The Process Of Developing Market Orientation - Free Essay Example

It is perhaps interesting to note that most of the studies exploring the concept, antecedents, implementation, and consequences of market orientation have been undertaken in developed economies such as USA and Europe; others have been undertaken in developing economies such as Australia, China, Hong Kong, India, and Taiwan, which have different context, compared to resource based economies. If fact, in reviewing the available literature the researcher has found limited studies investigating and exploring the concept of market orientation, its antecedents and consequences in developing economies as compared to the resourced-based economies. (See Bhuian, 1997 and 1998; Appiah-Adu, 1998; Bjorn and Abdulrahim (1993); Osuagwu, 2006; Eillis, 2005; Aggarwal and Singh, 2004; Chelariu et al., 2002) Accordingly, it is questionable whether these issues that are related to market orientation and its attributes and antecedents in the resource based economies that are going through eco nomic and political reformation associated with the trend of privatization are similar to what have been found in other contexts and economies. . Market Orientation: Implementation Helfert et al (2003) argue that despite all the previous work and empirical research, we still have little understanding of the interplay between market orientation and inter-firm relationship management inside a firm. However, Raaij and Stoelhorst (2008) claim that the information processing approach suggested by Jaworski and Kohli (1993) is derived from their definition of the market orientation concept which is based on their pioneer work undertaken in 1990. They present nine different approaches for the implementation of market orientation. The researcher in this thesis presents the same nine approaches emphasizing their view that there is an implied overlap between these implementation approaches which must be considered when managers attempt to employ any of these approaches. The Information Processing Approach- Jaworski and Kohli Approach Jaworski and Kohli (1993) suggest that a business organizations responsiveness to the generated and disseminated intelligence consis ts of two sets of activities which include the design and the implementation of its response. However, while Kohli and Jaworski (1990) suggest that top management commitment, interdepartmental dynamics, organizational systems and structure are antecedents to market orientation, they argue that the above factors are controllable by senior management and can be done through their intervention in order to promote market orientation within the firm. They further indicate that senior management must communicate through the organization their commitment to market orientation and reflect such commitment through their behavior and allocation of resources. They also suggest promoting interdepartmental consecutiveness, reducing conflict, restructuring the organization, and utilizing a market based reward systems to facilitate the implementation of the market orientation. In addition Kohli et al (1993) claim that their measurement instrument, MARKOR, can be employed during the initial diagnosi s of the current degree of market orientation in a business organization as well as management post-intervention measurement of the degree to which market orientation has been improved. Last but not least, Jaworski and Kohli (1996) suggest that the basic approaches to enhance the level of market orientation in an organization are based on top-down and down-up continuous change efforts. They add that top management commitment and behaviors, conflict resolution and enhancement of inter-functional relationships, and adoption of appropriate organizational-wide systems would send the appropriate signal of top management dedication and support for the adaptation process of market orientation. The Norms-Based Approach- Lichtenthal and Wilson approach Lichtenthal and Wilson (1992) argue that changing the norms within the organization will lead to a change in the behavior of the individuals within that organization. Accordingly, they assert that through the employment of Bates and Harv ey (1986) framework, firms would be able to embed the buyers views into the norms that guide organizational members behavior throughout the different functional areas and different managerial levels. Therefore, they propose cultural change through the embedment of the appropriate values and norms that will guide the entire organization members behaviors. They add that if we accept that norms prescribe and guide individual behaviors then the business organization must transmit persistently the appropriate required values and norms to facilitate the market-oriented behaviour. Furthermore, they argue that for the firm to be market oriented, it must create a market orientation culture that will guide the entire organizational members behavior and ensure that is in line with market orientation. Therefore, they suggest a contingency management approach that can be developed and emerge within the firm. The ultimate goal is to ensure the development of a shared set of beliefs, values, and n orms that will lead to the appropriate behavior in line with a market orientation. Therefore, they suggest that the organization must first identify and understand the existing values and norms that drive the current behaviour, and then select those values that are required to be altered in order to initiate changes in these values. Accordingly, in order to adopt market orientation, management should create and enhance the implementation of values and create a set of norms to guide market oriented behavior within the organizational culture. However, despite the findings of Homburg and Pflesser (2000) that the establishment of norms will not lead to a market oriented behaviour if not supported by artifacts, stories, rituals and language, Lichtenthal and Wilson (1992) argue that change can be realized through top management commitment and their top-down direction to ensure norm compliance and enrollment of all levels in the change process. In fact, literature in this area suggests a p erspective that tackles the issue of the employees ability in the different functional areas within the business organization to translate their duties into the context of being market oriented. (See Masiello, 1988; and Canning, 1988) However, Raaij and Stoelhorst (2008) categorize Lichtenthal and Wilsons approach as the norm-based approach, and claim that it is a form of social structure perspective. The strategy and support process approach- Ruekert approach Ruekert (1992) argues that despite the evolvement of market orientation resulting from the recent shift experiences in both domestic and global markets, managers and practitioners who might be interested to implement market orientation in their firms were not provided with clear guidance on how to go about the implementation process. Therefore, he believes that the level of market orientation is related to the degree to which the business organizations collect and use information about their customers, formulate a strate gy that will meet customers needs and wants, and implement such a strategy through being responsive to those identified needs and wants. This is supported to a certain extent by Pelham and Wilson (1996) when they suggest that the strategies employed by business organizations may lead the firm to adopt market orientation behaviours. In fact, Ruekert (1992) provides precise suggestions that cover the diagnosis of the current level, intervention to implement changes, and evaluation. However, in order to assess the existing level of market orientation, he suggests that his proposed questionnaire should be administrated to survey managers, sales representatives, and sales managers in order to evaluate the existing level of market orientation. This will facilitate the top management intervention and allow them to design initiatives to improve customer responsiveness in the organization. He also explains that such questionnaire includes subscales covering market orientation practices and b ehaviours, organizational systems that include recruitment and selection, training, appraisal and reward, individual outcomes, and business performance. He further emphasizes the organizational support systems that includes and is not limited to human resource systems in order to achieve a high level of market orientation. In addition, he suggests that repeating the assessment process using the same questionnaire can help to evaluate the ongoing progress attained. Finally, he claims that his findings provide support for the proposition that different business units can vary significantly in their degree of market orientation in the strategic planning process, even within the same organization. The capabilities approach- Day approach Day (1990) outlines the key challenges facing executives and top management in todays business environment. He pinpoint that in their attempt to cover issues such as building a shared strategic vision, fostering an orientation that puts customers first, and creating effective and strong processes for screening and choosing competitive strategies they are facing various challenges. He asserts that competitive advantage can be obtained through the superior application of their marketing knowledge and insights that facilitate their attempt to select between the various strategic choices available to them. However, he stresses the need to develop a persuasive basis for the creation of competitive advantage, and emphasizes the need for successful implementation. He emphasizes his belief that marketing is not a functional responsibility, but rather it is the job for the entire members of the organization. In addition, he suggests an intervention program that emphasizes the alignment of s trategy, structure, people and programs in addition to the redesigning of the performance measures to encourage and reward market-driven behaviour. However, Day (1994b) also argues that in order to build a market-driven organization, a cultural shift is required. He argues that there must be a commitment to various sets of processes, beliefs, and values that reflect the adopted the concept of market orientation. Therefore, all decisions are made while focusing on the customer as a focal point, guided by a deep shared understanding of the customers needs and behavior, including the competitors capabilities and intentions in order to attain a superior performance compared to the competitors. However, Day (1994b) believes that building market-driven organization requires designing and implementing the process of diagnosing current capabilities, predicting future needs for various capabilities, redesigning the underlying process through a bottom-up approach, providing a top-down directi on and support, and continuously monitoring progress and taking the necessary alignment actions. He adds that market sensing and linking firms capabilities to market knowledge are especially important to facilitate the understanding these external realities in its market. However, while the diagnostic stage suggested by Day (1994b) consists of analyzing the current capabilities and predicting the required future capabilities, he recommends that defining the key performance indicators for the processes will support the management efforts to monitor progress and evaluate results as well as providing indications related to the required level of interventions. Furthermore, Day (1999) argues that acquiring a superior skill to understand, attract and retain customers is the only way for an organization to be able to formulate strategies that will create and deliver superior customer value through the alignment of such strategy with changing market requirements. Therefore, a market-driv en firm will not only be able to retain valuable customers, but also outperforms its competitors. He suggests a change program that enables a business organization to create and maintain superior value for its customers through the alignment of its culture, capabilities, and the organizational structure. However, he emphasizes that an organization must customize the change program to fit its heritage, market strategy, and leadership personality. In fact, he suggests that a successful change programs has six overlapping stages, and emphasizes that they are not sequential and may occur simultaneously. And they include: Demonstrating leadership commitment Understanding the need for change. Shaping the vision. Mobilizing commitment at all levels. Aligning structures, systems and incentives. Reinforcing the change. (Day, 1999, P 14) However, he stresses the need for those who are responsible for initiating and implementing the change program to keep their attention focused on the changes, and keeps an eye on benchmark measures to ensure an early success. He adds that in order to ensure success the entire organization throughout the different levels must be involved in the process. Hence, he emphasizes the need for the human resources and marketing departments to provide the necessary support during the process instead of dominating the process. In addition, he emphasizes the role of top management in initiating and driving the required change program. Finally, while he recognizes the role of top management to create the conditions that facilitate employees performance and enable them to achieve good results, he asserts that the change of behaviour will eventually be embedded into the underlying norms, beliefs, and mind-sets. Therefore, he claims that in a market-dri ven firm, a pervasive market orientation is woven into the fabric of the organization (Day, 1999, P. 8). The Cultural Change Approach- Narver and Slater approach Narver et al. (1998) claim that there is congruence among scholars that a market orientation is a culture in which all employees shares the same values and are enrolled in the process of creating and delivering superior value for customers. However, they argue that even though there are various empirical evidences suggesting that there is a positive relationship between market orientation and performance, the question is how can a business best create, and increase its market orientation level. Based on Deshpandà © and Websters (1989) suggestion that market orientation is to be understood as an organizations culture, Narver et al (1998) argue that if adopting, maintaining, and increasing the level of market orientation is the result of various desired behaviors as suggested by the behavioural perspective, then we wil l not be faced with the fact that there is a large number of businesses failure. Accordingly, Narver et al. (1998) argue that market orientation adoption is the result an overriding value related to the level of commitment throughout the entire organization to persistently and continuously create and deliver superior values for customers. They add that if the organizations culture is a pattern of deep assumptions based on experience, then there may be resistance to change unless it is perceived by the entire organizational members as it provides them with a superior solution to the problem at hand. Therefore, such perception will facilitate the creation and delivery of superior value to their customers. Accordingly, Narver et al (1998) assert that the creation of market orientation is directly related to the extent to which the organizations members learn to create, maintain, and deliver superior customer value. This is in line with Slater and Narvers (1995) argument that learning p rovides new knowledge and insights that facilitates behavioral change, and leads to performance improvement. They add that learning is critically important for businesses competing in a dynamic and turbulent market environment, and it facilitates behavioral change in order to improve performance. (See also Senge 1990) Furthermore, while Garvin (1993) argues that in order to achieve a meaningful learning, a behavioral change is required, Narver et al (1998) suggest that such learning can be achieved through two approaches the programmatic approach and the market-back approach. They argue that this is important for the realization of cultural change. They claim that the programmatic approach is based on teaching and training the individuals within the organization the different principles in order to achieve the required level of understanding of the nature and importance of a market orientation including the different approaches, processes and skill necessary to create a superior val ue for customers. On the other hand, the market-back approach is a learning strategy that focuses on applying experiential learning about the most effective and profitable ways of how to create superior value for customers. They add that even though a priori learning is required in order to prepare employees at different functional areas and through the different levels on problem solving and experimentation that is based on a result driven continuous improvement process, businesses failure to engender a market orientation is mostly the result of favoring a priori learning over experiential learning. However, they finally emphasize that realizing cultural change can be achieved through experiential learning. The system-based approach- Becker and Homburg approach Becker and Homburg (1999) claim that their review of literature shows that there is no integrative conceptualization of market orientation management (1999, p 20), They add that except for the human resources managemen t issues, which have been studied from a market orientation perspective, no other issues have been studied (See Martin et al., 1998; Harris and Ogbanna, 2001b). However, they suggest a different perspective of market orientation which they define as the degree to which the different management systems of an organization are designed in a market-oriented way (Becker and Homburg, 1999, p 20). They further suggest a market-oriented management model that consists of an organizational system, information system, planning system, controlling system, and human resources management system. They also suggest how these various management systems are designed in order to represent the market-oriented management. However, they argue that even though their findings provide evidence that market-oriented management has a significant effect on business performances; it has no direct effect on financial performance. Therefore, they suggest that practitioners and managers must not focus when measurin g the relationship on financial figures and results, but through market related performance measures such as customers satisfaction and loyalty. They also claim that their measurement instrument can be employed to measure the existing degree of market-oriented management, and to assess the required level of management interventions in order to increase market orientation in the firm. On the other hand, Homburg et al. (2000) argue that while various studies suggest different scales to measure the level of market orientation, they have not examined empirically the required organizational structure and changes that needed to become a customer orientated firm (See also Jaworski and Kohli, 1993; Deshpandà © et al., 1993; Slater and Narver, 1994; Deshpandà © and Farley, 1999). Therefore, they discuss the implementation of a customer-focused organizational structure and identify the main determinants of such an organization as the information system, the accounting system, the planning s ystem, the reward system, and the human resource management system, which are consistent with their system-based approach. Furthermore, Homburg et al. (2004) discuss further market orientation from a strategy implementation perspective. They pinpoint that the role of market orientation, which is one of the various organizational intangible variables that plays a critical role in the strategy implementation, has not been addressed properly by researchers from a strategy implementation perspective. Therefore, they claim that their findings provide evidence that market orientation is one of the important organizational intangible variables that play a critical role in the context of strategy implementation. The management behaviour approach- Harris approach Harris (1996) focuses on the cultural perspective as an important basis to facilitate the adoption of market orientation. He claims that the cultural perspective attracts different scholars attempting to define a market orient ation culture (See also Narver and Slater, 1990; Webster, 1993; and Deshpandà © et al., 1993). Harris (1996) argues that Jaworski and Kohlis (1993) definition of market orientation focuses on the behavioral aspect rather than the abstracts themselves, and that their work has drawn the path to the other academician in order to develop a logical, coherent and comprehensive model of market orientation. However, he pinpoints that Jaworski and Kohli failed to produce a definitive model because the complexities of the findings were not represented in modular form. Accordingly, he suggests that market orientation should be viewed as a state of mind rather than a flow of information. In his point of view a market-oriented culture is the dominant, dynamic segment on an organization whose marketing attitudes and actions are geared toward the market (Harris, 1996, p. 360). However, Harris (1996) concludes that the major contribution of Jaworski and Kohli is the provision of practical impli cations for the theory, and argues that managements desire for a fully prescriptive model has not yet been fulfilled. Hence, he suggests that executives should consider relevant issues such as top management commitment and support, understanding the degrees of departmental conflict and connectedness, the organizational structure and style of the reward system, and the ability and capability of the organizations information system to generate and disseminate the required information and respond to various environmental influences in their attempt to adopt the market orientation Furthermore, Harris and Ogbonna (1999) argue that while many marketing authors suggest that the marketing orientation can be adopted as a management philosophy, the organizational culture theory contradicts with such arguments. They claim that organizational culture is pluralist in nature. Therefore, they argue that if we accept that a market oriented culture has an organization-wide cultural dominance, the n the market orientation subculture dominates and controls all the other organizational subcultures (Harris, 1998). On the other hand, if the organizational culture is created through the work experiences that are accumulation by all employees within the organization, then there is a weak potential for cultural dominance by any other subculture. They add that even if one can assume that cultural dominance is possible then a number of contextual factors will influence the different subculture interaction process. However, after discussing the issue of cultural dominance, Harris and Ogbonna (1999) criticize the view that organizational culture unity can be always achievable and therefore, assuming that organizational culture is susceptible to conscious manipulation by management is not acceptable. Instead, they claim that cultural change can only be realized either through revolutionary or evolutionary approaches. It is worth noting in this context that different studies which have examined the development of market oriented culture have assumed that culture is an organizational variable and is governed and manipulated by management (See Narver and Slater, 1990; Payne, 1988; Webster, 1994b). However, Harris and Ogbonna, (1999) emphasize the management behavioral approach and argue that in order to accomplish market oriented change, it has to be achieved through political maneuvering of marketing and top management (See also Piercy, 1989 and Whittington and Whipp, 1992). Furthermore, Harris and Piercy (1999) explored the management behaviour and the barriers to market orientation in the retail industry within UK and claim that their findings contradict with many of the held assumptions that becoming a market oriented organization is an easy task. They claim that their results strongly suggest that certain management behaviors are required since such behaviors are important determinants of successful adoption of market orientation in the service industry. Th ey indicate that building market orientation is a difficult task, because even political maneuvering, conflict and formalized behaviors are associated with a low level of market orientation. They add that building effective market orientation requires the development of programs that help to overcome tendencies toward political maneuvering, conflict and friction between various management groups or functional areas. Finally, their findings indicate that a positive relationship exists between the amount of internal communications, the creation of a successful conflict resolution system and the level of market orientation achieved. On the other hand, Harris and Ogbonna (2000) examine the front-line employees response to a market oriented cultural change using a case study approach of two UK retailing organizations. They argue that to a certain extent the marketing literature ignores the views and responses of front-line employees, who are directly interacting with customers. Their findings have led them to identify some important implications. They assert that in the absence of an effective feedback mechanism, management will not be able to take the required corrective action, modify, and customize change as required or recommended. They further claim that their findings provide evidence that the development of market orientation will require more than just systems, functions, and procedures. Therefore, they argue that the success of a culture change programme will depend on the employees who are responsible to implement it, especially the front-line employees. Accordingly, they suggest that management through the understanding of the potential different employees reactions to change will be able to direct their change efforts more effectively and efficiently. However, Harris and Ogbonna (2001a) assert that although various studies indicate that management behavior is a key determinant for the adoption on market orientation, they can become a barrier to de veloping a market-oriented culture. Yet, they conclude that while their study finds that participative and supportive leadership styles have a strong positive relationship with the level of market orientation achieved, the instrumental leadership style has a negative relationship with market orientation. Therefore, they argue that such positive relationship indicates how the process can be managed through creating and maintaining an appropriate environment that facilitates market-oriented change. Harris (2002a) tackles the process of developing market orientation, exploring the different management approaches to become a market oriented organization. However, he claims that his analysis of the data reveals that the management approaches to develop market orientation can be viewed or categorized along five different dimensions.

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Symbols in The Lottery by Shirley Jackson - 649 Words

In most peoples minds, the word â€Å"lottery† signifies huge winnings, but for the townspeople in the story â€Å"The Lottery† by Shirley Jackson the word brings forth fear and devastation. The lottery starts off as a seemingly innocent event which immediately turns into feared, mass chaos in the town. The symbols Jackson incorporates into the story contribute to the fact that everything in this town must be replaced and that some things we must let go of to start fresh with. Although, having said that, people don’t realize when a tradition becomes outdated and when the time comes to put it behind. Shirley Jackson uses several symbols to show how traditions become obsolete and that we must have an open mind to adapt to new, plausible ones, symbols including the black box, the stones, and the townspeople. The black box represents the tradition of the lottery, a common ritual that cannot be changed. The concept of the lottery goes back further than anyone can reca ll. According to the villagers, the annual lottery will never be changed or forgotten, since they’ve grown accustomed to it. The black box symbolizes the old, junky, worn-out repetition of the lottery which they still do every year. Due to the old age of the black box, it deteriorates every day, just like the existence of the lottery, people have difficulty even determining the color of the box. Since the town has owned it for many years, they refuse to replace it because of the tradition and memories it holds, muchShow MoreRelatedUse of Symbols in The Lottery by Shirley Jackson981 Words   |  4 PagesMany great authors use symbolism numerous of time in their stories. A symbol is a noun or word that represents a different idea. An author displays the symbols as a hit rather than blurting it out. Symbols are not only used in novels or poems, they are also used in everyday use. For an example, the American flag has fifty stars on it which each star represents a state. On the other hand, the thirteen stripes plays the part of our thirteen colonies; the beginning of our country. Even with our highRead MoreHidden Symbols in The Lottery by Shirley Jackson1170 Words   |  5 Pagesshort story, â€Å"The Lottery†, Mrs. Hutchinson got picked for the lottery. The word â€Å"hutch† is another word for box, and she happened to have her life taken from her by a paper in a box. The odd, short story of â€Å"the Lottery† is a story that should be read by many people for any urge to find symbolic references or to just kick back and read an interesting story with a twist. The lottery seems like something you would love to win, but not in this twisted story! Winning this lottery is going to take yourRead More Religious and Traditional Symbols in the Lottery by Shirley Jackson753 Words   |  4 PagesReligious and Traditional Symbols in the Lottery Religious groups encourage and enforce conformity of their social norms and beliefs upon their members. Religious traditions are usually passed on from parent to child at an early age. In â€Å"The Lottery,† Shirley Jackson reveals the tradition of the lottery and how all of the villagers conform to the ritual of a human sacrifice. Growing up with an exceptionally religious father I can relate to way of thinking of the villagers that traditions areRead MoreUse of Symbolism in The Lottery by Shirley Jackson1146 Words   |  5 Pagesbulb represents ideas that just sparked into a character’s head. In the short story, â€Å"The Lottery† by Shirley Jackson, a village has just entered the month of June, meaning that the lottery is to begin. When everyone was present, the heads of the households’ names were called one by one to pick up a slip of paper. It was then discovered that the Hutchinson family was the chosen family to participate in the lottery again. When Mr. Hutchinson, Mrs. Hutchinson, Bill Jr., Nancy, and Little Dave each gotRead MoreIgnornance of Tradition in The Lottery, by Shirley Jackson1014 Words   |  5 Pagesstarted them or why they were enacted in the first place. The community, in the short story The Lottery by Shirley Jackson, is no different. The community members follow the tradition of the lottery without any consideration to its ramifications. Shirley Jacksons goal for writing The Lottery is to get the reader to question why certain things are done. She accomplishes this through her use of symbols, her description of the fear of change, a nd the portrayal of the dangers associated with blindlyRead MoreLiterary Elements in The Lottery, by Shirley Jackson1334 Words   |  6 Pagesshort story, â€Å"The Lottery,† by Shirley Jackson communicates this theme by showing how the villagers participate in a lottery every year. In life, there are people who follow tradition because the have to, or they are used to following without question. The author, Shirley Jackson was born on December 14, 1916 in San Francisco, California. In 1937, Shirley Jackson attended Syracuse University where she began to write short stories. She was famous for the short story, â€Å"The Lottery,† and her best sellerRead MoreSymbolism in The Lottery, by Shirley Jackson Essay example1173 Words   |  5 PagesWhen most people play the lottery today, they think about having wealth. Generally, people who win are happy about it whether they win one dollar or a million. The lottery in our society has grown to support education and it is oft en worth several million dollars. Usually, the winner of the lottery gains a lot of recognition for the money they win. But what would happen if there was a small town where people held a yearly lottery in which the â€Å"winner† was the member of the town who was not sacrificedRead MoreThe Lottery Literary Analysis1538 Words   |  7 Pageswarmth of a full-summer day; the flowers were blossoming profusely and the grass was richly green† (Jackson). In this first sentence of the The Lottery Shirley Jackson establishes a pleasant illusion, creating a sense of serenity. Jackson proceeds to mention that children begin to gather in the village, frolicing and conversing about school. The initial scene and satirically labeled title, The Lottery, provide a somewhat satisfying first impression to the reader. The introductory scene is eminent toRead MoreSummary On The Allegory Of Shirley Jacksons The Lottery871 Words   |  4 Pages Shirley Jackson’s story â€Å"The Lottery† serves as an allegory regarding humankinds inherent to be cruel and society’s ability to inure to violence. The author’s use of a third-person dramatic narrative combined with strong themes, symbols and irony clearly supports the lesson Jackson was trying to portray. Jackson’s short story shows how easy it is to be hostile when a group of villagers with a herd mentality blindly follow an outdated tradition and that evil knows no boundaries. JacksonRead MoreThe Lottery, By Shirley Jackson847 Words   |  4 Pagesâ€Å"The Lottery,† which is a famous short story written by Shirley Jackson in 1948, described the view of an annual lottery event in a small village. In the beginning of the story, on June 27 in each summer, the lottery occurs; all people in the village gather at the spare, and they express their excitement to find out the winner of the lottery. However, there is a totally surprising ending in the story of Shirley Jackson. The prize of the lottery is not any money or gift, which we expect. It is the

Discussion of Stereotypes in a Farewell to Arms - 1449 Words

All good books have one thing in common - they are truer than if they had really happened, Hemingway wrote just five years after publishing A Farewell to Arms, a novel written about the war in Italy, which is ironic because A Farewell to Arms can be seen as a semi-autobiographical novel, as some of the events that occur in the novel are based off of Hemingways own life. The parallels from the novel and Hemingways life are evident-- the protagonist, Lieutenant Frederic Henry, is an ambulance driver in the Italian army, just as Hemingway himself was an ambulance driver for the Red Cross, serving in Italy. Hemingway also fell in love with a nurse, however her name was not Catherine Barkley, as it is in the novel, it was Agnes von†¦show more content†¦Authors of this viewpoint call Catherine Barkley—â€Å"a strong and fully realized character† by displaying honor, courage, and â€Å"grace under pressure† (Spanier,132), who models for Frederic survival method s for living in chaos and making a limited freedom by living one’s own â€Å"roles and rituals.† The only other prominent female characters in A Farewell to Arms are Catherine’s fellow nurses, the important ones being Miss Van Campen and Helen Ferguson. Miss Van Campen is an older nurse that constantly nags Henry for having alcohol, and after he gets jaundice, has his leave revoked for â€Å"producing self-inflicted jaundice with alcoholism† (Hemingway, 144). Miss Van Campen only fits into Hemingway’s stereotype in that she is a nurse. Other than her matronly job, she is fierce, going openly head to head with Lieutenant Henry while he is sick. Helen Ferguson is Catherine’s friend, and when Catherine and Henry’s love affair begins to take off, Helen is concerned for Catherine’s emotional well-being. She is the logical side of Catherine, and also plays a motherly parental role towards her, advising Henry to let Catherine not do n ight duty, and even saying But watch out you don’t get her in trouble. You get her in trouble and I’ll kill you† (109-111). Hemingway gives her no depth, except for these few matronly traits she possesses. Completely opposite from Hemingway’s vision of an ideal woman is his vision of an ideal male. His ideal males are seen in almost everyShow MoreRelatedThe American Culture : Key Values10736 Words   |  43 Pageswhich they move to a first name basis, even with people they have just met. For an American the informality is a way of showing friendliness and warmth. Depending on the context, most Americans would be quite happy with a similarly brief, informal farewell or goodbye. However, you can find that in some service situations, the customer is thanked more profusely (â€Å"thank you for travelling with us – hope to see you again†). This is probably more a result of customer service training (where open, frankRead MoreDiversity For A Diverse Workplace3965 Words   |  16 Pageset cetera. †¨ - Make the selection criteria more flexible so it will fit people from different cultural groups. (Dickie Soldan, 2008, pp. 206-209) †¨ 2.3.3. Training and Development Cultural diversity training can provide trainees a forum for discussion. A greater willingness to talk directly about differences helps employees to build trust, make effective decision and even opens a door of compromise (Gong 2008, p. 28). This kind of training has seemed more necessary when skills of dealing withRead MoreWilliam Shakespeare s Othello : Race And Performance6373 Words   |  26 Pagesthis essay illustrate racial issues within the text of the play itself, but also the black Shakespearean actors like Ira Aldridge, Paul Robeson, and James Earl Jones, who suffered severe racial discrimination and were still able to defy racial stereotypes throughout the nineteenth and twentieth centuries in the segregated United States, addressing how the actors were emotionally affected playing the character. It is important for the reader to answer several essential questions: Should theRead MoreAmerican Slang Essay 115481 Words   |  62 Pageschildren, they always make fools of themselves. In ordinary language we have words living on through the generations without much change. Some of these have been in use as far back as we can trace the English language and other languages. Foot, hand, arm, head, heart, star, sun, moon, earth, one, two, three, and so on, belong to this category. These common words have counterparts which look very similar in the other Germanic or European language. These words are central to mankind, no matter where andRead MoreSAT Top 30 Essay Evidence18536 Words   |  75 Pagesfor its honest and realistic portrayals and the authenticity of its characters - traits that would forever be P a g e | 14 associated with Hemingway’s fiction writing. A few of his other famous titles (there are many more) include A Farewell to Arms, For Whom the Bell Tolls, and The Old Man and the Sea. In the 1950s, while traveling in Africa, Hemingway was wounded in two back-to-back plane crashes and suffered severe injuries. Already a frequent drinker, Hemingway became an alcoholicRead MoreSadie Hawkins Day and Valentine Grams18321 Words   |  74 Pagesadvised Rapp. The panel members’ reaction to the high school journalist was mainly to benefit us. They took the time to advise us to pursue our own dreams, to be passionate, and when speaking to Stepanek after the panel members, his advice took the discussion of passion to a whole new level. â€Å"I remember back in 2006 I suffered from an injury that left my right hand numb for four months,† recalled Stepanek. â€Å"Today, I appreciate every single day I am able to hold a racket in my hand.† As he spoke aboutRead MoreRastafarian79520 Words   |  319 Pagesand prophet of the movement. This is a crucial part of the wonderful complexity of the Rastafarian movement. Jamaica owes a great debt to the men who formed the Rastafarian movement in the 1930s. Rastafarianism has served as a lightning rod of discussion about race, identity, and the history of oppression that has x FOREWORD been part of the Jamaican society for centuries. If Jamaicans have rejected in part the denial of their African heritage, Rastafarianism is the reason. If JamaicanRead MoreOrganisational Theory230255 Words   |  922 Pagesintelligently constructed account. The opening chapter carefully and helpfully explains terms, including ‘theory’ and ‘epistemology’ that can form an unexplored bedrock to texts in the field. It then offers thoughtful, scholarly and well-illustrated discussions of prominent theoretical perspective, including managerialism and postmodernity, supported by specified learning outcomes and guides to further reading. Dr Paul Tosey, University of Surrey, UK The field of organization theory is extremely fragmentedRead MoreLogical Reasoning189930 Words   |  760 Pagesadvice that must be applied flexibly. They are called principles only because it sounds odd to call something piece of advice eleven or thing to do seven. Advice for Logical Reasoners All of us use these principles every day, so this discussion is just a reminder of what you already know. One principle is to ask for reasons before accepting a conclusion, unless you already have good enough reasons. You applied this principle when you asked Juanita why she thought it best to leave. Similarly

Corporate Governance And Shareholders Commerce Essay Free Essays

Corporate administration and stockholders ‘ wealth have been closely related in history. The two constructs are closely related with different bookmans coming up with their impacts in the organisation. Corporate administration refers to a systematic method of supplying inadvertence and way to the mode in which an organisation operates. We will write a custom essay sample on Corporate Governance And Shareholders Commerce Essay or any similar topic only for you Order Now Harmonizing to Ruiz-Porras and Lopez-Mateo, corporate administration is concerned with duties and rights of an organisation ‘s direction, stockholders and other stakeholders such as clients and employees. Corporate administration impacts investing determinations of an organisation. Therefore, effectual corporate administration maximizes stockholders wealth and has to be considered when puting. Additionally, Michaelas et al pointed out that effectual corporate administration manages the company internal and external factors which contribute to stockholders ‘ wealth. The writers argued that, houses with effectual corporate administration prosper in planetary and domestic market whichultimately maximize stockholders ‘ wealth ( Michaelas, et Al, 1999 ) . Premier Oil is involved in the production of oil and gas, geographic expedition and development. The company is interested in oil and gas in North Sea, Africa, Asia and the Middle East. It has its central office in the UK, London, and has 638 employees by December 2011. It recorded ?827 million as gross in the financial twelvemonth stoping December 2011, an increase of 8 % as compared to twelvemonth 201, besides made a net income of ?175 million in the twelvemonth 2011 an increase of 38 % as compared to twelvemonth 2010. And a net net income of ?171 million during the twelvemonth 2011, an increase of 32 % as compared to twelvemonth 2010. This study is looking at if corporate administration maximizes stockholders wealth of the Premier Oil PCL and its public presentation over a period of four old ages that is 2008 through 2011. This is done by seting in to consideration the company ‘s balance sheet, income statement, hard currency flows statement and the ratios statement. Over the old ages at that place has been recorded an betterment in the hard currency influxs verses escapes every bit good as an improved net income and company liquidness ( Aswath 2007 ) . Even if liabilities as compared to capital increased, during the old fiscal twelvemonth to 44 % , the company is within the Gas, Consumable Fuels and Oil industry ‘s norms. Second, although the liquid assets can non fulfill current liability duties, the Net incomes that were realized are equal to provide for the debts. Harmonizing to the hard currency influxs recorded the company is effectual as in comparing to others in that industry. By December 31 2011, the company had ?205M as ungathered receivable ( Doyle Et Al. 2000 ) . Corporate administration The stakeholders of this company are the stockholders, debitors, creditors, direction, the Board of Director, providers, clients the authorities, and the general populace. Each of these has a distinguishable function to play, as per the organisation ‘s policies. Premier company is a profit-making organisation whose primary end is to maximise the wealth of the stockholders. Therefore, the stockholders have to guarantee that they have met the company ‘s capital part demands. In other words, a portion from supplying fundss, they straight and indirectly take part in the direction procedure of the company. This implies that they oversee the enlisting procedure for the executive and non-executive managers. At the same clip, it is their duty to do effectual and executable determinations in the company ( Graham 2010 ) . As already highlighted, the company has an Executive Board of Directors. This is under the chairmanship of Sir David John. This is the top most organized portion in this organisation, which is carefully appointed by the stockholders. Their major function is to supply the organisation with professional and experiential advice before doing any major determination which affects the full company. This is a baronial thought, because it provides the organisation with the ability to get the service of these experts cheaply. Prosecuting them as parttime workers enables the company to bask such services, which would otherwise be so expensive. The executive board works in concurrence with the non-executive board, which is headed by Mike Welt and Joe Darbi ( Mintzberg 1994 ) . At the same clip, Premier Company regards the involvement of other participants, every bit good. Although, the major aim is to maximise net income, it has become the company ‘s policy to safeguard the involvement of all the other stakeholders. Therefore, in its administration, the company consults groups like the providers, clients, public, and authorities. Oil and gas trade is going really moneymaking. Therefore, it has attracted a batch of participants doing competition stiffer than of all time. In this respect, the company ‘s direction involves each of these in major decision-making. The providers are seasonably and efficaciously paid their dues ; no clients are given measure merchandises as per their outlook. Meanwhile, authorities policies are implemented to avoid legal hassle ( Larson et al. , 1996 ) . Co-operate Governance Theories The theories discussed below give an penetration in corporate administration. Agency Theory In the Premier Company, stockholders are the top most decision-making parties. As the investors, they have a direct control in all the coevalss of the organisation. Because of this, they have felt it better to co-operate with agents to move on their behalf. In the construction of the organisation, there is the Board of Directors ; the Chief Executive Officer ( CEO ) and regional and state managers. Under them, there are the departmental directors oversing the operations of the finance, legal, human resource, gross revenues, selling, buying, operations, and geographic expedition sections ( Doyle Et Al. 2000 ) . These are the professionals specialized in the countries in which they are attached. All of them are given a full clip occupation, so as to acquire adequate clip to to the full dispatch their responsibilities with less restraint. In order to see the answerability and quality end product, direction has come up with schemes to transparently engage them on virtue, supervise, proctor, and actuate them. Each of them is entitled to a good working conditions and attractive wage bundles. Besides, they are involved in a batch of bureaucratic processs to see their boundaries are clearly outlined to do certain that there is harmoniousness and cooperation in all the sections. This is a good motivation because it has helped to actuate these executives. Hence, they have got satisfaction in functioning this organisation. This has motivated them to be focused on the achievement of the organisation ‘s ends ( Brassington A ; Pettitt 2006 ) . Resources Dependence Theory Premier Oil Company besides relies on the Non-Executive Board. The determination to integrate non-executive squad has helped this company a great trade. It was the stockholder ‘s position that such a board would dwell of high export from different Fieldss after carefully being selected. They would steward the company towards accomplishing both its long and short-run ends. However, in order to make this, they would be expected to demo their dedication and committedness in whatever activity they undertake. It was aware determination because it has enabled the company recognize a enormous growing. The Non-executive Board advises and counsels the Executive Board. Furthermore, in the association of this company, personalities like Welton have enabled it to reconstruct its repute. Therefore, it has won the assurances ( Becht et al. 2003 ) . Decision Premier Oil is an energy company to think with. Its model administration has expanded it from a mere public company to a transnational. The engagement of all the stakeholders in its personal businesss has enabled it to set up a good relationship with all of them. As a consequence, it has managed to enormously turn, therefore crushing all the odds and ends up being one of the bluish bit companies in London. As per the ratios the premier oil company can be said to be sound in its liquidness although is debitors ratios were negative. In footings of Capital it can besides be said to be making good. The company is in a good status to put in for the investors. Recommendations Admiting the successes of the corporate administration, it would be wise to seek and implement the undermentioned recommendations. The direction should see diversifying its activities. Specializing in oil and gas distribution map jeopardizes the fiscal stableness of the company. Alternatively, it should see embarking in other merchandises, such as excavation. This would enable the company to manage the hazards that would happen impacting specifically the energy industry. Premier Oil Company should non merely concentrate on the stockholders as the lone of import participants in its operation. Alternatively, there should be a displacement from this height. The stockholders should non necessary play a dominant function through. The administration scheme of this company should be reviewed. It should non be merely task-oriented. Alternatively, there should be a more human oriented attack, so as to give the work force free infinite to show they creativeness, fresh linguistic communication, and entrepreneurial accomplishments. How to cite Corporate Governance And Shareholders Commerce Essay, Essay examples

International Accounting Standards Board System

Question: Discuss about the International Accounting Standards Board System. Answer: Introduction: The International Accounting Standards Board (IASB) is a private sector organization that approves and develops the International Financial Reporting Standards, which is well known as IFRSs in short. IASB is an independent body that operates its operations under the oversight of IFRS Foundation. In the year 2001, the IASB was established in order to replace the International Accounting Standards Committee. The total numbers of members of IASB is 16 as per the record of 1 July 2012 (Aasb.gov.au, 2016). The main role of IASB under IFRS Foundation Constitution is to complete the responsibility regarding all the technical matters of the particular foundation. These include firstly, the development of full discretion and to pursue the technical agenda that is subjected to the requirements of consultation along with the public and the Trustees (Collings, 2012). Secondly, the issue and the preparation of the IFRSs rather than the exposure drafts and the Interpretations that follows the due process, which is stipulated in the Constitution. Lastly, the IFRS Interpretations Committee develops the issue and the approval of the Interpretations (Fasb.org, 2016). The Fair Value Measurement project was completed on May 2011 and at that time; the IASB issued IFRS 13 Fair Value Measurement. This is effective from the year 2013 and defines the term fair value, described about a single framework of IFRS for measurement of fair value and the disclosure about the measurements of fair value (Collings, 2012). According to the IASB conceptual framework 10F (a) measurement, draft discussion paper, the discussion of the staffs of the IFRS foundation in a public meeting of IASB has been presented. This particular paper represents the views of the individual member of the IASB. The particular section mainly discusses about the concept that guides the IASB at the time of selection of the measurement according to the revised or new IFRS (Fasb.org, 2016). This is important because the existing Conceptual Framework provides a little numbers of methods of measurement guidance and it indicates the particular method that should be used in order to run the business smoothly. Generally, the IASB proposes three principles of measurement. Firstly, the Principle 1 states that the particular measurement method provides the relevant information and it depends on the method of affecting the position of financial statement, profit and loss statement and the comprehensive income (Iasplus.com, 2016). It also includes the statements that show the changes in the notes and equity to the financial statements. Secondly, Principle 2 states that the cost of the measurement should be justified based on the advantages of reporting the particular information to the potential and existing investors, creditors, and other lenders. Thirdly, the Principle 3 states that the use of total numbers of various measures should be minimized in order to provide information that is relevant (Aasb.gov.au, 2016). It also includes the unnecessary changes should be avoided in the measurement methods and the particular changes should be explained in details. The IASB believes that the relevant method of measurement is depended on the process of fulfillment of the liability of an entity and the other is the process by which the asset is contributed to the cash flows of the future (Iasplus.com, 2016). The financial statements involve amounts and descriptions of the particulars that fit the elements of the statements. Measurement is the process of determination of amount that are presented on the each financial statements face (Collings, 2012). In other words it can be said that measures indicate the disclosed or presented amounts. Mainly three types of measurement methods that include fair value and various current prices, cost, and the measures based on the cash flow (Icaew.com, 2016). The particular discussion paper does not discuss only about the equity instruments measurement but also about the factors that are related to the initial measurement of the fair value that might be applicable to the equity instruments initial measurement. The equity method of the translation of the denominated amount in the foreign currency has also not been discussed in the particular paper, as the IASB believes that the particular issues might be dealt in a form of a project with the aim to repla ce or revise the existing IFRS regarding the particular topics (Icaew.com, 2016). There are various principles to measure these are to achieve the aim and objective of financial reporting, and the IASB proposed to involve a revised Conceptual Framework (Mackenzie et al., 2012). As rightly put forward by Ifrs.org (2016), the IASB follows various principles in the revised conceptual framework for appropriate financial reporting and explain the alliterative characteristics of the important financial information. The issues of measurement in the financial reporting needs to have proper relevance of the information that is given by a definite measurement method (Ifrs.org, 2016). The measurement method relies on the influence it exerts on the financial declaration of the financial position (Aasb.gov.au, 2016). In addition to this, the measurement method also exerts immense influence on the statements of [profit and loss], financial statement for the equity as well the notes to the pecuniary statements. The second principle of measurement can e suitable justified by the advantages of financial reporting that provides information from the data of the financial statements to the potential investors, creditors as well as the debtors (Collings, 2012). In addition to this, the measurement principle of IASB also includes the number of diverse measures that are considered to be minimum necessity in order provide pertinent information; convey information regarding the changes in the procedures of measurement and many more (Ifrs.org, 2016). The principles also help to alleviate the unnecessary modifications in the methods of measurement and explain the necessary modifications instead. The principle of relevance is derived from the concept of faithful representation given in the QC13 of chapter 3 that explains the conceptual framework (Ifrs.org, 2016). The principle essentially refers to the depiction of all the required information that an user can utilize by understanding the particular phenomenon that has been represented by including all the requisite illustrations as well as the descriptions (Mackenzie et al., 2012). However, IASB also needs to select all the suitable and most appropriate measures for avoiding the measurement issues and to depict the correct information in the financial declarations (Collings, 2012). The transactions and dealings are settled in cash and this appears either in the cash or in the short term accounts receivable section of the financial statement (Pwc., 2015). The business entity that involves in only the said economic activity of financial transactions faces certain measurement issues. Therefore, in that case the measurement criteria become significant as the business unit participates in complicated activities. Furthermore, the major proponents of fair value concentrate on the statement of financial position whereas units that prefer cost based measure concentrate on the statement for profit and loss (Ifrs.org, 2016). Therefore, the selection of the measurement on the foundation of either the statement of financial position or the profit and loss statement will not lead to the relevant information and can make way for fallacy (Collings, 2012). The discussion paper therefore analyses the different measurement methods that can be categorized as the cost based measures, fair value and the current market price and the other measures that are dependent on the expected cash flows (Iasplus.com, 2016). The discussion paper also concentrates on the principle that concentrates on avoiding the measurement issues such as the alleviation of the unnecessary information, selection of the measurement methods and modification of the measurement principles in a bid to enhance the relevance of the financial information (Icaew.com, 2016). References Aasb.gov.au, (2016).Australian Accounting Standards Board (AASB) - Home. [online] Available at: https://www.aasb.gov.au [Accessed 3 Jan. 2016]. Collings, S. (2012).IFRS for dummies. Chichester: Wiley. Fasb.org, (2016).FASB: Financial Accounting Standards Board. [online] Available at: https://www.fasb.org/ [Accessed 3 Jan. 2016]. Iasplus.com, (2016).IAS Plus. [online] Available at: https://www.iasplus.com/ [Accessed 3 Jan. 2016]. Iasplus.com, (2016).IAS Plus. [online] Available at: https://www.iasplus.com [Accessed 3 Jan. 2016]. Icaew.com, (2016).Welcome to ICAEW.com | ICAEW. [online] Available at: https://www.icaew.com [Accessed 3 Jan. 2016]. Ifrs.org, (2016).Fair Value Measurement. [online] Available at: https://www.ifrs.org/Current-Projects/IASB-Projects/Fair-Value-Measurement/Pages/Fair-Value-Measurement.aspx [Accessed 3 Jan. 2016]. Ifrs.org, (2016).IFRS - Home. [online] Available at: https://www.ifrs.org [Accessed 3 Jan. 2016]. Mackenzie, B., Coetsee, D., Njikizana, T., Chamboko, R. and Colyvas, B. (2012).Wiley IFRS 2012. Hoboken: John Wiley Sons. Pwc., (2015).Manual of accounting ifrs 2015 supplement. [S.l.]: Bloomsbury Professional.