Significant Business Risk Factors Essay Example for Free

Significant Business Risk Factors Essay 1. Limited Shelf Life Empirical evidence suggests that retailers must adapt to new product style trends in order to satisfy consumers and other key stakeholders (Ryan, 2011). In respect to Harvey Norman (HVN), failure to adapt will entail lower consumer demand, hindering growth and profitability. It is important to note a limited shelf life of HVN’s products exists due to changing trends. This in turn gives rise to the risk of inventory becoming obsolete and rising excess stock in the warehouse. Therefore, HVN should further emphasise on its inventory management, in order to minimise inventory build up and overall expenses in the entity. 2. Increased Competition from online shopping Studies reveal that Australian consumers have embraced online shopping, recording a 23% growth in 2012 (Irvine, 2013). In order to combat the fierce competition in the online market, HVN introduced its ‘Omni-strategy,’ which focused on the enhancement of its digital store. There is evidence of success from this strategy with the firm recently named as ‘The Best Multichannel Retailer’ in the ORIA 2013 awards (Chanthadavong, 2013). Despite this acclaim, it is of paramount importance that HVN considers enhancing its distribution channels, especially its digital store through better pricing on delivery times for online purchasesand a greater focus on personalised services for internet empowered consumers. This will sustain consumer expectations and ensure the firm captures a greater portion of its target market (Chanthadavong, 2013). 3. Threat from domestic competitors Despite being one of Australia’s retail giants, HVN in recent times has been battling it out in the domestic market due to growing competition. In 2012, HVN was labelled as the most expensive Australian electronic giant recording a severe slump in its pricing position in comparison to its counterparts such as Dick Smith Electronics and JB HI-FI (Jager, 2013). The underlying reason for the slump was predominantly due to the high costs from GST and compliance laws (Morley, 2013). Additionally, three of HVN’s recently acquired subsidiaries failed during the 2011/2012 financial years. This  proved to be a costly investment for the firm reduced its competitive position in the furniture and electrical goods industry (Coyne, 2013). Furthermore, the entity’s poor pricing position detrimentally impacted the electronics giant’s sales (-4.9%) and profitability (-2.38%) (Harvey Norman, 2012). This suggests that HVN may have inventory build-up, excessive discounting and price deflation due to staggering consumer demand. 4. Stagnating growth in the global retail industry Stagnating growth in the global retail industry has resulted in lower consumer demand and expenditure. A study from IBIS reveals that Australian appliance retailing has fallen by nearly two percent (IBISworld, 2013). Additionally, declining consumer demand has influenced a fall in the Australian dollar (AUD), which has negatively impacted sales in HVN Australian and international stores such as New Zealand and Ireland (Harvey Norman, 2012). HVN’s 2012 Annual Report reinforces that the negative growth has inhibited a reduction of HVN’s profitability, revenue and thus increasing the risk of obsolescence of inventory. 5. Natural Disasters affecting Harvey Norman Stores Recent natural disasters have damaged many HVN Australian and New Zealand stores. For instance, a fire in the storage area of Harvey Norman in Porirua New Zealand heavily damaged a HVN store earlier in June 2013 (New Zealand Herald, 2013). This has had detrimental impacts on HVN’s sales revenue in its New Zealand market (Harvey Norman, 2012 p. 10). It is important to note that these disasters increase time wastage spent on rebuilding stores and increases the risk of overstatement of assets, as they may not have been properly removed off premises. 6. Misleading advertising It is of paramount importance that a company doesn’t engage in false and deceptive marketing; especially if the products fail to exist in the warehouse. HVN was recently fined through infringement notices worth $6,600 for advertising stock they did not hold in a bid to mislead customers. According to the ACCC, this act breached the Trade Practices Act in promoting material. Moreover, this has had financial and non-financial impacts for the company, specifically affecting future sales and brand image  on reliability of the company’s stance to deliver with full efficiency. This is also known as operational and compliance risk. 7. Threat of the geographical location of franchises According to the entity’s 2012 annual report, franchising is deemed to be HVN’s predominant source of its revenue. Whilst, HVN has franchise locations globally, its New Zealand stores attract the highest level of sales revenue (Harvey Norman, 2012). Growth in sales have peaked in stores located around the mining districts such as Western Australia, Hunter Valley, but have dropped in performance in the capital cities such Sydney and Melbourne. A financial risk of going on concern can be indicated from here as the need of consumers shift and with competition HVN may not be selling and trading as much in the cities leading to inventory overload and incremented liabilities affecting overall business performance. 8. Currency Fluctuations During the 2012 financial year, the AUD fluctuated a significant amount against the most popular currency for trade (USD) by about $0.9544 to $1.1055 (RBA 2012). A fluctuation of $0.1511combined with trades amounting in millions would potentially lead to a large discrepancy to HVN’s Accounts receivable and payable accounts. Additionally, a lower AUD reflects that HVN would have to increase the retail prices in order to achieve the same profit margin (Campbell Phillips 2013). Empirical evidence reveals that if the dollar drops to around $0.80AUD compared to the USD, Australian consumers can expect an increase in prices of about 25% (Campbell Phillips 2013). This increase can be counteracted through hedging of the currencies, however volatility of the commodity market could potentially reduce HVN’s sales. Specifically, if sales decreases the risk of inventory obsolesces and write downs through idol stock increases.

Analysis Of A Christmas Carol

Analysis Of A Christmas Carol The title of this novel is A Christmas Carol, which is written by Charles Dickens. In this novel, the main character, Scrooge, has a callous personal. He doesnt recognize poverty, kindness, and love. During nights, he faced the four ghosts, who were trying to teach him life lessons. After that, he realizes money is not the only thing that matters in the world. Scrooge learns a great deal about himself and the world him as a result of the visits by the spirits. Marley is Scrooges former business partner, but he died seven years ago. Marleys face came up to Scrooge on Christmas Eve to warn him. The warning is about Scrooges cruel actions towards people. Unless he changes his ways, he will be wearing the big chains. Marley hopes to save his old partner from suffering a similar fate. He is symbolized by the big chain, which is partly made up of money cases and keys. The chain represents greedy and evil deeds on the earth. Scrooge learned that he will also have to wear big chains, if he doesnt change his actions on the community. He found out about needs in this world and the real job of mankind is to involve in the community. The Ghost of Christmas Past is the first spirit to visit Scrooge, and has a childs body with a shining head. The Ghost of Christmas Past is the soul of the disagreement of Scrooges youth and old age. A beam of light display from his head is to show the truth about his past. Scrooge tried to put out the light when he feels that he is unable to hold the memories that the ghost is showing to him and he said I dont know what to do! As he cried and said again I am as light as a feather, I am as happy as an angel, I am as merry as a school-boy. I am as giddy as a drunken man. A merry Christmas to every-body! A happy New Year to all the world! Hallo here! Whoop! Hallo! With the presentation of Scrooge past, the ghost makes him realize that he has changed considerably from who he was when he was young. The ghost also makes him realize what he is capable of doing about society. It makes him recognize the good people living in the society, such as Belle and Fezziwig. The Ghost of Christmas Present, who has a magic torch, shows Scrooge the homes of Bob Cratchit and Scrooges nephew, Fred. As the time passes the ghost, who was young when he first became visible to Scrooge, seems to get older. The ghost represents how plenty is the resources, which includes joy, around the society. His torch is in the shape of the Horn of Plenty and when he sprinkles the magic juice on the people, they are filled with the kindness and joyfulness. In both homes, the family members think about Scrooge, although he hasnt been good to either his clerk, or his nephew. Seeing that, Scrooge learned there are people, who care about him, and how he is isolated from society. He also got to realize that a person can be living happily without necessarily get rich. Scrooge figured out that want and ignorance are dangerous for the society. The Ghost of Christmas Future is partly invisible, come to Scrooge and he said Ghost of the Future, as he exclaimed, I fear you more than any spectre I have seen. But as I know your purpose is to do me well, and as I hope to live to be another man from what I was, I am prepared to bear you company, and do it with a thankful heart. Will you not speak to me? but the ghost shows Scrooge about what happens when he dies and also brings the warning of his pitiless death, which is reflected by his past actions. It made comparison between his death and the regretful death of Tim. Scrooge realizes there are only a few people who mourn for his death. On the other hand, he saw a lot of people mourning for poor little Tim. Scrooge learned that in this world, a person shouldnt expect more than what he or she puts into society. Finally, Scrooge gains knowledge of how he must change to become a more generous person if he wants to live as happy as little Tim. The results of the visits by the spirits, Scrooge learns about himself as well as the world. It is important to read this book because it gives the reader knowledge on greediness. It also shows how important it is to live happily during a life span. This book is important to me because I want to make my life model little Tim. They live very happily during his short life time.

Business Plan For The Mead Johnson Nutritional Company Marketing Essay

Business Plan For The Mead Johnson Nutritional Company Marketing Essay An action research was sponsored by Mead Johnson in collaboration with NGO to access its efficacy in terms of increasing weight of infants of weaning age in urban slums of Dhaka city capital of Bangladesh. The findings of the study states that Infants weaned on ENFAMIL had more weight and length gained compared to control group Mothers attitude and infants acceptance of ENFAMIL was satisfactory. Storage pests (insects) were found on in one batch of weaning packets. Now Mead Johnson wants to access the acceptance of ENFAMIL in terms of its price, packaging, taste/quality among middle and lower middle class families. In the context of the current maturity of the market and the strategic options available, it is first necessary to assess whether the company is marketing the right product form the point of view of the consumers. Hence evaluation of the product is necessary. The specific objectives of the research are to assess consumer evaluation in the broad areas of: Packaging Product Price The end objective is to identify areas that need to be strengthened and also the existing strength areas that can be exploited. Start up summary Start-up costs of Mead Johnson consist of legal costs, research, Manpower, marketing/promotion product is to fund start-up expenses with Companys reserved fund, owner investments and a long-term business loan. Product Testing- ENFAMIL Research Budget Item Unit Cost Total (Taka) Sample product 818 150.00 122,700.00 Consultancy fee 2 8,500.00 17,000.00 Team leader and key members 8 8,000.00 64,000.00 Field Work Supervisor cum Data Quality Controllers 16 5,000.00 80,000.00 Data Collectors 40 3,000.00 120,000.00 Study Coordinator 2 7,000.00 14,000.00 Controller of Field Operation 4 6,000.00 24,000.00 Focus group discussion 64 300.00 19,200.00 In-depth interview 20 500.00 10,000.00 Data Analyst 2 9,000.00 18,000.00 Daily allowance 40 120.00 4,800.00 Particulars 2,000.00 2,000.00 Printing of Data Collection Instrument 5,000.00 5,000.00 Stationary 4,550.00 4,550.00 Photocopying and binding of reports 2,750.00 2,750.00 Pre-testing of Data Collection instrument 3,000.00 3,000.00 Total expenditure 511,000.00 Source of Capital : The source of capital is as follows: Funded by company 45% 270000.00 Owners investment- 20% 120000.00 Loan from Bank- 35% 210000.00 Total Capital: 600000.00 RESOURCES REQUIREMENTS FOR OPERATION: Physical resources: The physical resources of this project will be include all essentials office equipments such as, computers, phone and fax, internet connection for data transfer, data collecting equipment. The costs of the physical resources Taka 140,000.00 (  £1320.00) PHYSICAL RESOURCES UNIT TOTAL COSTS Sample product 818 122700.00 Printing of Data Collection Instrument 2 5000.00 Particular 10 2000.00 Pre-testing of Data Collection instrument 5 3000.00 Stationary 7300.00 Total 140,000.00   Human Resources: POSITIONS NUMBER OF EMPLOYEES Administrative Assistant 1 Team Leader and key members 8 Supervisors cum Quality controllers 16 Data collector 40 Study Coordinator 2 Controller of Field Operation 4 TOTAL 71 Initially there will be a Team Leader who is responsible for the operational work. One will be an administrative assistant who will deal with all the paper work and who will take care of the administration duties. The remaining people will be divided into few groups. After taking all the necessary information members of the each group will forward these information to team leader to processing the activities. Financial Resources: The funding and investments for this project will be received from the companys own fund, owners personal investment and loan from the Banks. Research budget with sample products initial expenses is taka 511,000.00 (  £4820.00) RESEARCH DESIGN The research design is essentially a concept cum usage test. The details are discussed in turn. New product development: The development of original products, product improvements, product modifications, and new brands through the firms own RD efforts. The major criteria of new development are written below with a short description: Idea generation:The systematic search for new product ideas- Idea screening:Screening new product ideas in order to spot good ideas and drop poor ones as soon as possible. Product concept:A detailed version of the new product idea started in meaningful consumer terms. Concept testing:Testing new product concepts with group of target consumers to find out if the concepts have strong consumer appeal. Product development is a major part on marketing. The RD of any company does the mainly product development. In Bangladesh Mead Johnson havent have any RD departments. Mother company of Mead Johnson well known non-government social organization have innovated the product according to the consumer need, and analyzing the segment, culture and the other part of marketing. Study Design We have conducted a house-to-house random survey using structured questionnaires through personal interview. In our case Monadic test design as followed i.e. each respondent would tried one test product only. Prior to the main quantitative survey qualitative exploration was done through Focus Group Discussions (FGD). The opinions were collected in following sequence in the main survey: Selection of Respondents Discussion on need need gaps on weaning food Introduction to concept reactions thereof Product placement Reactions to product Reaction to price METHODOLOGY The agency proposed a house-to-house random survey to be conducted using a structured questionnaire through personal interview. In this case Monadic test design would be followed i.e. each respondent would try one test product only. Hence, we propose to place the product to the respondents for a period of 15 days after which their opinion on the product will be gathered. During this period they will use the product as suggested. Prior to doing the quantitative product test 8 Focus Group Discussion (FGD) will be conducted to have an in-depth understanding of the choice factors and to generate consumer vocabulary for the same.  ­Ã‚ ­ Measuring tools to used For rating on choice factors an 11-point scale (0-10) was used. Consumers will give mark out of ten. This scale has equality of interval properly and is reliable. This is also closest to reality because consumers are familiar with this scale and can easily rate on any factor. Sampling Universe Considering the geographic spread the Company has proposed that the following towns would be covered in the study. Dhaka( Capital city ) Chittagong Rangpur Syhlett In sum, the sampling universe for this study is all households having infants aged 4 to 10 months belonging to socio-economic classes B and C (appendix) in the selected towns. Sample Size Qualitative (FGD) Quantitative Metro: Dhaka 2 156 Large: Chittagong 2 85 Medium:Rajshahi 2 84 Small: Syhlett 2 84 Total 8 409 The allocation of sample size across the selected towns was done on the basis of sampling error ranges and also of heterogeneity of households within the town classes. For larger towns higher numbers of samples were covered to capture its diversity/ heterogeneity. In all there were a total of 8 FGDs and subsequently 409 respondents for quantitative study. Standard error ranges for different percentage estimates at the 95 % level of confidence based on simple random sample size. Sampling Technique We followed a multi stage, stratified sampling method to ensure representative samples. Within a town, households were selected by the Random Route technique (Cluster sampling). In each cluster/ area (smallest urban unit) 5 households were covered. Thus a total of 17-31 clusters/ areas were covered in each town, depending on sampling size. Target Group As mentioned, ENFAMIL targets the middle class and lower middle class consumers. Middle and lower middle class consumers are more concentrated in the urban towns than in the semi-urban towns or rural villages and hence urban target consumers are more accessible to the marketers for a new brand. Therefore, this study would be limited to urban towns only. Hence, primary target segment for ENFAMIL is all the households of the urban towns having at least one child between 5 to 10 months age and belonging to the middle and lower middle class. Time Plan for the Study Weeks Activities 1 2 3 4 5 6 Sample Survey Preparatory Work for Sample Survey Instrumental Development Field Briefing, Training Field Work For Sampling Survey Data Entry Analysis for Sample Survey Reporting Focus Group Discussion Desk Research for the program Training Module Preparatory Work Collection of Reports, documents and historical Data Reporting Draft Report Final Report Head of the household The analysis of the respondents is given center-wise and on the basis of socio-economic classification. Standard market research classification of income is provided below. Center SEC Age of the Child (In Month) Dhaka Chittagong Rajshahi Syhlett SEC B SEC C 5-8 Months 8+ Month Total Total 156 85 84 84 188 221 218 191 409 1. Less than Tk 3000 15% 9% 13% 4% 4% 17% 12% 10% 11% 2. Tk 3001-4000 21% 20% 35% 14% 12% 30% 23% 21% 22% 3. Tk 4001-5000 18% 26% 31% 26% 20% 27% 22% 26% 24% 4. Tk 5001-6000 11% 14% 6% 19% 13% 11% 10% 15% 12% 5. Tk 6001-7000 10% 8% 6% 13% 14% 5% 9% 10% 10% 6. Tk 7001-8000 6% 5% 6% 4% 9% 2% 5% 6% 5% 7. Above Tk 8000 19% 18% 4% 20% 27% 6% 20% 11% 16% Mean Score (In Taka) 7199 6682.9 48649.4 6567.9 8422.5 4834.4 6968.5 5930.4 6483.7 Table : Monthly disposable income In majority of the market research projects we consider disposable monthly family income (DMFI). This is the amount of total earning of the family left after paying house rent, if any. This is a very good indicator of purchasing power. Needless to mention, average DMFI of the residents of Dhaka is more. And, quite obviously respondents belonging to SEC B had higher DMFI than their SEC C counterparts. However in all the centers, barring Dhaka, majority of respondents live in own houses especially at Chittagong and Syhlett (around 76-87%). In Dhaka 77% of the respondents live in rented houses paying an average house rent of Taka 574 per month. Family Size Number of Children The respondents had standard family size in most cases ranging from 4.7 to 6.2. In other words the average family size was 5.3. The following table will give an idea about the number of children the respondents have. Table: Family Size Center SEC Age of the Child (In Month) Dhaka Chittagong Rajshahi Syhlett SEC B SEC C 5-8 Months 8+ Month Total Total 156 85 84 84 188 221 218 191 409 Mean Score 4.7 5.9 5 6.2 5.6 5.1 5.4 5.3 5.3 List of Children Boy Girl List of Children Boy Girl 05 Months 16% 10% 08 Years 12% 12% 06 Months 13% 17% 09 Years 8% 7% 07 Months 12% 13% 10 Years 6% 8% 08 Months 10% 15% 11 Years 3% 6 09 Months 18% 17% 12 Years 6% 4% 10 Months 30% 28% 13 Years 2% 1% 01 Year *% *% 14 Years 1% 3% 02 Years 4% 3% 15 Years 2% 1% 03 Years 6% 9% 16 Years 1% -% 04 Years 11% 9% 17 Years -% *% 05 Years 12% 16% 18 Years *% -% 06 Years 11% 13% 07 Years 4% 6% Total 207 202 On an average the respondents have two children. Among the 409 respondents interviewed 298 had children below 8 months and 191 had children above 8 months on the basis of which they were selected. The Respondent 99% of the respondents were housewives. The respondents were primarily young and 65% of them belong to the age group of 18 to 25 years whereas rests are between 26 to 35 years. able: Occupation of the Respondent Center SEC Age of the Child (In Month) Dhaka Chittagong Rajshahi Syhlett SEC B SEC C 5-8 Months 8+ Month Total Total 156 85 84 84 188 221 218 191 409 1. Housewife 99% 100% 98% 100% 98% 100% 99% 99% 99% 2. Student -% 1% -% 2% 2% -% -% 2% 1% 3. Part time job -% 1% 2% 1% 2% *% 1% 1% 1% 4. Full time job 1% 2% 2% 2% 2% 1% 2% 1% 2% 5. Others 1% 1% 1% 1% 2% *% *% 2% 1% INFORMATION AREA CONCEPT PACKAGING PRODUCT status motive needs. overall measures -Likeability Uniqueness -Nutrition -Modernity -Overall rating -Attractiveness Attractiveness -Physical appearance (looks, granularity, etc.) -Dynamism -Intention to try -Uniqueness Pack size -Preparation convenience (easy to mix with water, does not form lump, etc.) -Friendliness -Intention to use regularly -Credibility Packshape/Graphics/Design/ color -Taste, aroma, etc -Age Information Literature/information -Storage convenience -Trustworthiness Overall acceptability Ability to preserve content -Longevity, not forming lump -Premium Usefulness of information given on the pack Insect growth, etc. -Sophisticated Credibility of information Can be mixed with milk, soup, etc. -Natural/fresh Usage Experience Majority of the respondents (61%) had consumed almost both the packets given for usage. Some 27% had consumed at least one packet in the 15 days, the time given to them to try the product. During this time phase, on average the product was given two times daily to the child mixed with only water (about average of 253ml) in most cases (69%). About 26% of the mothers had also mixed sugar or other items with ENFAMIL. Hot water was preferred most by the respondents (79%), whereas 14% used tepid water. DIAGNOSTIC OF PERFORMANCE: It is clear that the respondents had adequate product experience. Their views on the product therefore are meaningful. We first examine the overall performance indicators of the product. For this we shall consider three indicators- Intention to regular use, Intention to try, and overall rating. Of these three, intention to regular use is the strongest indicator as it expresses the probability of buying and using the product. Intention to try comes next. And overall rating is the third most important indicator as it signifies how much the product is liked Spontaneous Reaction On exposure to the concept the respondents were asked to express their feeling about good or bad. The major reactions are shown below: Center SEC % Reactions Dhaka Chittagong Rajshahi Syhlett SEC B SEC C TOTAL Childs health will remain good if fed along with breast milk 41 45 42 7 36 34 35 Liked the literature which states this is necessary along with breast milk 25 12 13 8 11 21 16 Child will get nutrition 29 6 6 7 13 17 15 Has Vitamin 17 12 15 8 14 14 14 Literature gives Impression that it will be a quality product 3 22 4 17 12 9 10 Balanced diet 13 7 8 4 9 10 9 Helps in rapid 10 16 6 4 9 10 9 Base: 156 85 84 84 188 221 409 At a top of mind level, childs health has registered most. It is understood that if fed along side continued breast-feeding ENFAMIL would ensure good health. It nutrition, being balanced diet, and helping in babys growth have also registered moderately. Likes and dislikes of the concept The respondents were also asked to describe what they liked and disliked of the concept. Only about 2% had any dislike while all had one or more likes of the concept. The major likings are picture of the baby (70%), literature on childs food requirement (26%), the packet (21%). MARKETING MIX Attempting to target relatively high-priced offerings to rural families on the margins of the cash economy, or to the poorest of the urban poor, is simply bad marketing. But Mead Johnson developed this new brand of ENFAMIL so that middle class families can purchase this product at a lower price but meet nutritional demands for infants. The next section will emphasize the 4Ps of ENFAMIL: Product: Nature of product: ENFAMIL milk-based, lactose-free, iron fortified infant formula for first 12 months. Product Features: The only lactose-free, milk-based formula, which includes LIPIL, a unique blend of DHA and ARA à ¢Ã¢â€š ¬Ã‚ ¢ Lactose-free and sucrose-free No sucrose (table sugar) Nutrition value: NUTRIENTS (Normal Dilution) Per 100 Calories (5 fl oz)   Protein, g 2.1   Fat, g 5.3   Carbohydrate, g 10.9   Water, g 134   Linoleic acid, mg 860 Vitamins   Ã‚  Vitamin A, IU 300   Ã‚  Vitamin D, IU 60   Ã‚  Vitamin E, IU 2   Ã‚  Vitamin K,  µg 8   Ã‚  Thiamin (Vitamin B1),  µg 80   Ã‚  Riboflavin (Vitamin B2),  µg 140   Ã‚  Vitamin B6,  µg 60   Ã‚  Vitamin B12,  µg 0.3   Ã‚  Niacin,  µg 1000   Ã‚  Folic acid (Folacin),  µg 16   Ã‚  Pantothenic acid,  µg 500   Ã‚  Biotin,  µg 3   Ã‚  Vitamin C (Ascorbic acid), mg 12   Ã‚  Choline, mg 12   Ã‚  Inositol, mg 6   Minerals   Ã‚  Calcium, mg 82   Ã‚  Phosphorus, mg 55   Ã‚  Magnesium, mg 8   Ã‚  Iron, mg 1.8   Ã‚  Zinc, mg 1   Ã‚  Manganese,  µg 15   Ã‚  Copper,  µg 75   Ã‚  Iodine,  µg 15   Ã‚  Selenium,  µg 2.8   Ã‚  Sodium, mg 30   Ã‚  Potassium, mg 110   Ã‚  Chloride, mg 67   Core value the product is giving to its customer: Enfamil the first infant formula in all over the globe, which contains the nutrients DHA (docosahexaenoic acid) and ARA (arachidonic acid). Also naturally found in breast milk, DHA and ARA have been clinically shown to support infant brain and eye development. Performance of the Pack Likes and dislikes, attribute rating, and overall rating of the pack are examined below to assess the packs acceptability. Overall rating: The rating on the pack on overall was collected on a 7.0-point scale. The ratings are as below. %all Very Poor to moderate 1 Good 2 Very Good 36 Excellent 1 Mean Score (1-7) 6.6 The pack is excellent on overall consideration. Hence it is quite obvious that it would have few dislikes. Price: Prior to exposure to the stipulated price, an effort was made to identify the price most suitable for the brand, via Psychological Monetary Demand (PMD) technique. The respondents were offered a range of price from Tk. 100 to 200 with and increment of Tk. 5, and asked above which price, and at which price or below they would not purchase the brand. The analysis provides the proportion of the target group willing to purchase ENFAMIL at each price level and corresponding monetary demand. For a marketer profit maximization is likely to occur at the highest level of monetary demand. The analysis depicts that maximum monetary gain can be ensured if the price of ENFAMIL is at Tk. 75. Above this price proportion of buyers and monetary value of sales fall drastically. On the other hand, if the objective is to maximize number of users, one can reduce the price down to the level of Tk. 60. Beyond this, interested buyers will be fewer. Price Market price line ENFAMIL @ TK 75 TIME Figure: market penetration strategy Demand pattern According to the market dynamics, the demand for consumable products depends on the price factor along with other related factors i.e. test and preferences, nature of the product, and economic condition of the target customers. After analyzing the market pattern and relationship of price to quantity through sample survey questionnaire the following demand pattern was observed. The analysis provides the proportion of the target group willing to purchase ENFAMIL at each price level and corresponding monetary demand. For a marketer profit maximization is likely to occur at the highest level of monetary demand. Proportion of consumers Monetary Demand Price (%)willing to buy (Assuming pop=100) Tk.50 67 3337 Tk.55 76 4135 Tk.60 83 4958 Tk.65 83 5419 Tk.70 82 5716 Tk.75 82 6125 Tk.80 69 5535 Tk.85 60 5071 Tk.90 46 4137 Tk.95 42 4018 Tk.100 17 1711 Tk.105 15 1540 Tk.110 10 1103 Tk.115 9 1012 Tk.120 0 0 The analysis depicts that maximum monetary gain can be ensured if the price of ENFAMIL is at Taka 75.00 Above this price proportion of buyers and monetary value of sales fall drastically. On the other hand, if the objective is to maximize number of users, one can reduce the price down to the level of Taka. 60.00 Beyond this, interested buyers will be fewer. Thus it can be concluded that the demand for baby food ENFAMIL is elastic. Place : The nature of distribution of the product and the market accessibility also plays a major role after generating awareness of the product among the target customers. If the customers dont have the product at the right place at the right moment than there exists the possibility that those customers will switch to another brand and have bitter experience while purchasing the product . To reverse the effect of the above situation the company should use both direct marketing and indirect marketing channels to promote ENFAMIL. For distributing ENFAMIL the company should use following methods Manufacturer Wholesaler Retailers Customers Manufacturer Customers Manufacturer Pharmacy Customers 1) 2) 3) Figure: Distribution channels Promotion The range of promotional activities available to todays manufacturer or companies can be overwhelming. The promotional action plan for ENFAMIL is listed below. Advertising Newspaper, Billboard, Electronic media: Radio TV Public relation- Social activities, Sponsorship, Awareness campaign about the benefits of baby food product Direct marketing- Promoting via doctors through medical representatives ENFAMIL is very new in the market it requires specific events such as the launch of an advertising campaign or a press conference to announce the launching of the new product. In other cases promotional activities necessarily be required for the NGO to carry out in different local government and private hospitals, clinics, pharmacies and aware rural, urban middle to lower middle class families about the product. In other cases promotional activities involve putting various elements into place for the long term, such as training salespeople for directing marketing to promote this product via doctors through medical representatives. In all cases, it is important to integrate companys promotion efforts; doing so can decrease costs and increase communication effectiveness. SALES FORCAST The sales forecast has been done in three levels. First level depicts optimistic forecast if all other factors affecting sales are favorable. The second level of sales forecast is based on normal ongoing condition of the economy and the next level of forecast is done based on the pessimistic approach. YEARLY ESTIMATED DEMAND Price remains fixed as the product is price elastics Quantity demanded (units in hundreds) Economic condition Portion of Expected customer (assumption) Sales forecast (Units in hundreds ) TK 75.00 6125 Optimistic 90% 5512 TK 75.00 6125 Normal 75% 4593 TK 75.00

“Sonny’s Blues “ - Follow Your Dreams Essay -- Literature Review

The story â€Å"Sonny’s Blues â€Å"is about two brothers that deal with racism. In dealing with their issues they both suffer and survive in their family and community. Their stories are a strong impact on their character and how they deal with their pain. Sonny chooses a more damaging means of racism, such as drug addiction to heroin; although, he does find a better choice music! The older brother, the narrator, James Baldwin, goes to college to become a teacher, and give back to his community in Harlem. The narrator rises above the suffering and difficulties of trying to fit into the white society. Sonny and the narrator find different means in dealing with their racism.Eventhough, both brothers take different routes in their lives, and they feel at the end be true to yourself, Follow your Dreams! Sonny tries to escape racism with his music, but his brother feels he needs a better means in providing for himself (99).He tries to get his point across to James ‘he replies that there’s no way not to suffer isn’t better than just to take it. (105) Sonny searches to find ways versus using drugs; he even goes into the service. He struggles with his suffering difficulties, and tries to escape from the ghetto, but drugs seem to be how he fits in his troubled society, so he becomes one of the society. His realistic method to his pain and suffering is dealing and using heroin; therefore, he ends up in jail. During his incarceration he begins working on his music, so when he gets out he has a career. During the time in prison, blues seems to be the music he can relate to, and it helps with his pain and suffering. Sonny realizes that music has a much better impact of his life versus his heroin addiction.Music has alwa... ...the civil rights movement. This story has different aspects of the brothers’ lives and how they chose to cope with racism. The story also tells us how both brothers resolve their racism issues and have a relationship again. Sonny struggles in the beginning with his racism, he quits school, joins the service, gets mixed up with drugs, spends time in prison, and then finally he finds his outlet with music. He feels blues represent common black American ways in their suffering and the problems they have in the white society. Unlike Sonny though, James takes a quieter way to live in a racist world and that was his teaching. Music is what finally brings the brothers closer together, and helps them cope with racism during that period. Both brothers feel no matter what struggles we endure though life, always be true to yourself and follow your dreams. Word Count: 1009

Consciousness and the Placebo Effect Essay -- Biology Essays Research

Consciousness and the Placebo Effect In controlled studies, experimenters use placebos as medium to compare the efficacy of a drug. Double-blind controlled studies provide information on whether a drug is effective or if it is not better than placebo. The results of double-blind studies usually depict the latter. Rarely are drugs found to be significantly more effective than placebo because of the placebo effect. The phenomenal effectiveness of the placebo in controlled experiments is mind boggling. Experimenters can not fully understand the etiology of the placebo effect in relation to the nervous system but they have proposed plausible suggestions to the underlying mechanisms involved. An intriguing question raised is the placebo's ability to cure numerous symptoms. I hypothesize that the level of consciousness or alertness of the I-function, within the individual, may be the deciding factor in whether the placebo effect occurs. The objective of a placebo is to compare and assure that a new drug or operational procedure is effective. In experiments, the placebo is an inactive substance or procedure used as a control in an experiment (1). The placebo looks, tastes or feels just like the actual treatment (2). A false procedure for example, may consist of advising a person that he/she will be operated on and then making an incision into a person without operating. Subjects are advised of their probability of receiving actual treatment in order to maintain the expectation level of the participants. The efficacy of making an incision maintains the expectation level of the subject because the presence of a scar raises their belief that they were placed in the actual treatment group. Whether the placebo is a 'sugar pill' or an... ...) Alternative and Complementary Therapies: The Placebo Effect http://www.cancer.org/alt_therapies/articles/placebo.html 3) Alpha Omega Pain Medicine Associates: Placebo Power , date: 4/18/99 http://www.painmasters.com/ 4) Healthline Magazine: Placebo Effects on Pain , date: 4/18/99 http://www.health-line.com/articles/hl950404.htm 5) The Reward System, by Aryeh Routtenberg (located on N & B Reserve) 6) Thalamocortical Aspects of Consciousness From the Perspective of a Neurobiologist , date: 5/5/99 http://www.phil.vt.edu/assc/newman/grace.html 7) Why It Must Be Consciousness- For Real ! http://www.phil.vt.edu/assc/newman/baars.html 8)Other Links 9)Mind/Brain/Behavior The Pleasing Placebo http://www.med.harvard.edu/publications/Focus/Jan20_1995/Mind.html 10)What's the Placebo Effect? http://www.oakland.edu/~djcarlst/abx_plac.htm

Governments advance Essay

As man advances in his everyday life, the governments advance in warfare technology too1. New sophisticated weaponry changed warfare tactics and warfare became a vastly advanced art. The crude techniques were quickly replaced with refined ones. The increase in damage and death commensurate with the increase in technology leading to very high death counts, and leaving a myriad maimed for life. The technological inventions were self- defeating to man. Man staged war with himself. The very inventions he made became a thorn in his own flesh! WW1 saw the advent of tanks and gas as some of the new technologies. For instance the British mark 1 tank was first used in September 19162. The tanks had their limitations such as getting stuck in the mud and toppling over. They were mechanically unreliable. The tanks were not the war winning weapons as the generals hoped they would be3. The German on the other hand were the first to use chlorine gas at Ypress in 1915. The chlorine gas is a lung irritant. Symptom such as bright red lips and blue face denote gas poisoning. Chlorine gas poisoning killed its victims a slow death of suffocation. It caused long diseases such as emphysema. The civilians suffered from this too. In 1915 the Germans added phosgene, which was more suffocating. The effects of phosgene caused bleeding that corrupted the lungs. Mustard gas, which was also used, burnt the entire layer of skin from the face and body. This was dangerous as its effects were not noticed, burnt the skin and ripped out the lining of the lungs. Gas had a rippling effect like atomic bomb had in world war2. Their uniqueness was in the fact that they were air-borne, had the risk of causing mass destruction and there effects agonizing. We can have an overview of what the weapons looked like and the technologies they espoused. â€Å"New weapons revolutionized combat in war1†4. It gave the war an altogether new model. For instance, trench warfare. The factories of industrial Europe were held culprit for this new war technologies that were destructive and ruinous. We can divide the first war and weaponry in to a number of categories: Artillery: These were new and improved cannons. British soldiers fired approximately 170 millions but the German scientist did not accept to be left behind. They developed the biggest artillery ever known. It was called the Big Bertha. It was such a powerful weapon. New high-explosive shells were developed as well and made more efficient. Artillery fire killed thousands of men and made aiding more difficult as it blew the ground. 5 Communication: as we have indicated WW1 was a trench warfare radios and telephones were the main ways of communication and was very essential ways of communication and was very essential for the troops in trenches. Messengers gave dogs and other like pigeons were gradually being faced out. Machine guns: the effectiveness of machine guns reached frightening new levels in the WW1 they could fire 600 bullets a minute which was estimated t be equivalent of 250 men with rifles. With this kind of ability machine guns were deemed to be weapons of mass destructions. Gas grenades: we have looked at chlorine, phosgene and mustard gas. Which burned the lung of the inhaler leaving them to die in agony. Has masks that were issued to everyone in German were of so effective therefore leaving many people dead6 Tanks: also known as the chariots of god. As we have seen at first they were not very reliable but scientist kept making new improved tanks such that by 1918, the Anglo-American mark 8th could carry up to 8 men and fire 208 shells and up to 13,000 bullets. Another weapon of mass destruction! An armored car was developed and could travel up to 8 kilometers and had 8 machine guns. Transportation: transportation of troops in to battlefields became vital necessitating the increase in more efficient transportation needs. Trains, taxis and lorries were used to ferry soldiers to battlefields and other places. Planes: they epitomized the new types of weapons used in advanced technology warfare huge blimp-like bombers called zeppelins were used7. Their speed and efficiency killed thousand of people

European History Essay

When questioned in regards to the Enlightenment, an individual may give the general description that it was a time period ranging from the mid seventeenth to late eighteenth century that stressed the cultivation of philosophical, intellectual and cultural movements. However, they may not be aware of specific implications it had on former central powers such as the church. Although the scientific revolution was a stepping stone to the destabilization of the church, it was the enlightenment that ultimately removed the church from the central control of cultural and intellectual life. The scientific revolution is a time period in history roughly from 1500 to 1700 that is known as one where advances in European mathematical, political and scientific thought occurred. A â€Å"founding father† of the scientific revolution was a polish scientist by the name of Nicholas Copernicus, whose conclusion that it was the sun, not the earth that lies at the center of the solar system, was a d irect contradiction to the church, which strongly believed the vice-versa or the Geo-Centric theory. (Merriman,290) It was this initiating step that led other scientists to further question and test traditional church beliefs. An example of this is Galileo Galilee and his creation of a telescope that would confirm the geocentric theory, although for which he was decreed a heretic and put under house arrest. (Merriman 296) In the â€Å"Crime of Galileo: Indictment and Abjuration of 1633† we can directly see Galilee’s theories being refuted by the church in the following quote: â€Å"The proposition that the sun is in the center of the world and immovable from its place is absurd, philosophically false, and formally heretical; because it is expressly contrary to Holy Scriptures†¦ The proposition that the earth is not the center of the world, nor immovable, but that it moves, and also with a diurnal action, is also absurd, philosophically false, and, theologically considered, at least erroneous in faith†¦.Therefore: We pronounce, judge, and declare, that you, the said Galileo . . . have rendered yourself vehemently suspected by this Holy Office of heresy.† (2) Here we can see the church counter-arguing Galilee’s theory by stating that it contradicts the Holy Scriptures, the biblical text that virtually controlled how individuals interpreted the world. Through Galileo’s thought’s individual’s became encouraged to see the world through measurable means such as experiments and evidence, as oppose to biblical texts that told otherwise. It was only after scientific discoveries such as the one above that philosophers started questioning the natural world. It was discoveries such as the one above that influenced great thinkers such as Isaac Newton, whose discoveries altered not only scientific thought but views about religion for decades to come. (Merriman,300) A Prussian philosopher by the name of Immanuel Kant, who lived from the mid seventeen hundreds to the early eighteen hundreds, was influenced by these ideas of empiricism and reason. In his 1784 publication â€Å"What is Enlightenment† Immanuel Kant write s: â€Å"Sapere aude! (Dare to know) Have courage to use your own reason. If I have a book which understands for me, a pastor who has a conscience for me†¦I need not trouble myself. I need not think, if I can only pay – others will easily undertake the irksome work for me.† (1-2) This can be interpreted that Kant is advising individuals to use their own sense of logic and to understand the natural world. Here, we can see that traditional church ideas are being pushed away for ones of a logical nature, hence a church that is surely losing its grip on the people of Europe. This idea of tradition church ideas being replaced can be further seen in Kant’s writing when he states: â€Å"The escape of men from their self-incurred tutelage – chiefly in matters of religion because our rulers have no interest in playing guardian with respect to the arts and sciences and also because religious incompetence is not only the most harmful but also the most degrading of all.† (12) The interpretation that can be derived from this is that Kant believes that church officials have no concern for the development of man and wish for them to remain uneducated about the world in which they reside. Moreover, the argument can be made is that because the church’s negligence in accepting evolving scientific theories, people came to understand that the need to stray from church beliefs in order to grasp their own sense of understanding was unmistakable, therefore ultimately decreasing the churches once high standing in the lives of early Europeans. The scientific revolution, a corner stone for mankind, whose implications are being felt to this very day, was in addition responsible for the development of a time period known as the enlightenment. Characterized as a movement of philosophical, cultural, and intellectual gains, in addition the enlightenment was responsible for the decentralization of church power in Europe during the seventeenth and eighteenth centuries. Scientist such as Nicholas Copernicus, Galileo Galilee, and Isaac Newton influenced individuals through their theories which stressed using empirical evidence and reasoning to define the world they dwell in. It was through these ideas that Europeans came to understand the Church’s denial to accept reason and empiricism, decentralizing the churches one’s great grasp over society. Works-Cited Kant, Immanuel. â€Å"What is Enlightenment?† Internet Modern History Sourcebook. 15 November 2012. http://www.fordham.edu/halsall/mod/kant-whatis.html. Merriman, John. A history of Modern Europe: From the Renaissance to the age of Napoleon. 3rd ed. Vol. 1. London: W.W.Norton and Company Inc., 2010. N. pag. Print. â€Å"The Crime of Galileo: Indictment and Abjuration of 1633.† . Web. 15 Nov. 2012. .