 19. 46% The ROE increased from 2006-2007. In 2006 an investment of one dollar of shareholders equity returned 15. 34 cents of earnings available for distribution to shareholders. In 2007 an equivalent dollar investment generated 19. 6 cents of earning available to distribute to the shareholders. A figure which depresses the return on equity is if the cost of debt exceeds the return on assets. The debt ratio indicates how many dollars of debt exists per dollar of assets. It shows the leverage between a company is debt financed or asset financed. Equity Ratio for Macquarie 2007 = total equity / total assets x 100 = 7519/ 136, 389 x 100 = 5. 56% est. 6% This shows that 6% of Macquarie†™s debt finances their assets. They are relatively debt financed. Another way to measure the company’s financial leverage is the debt to equity ratio. It is calculated by dividing  its total liabilities  by  stockholders' equity. It indicates what proportion of equity and debt the company is using to finance its assets. = 128,870 / 7519 = 17. 14 A high debt/equity ratio generally means that a company has been aggressive in financing its growth with debt. This can result in volatile earnings as a result of the additional interest expense. If a lot of  debt is  used to finance increased  operations (high debt to equity), then Macquarie could potentially generate more earnings  than it would have without this  outside financing. If this were to increase earnings by a greater amount than the debt cost (interest), then the shareholders benefit as  more  earnings are being spread among the same amount of shareholders. However, the cost of this debt financing may  outweigh the return that  the company  generates on the debt through investment and business activities and become too much for the company to handle. This can lead to bankruptcy, which would leave shareholders with nothing. (Investopedia, 2007) Issue 1 Macquarie Bank users a decentralised management structure. This decentralisation refers to when decisions are made at different levels within an organisation (Hill et al, 2004, p273). Decentralisation Overview: Macquarie’s management and organisation structure is considered to be non-hierarchical. This means that the chain of command within the organisation is designed to be decentralised. This management approach allows the lower and mid-level managers within the seven divisions of Macquarie to make decisions on their own. Macquarie encourages their employees to gain a sense of ownership and to develop entrepreneurial skills in order to make strategic decisions (Macquarie Management, 2007). By giving the lower and mid-level managers the power to make decisions, it will reduce the bureaucratic cost to the company. In other words, delegating lower and mid-level managers’ decision-making responsibility, will lead to a reduction in upper level managers within the organisation. Furthermore, having a decentralised management structure will reduce information overload to the central management team, which will enable them to spend more time focussing on market and industry forces (Macquarie Management, 2007). A decentralised management structure may be good in order to keep costs down and provide central managers more time to make effective decisions; it may however cause further problems within the organisation. Problem 1: Communication & Coordination issues involving the Decentralisation Approach: The decentralised management theory states that lower bureaucratic costs will avoid communication and coordination problems within an organisation. This may be true in theory, however in reality it is not always the case. For example, the seven divisions of Macquarie are run and operated independently. All of the lower and mid-level managers of the organisation make their own decisions within each division. Since every division in Macquarie are related, it is surprising to see that they do not effectively communicate with each other because there is no level manager do so. In other words, there is no managerial network that integrates with each of the divisions. This could mean that information and other resources are not equally shared, which can lead to difficulties in creating value for the ompany. Problem 2: Leadership Issues using the Decentralised Management Approach: Another decentralised issue that could affect Macquarie is for when the organisation is facing periods of uncertainty. For instance, when the Macro-environment is volatile or unpredictable it is important for an organisation to show strong leadership. In these uncertain times it is important that leadership decisions are best given from higher-level managers. One of the issues concerned with Macquarie’s management structure is that leadership decisions do not come from lower or mid-level managers. In fact, decision-making made by an organisation’s division can be made to benefit them rather than to benefit an organisation as a whole. Therefore, this decentralised management approach may not be effective to face periods of uncertain times. Recommendations Macquarie decentralised management system is working well despite some of the issues facing the company. However, Macquarie Bank can benefit from using both a centralised and a decentralised management structure. A centralised management system is the complete opposite of decentralised management structure, where decisions are made by upper-level managers of the organisation (Hill et al, 2004, p273). The approach that Macquarie should take is to find a balance between a centralised and decentralised management regime. For instance, issues such as investing money into infrastructure should be done using a centralised approach and consequently issues dealing with recruitment and training should be done through decentralisation. Archiving the balance between the two management structures will determine the success of Macquarie Bank. Additionally, Macquarie should add a managerial network that integrates with all of the divisions in order to improve communication and resource sharing to create value for the organisation. However, it is important to note that as the company expands the decentralised approach may become less effective due to rising bureaucratic costs. Justifying the Recommendations: The real question that must be put forward to Macquarie is that can they continue to grow under a decentralised management regime? This is a key issue regarding the organisation structure for Macquarie Bank. As the Macquarie organisation expands, many critics argue that sustaining a decentralised management system in the long-term will fail. This is due to the fact that expanded business growth will not be able to maintain current hierarchical levels because it is too difficult, but more importantly it will lead to inefficiencies in managing the companies’ resources (Hill et al, 2004, p274). However to solve these issues, Macquarie can choose to divide the functional responsibilities up within the company across the same level, best known as ‘Horizontal Division of Work. ’ Using a functional structure in a horizontal framework will enable people with similar tasks be grouped together in order to increase productivity. This will reduce bureaucratic costs for an expanding business and increase operational flexibility. Therefore, Macquarie should consider a decentralized managerial approach in the short-run but in the long-run they may opted for a functional structure in order to reduce costs. Issue 2 Macquarie’s focus strategy to expand selectively, seeking only to enter markets where their particular skills and expertise, deliver real advantages to clients has served them well to this day, with expediential growth, it can have some implications. The main implications that can arise from this course of action and strategy are the limitations of the potentially profitable and growing markets that Macquarie could miss out on. This can lead to limited growth and a loss of market share if Macquarie continues this course of action to a stringent degree. It is near impossible to predict the trends to such an exact degree as too when to enter a market to obtain maximum growth, however, if there is the potential for that growth to occur, then the advantage can be taken by entering that market before this growth eventuates. However, by doing so creates risk. This risk is the gamble on predicting the success of the potential growth in the area. Although Macquarie does have a whole department dedicated to risk management, it still does not account for the ability of the environment to make unforeseeable changes. These environmental factors are out of the companies control, however, the company can anticipate an environmental change and implement a course of action to take in order to counter or profit from it. Therefore, Macquarie’s strategy of focusing on a select market to enter, although has helped them grow into a gigantic organisation, it could also be their downfall due to the potential growth they could miss out on by trying to minimise their risk. Problem 1: Market selection and alienation The way that Macquarie’s strategy focuses on expanding selectively to only enter markets where their particular skill are suited will cause these limitations in their possible future growth. This strategy can be seen as a focus strategy since Macquarie looks at targeting a particular market or customer segment; as stated in their original strategy, to expand selectively†¦where their skills and expertise deliver real advantages (Hill et al, 2004, p317). What a focus strategy entails is the focus on a niche market, which can be defined by, in Macquarie’s case, the type of customer and geographical region (Hill et al, 2004, p317). Although this strategy entails cost – control due to lower output levels to reach a scale of economy, Macquarie bank has grown so much that it does not have to take this part of the theory into too much account. Additionally, since Macquarie has created some unique attributes and competencies to its products and services accompanied by their high level of service quality it has given them a competitive edge by using this focus strategy. This has allowed Macquarie to charge higher rates which has aided them in reaching the scales of economy. However, the issue of a focus strategy, in Macquarie’s case, is that by minimising their risk by entering possibly slow growing economies can minimise their growth rate. This is due to the environmental and operational environment which they have no control over which can eventuate in that market to grow exponentially. Although this can be predicted, it cannot always be acted upon with enough haste to reap the maximum benefits. This leaves room for other competitors to move in and take advantage of this risk. Thus this strategy implemented by Macquarie can hold potential growth defects for them if they hold to this strategy too closely. Recommendation: To combat this market selectivity, Macquarie needs to manage change throughout the organization. The changes which it will introduce will establish a sense of urgency. Strategic leadership can assist in making that change happen within Macquarie Bank. Strategic leadership is the process of providing the direction and inspiration necessary to create, provide direction to, or sustain an organization or an organizational unit Dubrin et al, 2003, p400). An Innovative way to expand within the same banking industry and yet keeping the same image of Macquarie’s high scale markets is driving convergence which also helps redraw industry boundaries. Instead of competing with competitors, it can compete with its own financial advisory services. Another way to compete is imitation. Macquarie can benchmark their performance to other high scale ba nks globally and use two key components; strategic follower ship and learning by watching (Dubrin et al, 2003, p410). Justification for Recommendation Offering a higher quality than its competitors, can help combat markets selectively. Customer’s service, for banks is one of the ways total quality management, can be used. The variable which makes TQM possible is extensive employee involvement. Other hot topics are corporate social responsibility, it is a well-researched field of management and it provides guidelines for leaders about how to be more accountable to a new global economy. After the advents of Enron, topics of CSR and Corporate governance have emerged as ways to prevent people working in highly funded projects to have some form of transparency within the system. Macquarie which is Australia top investment bank should undertake such a role as they are leaders in the industry. Conclusion to Macquarie Banks strategic approach In summary, we have gone through a historical overview of Macquarie Bank and have come up with the expected result from this power house institution. Macquarie bank is an institution known for its complex ways of handling its organization, critics say it is like ‘wrestling in the dark with a ghost’ (Schwab, A; 2007). After evaluation of strategies we realize that Macquarie is a bank which provides prestige for Australia and has a high reputation in the minds of many. References Australian Bankers Association, (2007), ‘The Australian Bankers’ Association’s role,’ (online) http://www. bankers. asn. au/default. aspx? FolderID=2 (Accessed 13th September 2007) Australia Competition and Consumer Commission, (2007), ‘Role and Activities,’ (online) http://www. accc. gov. au/content/index. phtml/itemId/54137/fromItemId/3744 (Accessed 13th September 2007) Australia’s Free Trade Agreement, (2007), ‘Benefits of Free Trade Agreements for Australia,’ (online) http://www. fta. gov. au/default. aspx? FolderID=239=187 (Accessed 13th September 2007) Australia Prudential Regulation Authority, (2007), ‘Streamlined data collection for life companies and friendly societies,’ (online) http://www. apra. gov. au/media-releases/07_15. cfm (Accessed 13th September 2007) Australian Securities and Investment Commission, (2007), ‘ASIC at a Glance,’ (online) http://www. asic. gov. au/asic/ASIC. NSF/byHeadline/ASIC%20at%20a%20glance (Accessed 13th September 2007) Bendigo Bank, (2007), ‘Corporate Governance,’ (online) http://www. bendigobank. com. au/public/about_us/corporate_governance/corporate_governance. asp (Accessed 13th September 2007) Chen, T, (1999), Critical Success Factors for Various Strategies in the Banking Industry, vol 17 issue 2/3. Commonwealth Bank, (2007), ‘Company Profile,’ (online) http://about. commbank. com. au/group_display/0,1922,CH2047,00. html (Accessed 13th September 2007) Dubrin, Dalglish Miller, (2003), Leadership, 2nd edition, John Wiley and Sons, Australia Hill, Jones, Galvin, Haidar, (2004), Strategic Management: An Integrated Approach 2nd edition, John Wiley and Sons, Australia Investopedia, (2007), ‘Debt-Equity Ratio,’ (online) http://www. investopedia. com/terms/d/debtequityratio. asp (Accessed 17th September 2007) Macquarie Bank, (2007), ‘About Macquarie Bank,’ (online) http://www. macquarie. com. au/au/about_macquarie/index. html (Accessed 10th September 2007) Macquarie Bank, (2007), ‘Corporate Governance,’ (online) http://www. macquarie. com. au/au/about_macquarie/corporate_governance. htm (Accessed 8th September 2007) Macquarie Bank, (2007), ‘Financial Report 2007,’ (online) http://www. macquarie. com. au/au/about_macquarie/acrobat/financialreport2007. pdf (Accessed 11th September 2007) Macquarie Bank, (2007), ‘History of Macquarie Bank,’ (online) http://www. macquarie. com. au/au/about_macquarie/company_profile/history. tm (Accessed 10th September 2007) Macquarie Bank, (2007), ‘Macquarie Bank 2007 Annual review,’ (online) http://www. macquarie. com. au/au/about_macquarie/acrobat/annualreview2007. pdf (Accessed 11th September 2007) Macquarie Bank, (2007), ‘Macquarie Bank announces 60% increase in profit and 47% increase in dividends per share,’ (online) http://www. macquarie. com. au/au/about_macquarie/media_centre/200705015a. htm (Accessed 17th September 2007) Macquarie Bank, (2007), ‘Major Seven Major Business Groups,’ (online) http://www. macquarie. com. au/au/about_macquarie/company_profile/mgmt_organisation/six_groups. tm (Accessed 11th September 2007) Macquarie Bank, (2007), ‘Management and Organisation Structure,’ (online) http://www. macquarie. com. au/au/about_macquarie/company_profile/mgmt_organisation. htm (Accessed 16th September 2007) Reserve Bank of Australia, (2007), ‘Structure and Functions of the RBA,’ (online) http://www. rba. gov. au/ActionPlan/index. html (Accessed 13th September 2007) Appendices Appendix 1 Focussed product differentiation A key element that has helped Macquarie differentiate its services from their competitors is how they have selected their market segments; however, this will be discussed in the next section. The reason they have a distinctive service differentiation from their competitors can be based on their values that they hold within the company. These values are; high ethical and professional standards, commitment to clients and growth, motivating and retaining quality staff, creating aligned staff and shareholder rewards and stringent reporting to create a high level of accountability (Macquarie, 2007) Focussed market segmentation Macquarie’s focussed market segmentation plan is to target a preferred demographical segment. They target the areas where they can best maximize their business as well as service their customers to the expectations that customers would hold from this prestigious company. They have a large commitment to the people they service as well as constant improvement to deliver higher standards of services and products to those people. As mentioned earlier, they expand selectively, seeking only to enter markets where Macquarie’s particular skills and expertise deliver real advantage to clients Focussed distinctive competency Another factor that has given Macquarie its strategic advantage would be

Resume Objective How to Know When One is Necessary

Resume Objective How to Know When One is Necessary Unofficially, when you’re applying for jobs, your resume objective is pretty much always the same: â€Å"I would like to get a job.† There may be more specifics than that, but let’s be honest- that’s the main goal here. So if you know your objective is to get this job, and the recruiter or hiring manager knows you are also interested in said job (because otherwise, why would they even have your resume?), why do you need to make this explicit in your resume? 1. What IS a Resume Objective?2. Do You Need a Resume Objective?3. What If You Decide to Skip It?4. What Does a Good Objective Have?5. Where to BeginWhat IS a Resume Objective?An objective is a short statement at the top of your resume (right after your essential contact details) that sums up for the reader where you are in your career, and what you’re seeking as the next step. So as you see, it’s a little different than â€Å"hire me.† Think of it as part of your elevator pitch for hiring you, instead of a literal statement of your job search. Again, you know why you’re there, and the reader knows why you’re there, but the objective is the kickoff to your campaign to convince them why they need to hire you. Basically, it’s your first chance to start breaking away from the pack.For example, if you’re applying for a nursing assistant position, and everyone has the same objective that says something like, â€Å"Seeking employment as a nursing assistant,† the reader will start glazing over by the third resume. You want your resume to stand out from the crowd, and the objective is another tool you can use to do that. But be careful: the resume objective is not necessarily the same thing as the resume summary statement. The resume summary statement, also known as a qualification summary or a competency summary, is a short statement or list of bullets that summarize skills and experience. It ties those skills and experience to the theme (or brand) you’re trying to establish for your resume. How is it different from an objective? A summary statement is a good way to take a long or complicated job/skills history and put your best self (your brand) into a few concise sentences. It’s not as good for newbie job seekers or career changers, because you might still be establishing that brand.Do You Need a Resume Objective?Well, that part’s a little controversial. Not everyone agrees that an objective is a good use of resume space these days. U.S. News World Report argues that the risks of a poorly written objective statement outweigh the benefits of including one at all, and that an objective is a waste of super-precious resume space. This is also the view taken by the folks at The Muse. The bottom line: there’s no unanimous voice fighting for the resume objective.But above all, regardless of what everyone else says, you need to decide what’s right for your resume and your job sear ch. An objective can be a very effective way to present yourself- you just need to make sure that you’re writing a good one that deserves to take that space. You should consider keeping an objective on your resume if:You’re just out of school, or don’t have tons of experience in your field.You’re changing careers, or applying for a job where your previous experience doesn’t apply 1:1.You’re focusing on a very specific position in your field (e.g. you’re not just sending your resume to a company you like, or passing it along to a recruiter, and hoping for an opening that fits). The objective is a way to start establishing that branding, or reframe your narrative. Cover letters are far from a given these days, in the age of faceless job application engines. The objective can be a handle, a narrative statement that could pack some of that same â€Å"I am perfect for this job† punch that would normally be covered in a cover letter. It’s a way to neatly outline your current goals, and align that with the job description at hand. The objective tells the reader what you’re seeking and starts the narrative of how you fit this job.What If You Decide to Skip It?I mean, the sky isn’t going to fall on your job search if you decide against including a resume objective. It’s unlikely that someone will get to the end of an otherwise fantastic resume and think, if only this person had included an objective. But that’s not necessarily the way to look at it- there are plenty of things you can leave off a resume that wouldn’t be missed. Instead, think of it as a proactive element you can use to your advantage. If you skip it, you likely won’t be actively damaging your chances at the position, but you are consciously skipping an opportunity to position yourself even better.What Does a Good Objective Have?If you decide to go ahead with a resume objective, you need to do it well . As mentioned earlier, resume space is precious. If you’re going to devote several lines to it, that’s several lines you can’t devote to something else. So you need to make sure your resume objective has these elements:It’s customized. Like the rest of your resume, it should be tailored to the job for which you’re applying- or at least the company. Generic objectives are visible from a mile away.It should be backed up. Anything you bring up in the resume objective, you should be prepared to flesh out in bullet points later in the resume.It’s not just about you. You’re great, you’re awesome. But lots of great, awesome people are going to end up in the â€Å"meh† or â€Å"no† pile of resumes. The goal is to start showing the reader that your awesomeness is the one that should get an interview for this Use it to emphasize your potential value to the company.It’s not a bragfest. Don’t just insert all th e flattering adjectives you can find. Use relevant action words that, again, will be backed up and enhanced by the rest of your resume.It’s short. This isn’t your memoir, it’s a brief statement that sets the tone for your resume.It adds value to the resume. If you’re just restating points or skills verbatim from later in the resume, don’t bother. The objective should be more of a â€Å"greatest hits† overview that is condensed into its most powerful form. So what does that â€Å"good† objective look like? Think of it as a formula.Strong traits + The role you want to fill + Good fit for the company = ObjectiveDon’t overcomplicate the objective: a sentence or two is great. You don’t need a bulleted list, or a long narrative paragraph. And in fact, a long paragraph could be a total visual momentum-killer, which is the last thing you want right at the start of the resume. You can label it as its own â€Å"Objective† s ection on your resume, but that’s not essential- it could just be a standalone sentence at the top of your resume, and the reader will understand what the purpose of it is.Where to BeginTo get you started, here are some examples of resume objectives- the good, the bad, and the ugly. You can also find templates and samples online, like with ResumeGenius and The Interview Guys (who also have a resume objective â€Å"cheat sheet† you can get via email). Let’s take a look at what to do and what not to do.The GoodExperienced customer service representative with more than 7 years of experience, seeking to leverage strong technical and customer-facing skills into an entry-level information technology position for TechSolutions Corp.Detail-oriented researcher with strong communication skills looking to transition into a blogging and social media coordinator position.Objective: To leverage 10 years of continuing education teaching experience and fluency in English, Spani sh, and French into a part-time ESL teaching position. The BadFabulous customer service rep seeks to leverage legendary skills into IT. (Let the reader make the judgment about whether your skills are â€Å"legendary.†)Bringing my brand to your blog and social media platforms. (What brand? Why you?)I would like a job teaching English to non-native speakers. (What skills and experience would you bring?)Seeking a full-time position in my chosen industry where I can apply my experience and skills to that position. (Waaay too vague.)The UglyI would like a job that pays at least $30,000 per year, with strong benefits and flexible hours to accommodate my child’s care schedule.I’ve always loved reading, so I’d like to secure a position with a large publishing company.Remember, the objective really sets the tone for the resume- it’s right under your name, and hits the reader before they get down to your qualifications and skills. If you’re going to i nclude one, make sure it’s the most specific, appealing one you can write. This is your chance to start moving ahead of the pack, so make sure you’re taking full advantage!b

buy custom Business Environment essay

buy custom Business Environment essay A price maker is a company or an individual in a market that has the power to influence the price of a certain good due to monopoly or the high quality of their product. Price makers usually do not have competitors, and if they have their products are more valued. A price taker is usually a company or an individual who does not have any influence in the market price of the goods. Most investors are usually price takers, as they have to accept the price set in the market in order to sell their products. Price takers contrasts with price makers. Roles of competitive dynamics within the context of strategic business planning Competitive dynamics is the study of how companies take actions in a market in order to gain profits or improve their products or services. These actions usually affect the industry in different ways, as companies tend to compete. One of the most pivotal roles in competitive dynamics is usually to gain profits. Companies in a monopolistic market tend to strategize to make profits just like the market leader. Profits made by the market leader usually motivate the other companies to take action, which can be termed as creative destruction. Secondly, companies will usually want to introduce a new product in a firm in order to keep the competition. When one company tends to be running he market, the others may have to introduce a new product to create competition. This new product will create curiosity among the buyers who will want to try it thus creating competition for the old product. Considerations to be made in a highly competitive environment where firms are price takers Firstly, the supply and demand of a product should be considered in a market environment, which has many price takers. Supply and demand usually determine the profit that the firm would make at the long run. An individual or a firm should not risk joining a price takers business environment that has low demand. Inflation entails the general rising of price of products in a business environment. A rise in price will always affect the purchasing power of products by the buyers. In a price takers business environment, this may be tricky and; thus, should be genuinely considered. Lastly, market policy should also be put into consideration. It is somewhat risky businesswise being a price taker. Considering this, a person should study the policies put into place before venturing into a price taker market. Considerations to be made in a highly competitive market environment where firms are price makers Firstly, the demand of the product should be considered. In aa market that has price takers, it is usually hard to convince the buyers why they should buy your product on whatever price you have set. The price makers should have the persuasive power in order to gain more customers in the market. Secondly, branding is usually an essential thing to be considered. The high competition calls for a unique branding so that you can appeal to a larger audience. In addition to branding, price makers environment needs a firm to consider high marketing of a product and create product features. Furthermore, an individual or a firm has to learn about the market needs. At some point, some market environments can be certainly resistant to change or introduction of a new product. Price makers should always consider if the buyers may need a change or not. Lastly, factoring the gross profit is essential. Gross comprises of the resulting money excluding the production cost. In a highly competitive market with price makers, one may also experience high losses due to lack of consideration of the gross margin. In conclusion, it is more advised to be your own price maker rather than the price so that you can set price anywhere on the demand curve. Various points should be considered in environments that comprise of price makers and price takers. Such include the market policy, inflation, and branding. Buy custom Business Environment essay

Hollywood Ten and Crucibal essays

Hollywood Ten and Crucibal essays In 1947 the House Un-American Activities Committee, or HUAC, started a trial and investigation of communism in the Hollywood motion picture industry. The Committee, including Chairman J. Parnell Thomas a young Congressman from California, and Richard M. Nixon tried many celebrities asking them question about what they knew about communism and who they knew that were involved. Here is a quote from the trial. SPOKESMAN: Do you recall the names of any of the actors in the Guild who participate in such activities? ROBERT TAYLOR, Actor: Well, the one chap I am thinking of currently is Mr. Howard DeSilvahe always has something to say at the wrong time. Karen Morley also usually appears at the guild meetings. This was very much the same as times in Salem because many people were being accused of being witches because young girls were giving out the names of people responsible for their pain. All the people that were named would be on trial for witchcraft, a crime that would be paid for by death. In Hollywood, people would be put in prison if they were convicted of communism. After the celebrities and studio bosses testified, seven writers two directors and one producer were called before the committee. They were questioned about membership in the Communist Party. They did not cooperate, but challenged the committee's right to judge their personal opinions. They became known as the "Hollywood Ten. The Ten tried to fight the anti Communist committee, but in 1950, their time ran out. All ten had to leave their families and spent one-year in the prison. This was very similar to Salem because, like John Proctor and others, when they would not give names of other witches, they would be hung. This is what happened here. The Ten did not give out any names so they were put in prison. In l951, they started a second set of hearings both in Washington and in Hollywood. Over 100 people were call...

Original Marketing Plan Essay Example | Topics and Well Written Essays - 3000 words

Original Marketing Plan - Essay Example It is proposed that the company expand its activities into the Indian sub-continent to take advantage of the 350 million strong affluent middle class that is hungry for high end consumer products, including optical. It must also enhance its range to include sportswear optics as sport is a big rage in that geographical area. The company’s current customer segment comprises mainly of expatriate customers most of whom are of Indian origin. Therefore an Indian celebrity from the sport arena will be most suited to act as its brand ambassador to project its image in the large Indian market. It is proposed to rope in M.S.Dhoni, the flamboyant India Cricket Team Captain as its Brand Ambassador. A marketing plan ensures that the product range of the company is constantly promoted and communicated to the customers who can be persuaded to buy them. Creating awareness and need are the two main objectives of such a plan. Companies continuously face competition and this needs strategies for gaining competitive advantage. Porter M.E., (1966) redefined strategy to be a combination of differently performed activities. While the activities remain the same, the approach taken to perform or enact them is the strategic decision that pays off. This brings about strategic positions that are unique by themselves and set the organization apart from its rivals. The company has grown at the rate of 35% per annum in terms of turnover. Despite competition it should now attempt to cross the 50% mark. For this it needs some radical departures from previous activities. In this marketing plan it is proposed to introduce the concept of having a Brand Ambassador for the company. The company has grown sufficiently in the last decade to be recognized as unique venture with several outlets in different Middle Eastern countries. It is now time to franchise the company’s brand overseas in the International markets, especially in the emerging market of India as it has a huge

Leadership Portfolio Assignment Example | Topics and Well Written Essays - 1250 words

Leadership Portfolio - Assignment Example Thank God my prayers were heard and you gave me strength not to give up throughout my journey of having a full-time job and pursuing both my Undergraduate and Master’s degree. The purpose of this portfolio is to provide a comprehensive view of my leadership qualities which I have developed through my academic qualification. I believe that I am a good leader because not only am I a knowledgeable person but also I feel that I have the capability to reflect my knowledge by application of effective management skills. I have strong qualities of delegation, communication, confidence, and commitment. I have a creativity and ability to inspire my colleagues and subordinates whom I believe will make me a good leader in the future. I am a budding professional who has undergone multiple learning experiences over the past few years in my career. My expertise is in the field of HR recruitment and I have acquired a plethora of knowledge through recruitment, training, coordination, and evaluation of employees. My personal goal is to become extremely efficient and reliable in any job that I do. I want to become the most dependable person in any organization I work with in the future. Throughout my entire career, I have been fortunate enough to work with key personnel in this profession that has enhanced my skill set. My future goal is to create the high level of professionalism among employees that can solve organizational challenges in the future. The importance of human assets in improving organizational efficiency and productivity is well documented. My role is to select the best candidates for jobs that can create high levels of efficiency in the organization. Studying at Concordia College, Masters Business Leadership Program has been one of the most enriching experiences of my life. It has not only helped me to learn a variety of new courses that I was not aware of before joining this institution but also helped me to improve my existing skills and knowledge.  

The Horror of a Dystopian Society Essay Example | Topics and Well Written Essays - 1750 words

The Horror of a Dystopian Society - Essay Example The category of dystopian films is closely related to that of post-apocalyptic film and dystopian societies often arise in the awake of natural or manmade disasters that have led to the destruction of the societies that came before them. However, dystopian societies can also arise as a natural consequence of the direct historical extension of certain flaws in the current-day society with no intervening catastrophe. Recent films with dystopia inclinations include Gattaca (1997), 1984, Fahrenheit 451, Equilibrium (2002), Minority Report (2002), Banlieue 13(District 13, 2004), Casshern (2004), V for Vendetta (2005), and Children of Men (2006). These more recent dystopian movies have become particularly clear in the way their dystopian features are not predictions so much as satirical commentaries on the present world of consumer capitalism. This paper examines the genre of dystopia with a view to understanding its common traits, ideological valences and historical specificity. Although the term dystopia predated 1900, dystopia became recognized as a literature genre during the twentieth century and has not lost its hold on the society’s imagination, as evidenced by recent films such as The Island, V for Vendetta and Children of Men. Introduction A utopia is an imaginary society that dreams of a world in which the social, political and economic problems of the real present have been solved or at least in which effective mechanisms for the solutions to these problems are in place. A dystopia on the other hand, is an imagined world in which the dream has become a nightmare. It is also known as anti-utopias. Dystopias are often designed to critique the potential negative implications of certain forms of utopian thought. However, dystopia films have a strong satirical dimension that is designed to warn against the possible consequences of certain tendencies in the real world of the present (Thomas and Booker, 2009, pg. 65). After a flurry of utopian fictions at the end of the nineteenth century, dystopian fiction became particularly prominent in the twentieth century, when suspicions of utopian solutions to political and social problems became increasingly strong as those problems grew more and more complicated and as events such as the rise of fascism in Europe seemed to cast doubt on the whole Western enlightenment. While utopian societies are designed to enable the maximum fulfilment of individual human potential, dystopian societies impose oppressive conditions that interfere with that fulfilment. These oppressive conditions are usually extensions or exaggerations of conditions that already exist in the real world, allowing the dystopian film to critique real world situations by placing them within the DE familiarization context of an extreme fictional society. In a dystopian society, the citizenry are forced to think alike, either by the use of drugs, by force or even if necessary mind control. It is synonymous with oppression, corrup tion and limited human rights Dystopian fiction films tend to focus on certain key motifs and ideas that in one way or another involve an opposition between social control and individual desire. In the dystopian society or state, however, social control generally has the upper hand.

Exploitation of Oversees Labor by Multinational Companies Research Paper

Exploitation of Oversees Labor by Multinational Companies - Research Paper Example It is therefore not appropriate to say that the companies move to undeveloped countries to exploit their cheap labor as the country also benefit largely from new employment opportunities created and revenues that help the countries to develop (Drusilla K. Brown, Alan V. Deardorff, &Robert M. Stern, 2002) Nevertheless, businesses are bided by a code of ethics which are moral values that determine how individual, group organization and business transact their businesses. These can be applied to all form of businesses as they are universal and business must follow them in order to respect human dignity during transaction. Business being unethical means that it operates against the universal code of ethics which prevent it from immoral ways of gaining profits through exploiting human recourses. With the main objective of the business being making profits, it must ensure that it contributes and respect human dignity despite their states of need (Flanagan & Robert 2006, p.118). Labor in US has become so expensive for many companies to operate at a profit. As a result, many companies have moved its operations to other countries to countries where there are high levels of unemployment. Their move can be looked in two dimensions. One is that the companies are doing favor to the local society through providing them with labor. But, on the other hand it can be perceived as exploiting cheap labor. Cheap labor can be perceived to be labor which can be obtained at a low cost and is worth of no respect (Drusilla K. Brown, Alan V. Deardorff, &Robert M. Stern, 2002) One of such companies that exploit cheap labor overseas through opening up of production branches in developing countries is IBM. This is a company that mainly deals with software development which is an expensive sector when it is operated in United States. This has forced the company to open its branches in India as the level of running such a business is low. Due to high population the government has found it har d to be able to support the high population making majority of them to live below the poverty level. Some of the skilled personnel who have the same qualifications as those in United States are unemployed therefore; when such an opportunity arises they are ready to offer their labor despite being paid lowly. Despite the undeveloped countries having many employment challenges that hinder them from putting up laws and regulations that would prevent United States companies from exploiting overseas labor, the companies should not use this as an opportunity to make enormous profits on behalf of the poor citizens. This is because the company will be increasing the poverty levels in the country as after exploiting the resources, the money obtained is then transferred back to United States. Instead the company should participate in corporate social responsibility through involving itself with maters that would improve the welfare of that country or the society. Mainly, the companies that ar e involved in using overseas labor are those whose operations cannot be easily mechanized therefore; need a lot of labor to run its processes. Clothing industry is one of those sectors that have established their companies overseas. This has enabled the company to be able to utilize both the available cheap labor and raw materials. With the advanced technology due to globalization, management of these branches have been

Analyzing Effects of Merger and Acquisitions on the Recent Worldwide Assignment

Analyzing Effects of Merger and Acquisitions on the Recent Worldwide Financial Crisis - Assignment Example The increased Mergers and Acquisition activities can be attributed to globalization, funding at low cost, and the financial turmoil, which is being experienced across the globe (Luc 2010). The three factors have led to increased demand for creation and formation of large business entities in order to compete effectively while seeking growth as a way to increase profits. According to Senese (2009), mergers and Acquisitions have also increased due to the fact that governments have introduced various reform programs in order to revive the economic sector. These programs have led to increased capital flows as a result. Market liberalization is also in the increase in the developing countries, which has further led to demand for mergers and acquisitions. Increased growth for mergers can also be attributed to the increased global investment in seeking better rates of return, and a means to diversify risk. Many businesses prefer venturing overseas. Nowadays, mergers and acquisitions have pr oved to be common events within the economy. This paper analyzes the effect of mergers and acquisitions on the recent worldwide financial crisis. The effects of mergers and acquisition during the financial crisis will also be analysed in the Banking industry. Discussion Many strategic investors use the terms ‘mergers’ and ‘acquisitions’ interchangeably while making investment decisions. It is, however, important to know the difference between the two terms. Mergers come as a result of two equal entities coming together to form one single business. On the other hand, acquisition involves a smaller company becoming part of a bigger, existing company, which is the acquiring firm. The recent worldwide financial crisis has subjected the financial markets to uncertain environments that are volatile, too. The markets are currently in a vicious cycle of investor redemptions and asset deleveraging. Prices have also declined significantly. Credit spreads have also go ne to undesirable levels with indices of equity dropping by 25% in the year 2008. Global demand has also been marked to decline; hence depressing prices of commodities (Mankiw 2009). All these market conditions, among them decreased oil prices, have led to the global downturn. Mergers and acquisition

Type Of Tax-Book Difference Essay Example | Topics and Well Written Essays - 2250 words

Type Of Tax-Book Difference - Essay Example The contribution that can be deductible by the employer must not exceed 25% of employee's total compensation (Green, n.d., retrieved 07.09.06). The employer receives a tax deduction equaling his contribution in the employee's defined contribution plan. The employees benefit from deduction of contribution from pre-tax salary, which enables them to save taxes and fund the retirement plan with the gross amount. The tax continues to be deferred until the plan is distributed and therefore there remain opportunities for fast investment growth (Building Your Retirement Funds, 2006). The advantages for defined contribution plan are that this plan allows the employees to save the tax payments until the plan is withdrawn, employees also benefit from employer contribution into the fund, the employees will have the opportunity after the retirement to either receive the entire amount or a series of payment over their entire life etc. The major advantage for employer underlying this plan is that it enables him to evade the risk on investment and also the burden of plan contribution is shared between the employer and the employees. Its major disadvantage is the complexity and strictness of the rules concerning the plan administration (Employer-Sponsored Retirement Plans, 2005). Being the one who establishes the pension plan, an employer is expected to administer it and meet its requirements. The employer will monitor and supervise the investment poured into the plan and review the growth of funds. Moreover, he is also required to provide periodical information to the e mployees concerning the operation and status of the invested funds (Retirement Plan Basics, n.d. retrieved 08.09.06) The contribution on the part of employer is limited to a maximum of $40,000 or 25% of the employees' compensation whereas, for the year 2006, the contribution by employees has been defined as limited to 100% of his compensation up to the maximum of $15,000 (Green, n.d., retrieved 07.09.06). The distribution from a defined contributed plan is not allowed whilst the employee is still working. However, when this distribution takes place, it is taxed as an ordinary income. The Internal Revenue Service states the minimum age limit for pension plan distribution as 70-1/2 years, from which the employees should start withdrawing the funds. The distribution is not allowed before the employees reach the age of 59-1/2. If it is done, the investment would be subjected to an early-withdrawal penalty of 10% (Retirement Planning, 2006). The financial statements of XYZ Corporation should include a statement of net assets available for benefits at the end of the plan year. Moreover, the company also needs to present a statement of changes in net assets available for the benefits at the same time. Also, the GAAP requires the financial statements to be prepared under the accrual basis so as to ease the evaluation of plan assets composition (Defined Contribution Pension Plans, 2005) REQUIREMENT 2 Type Of Tax-Book Difference The discrepancies in the rules and principles set down for financial reporting and tax accounting lead to significant differences in the tax amounts shown in financial statements and the tax returns. These differences are known as the book-tax differences, which are further classified as either temporary or permanent tax differences (Michel, 2005). Permanent tax difference originates when an income or expense amount needs to be recognized by any of the two methods but not by both of

Exploitation of Oversees Labor by Multinational Companies Research Paper

Exploitation of Oversees Labor by Multinational Companies - Research Paper Example It is therefore not appropriate to say that the companies move to undeveloped countries to exploit their cheap labor as the country also benefit largely from new employment opportunities created and revenues that help the countries to develop (Drusilla K. Brown, Alan V. Deardorff, &Robert M. Stern, 2002) Nevertheless, businesses are bided by a code of ethics which are moral values that determine how individual, group organization and business transact their businesses. These can be applied to all form of businesses as they are universal and business must follow them in order to respect human dignity during transaction. Business being unethical means that it operates against the universal code of ethics which prevent it from immoral ways of gaining profits through exploiting human recourses. With the main objective of the business being making profits, it must ensure that it contributes and respect human dignity despite their states of need (Flanagan & Robert 2006, p.118). Labor in US has become so expensive for many companies to operate at a profit. As a result, many companies have moved its operations to other countries to countries where there are high levels of unemployment. Their move can be looked in two dimensions. One is that the companies are doing favor to the local society through providing them with labor. But, on the other hand it can be perceived as exploiting cheap labor. Cheap labor can be perceived to be labor which can be obtained at a low cost and is worth of no respect (Drusilla K. Brown, Alan V. Deardorff, &Robert M. Stern, 2002) One of such companies that exploit cheap labor overseas through opening up of production branches in developing countries is IBM. This is a company that mainly deals with software development which is an expensive sector when it is operated in United States. This has forced the company to open its branches in India as the level of running such a business is low. Due to high population the government has found it har d to be able to support the high population making majority of them to live below the poverty level. Some of the skilled personnel who have the same qualifications as those in United States are unemployed therefore; when such an opportunity arises they are ready to offer their labor despite being paid lowly. Despite the undeveloped countries having many employment challenges that hinder them from putting up laws and regulations that would prevent United States companies from exploiting overseas labor, the companies should not use this as an opportunity to make enormous profits on behalf of the poor citizens. This is because the company will be increasing the poverty levels in the country as after exploiting the resources, the money obtained is then transferred back to United States. Instead the company should participate in corporate social responsibility through involving itself with maters that would improve the welfare of that country or the society. Mainly, the companies that ar e involved in using overseas labor are those whose operations cannot be easily mechanized therefore; need a lot of labor to run its processes. Clothing industry is one of those sectors that have established their companies overseas. This has enabled the company to be able to utilize both the available cheap labor and raw materials. With the advanced technology due to globalization, management of these branches have been

Type Of Tax-Book Difference Essay Example | Topics and Well Written Essays - 2250 words

Type Of Tax-Book Difference - Essay Example The contribution that can be deductible by the employer must not exceed 25% of employee's total compensation (Green, n.d., retrieved 07.09.06). The employer receives a tax deduction equaling his contribution in the employee's defined contribution plan. The employees benefit from deduction of contribution from pre-tax salary, which enables them to save taxes and fund the retirement plan with the gross amount. The tax continues to be deferred until the plan is distributed and therefore there remain opportunities for fast investment growth (Building Your Retirement Funds, 2006). The advantages for defined contribution plan are that this plan allows the employees to save the tax payments until the plan is withdrawn, employees also benefit from employer contribution into the fund, the employees will have the opportunity after the retirement to either receive the entire amount or a series of payment over their entire life etc. The major advantage for employer underlying this plan is that it enables him to evade the risk on investment and also the burden of plan contribution is shared between the employer and the employees. Its major disadvantage is the complexity and strictness of the rules concerning the plan administration (Employer-Sponsored Retirement Plans, 2005). Being the one who establishes the pension plan, an employer is expected to administer it and meet its requirements. The employer will monitor and supervise the investment poured into the plan and review the growth of funds. Moreover, he is also required to provide periodical information to the e mployees concerning the operation and status of the invested funds (Retirement Plan Basics, n.d. retrieved 08.09.06) The contribution on the part of employer is limited to a maximum of $40,000 or 25% of the employees' compensation whereas, for the year 2006, the contribution by employees has been defined as limited to 100% of his compensation up to the maximum of $15,000 (Green, n.d., retrieved 07.09.06). The distribution from a defined contributed plan is not allowed whilst the employee is still working. However, when this distribution takes place, it is taxed as an ordinary income. The Internal Revenue Service states the minimum age limit for pension plan distribution as 70-1/2 years, from which the employees should start withdrawing the funds. The distribution is not allowed before the employees reach the age of 59-1/2. If it is done, the investment would be subjected to an early-withdrawal penalty of 10% (Retirement Planning, 2006). The financial statements of XYZ Corporation should include a statement of net assets available for benefits at the end of the plan year. Moreover, the company also needs to present a statement of changes in net assets available for the benefits at the same time. Also, the GAAP requires the financial statements to be prepared under the accrual basis so as to ease the evaluation of plan assets composition (Defined Contribution Pension Plans, 2005) REQUIREMENT 2 Type Of Tax-Book Difference The discrepancies in the rules and principles set down for financial reporting and tax accounting lead to significant differences in the tax amounts shown in financial statements and the tax returns. These differences are known as the book-tax differences, which are further classified as either temporary or permanent tax differences (Michel, 2005). Permanent tax difference originates when an income or expense amount needs to be recognized by any of the two methods but not by both of

Corporate Social Responsibility Essay Example for Free

Corporate Social Responsibility Essay Business and society are interdependent. The wellbeing of one depends on the wellbeing on the other. Companies engaged in CSR are reporting benefits to their reputation and their bottom line. We cannot build the case for CSR solely because of its economic benefits an ethical case must be made for companies taking responsibility for the impact of their relations with society and the environment, otherwise the foundations of CSR will be far too narrow. However, Corporate Social Responsibility (CSR) is becoming an increasingly significant category by which a companys reputation is evaluated. A variety of social and environmental issues across a broad spectrum of industries have recently been covered in the media all of which directly affect a companys reputation and all of which can be considered part of the larger CSR equation. Whether CSR is considered merely the latest trend in business management or whether it is laying the foundation for a newly advanced way of doing business, a brief overview of recent business news and corporate communications shows that CSR is certainly a relevant factor for how a company positions itself in the marketplace. CSR There is no universally agreed statement of just what CSR means and implies, and ideas on the subject are still developing. All the same, a common body of policy has now taken shape and won general approval among those who favors the approach. According to this way of thinking, a combination of recent changes on the world scene and pressures from public opinion now requires businesses to take on a new role, a newly defined mission. They should play a leading part in achieving the shared objectives of public policy and making the world a better place. In doing so, they should embrace the notion of corporate citizenship. They should run their affairs, in close conjunction with a group of different stakeholders, to pursue the common goal of sustainable development. Sustainable development is said to have three dimensions-economic, environmental and social. Hence, companies should set objectives, measure their performance, and have that performance independently audited, in relation to all three. They should aim to meet the triple bottom line, rather than focusing narrowly on profitability and shareholder value. All this applies to privately owned businesses in general and in particular to large multinational enterprises. Only by acting in this way can companies respond to societys expectations. Making such a positive response is presented as the key to long-run commercial success for individual corporations in todays world. This is because profits depend on reputation, which in turn depends increasingly on being seen to act in a socially responsible way. Thus taking the path of CSR will in fact be good for enterprise profitability: it will bring and sustain support and custom from outside the firm, and make for greater loyalty and keenness from its employees. To embrace corporate citizenship represents enlightened self-interest on the part of business. There is also a wider dimension, going beyond the individual corporation. The adoption of CSR by businesses generally is seen as necessary to ensure continuing public support for the private enterprise system as a whole. Corporate social responsibility Corporate social responsibility is necessarily an evolving term that does not have a standard definition or a fully recognized set of specific criteria. With the understanding that businesses play a key role on job and wealth creation in society, CSR is generally understood to be the way a company achieves a balance or integration of economic, environmental and social imperatives while at the same time addressing shareholder and stakeholder expectations. CSR is generally accepted as applying to firms wherever they operate in the domestic and global economy. The way businesses engage/involve the shareholders, employees, customers, suppliers, governments, non-governmental organizations, international organizations, and other stakeholders is usually a key feature of the concept. While business compliance with laws and regulations on social, environmental and economic objectives set the official level of CSR performance, CSR is often understood as involving the private sector commitments and activities that extend beyond this foundation of compliance with laws. From a progressive business perspective, CSR usually involves focusing on new opportunities as a way to respond to interrelated economic, societal and environmental demands in the marketplace. Many firms believe that this focus provides a clear competitive advantage and stimulates corporate innovation. CSR is generally seen as the business contribution to sustainable development, which has been defined as development that meets the needs of the present without compromising the ability of future generations to meet their own needs, and is generally understood as focusing on how to achieve the integration of economic, environmental, and social imperatives. CSR also overlaps and often is synonymous with many features of other related concepts such as corporate sustainability, corporate accountability, corporate responsibility, corporate citizenship, corporate stewardship, etc. CSR commitments and activities typically address aspects of a firms behavior (including its policies and practices) with respect to such key elements as; health and safety, environmental protection, human rights, human resource management practices, corporate governance, community development, and consumer protection, labor protection, supplier relations, business ethics, and stakeholder rights. Corporations are motivated to involve stakeholders in their decision-making and to address societal challenges because todays stakeholders are increasingly aware of the importance and impact of corporate decisions upon society and the environment. The stakeholders can reward or punish corporations. Corporations can be motivated to change their corporate behavior in response to the business case, which a CSR approach potentially promises. This includes: 1)Stronger financial performance and profitability (e. g. hrough eco- efficiency), 2)Improved accountability to and assessments from the investment community, 3)Enhanced employee commitment, 4)Decreased vulnerability through stronger relationships with communities, 5)Improved reputation and branding. Historical context The view that a business can have obligations that extend beyond economic roles is not new in many respects. Throughout recorded history, the roles of organizations producing goods and services for the marketplace were frequently linked with and include political, social, and/or military roles. For example, throughout the early evolutionary stages of company development in England (where organizations such as the Hudson Bay Company and the East India Company received broad mandates), there was a public policy understanding that corporations were to help achieve societal objectives such as the exploration of colonial territory, setting up settlements, providing transportation services, developing bank and financial services, etc.. During the nineteenth century, the corporation as a business form of organization evolved rapidly in the US. It took on a commercial form that spelled out responsibilities of the board of directors and management to shareholders (i. e. fiduciary duty). In this later evolutionary form, public policy frequently addressed specific social domains such as health and safety for workers, consumer protection, labour practices, environmental protection, etc. Thus, corporations responded to social responsibilities because they were obligated to comply with the law and public policy. They also responded voluntarily to market demands that reflected consumer morals and social tastes. By the mid-point of the twentieth century, business management experts such as Peter Drucker and being considered in business literature were discussing corporate social responsibility in the US. In 1970, economist Milton Friedmann outlined his view that the social responsibility of corporations is to make profits within the boundaries of societal morals and laws (but cautioned that socially responsible initiatives by corporations could lead to unfocused management directions, misallocations of resources, and reduced market competition, opportunity and choice). CSR emerged and continues to be a key business management, marketing, and accounting concern in the US, Europe, Canada, and other nations. In the last decade, CSR and related concepts such as corporate citizenship and corporate sustainability have expanded. This has perhaps occurred in response to new challenges such as those emanating from increased globalization on the agenda of business managers as well as for related stakeholder communities. It is now more a part of both the vocabulary and agenda of academics, professionals, non-governmental organizations, consumer groups, employees, suppliers, shareholders, and nvestors. Diversity of Perspectives The following summaries of perspectives of different organizations serve to indicate the diversity of views on CSR that exist in Canada and around the world. They reflect the challenges and opportunities for both the public and private sectors to effectively operationalize and align CSR between domestic, continental and international levels. They also indicate the challenges and opportunities to develop the most appropriate relationships between shareholders and other stakeholders as well as to use the optimal policy mix of legislative and voluntary instruments.