Monday, January 13, 2020
Mexican American, or Latino, traditional views on health and healing practices are influenced by several other cultures that they have historically had some kind of contact with, such as the Spanish colonizers, indigenous Indian populations, and Western medical practitioners. This varied background accounts for their holistic healing methods and their belief that good health stems from internal balance, a clear conscience, and a strong spiritual relationship with God. The underlying theme in traditional Mexican American health is that there needs to be a balance between the body and EarthÃ¢â¬â¢s elements. Equilibrium of each elementÃ¢â¬âfire, water, air, and landÃ¢â¬âleads to an overall healthy state. (Molina, 1994) Traditionalists tie this balance concept in with the idea that all health states are associated with either hot or cold, and one may be used to heal the other. A state of health is characterized by a warm, wet body, and any exposure to extreme conditions on either side of this scale leads to illness. It is important to point out that the generalizations assumed in this paper are based on very traditional Mexican American individuals and do not span the entire population within the US. In regards to healthcare, traditional Mexican Americans hold the belief that their healing methods are either superior to or the same as those practiced by Western providers, so they tend to rely primarily on home remedies and cultural healers before seeking out other forms of medicine. Furthermore, their healing approach is firmly rooted in their specific values. It is important to be aware of Latino cultural values in order to understand their views on healthcare, as the latter is based on the other. In general, there are three basic values that crucially exists within most Mexican American relationshipsÃ¢â¬âpersonalismo, respeto, and dignidad. (Molina, 1994) Personalismo is the trust and rapport that is established with others. Latin Americans respond better to warm, friendly interactions, and prefer personal relationships to professional ones. Therefore, the best ways to earn trust is for a provider to show interest in the patientÃ¢â¬â¢s personal life, exercise empathy, and avoid formal interactions. It is also important for a provider to show respeto (respect) by dressing according to their profession and addressing the patient with the formal greeting Ã¢â¬Å"ustedÃ¢â¬ . This makes the patient feel as through they are taken seriously and cared for at the same time. A Latino patient tends to want a provider to embrace and exemplify their role as a professional; they simply prefer more intimate interactions. And although they appreciate empathy, they expect a blatant regard for their digidad (dignity); as with many individuals, Latinos place an emphasis on being treated as equals and human beings. Furthermore, Mexican Americans value family and thrive off their interdependent relationships with them. (Molina, 1994) In fact, most traditional Latinos rely more on their relatives for health advice than healthcare providers; as a result, it is common for a family member to accompany a patient to their visit with a provider. Mexican AmericansÃ¢â¬â¢ cultural definition of health is outlined by the three major states that they believe are the causes for all illness and disease. Additionally, poor health is culturally associated with imbalances within the bodyÃ¢â¬â¢s natural states that lead to problems. According to traditional beliefs, poor health can be attributed to one or more of the following: (1) Psychological State, (2) Environment and Natural Causes, or (3) Supernatural beings. (Molina, 1994) The psychological state includes any mental state that may be disrupting oneÃ¢â¬â¢s peace of mind, including worry, anger, envy, or stress, all of which can lead to the dangerous state of susto (Ã¢â¬Å"frightÃ¢â¬ ), or soul loss. Natural causes fall under environmental elements, such as dust, pollution, or germsÃ¢â¬âall of the things that Western medicine believes to be the only causes of illness. Finally, supernatural beings include malevolent spirits, witchcraft, or Ã¢â¬Å"mal de ojoÃ¢â¬ , the bad eye, any of which can cause disease or illness. Because Mexican American views on health differ from those of mainstream US medicine, there are several Ã¢â¬Å"folk illnessesÃ¢â¬ that exist within the culture that have no diagnosis within Western medicine, and are, therefore, remedied by traditional methods. Many of these illnesses fall under the idea of their imbalance theory. For example, an imbalance or conflict within social relationships opens oneÃ¢â¬â¢s spirit up to Ã¢â¬Å"mal de ojoÃ¢â¬ ; symptoms include fever, headache, and sleeplessness. The traditional treatment for this is rubbing the entire body with egg yolk. Empacho is an illness characterized by stomach pains, and results from feeling psychological stress while eating. Ataque de nervios literally translates to Ã¢â¬Å"attack of the nervesÃ¢â¬ and is caused by extreme emotional stress brought on by a traumatic event. Those suffering from this illness often engage in fits of swearing and convulsions. The treatments are praying over the affected individual and rubbing alcohol over their face. Caida is an infant disease that occurs when the fontanelle is dislodged from the childÃ¢â¬â¢s skull, and can result in death. (Molina, 1994) In Western medicine, providers may equate this with Sudden Infant Death Syndrome (SIDS), which even in the most skilled American facilities has no biological explanation. Since many of the illnesses recognized in the Mexican American culture are undiagnosed and not understood in Western medicine, a majority of this group employs home remedies or purchases medicines in a botanica, or a store that sells folk medicine and herbal treatments. (Ã¢â¬Å"Profiles of HealthÃ¢â¬ , 1994) Although some recent studies have shown that many Latinos view cost as the number one barrier to healthcare in America, most traditionalists prefer to seek out the assistance of their cultural healers through a healing practice known as Curanderismo. (Ã¢â¬Å"Profiles of HealthÃ¢â¬ , 1994) This practice is one of the most prominent healing practices in the Mexican American culture. It approaches health from a holistic point of view and encompasses physical, social, psychological, and spiritual healing. (Johnston, 2006) A Curandero is a revered, spiritual being that treats those suffering from biologically inexplicable illnesses and can have gifts in several areas, including massage, midwife, counselor, spinal adjustment (similar to a Chiropractor), or espiritualistaÃ¢â¬âsomeone who channels help from spirits. (Molina, 1994) They specialize in a number of areas of medicine, such as naturopaths, herbalists, palm readers, or psychotherapists. Some research suggests that Curanderos arose out of a need for health care from poverty stricken communities that could not afford it. Traditionally, many sought out the help of Curanderos; however, according to recent studies, very few Mexican Americans utilize the services of a Curandero, and those who do use it as supplemental treatment to Western medicine. The main differences between Mexican American cultural healing methods and Western medicine are the varied definitions of similar illnesses, as well as the explanations for the causes of diseases. However, since most illnesses that are recognized in Latino culture also exist within the framework of American healthcare, then treatment can be applied uniformly. Therefore, the emphasis needs to be placed on cultural competence, which would incorporate a system for understanding other point of views of health. It is imperative for providers to develop both trust with and respect for their patients in order to treat them and to increase adherence to medical plans. Western medical providers must learn to listen to and understand the traditions of the Mexican American patient population so that they will be better equipped to serve them. Once this is accomplished within the American healthcare system, society will see health disparities begin to diminish.
Sunday, January 5, 2020
Discussion The purpose of the present research was to investigate if restrictions influence perceived problem-solving abilities and if those who prefer less restriction would score significantly different on a problem solving inventory (PSI). The results of this study provided little support for the pre-experimental hypothesis. The current investigation utilized a standardized measure to increase validity. The aim of this study was the interrelatedness of perception and problem-solving ability. The PSI reliably measured perception of problem-solving ability. It may have had face validity, content validity, and criterion-related validity for this study, but it was not a valid indicator of other perceptional influences. Similar toÃ¢â¬ ¦show more contentÃ¢â¬ ¦For example, in the first study children were asked to sort using one rule and then the other immediately after. One could infer that the children struggled with the constraints of the task and as opposed to performance. Zelezo and Frye (1998) did not distinguish the task guidelines as an imposed restriction. They noted that young children lack the ability to psychologically-distance themselves from the concepts for a larger perspective of context. According to Luria (as cited by Zelezo Frye), it had been a challenge to determine the reason for performance failure without a clear concept of the problem-solving framework in place. In the end, they decided to refocus their research efforts towards the influence perceptions of problem-solving ability had on executive function performance-tasks (Zelazo Frye). The current research was a product of that reasoning; it questioned the influence perception of restriction had on both, respectively. The survey exposed participants to an inventory of perception that was presumably less restrictive for responses juxtaposed to the PSI. The participants were asked to prefer the restricted response or open-response inventory. The open-response section was only used for grouping and responses were not used in the scoring process of this study. However, in retrospect, this too may not have been a valid measure to establish the preference of
Friday, December 27, 2019
Nucor Corporation Ã¢â¬â Case Study and Recommendations on Strategy Nucor Corporation Ã¢â¬â Case Study and Recommendations on Strategy Introduction Nucor Corporation: Competing against Low Cost Steel imports deals with leading steel manufacturer Nucor Corporation and trends in the steel industry affecting Nucor. Steel manufacturing is an old business, but is currently facing the fast changes associated with new technologies, the rise of globalization, and changes in cost and efficiency. To date, Nucor has maneuvered business cycles and market challenges to maintain a positive profit margin in every quarter since 1966 (Thompson, 2008). The companyÃ¢â¬â¢s strategy of decentralized structure, focus on disruptive technology, unique employee engagementÃ¢â¬ ¦show more contentÃ¢â¬ ¦The increased level of empowerment allows each division manger control over day-to-day decisions that will increase profitability. This key success factor contributes to mitigating threats related to price and cost including the cyclical nature of industry, raw material cost, and low cost competitors. Strong Employee Relations - NucorÃ¢â¬â¢s employee relations practices were a key factor in their successful growth through the ability to produce steel at margins that could compete with imports. Perhaps NucorÃ¢â¬â¢s most important key factor of success, the building of successful employee relations is more difficult to imitate by competitors than tangible business factors. Use of Disruptive Technology Ã¢â¬â Nucor has an extremely a strong technological focus. Their introduction of the mini-mill has proven to be industry changing with the manufacture of raw sheet for the auto industry. Additionally Nucor introduced the first electric arc furnace, continuous casting, the process to avoid reheating billits, and the twin shell furnace. The value added by Nucor technology in mitigating threats is proven by a high sales volume and steady profits. Strong leadership Ã¢â¬â While Nucor did have a decentralized management structure, it relied heavily on the aligned visions of managers under the charismatic leadership of Ken Iverson. The companyShow MoreRelatedNucor Case Analysis4059 Words Ã |Ã 17 PagesIndividual Case Analysis BUS490 Comprehensive Examination Nucor Steel Corporation Written by: Lukas Kubilius Professors: Bonnie J. Straight Julian J. Prewitt Lithuania Christian College 2 March 2005 Overview of situation Nucor Corporation with 24 plants/divisions and 8,000 employees, operated in nine states recycling more than 10 million tons of scrap steel annually. Producing carboy and alloy steel in barsRead MoreNucor Case Analysis4046 Words Ã |Ã 17 PagesIndividual Case Analysis BUS490 Comprehensive Examination Nucor Steel Corporation Written by: Lukas Kubilius Professors: Bonnie J. Straight Julian J. 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Nucor Corporation, which is a steel minimill well-known for its leadership, efficient operation and well-structured compensation, is showing the interest in the flat sheet segment. At the same time, there are many new thin-slab casting technologies toRead MoreNucor Case Study Essay1320 Words Ã |Ã 6 PagesNUCOR (25 Points) 1. List and elaborate some strategic issues facing NUCOR? Nucor has been facing many industry challenges including the overall development of the industry. They are competing with foreign firms on cost and efficiency. Nucor has a low cost strategy because as they say their product is not necessarily very attractive. It does not have attractive or unique selling features other than its cost. The commodity of steel is in a very competitive market. Nucor understands that innovation
Thursday, December 19, 2019
Many families suffer from dysfunctions. In the Death of a Salesman written by Arthur Miller, you have a dysfunctional family, Willy thinks he is an advanced salesmen getting cheated out of an amazing opportunity in New York, Linda believes her husband Willy is mentally sane and that he just has bad luck, Happy says heÃ¢â¬â¢s a salesmen when he has been keeping his real work hidden from his family, and Biff has been bouncing around from job to job down west. Willy, Linda, Biff, and Happy use self-deception as a means to mentally escape the reality of their lives. Biff is the only character who becomes self-aware by the end of the play. Biff is the only one who realizes that he and his family have been living a huge lie and when he tries toÃ¢â¬ ¦show more contentÃ¢â¬ ¦This meeting is thought to be a great chance for Biff to obtain a loan that will help him start his dream business.Ã¢â¬ (Enotes) This is the scene where everything is destroyed for the Loman family. Ã¢â¬Å"We learn that the meeting never takes place; Bill Oliver does not even remember Biff, making Biff realize that he was merely a shipping clerk for Oliver, and not a salesmen, like Willy had convinced him to believe for years.Ã¢â¬ (Enotes) This was BiffÃ¢â¬â¢s actual realization that his entire life was a complete lie. Ã¢â¬Å"The anger that Biff develops after realizing that his life has been a mere fragment of WillyÃ¢â¬â¢s imagination makes him want to confront his father at the restaurant. This, he does in aims that Willy would stop, for once and for all, creating fantasies about Biff in BiffÃ¢â¬â¢s own head.Ã¢â¬ (Enotes) This is what happens to Willy after the truth is finally brought to his attention. There are many resources that clearly state that Biff was the only one to come to grips with reality. He is the only one who cares about his real life. He throws his false identity away for the truth. Ã¢â¬Å"In this scene we can see that Biff expresses his emotion towards the ty pe of lifestyle he has been living. Biff has finally realized that he has been living a deceptive life which was instigated by his father Willy Loman. We see that Biff rises above the low level he has been living by accepting the truth andShow MoreRelatedDeath Of A Salesman By Arthur Miller1387 Words Ã |Ã 6 PagesAmerican play-write Arthur Miller, is undoubtedly Death of a Salesman. Arthur Miller wrote Death of a Salesman in 1949 at the time when America was evolving into an economic powerhouse. Arthur Miller critiques the system of capitalism and he also tells of the reality of the American Dream. Not only does he do these things, but he brings to light the idea of the dysfunctional family. Death of a Salesman is one of AmericaÃ¢â¬â¢s saddest tragedies. In Arthur MillerÃ¢â¬â¢s, Death of a Salesman, three major eventsRead MoreDeath Of A Salesman By Arthur Miller888 Words Ã |Ã 4 PagesDeath of a SalesmanÃ¢â¬ is a play written by Arthur Miller in the year 1949. The play r evolves around a desperate salesman, Willy Loman. Loman is delusioned and most of the things he does make him to appear as a man who is living in his own world away from other people. He is disturbed by the fact that he cannot let go his former self. His wife Linda is sad and lonely; his youngest son Biff is presented as a swinger/player while his eldest son Happy appears anti-business and confused by the behaviorRead MoreDeath of Salesman by Arthur Miller972 Words Ã |Ã 4 PagesIn the play Death of a Salesman by the playwright Arthur Miller, the use of names is significant to the characters themselves. Many playwrights and authors use names in their works to make a connection between the reader and the main idea of their work. Arthur Miller uses names in this play extraordinarily. Not only does Miller use the names to get readers to correlate them with the main idea of the play, but he also uses names to provide some irony to the play. Miller uses the meanings of someRead MoreDe ath Of A Salesman By Arthur Miller1573 Words Ã |Ã 7 Pagesrepresents a character with a tragic flaw leading to his downfall. In addition, in traditional tragedy, the main character falls from high authority and often it is predetermined by fate, while the audience experiences catharsis (Bloom 2). Arthur MillerÃ¢â¬â¢s play Death of a Salesman is considered to be a tragedy because this literary work has some of the main characteristics of the tragedy genre. In this play, the main character Willy Loman possesses such traits and behaviors that lead to his downfall, and theRead MoreDeath Of A Salesman By Arthur Miller949 Words Ã |Ã 4 PagesDeath of a Salesman can be described as modern tragedy portraying the remaining days in the life of Willy Loman. This story is very complex, not only because of itÃ¢â¬â¢s use of past and present, but because of WillyÃ¢â¬â¢s lies that have continued to spiral out of control throughout his life. Arthur Miller puts a modern twist on AristotleÃ ¢â¬â¢s definition of ancient Greek tragedy when Willy LomanÃ¢â¬â¢s life story directly identifies the fatal flaw of the Ã¢â¬Å"American DreamÃ¢â¬ . Willy LomanÃ¢â¬â¢s tragic flaw can be recappedRead MoreThe Death Of A Salesman By Arthur Miller846 Words Ã |Ã 4 PagesA Dime a Dozen The Death of a Salesman is a tragedy written by playwright Arthur Miller and told in the third person limited view. The play involves four main characters, Biff, Happy, Linda, and Willy Loman, an ordinary family trying to live the American Dream. Throughout the play however, the family begins to show that through their endeavors to live the American Dream, they are only hurting their selves. The play begins by hinting at WillyÃ¢â¬â¢s suicidal attempts as the play begins with Linda askingRead MoreDeath Of A Salesman By Arthur Miller Essay2538 Words Ã |Ã 11 PagesSurname 1 McCain StudentÃ¢â¬â¢s Name: InstructorÃ¢â¬â¢s Name: Course: Date: Death of a Salesman Death of a salesman is a literature play written by American author Arthur Miller. The play was first published in the year 1949 and premiered on Broadway in the same year. Since then, it has had several performances. It has also received a lot of accordances and won numerous awards for its literature merit including the coveted Pulitzer for drama. The play is regarded by many critics as the perfectRead MoreDeath Of A Salesman By Arthur Miller1628 Words Ã |Ã 7 PagesArthur Miller wrote the Pulitzer Prize winning play Death of a Salesman in 1949. The play inflated the myth of the American Dream of prosperity and recognition, that hard work and integrity brings, but the play compels the world to see the ugly truth that capitalism and the materialistic world distort honesty and moral ethics. The play is a guide toward contemporary themes foreseen of the twentieth century, which are veiled with greed, power, and betrayal. MillerÃ¢â¬â¢s influence with the play spreadRead MoreDeath Of Salesman By Arthur Miller1475 Words Ã |Ã 6 Pagesto death to achieve their so- called American dream. They live alone and there is no love of parents and siblings. They may have not noticed the America dream costs them so much, which will cause a bigger regret later. In the play Death of Salesman, Arthur Miller brings a great story of a man who is at very older age and still works hard to achieve his desire, which is the American dream. Later, he notices that his youth is gone and there is less energy in his body. Willy Loman is a salesman, whoRead MoreDeath Of A Salesman By Arthur Miller2081 Words Ã |Ã 9 Pages#1 Ã¢â¬Å"Death of a SalesmanÃ¢â¬ by Arthur Miller is a tragedy, this play has only two acts and does not include scenes in the acts. Instead of cutting from scene to scene, there is a description of how the lighting focuses on a different place or time-period, which from there, they continue on in a different setting. The play doesnÃ¢â¬â¢t go in chronological order. A lot of the play is present in WillyÃ¢â¬â¢s flashbacks or memories of events. This provides an explanation of why the characters are acting a certain
Wednesday, December 11, 2019
Question: Briefly explain: manager, management and organisation. Assess the significance of managers in achieving organisational success for a company of your own choice? Answer: Introduction Management principles refer to the guidelines that help managers in decision making and planning their actions (DuBrin, 2011). It not only affects the managers but everyone associated with the organisation. Observation and analysis of events that occur in actual practice serves as a base for the formulation of management principles. Manager, Management and Organisation An organisation is defined as an entity like an association or an institution that are linked to an external environment and its members work in close coordination in order to achieve collective goals (Koontz, 2010). It can also be defined as a social unit of individuals who are managed and organised in a way to meet common goals. Every organisation posses a specific management structure also called as organisational structure that defines the relationship between activities and members and also facilitate in assigning authorities, roles and responsibilities to members (Armstrong, 2011). Management within an organisation is the function that helps ensuring efforts of individuals are coordinated in an effective manner to achieve desired goals and objectives by using available resources in the most effective and efficient manner (Ansoff, 2007). The activities performed by management in order to achieve desired goals are; planning, organising, staffing, directing and controlling employees(Bamford Forrester, 2010). Management is referred to as the fourth element of production along with money, materials, machines and it helps transforming resources into utility. Manager is an individual who is responsible for controlling and administering some or all parts of the organisation (Armstrong Stephens, 2005). Manager is responsible for planning, directing and controlling the workforce and is accountable for their performance and end results. Responsibility, authority and accountability are the three words that define the role of a manager in an organisation(Barrows Powers, 2008). Managers are responsible for the end result produced by their teams, they have the authority to direct, control and evaluate their team members and are accountable for growth and development of the team members as they work to achieve targets and desired goals. Managers at Tesco play a very vital role in ensuring desired organisational goals are achieved(Ellis, 2005). Managers at Tesco perform five basic tasks to ensure company remains successful; they define realistic and achievable goals and performance objectives for employees and direct ways by which work needs to be performed in order to achieve defined goals. They ensure that tasks are allocated and distributed in an organised manner, they divide the tasks into manageable activities and they assign it to available resources based on their skills and expertise(Freeman, 2010). Manager at Tesco ensures employees are highly motivated through effective communication and employee engagement. They encourage their employees to openly share their views and participate in important decision making. Managers at Tesco are responsible for evaluating employee performance and rating it for performance appraisals(Luis, 2010). They are responsible for developing a customer-oriented, knowledge sharing culture at Tesco where employees treat each other with respect and integrity. Managers at Tesco ensure that employees are giving ample opportunities to realise their full potential and achieve individual goals as they work towards achieving organisational goals. Effect of Size and Strategy of a Company on its Organisational Structure Organisational Structure defines the way in which activities such as task allocation, supervision and coordination are performed in manner to achieve desired organisational goals (Moyles, 2006). It is the structural framework that defines hierarchy within an organisation. There are three main types of organisational structures which an organisation can adapt depending on a number of factors namely; Divisional Organisational structure wherein the company is divided into small independent divisions on the basis of geographical location, products, strategy and functionality (Chambley, 2013). Functional organisational structure wherein employees are divided into specialised functional groups on the basis of the skills and expertise (Chambley, 2013). Matrix organisational structure which is characterised by dual reporting lines, that is an employee reports to two managers(Chambley, 2013). Organisations can either choose one of these structures or a mix of them in order to achieve desired goals. There are a number of factors that influence an organisations choice of organisational structure such as, size of the organisation, strategy, technology, environment and life cycle (Ng, 2011). Size of the organisation and its strategy has a considerable impact on the choice of organisational structure. Greater the size of an organisation greater is the complexity of involved operation and hence greater is the need for an organisational structure. Large organisations which have wide global presence and serve large number of customers tend to develop highly complicated operations for which they need to employ large number of human resources (Lussier, 2014). In order to effectively manage their operations and human resources it is very important they define hierarchies and procedures for allocating roles and responsibilities. A well-defined organisational structure will help them in effective management of their complex set of operations and allocation of tasks. Big brands such as Toyot a, Ford, Apple, Face book, McDonalds etc have adapted a well defined organisational structure in order to achieve desired goals. However the same is not true for smaller organisations such as local restaurants, retail stores, real-estate firms etc, as they have lesser number of employees and involve simple operations which can easily be performed by members of the organisations (Murray, et al., 2006). They do not feel a need to develop and follow an organisational chart because tasks are allocated and complete as and when they come depending upon the skills and availabilities of members. Such organisations either do not need an organisational structure or can function with a simple one. An organisations choice of organisational structure is also greatly affected by its chosen strategy (Barrows Powers, 2008). Structure of an organisation should support its strategy and should facilitate in its achievement. An organisation that aims at implementing differentiation strategy in order to create its competitive advantage will choose to adapt a flexible organisational structure that is characterised by high decentralisation and medium to low specialisation in order to meet the dynamic needs of marketplace (DuBrin, 2011). Whereas an organisation that aims at offering cost advantage to customers through cost leadership strategy will choose to adapt a mechanistic organizational structure which is characterised by high specialisation and low decentralisation in order to enhance efficiency and productivity. Tescos current mission, vision and corporate strategy Founded in year 1919 by Jack Cohen Tesco was started as a market stall in Londons East End (Tesco Plc., 2015). The company strive to provide best shopping experience to the tens of millions of customers their serve on a weekly basis. The company has witnessed remarkable success since then and today is recognised as one of the worlds largest multinational grocery and general merchandise retailer. It employs 530,000 people and is present in 12 countries across the globe. Tescos Mission: Mission statement defines the short term goals and general purpose of the organisation. Tesco through a very simple and clear statement defines their purpose of existence. We make what matters better, together (Tesco Plc., 2015). Tescos Vision: Vision defines its long term goals of an organisation. Tesco aims at being seen as the most highly valued business by its committed and loyal employees, its customers, stakeholders and by the community they serve (Tesco Plc., 2015). Tescos Corporate Strategy: Tescos core values form the base of their corporate strategy which aims at making Tesco a highly customer oriented organisation. They help Tesco in achieving is mission and vision. Tesco claims that no one tries harder for customers; they put in their best to understand customers, be the first to meet their needs and act responsible for the communities they serve. Tesco ensures that all individuals associated with them must be treated in a way they would like themselves to be treated. Team work, respect and integrity and knowledge sharing are terms that define Tescos culture. They ensure that they use their scale for good. Process that can help Tesco to formulate its corporate strategy There are a number of processes that can help Tesco in formulating its corporate strategy for year 2015. They can perform a PESTLE analysis to analysing the external and internal environmental factors that affect the company (Ansoff, 2007). Tesco will have to use Porters five forces model in order to analyses the competitive environment. In order to analyses their strengths and weaknesses and opportunities and threats present in the marketplace Tesco will have to undertake a SWOT analysis. It can also follow the six steps of strategy formulation process where all the management tools mentioned above are used in different stages. Tesco will have to start by defining a realistic goal which is followed by an environmental analysis (DuBrin, 2011). It will have to define quantitative targets and then determine plans for sub units. The company will have to conduct a performance analysis and evaluation and based on the outcomes of the evaluation process they can formulate their corporate st rategy. Competitor analysis and market research is an important step in the strategy formulation process (Koontz, 2010). Tesco must ensure that their resources and capabilities are used in a manner to create core competencies that serve as a competitive advantage against the competitors. Tesco can make their operations lean in order to eliminate waste processes and save operations cost which will help them in offering cost advantage to their customers. Organisational Culture Organisational culture refers to the set of share beliefs, values, attitudes, rules and customs of an organisation that result in creation of a differentiated social and psychological environment with the workplace (DuBrin, 2011). Changing the organisational culture of Tesco will greatly help in improving its overall performance. Organisational culture defines employees perception about their co-workers and about the organisation (DuBrin, 2011). Positive perception results in high employee motivations who are inspired to put in their best and deliver high quality performance. Developing a knowledge sharing culture will help enhancing the core competencies of employees which will serve as a competitive advantage for Tesco. Conclusion Managers must follow the management principles while planning, directing and controlling employees within an organisation. Managers play a vital role in enhancing the overall efficiency and effectiveness of an organisation. Apart from other factors like technology, life cycle and environment, size and strategy of an organisation have a considerable impact on its organisational structure. Culture of an organisation is an important factor in determining its overall performance. References Available at: https://businessstudiesjesschambley.blogspot.in/2013/06/organisational-structures.html[Accessed 2014].DuBrin, A., (2011) Essentials of Management. New York: Cengage Learning.Ellis, C. W., (2005) Management Skills for New Managers. New York: AMACOM Div American Mgmt Assn.Freeman, R. E., (2010) Strategic Management: A Stakeholder Approach. Cambridge: Cambridge University Press.Koontz, H., (2010) Essentials Of Management 8E. New Delhi: Tata McGraw-Hill Education,.Luis, R. V., (2010) Management skills and leadership techniques. London: Ideaspropias Editorial S.L..Lussier, R. N., (2014) Management Fundamentals: Concepts, Applications, Skill Development. London: Sage Publications.Moyles, J., (2006) Effective Leadership And Management In The Early Years. Boston: McGraw-Hill International.Murray, P., Poole, D. Jones, G., (2006) Contemporary Issues in Management and Organisational Behaviour. New York: Cengage Learning.Ng, L. C., (2011) Best management practices. Journal of Man agement Development, 30(1), pp. 93-105.Tesco Plc., (2015) Core Purpose and Values. [Online]Available at: https://www.tescoplc.com/index.asp?pageid=10[Accessed 2015].
Wednesday, December 4, 2019
Extra Credit 1 Soul Food was a movie that my family loved to watch. It in several ways reminded me of my own family. Just like in their family, the type of food known as Ã¢â¬Å"soul foodÃ¢â¬ was a huge aspect of our family. It was a time to get together, laugh, have fun and most of all enjoy each otherÃ¢â¬â¢s company. In the movie the sisters Bird, Terri and Maxine shared a unique bond. Throughout all of the fights their love for one another was genuine. The center of the movie Ã¢â¬Å"Big MamaÃ¢â¬ reminded me much like my own grandmother. She kept the family grounded and the drama to a minimum like my grandmother did in real life. In the movie, she was truly the center of the family. Every Sunday she made sure there was Sunday dinner and that all the family would be there to eat. Big Mama even opened her arms to family members that have not been seen for a while. We will write a custom essay sample on Movie Soul Food or any similar topic specifically for you Do Not WasteYour Time HIRE WRITER Only 13.90 / page Sunday dinners consisted of a term commonly heard about among African Americans, Ã¢â¬Å"soul food. The family had fried chicken, black eyed peas, cornbread, cabbage, sweet potatoes, collard greens, peach cobbler and much more. When Big Mama began to get sick it really tore there family apart for a while. Fights and arguments began over who will get what and whether they would sell Big MamaÃ¢â¬â¢s house or not. Selling the house meant putting Big MamaÃ¢â¬â¢s brother, Uncle Pete in a nursing home, which Big Mama never wanted. Terri insisted on trying to sell the house. Once Big Mama died the family was heartbroken and filled with frustration. It took MaxineÃ¢â¬â¢s 12 year old son Ahmad to try to bring the family back to pieces. He lied to everyone telling them different stories to get everyone to the house together. He had them bring different dishes of food to try and make Sunday dinner like it once was. When everyone arrived they all figured out it was just Ahmad trying to put the family back together like Big Mama always wanted it. They ended up not selling the house and being back as one.
Wednesday, November 27, 2019
Small Firm Effect Paper At last, a conclusion about whether or not to use this anomaly earn profit will be provided. Explanation of small firm effect and its methodologies Small firm effect refers to a situation which the average risk adjusted returns of smaller firms are higher than the larger firms Band(1981). This situation shows the insufficient of CAMP in predicting the stock returns and counter-argues the efficient market hypothesis Band(1981). It was found by researching the relationship between the return and market value of common stocks in the New York Stock Exchange. The researchers build a generalized asset pricing model which adds the variable market value of security to the capital assets pricing model Band(1981). The constant measuring the contribution of market value of a stock to the expected return of the stock was found as a significantly negative number for the all-time period Band(1981). This indicates that the larger the market values the smaller the expected returns Band(1981). Supporting evidence There are several evidences support the small firm effect as an anomaly counter- argues the efficient market hypothesis in relate to the capital assets pricing model. Under the efficient market hypothesis, no persistent excess profits can be earned on a stock by using public available information. However, the research done by Band(1981) proves that about twenty percent risk-adjusted profits can be earned by using strategy of taking long positions in a portfolio of smaller firms and taking short position in a portfolio of larger firms in a year. Furthermore, the researches done by Brown, Klein and Marsh (1983) shows that excess returns can be earned in related to firm size but the effect is not stable over time. We will write a custom essay sample on Small Firm Effect specifically for you for only $16.38 $13.9/page Order now We will write a custom essay sample on Small Firm Effect specifically for you FOR ONLY $16.38 $13.9/page Hire Writer We will write a custom essay sample on Small Firm Effect specifically for you FOR ONLY $16.38 $13.9/page Hire Writer Moreover, the study done by Kim(1983) also proves that there is a size related anomaly and its seasonality. Kim(1983) founds around fifty percent of abnormal returns related to firm size are earned in January, twenty-six percent are earned during the first trading week in a year and around eleven percent are earned in the first trading day. Small firm effect in different equity market The study done by Reengaging (1990) found that the relative price behaviors of larger and smaller firms on ETC stocks are different. The costs of trading for small stocks are different in different markets (Reengaging 1990). Thus, an analysis of the evidence for small firm effect in different equity market is important. Small firm effect not only happens in USA but also in the other countries. It has been proved existence in Australia by Brown, Kim, Klein and Marsh (1983). Furthermore, a study done by Chemung, Lounge and Wong (1994) on Korean Stock Exchange also proves the existence of small firm effect. In mean return analysis, the study shows the portfolio with smallest firm size got the highest average monthly return (Chemung, Lounge and Wong 1994). In risk-adjusted return analysis, they use the Sharpe-Lintier version of the two parameter assets pricing model to examine the influence of firm size and E/P ratio on the risk-adjusted portfolio returns (Chemung, Lounge and Wong 1994). The result shows the portfolio of small firms get the highest and only positive risk-adjusted returns (Chemung, Lounge and Wong 1994). Moreover, the small firm effect also exists in Belgium, Ireland, Japan, Mexico, Spain, Switzerland and United Kingdom (Hawaiian and Kim 2000). However, there are no significant relationships between firms size and returns in Canada and France and the size premium significantly different in different markets (Hawaiian and Kim 2000). Small firm effect in different time The researches done by Brown, Klein and Marsh (2001) on U. S. Stock market shows hat excess returns can be earned in related to firm size but the effect is not stable over time. Damson and Marsh (2001) believe that market anomalies apply to Murphys Law which if things can go wrong, it will eventually go wrong. That is, the excess return of small companies will eventually move towards reverse. They compared the stock return of small firms in the U. K. Stock markets with that in the U. S. Stock markets from 1955 to 1997. The study shows the stock returns of small firms were 6% higher than large firms during 1955 to 1986 then many founds Management Company launched between 1987 and 1988, followed a reverse on stock returns of small firms were 6% lower than the large firms from 1989 to 1997 (Damson and Marsh 2001). This may also be contradicts for the small firm effect. Reasons for existence of small firm effect Misprinting Some researchers explained the small firm effect as misprinting from the measurement or method error of assets price model, but Roll (1983) finds this is not the case. He believed that the frequency of trading and holding period can affect the beta estimates. The risks of small firm were undervalued and returns were overvalued for small firms in short holding period (Roll 1983). Furthermore, as small firms are traded not often, the daily stock returns were delayed, the risk was undervalued (Roll 1983). However, Reengaging (1982) use the method of aggregated coefficients to estimate the stock risks and finds undervalue of risks for small firms is not a strong evidence for small firm effect. The study done by Fame and French (1992) also shows firm size is better at explaining the excess returns on small firm than stock risks. Transaction cost The transaction cost for small firms are usually higher than that for large firms. Transaction cost includes direct cost and indirect cost. Indirect cost includes brokerage fees and bid-ask spread. Indirect costs include fees generated by information searching and portfolio management. Amid and Mendelssohn (1986) regard the bid-ask spread as representative of stock trading frequency. Larger bid- ask spread means market thinness. Then they built three models to test the relationship among stock returns, risk of stocks and bid-ask spread. The result shows relationship between stock returns and bid-ask spread are significant stronger than allegations between stock returns and risk of stocks at explaining the small firm effect (Amid and Mendelssohn 1986). Furthermore, Amid (2002) believed that expected market liquidity has a positive influence on ex-ante excess stock returns and return on stock is negatively related over time to contemporaneous unexpected liquidity. Liquidity has stronger influence on small firms (Amid 2002). Amid proved his hypothesis by examine stock in NYSE from 1964 to 1997. Less available information The third reason of existence of small firm effect is small firm has less available information. Theoretical research has proved that firms with less available information should, other variable remain unchanged, get higher returns to make up estimation risk (Manhattans). Thus, less average available information for small firms may be the reason of small firm effect. Nathan (1996) proved this hypothesis in his article. Different fundamental structure Different fundamental structure between large firms and small firms may be one of the reasons for small firm effect. Small firms in NYSE are less efficiently run and have higher financial leverage and these kinds of risks are not easy to be captured by arrest index compare to large firms (Chain and Chem. 1991). Thus the small firm should get higher stock return to make up the estimation risk. Exploit ability and limitation of profit-earning strategy This essay believes that small firm effect is not exploitable now. Somebody may argue that profit can be earned by taking long positions in a portfolio of smaller firms and taking short position in a portfolio of larger firms. In fact, it is hard to keep a portfolio with small shares which long and short position can be held and traded quickly in the real world (Bradford, Haney and Billion 2011). Furthermore, the transaction cost of take short position is larger than take long position (Bradford, Haney and Billion 2011). Moreover, the article written by Damson and Marsh (2001) points out excess return of small companies will eventually move towards reverse and their study shows stock returns of small firms were 6% lower than the large firms from 1989 to 1997 which indicate the small firm effect already move towards reverse in U. K.. Conclusion In conclusion, this essay does not recommend the fund manager use strategy of taking long positions in a portfolio of smaller firms and taking short position in a oratorio of larger firms to exploit as loss may occur.