Relevance of Clinical Care in Nursing Research Paper

Relevance of Clinical Care in Nursing - Research Paper Example The basic idea is to get involved in community services without expecting any reward. The idea is to serve the community and people by taking care of their needs. Extracurricular activities include taking time out of the normal routine and devoting much of time in community services to learn ways of serving others in a compassionate manner. This also requires leadership attributes as dealing with people and serving them comes under little guidance and individuals needs to decide the mode of interaction, behaviour and mannerism often requiring a participating and compassionate approach. Moreover, students are guided by people having prior experience in serving the community and thus there is ample scope to learn from the leaders to become leaders. The most significant experience can be of realising the fact that serving others offers great happiness that is unmatchable. The very idea of bringing smiles over the faces of others can be considered as the most significant experience and a chievement. Achievements show dedication and reward but in my case; being compassionate and dedicated reaped all achievements along with offering rewards in the form of priceless smiles and gratitude. I personally believe that nothing can beat this particular experience in terms of contentment. At times, serving the community exposes oneself to learn and the elements of risk are quite negligible. From an early age, I was fascinated to see doctors and their approach while serving others by curing them and bringing smiles on their faces. This created a profound impression over my mind along with making me think that serving the community and people is the real bliss. As a community care extender, my role will be to act as a volunteer in any hospital. This will help me in learning the intricacies of people and service management. With the primary goal of becoming a nurse, the role of community care extender will help in having a profound idea over how things are managed in hospital and how patients are managed and cared. As an intern, I will be receiving training in patient care that will be further utilised in my professional career. Overall, it can be said that the role of clinical care extender will assist me in meeting my career goals along with offering me a chance to evaluate my skills and attributes in a clear and precise manner. The core value of an internship is to follow the goals and objectives of the organisation along with devoting oneself in a selfless manner. The prime objective is to take care of patients along with learning new things by being active and zealous. At the same time, it is important to be honest, transparent and ethical in approach while initiating and completing tasks and responsibilities. Being an intern, it is very much evident that one has to assist the organisation in accomplishing its goals and objectives. In hospitals, it is important to have a compassionate and ethical approach in order to serve people and their needs. If I get selected as an intern, I will be ethical and honest in my approach. In last few years, I have learnt that ethics, honesty and transparency show the character of an individual and speak on his behalf. I will carry forward with this mindset along with embracing the legacy and objectives of the organisation to empower myself as a human being.

Accessing External Finance for SMEs Essay Example | Topics and Well Written Essays - 2250 words

Accessing External Finance for SMEs - Essay Example This essay stresses that Entrepreneurial Finance plays a significant role in helping managers to choose better financing and investment strategies relevant to their line of business. The business sector has been growing tremendously in the recent times. This is because of prevailing affirmative business and market factors. The ever-growing technological advancements, population, and economy has provided the requisite labor of production and increased the demand for the finished products. As a result, diverse businesses have come up to supply the needs of the demanding citizens in our economy. While some businesses are well-established entrepreneurs, most of them are small and medium sized enterprises that face many challenges in starting up, financing, management, and market competition. This paper makes a conclusion that there is evidence of information and control limitations in financial markets especially in the process of seeking debt financing. There is significant credit rationing procedure that denies borrowers a chance to borrow all they want, or to borrow at all. However, many entrepreneurs have been seeking debt finance for the startup, expansion and the running of the enterprise by selling the bonds, bills, notes, debentures, or mortgages held by the business. Entrepreneurs use debentures to raise capital without selling the enterprise, giving up future profits, or having to use their assets.

Pancreatitis Essay Example | Topics and Well Written Essays - 250 words

Pancreatitis - Essay Example In serious cases, acute pancreatitis leads to bleeding into glands as well as tissue damage. It leads also not only to cyst formation, but also to infection. Severe pancreatitis has also the potential of harming other essential organs like the heart, kidneys and lungs. According to Digestive Disorders Health Center, â€Å"chronic pancreatitis is long-lasting inflammation of the pancreas† (Digestive Disorders Health Center 1). In most occasions it results from acute pancreatitis. Heavy consumption of alcohol has also been associated with its causation. Damage to the pancreas as a result of heavy consumption of alcohol occasionally leads to no symptoms for many years. However, the victim of heavy consumption of alcohol may develop serious pancreatic symptoms. Symptoms of acute pancreatitis include nausea and vomiting, fever, and increased heart rate. The disease also leads to upper abdominal pain that spreads to the back as well as swollen and tender abdomen. The symptoms of chronic pancreatitis include all symptoms of acute pancreatitis in addition to weight loss as a result of malabsorption and diabetes if the cells involved in producing insulin are destroyed (Buchler 108). Treatment for acute pancreatitis obliges one to spend some days in hospital in order to access intravenous (IV) fluids, medication for relieving pain, and antibiotics. During the healing process, an individual is required not to eat in order to allow the pancreas to rest. Performance of Therapeutic Endoscopic Retrograde Cholangiopancreatography aid in the healing of chronic pancreatitis; it enhances the admission of sphincterotomy, gallstone removal, stent placement, and balloon

United States trade policies and their effect on the automotive Essay

United States trade policies and their effect on the automotive industry - Essay Example The desolate outlook for the United States' auto industry comes as no surprise for most everybody.In the beginning of 2006 Ford Motor Company and General Motors, two of the "Big Three" automakers, announced staggering layoffs in the tens of thousands and debilitating year over year losses in the billions of dollars. In addition to these layoffs, both General Motors and Ford have planned for multiple plant closures and the selling off of controlling shares of assets or subsidiaries in their ongoing struggle toward profitability. These announcements come as a blow to the tenuous economic recovery of the United States.The recent trends regarding the economic recovery of the United States remains slow but promising. According to Employment Situations published by the U.S. Bureau of Labor and Statistics, the current average unemployment rate for the United States is 4.7%, (2006). The effect the impending massive job loss in the automotive industry will have on the unemployment rate and th e overall health of the nation's economy is uncertain.In the four years between 2000 and 2003, an estimated 5.2 million people lost their jobs. Over 2 million of those lost jobs were in the manufacturing industry ("Employment Situation," 2006). The cause for the ongoing decline in America's auto industry are many and range from increasing fuel prices and the growth of the global economy to poor product design and increased foreign competition. Although all of these issues are contributing factors in the decline of the American auto industry, none are as contentiously argued as issues of United States trade policies. According to Section 2102 Congressional Statement of Purpose on trade, there are 6 defining factors to U.S. Trade agreements (2003): To foster economic growth. Reduce or eliminate trade barriers. Trade 2 The establishment of fair and equal international trade. Provide protection of American industry and labor against "injurious" import competitions. To open market oppoutunites for U.S. commerce in non-market economies. To provide "reasonable" access of products too less developed countries or nations. In the process of attaining these goals U.S. trade polices have drawn harsh criticisms due to the nations' 2005 trade deficit in manufactured goods of $726 billion and to the apparent effect they have on the U.S. economy, its' labor force and worker rights and wages (Scott 2006). As the trade deficit in manufactured goods continues to rise, so too does the loss of jobs in the manufacturing industry. The United States finds itself unable to compete with low labor and production costs in foreign countries. For automakers such as Ford and General Motors, this has lead to the movement of production plants to outside the U.S. as well as the massive volumes of lay offs the industry is currently experiencing. The autoworkers that have been fortunate enough to retain their jobs face the issue of the downward pressure on wages and benefits that is caused by the rising trade deficit and the lower labor costs in foreign countries. Currently, the cost of labor in Mexico is the lowest of any developed nation (Bernard). Labor costs are one of, if not the number one, highest expense of any corporation. While moving U.S. production plants to Mexico creates jobs, increases the standard of living and stimulates the economy for that country, the U.S. labor force cannot compete with these low wages and benefits and therefore, lose bargaining power. The loss of bargaining power is exacerbated by the low level of government enforcement of labor laws in some foreign countries. In the United States this loss of bargaining power often results in the acceptance of lower wages and cuts to benefits and pension programs by U.S employees. Trade 3 While jobs are being exported to foreign countries such as Mexico, auto parts are being imported to the United States at an increasing rate. In 2004, the United States imported $77 billion

The Effect of Poor Lightning Condition on Spelling Performance in 3rd Year Psychology Students Essay Example for Free

The Effect of Poor Lightning Condition on Spelling Performance in 3rd Year Psychology Students Essay The study was conducted to assess the disruption of cognitive performance such as spelling proficiency in a classroom with poor lighting condition. The participants were 31 students, who participated for course credit. It was hypothesized that participants undergoing the spelling test with poor lighting would report low results. The result of the mean is 4. 87 while the standard deviation resulted to 1. 91. We conclude that the results indicated that cognitive process such as vocabulary usage is greatly affected by poor lighting condition and is an affective instrument for determining how the subjects will respond to the given situation. The Effect of Poor Lightning Condition on Spelling Performance In 3rd year Psychology Students Vision is the ability of the brain and eye to detect electromagnetic waves within the visible range of light that makes them interpret this image as sight. Humans are a diurnal species (active in daytime) usually exposed to light while engaged in cognitive tasks. Light not only guides performance on these tasks through vision but also exerts non-visual effects that are mediated (Vandewalle, Maquet Dijk, 2009). People also can easily determine which changes in darkness and lightness are due to the physical properties f objects and the changes in illumination (Goldstein, 2008). The same research conducted by Vandewalle et al. (2009) also demonstrated that recent advancement studies ion vision which demonstrates that the wavelength, duration and intensity of light exposure adjust brain responses to (non-visual) cognitive tasks and adapts to different conditions. A similar study entitled â€Å"daylighting impacts on human performance in school† was conducted by Heschong, Wright Okura (2002) which aims to demonstrate a clear relationship between the presence of daylight and human performance. In humans, light enhances both alertness and performance during nighttime and daytime and influences regional brain function (Vandewalle Balteau, 2006). The results of these researches suggest that the adjustment of cognitive process and performance can vary to those people who are experiencing it with different and changing lighting condition as to support the claims of Makihara, Takizawa, Shirai Shimada (2007). Much of the studies conducted came with the conclusion that the more there is light, cognitive performance is absolute. In contrast, Landsberger (1955) found out in a study conducted by Hawthorne works that the workers’ productivity seemed to improve when changes were made and slumped when the study was concluded. Landsberger (1955) suggested that the productivity gain was due to the motivational effect of the interest being shown in them. However, it does not permit conclusions to be drawn about whether the lighting condition caused reductions in performance or was just a consequence of motivational effect in them (Simonson Brozek, 1948). In terms of effectiveness of lighting condition in increasing or reducing the performance of the subjects, the low lighting in the workplace may suggest that some of the subjects were just motivated in improving their performance to compete or may have been another case of demoralization. These drawn conclusions may suggest that this study is not that highly validated, thus, making it not that reliable also. The present study was an attempt to assess the disruption of cognitive performance, such as spelling proficiency in a classroom setting with no lighting. And the relationship of lighting and visual performance (Rea, 1992). Based on past experimental research on light as a modulator of cognitive brain function by Vandewalle et al. (2009) and related research on the effects of light exposure to brain responses (H. M. Parsons, 1974), it was expected that participants will end up with low scores in the spelling test due to low level of lighting. Method Participants Participants were 15 male and 16 female undergraduate students who attended San Beda College in Manila. The examiner used total enumeration in determining the participants. Total enumeration is selecting all members of the population without randomization. Apparatus The setting of the experiment was in classroom. It is of average size and the lighting is good. The room is also well ventilated. Then the participants were being ready for a spelling quiz. Instrument Participants were instructed to spell out the words given by the test instructor. The highest possible score on the test was 10. Design This experiment was a one-shot case design that is a type of pre-experimental design where a single group of test units is exposed to an experimental treatment and a single measurement is taken afterwards (Babylon, 2009) wherein the participants spelled in poor lighting and then the results was taken afterwards. Procedure The experimenter told the participants to prepare a paper for a spelling test. Then they proceeded with the experiment which is to spell words with the lights turned off. After the spelling quiz was done, the experimenter then opened the lights and then the results of the tests were checked. Results  The effect of poor lighting condition on spelling performance was assessed by finding the mean and standard deviation of the statistical data. The mean resulted to 4. 87 while having a standard deviation of 1. 91. Discussion The result of this study demonstrated that lighting condition greatly affects the cognitive performance of the students. As expected, majority of the participants garnered low scores during the unlighted spelling tests. Past research suggests that lighting conditions affects cognitive processes that tend to focus on how people would respond to that kind of situation (Vandewalle Balteau, 2006). The results of the present study support it because it demonstrates the validation of the past research and thus making it also reliable. In contrast to the study conducted by Landsberger (1955), which implies that the performance varies to the individual regardless of lighting condition, the results of the present study refute this idea. The results basically tell us that having the spelling test on unlighted condition will cause a poor cognitive performance. Although the hypothesis in this study was supported, the study has a limitation. No controls were taken to ensure that lighting condition experiment could occur into two experimental conditions. It is only a one-shot case study making it less dependable in stating whether a change in the outcome or dependent variable has taken place. In conclusion, the findings of this study are consistent with the claim of researchers such as (Vandewalle, Maquet Dijk, 2009) that light not only guides performance on these tasks through vision but also exerts non-visual effects that affects the human cognition. Light really enhances both alertness and performance during nighttime and daytime as the claims of the study of Heschong et al. (2002) states that daylighting impacts human performance in school. Lighting condition plays a large role in cognition not just only by giving us vision or sight as to go on with perception but also the scientific discovery that light exposure dynamically enhances brain responses.

Poverty and American Humane Association Essay Example for Free

Poverty and American Humane Association Essay You see it in movies, books, and even real life. The cycle of poverty is an endless cycle that entraps those who have become its victims. Poverty has become one of the largest troubles within America today. It repeats the questions of fear, like, whether or not you will have food on the table? Will I be able to pay the mortgage for the house? How can I pay for my child’s doctor visits if their sick? Families who fall into poverty cycle are usually never able to recover, but there are a select few who find a way to strive and leave its menacing hands, through education. There are kids just like you and me, who are living in conditions unimaginable and have to deal with it almost their whole life. Many people fall to poverty because of the loss of a job, expenses, wages, incomes, and other such money problems, but through the success in education they can prevent this from happening. Poverty has become a universal flaw in both our country and many others. Education is one of the possible reasons why people fall into poverty, because many who do not have an education or a high school diploma usually will cause themselves and their families to fall into poverty. According to roastedpinebark at hubpages. com, people in the U. S who have a high school diploma will have a more likely chance of receiving at least $40,000 yearly salary paying job while those who are dropouts would receive a $20,000-$16,000 yearly salary job. This may sound like a lot of money for all of you but really, it’s not. If you think about it on a $20,000 yearly salary you would only receive about $1,666 a month probably barely being able to pay for mortgage for their house, not including water, electric, and gas bills too ([emailprotected] paragraph 2). That is a lot of money. What it comes down to is that a good education is a divided pathway to getting an average paying job or ending up in poverty. If a family is already in the cycle of poverty then those kids are even more likely to continue that cycle to their next generation. Three years ago in 2010, the Bureau of Labor Statistics released that â€Å"For [all] Americans without a high school diploma the unemployment rate is significantly higher than the national average at 14. %† (Employment Policies Institute). The idea of never getting out of the cycle of poverty moved me, because there can be kids just like you and me who try and try to do well in school but end up failing. According to Celia Baker on Deseret News posted on October 22, 2012 that â€Å"earning a high school diploma can help break the cycle of multi-generational poverty†(Baker paragraph 6). The reason for this is because of the lack of money, family issues, and their social life. It may not make sense as to why a child’s social life effects their education, but it’s because they do not receive the skills to develop their brains to learn or adapt. Another problem that is found through poverty is the backing of a loving and stable family. Generally I assume all of us have a warm loving family that we have the greatest times with. Some kids aren’t so lucky. When they come home from school they are sometimes abused, exposed to drugs, and some may have no family. I know that without my family I wouldn’t be able to be the person I am today. Our families give us the necessary love and attention we need to function as people. According to American Humane Association, kids in poverty are often neglected and abused because their parent or parents are aggravated with being unable to pay bills or even hold a job. It seems horrid but it’s the truth. If you think about your younger siblings or cousins, if you have any, they want a lot of attention right? I know my little sister does, and if a parent just ignores their child and neglects them it breaks their heart, so they keep trying and trying to live up to the approval of their parents only to get rejected again. According to Dr. ’s Ashlee Loughan and Robert Pern, â€Å"brain growth advances in the first 6 years of life and are further supported with high nutrition, appropriate stimulation, attention, and emotional support† (http://www. apa. org/pi/families/resources/newsletter/2012/07/neurocognitive-impacts. spx). So as you can see domestic life is very important in the early stages of life. Other research has found that the kids found in poverty are not given that nutrition, emotional support, or attention therefore they are more likely to have depression or any other psychological or mental illness. The cycle of poverty causes many problems for people; it is a chain reaction that is impossible to get out of. It affects many aspects of a person’s life and I b elieve it is one of the worst things that could happen. Many students in high school, like ourselves, are faced with the decision of staying in school or having to drop out to be able to put food on the table for their families. This is where the rates of student dropouts increases and many wonder why. Some say it’s because the kids are lazy and don’t care about school, but only a few percentage of them are like that. The other percentage of students who drop out of school that live in poverty, make the decision to get a job just to be able to make sure their family gets food on the table, or even keep the place they currently live in. Nowadays, you teenagers, even me, we take it for granted that we have a home to live in, food to eat every day, a bed to sleep in, and all of those things are just something we expect to be there; and for some it is not the case. Studies shown by Chris Isidore proved that those kids who leave school to take on jobs are more likely to become the 20% of adults who earn the bare minimum under a full time job which is $10. 65 at a minimum wage of $7. 45 (Isidore paragraph 2 3). The topic of poverty is sometimes an overlooked topic among students, I believe that it is one that should be more paid attention to; and I believe that there should be a lot more relief efforts to get people out of it. I hope today, that this speech has changed you mind on the topic of poverty and moved you to want to try and help. If so check out to learn more about how you can help stop poverty and get involved in creating a better world (www. peopleagainstpoverty. com). Known to many officials even the President, poverty, is a virus in America that cannot be ridded of until it is right medicine. To help prevent the beginning of epidemics like these from spreading, I suggest you become a good parent when you are an adult, help guide you children, acknowledge their mistakes, help them learn from it, and to create or join any clubs that de-motivate the dropping out of school. Traits such as these will allow your children to strive to do well in school forming a better future for them-selves. To learn more about how to prevent teens and children from going into poverty go to this link and scroll down to the subheading â€Å"What Can We Do? †

Analysis of StratSim

Analysis of StratSim The StratSim is a growing and a wider spread industry around the global among the automobile sellers. Notwithstanding the economic and energy instabilities, that led to decreased vehicle demand, sales revenues strongly increased as Gross Domestic Products (GDP) increase from period 1- 4, and remains constant in period 5, and inflation rate decreased from 2.5% period 1 to 1.0% in period 3. However, in some circumstances, sales were increased and/or decreased since firms started making decisions. These 7 competitors were; firm A, firm B, firm C, firm D, firm E, firm F and firm G. In StratSim, there are 7 vehicle classes; Minivan (M), Family (F), Sports (S), Luxury (L), Utility (U) Economy (E), and Truck (T). Vehicle attributes being; performance, styling, quality, interior and safety. Furthermore, advertisement plays a significant role especially when firms striving to create brand image, awareness as well as interests to target customers. Dealerships contributed in generating revenues through sales of ranges of vehicles which in turn enabled the firm to increase its market share while maximising shareholders wealth. Firm B has had 3 vehicle classes; Boss -Truck Boffo Family and Buzzy Economy. 2.0 Strategic Analysis According to (Johnson et al, 2006, p 9), strategy is the direction and scope of an organisation over the long term, which achieves advantage in a changing environment through the use of resources and competence with the aim of fulfilling shareholder expectations. Figure 1. Processes by which strategy is described and executed. Source:http://www.12manage.com/description-deliberate-strategy.html. In a competitive business environment such as StratSim, analysing firms strategies is vital in order to enhance performance and customer satisfaction. 2.1 Firm Bs Strategic Intent Firm Bs mission was to become the leader in automobile industry worldwide by offering highly innovative vehicles to diverse customer segments that will consistently satisfy their dynamic needs. 2.2 Objectives 2.3 Basic Strategy Our strategy was to provide good quality vehicles at premium price trying to differentiate our vehicles from incumbents while avoiding price war from our competitors. By doing so, we became the leader twice in economy (Buzzy) car, period 2 and 5. To meet diverse customer taste and preferences, we made minor upgrades to our vehicles during decision periods, e.g. technology, promotion, advertising, etc. 2.4 External Analysis Scanning the macro-environment is vital since there are several factors that hinder firms performance and growth. In order for managers to come up with effective and suitable strategies that will enable the firm exploit overt and hidden opportunities while overcoming threats, those factors need to be thoroughly tackled before decisions are made. The external analysis comprises; The Michael Porters five forces. PESTEL analysis. Opportunities and Threats (OT) from SWOT analysis, And Critical Success Factors (CSF). 2.4.1 PESTEL framework PESTEL framework is a useful tool that is used by organisations to analyse the complexity of macro-environment variables. It also provides a picture on how these key factors may influence firms success or failure of its particular strategies in future, so that managers can find ways of overcoming. PESTEL refers to; political, economic, social, technology, environment and legal. Figure 2 the PESTEL Framework Source: (Johnson et al, 2006. p 68) The Organisation Political Taxation policy Government stability Social welfare policies Foreign trade regulations Legal Health and safety Competition law Product safety Employment law Economic factors Business cycle Inflation Interest rates Unemployment GNP trends Money supply Disposable income Environmental Environmental protection laws Waste disposal Energy consumption Sociocultural factors Population Demographic Socio mobility Consumerism Income Distribution Lifestyle changes Level of Education Attitudes to work and leisure Technological Government spending on research Speed of technology transfer New discoveries/developments Government and industry focus on technological effort Rates of obsolescence Political/Legal Since 1960, laws and government regulations have affected the automotive industry (Highfill et al, November, 2004). Political changes may favour or hinder the firms production since anti-pollution laws and taxes may be imposed, so, firm B should continuously pay special attention to any rules, codes and regulations regarding carbon-dioxide emissions. Economic During simulation, firm B had experienced unstable economic growth. Its variables like inflation, interest rates, gas prices, and material costs were fluctuated, these have affected firm profitability. Social Due to increased health awareness, people tend to change their lifestyles, while turning to low-emission vehicles, also income distribution and demographic population both affect vehicle production either positively or negatively. Technology Rapid change in technology has provided both opportunities and threats to the automotive industry. Those who employ it effectively, it facilitates them in enhancing firms efficiency by producing vehicles that appeal to customers whilst lowers costs. So far, internet and firm websites as part of technology have been used by many buyers as a reference tool before making purchases decisions. 2.4.2 Critical Success Factors (CSF) Johnson et al (2009) defined CSF as those product features that are particularly valued by a group of customers and, therefore, where the organisation must excels to outperform competition. CSF comprises; threshold features and differentiators. Source: Johnson et al (2009) CRITICAL SUCCESS FACTORS (CSF) THRESHOLD FEATURES DIFFERENTIATORS Threshold features These are features that customer values mostly, and they are likely not to buy a product or service that lack one among them. In StratSim industry, threshold features are; quality, performance, safety and size. Differentiators These are customised or added qualities some customers may/may not consider before purchasing a service or products. During our simulation, price, styling and interior were regarded as differentiators. In reality, differentiators have had given a difficult moment to distinguish what they prefer most, since many vehicles were similar among competitors after modifications being made during decisions. Lastly, firms should take it seriously, creative and keep innovating in these CSF in order to outwit its competitors through customer satisfaction. 2.4.3 Porters Five Forces model The 5 competitive forces model was developed by Michael Porter in 1980 (Johnson et al, 2006). Since then, the model is used by firms as a tool to analyse the attractiveness (profit potential) while determining the intensity of competition (threats) of an industry, and finally come up with the right strategies that will support in exploiting opportunities, neutralise threats and hence grow. Figure 3 Porters Five Competitive Forces model SUPPLIER POWER Switching costs of firms in the industry Presence of substitute inputs Threat of forward integration Supplier concentration Importance of volume to supplier Impact of inputs on cost or differentiation Differentiation of inputs Cost relative to total purchase in industry BARRIERS TO ENTRY Government Policy Capital requirements Access to distribution Economies of scale Switching costs Proprietary learning curve Access to inputs Expected retaliation Brand identity Absolute cost advantages Proprietary products BUYER POWER Price sensitivity Threat of backward integration Substitutes available Bargaining leverage Buyer concentration vs industry Buyer information Buyer volume Buyers incentives Brand identity Product differentiation www.scribd.com DEGREE OF RIVALRY Brand identity Exit barriers Switching costs Product differences Industry growth Fixed cost/ value added Diversity of rivals Industry concentration Corporate stakes Intermittent overcapacity RIVALRY THREAT OF SUBSTITUTES Buyer inclination to substitute Switching costs Price-performance trade-off of substitutes Threat of New Entrants The threat of new entrants in automobile industry is low, since barriers to enter are very high, such as high amount of start-up capital required. Moreover, incumbents have; adequate experience curve, distribution access, economies of scale, strong research and development (RD) and even brand and customer loyalty. These become difficult for new entrants to manage as Incumbents can produce at mass to cover potential and existing customer needs. Bargaining Power of Suppliers Suppliers power in automobile industry is low, since producing a car/vehicle requires a range of inputs (parts) from diverse suppliers. If some inputs not found in one supplier, it is easy to switch from one supplier to another finding a substitute for the required input due to low switching costs. Threat of Substitutes Substitute threats in this industry is likely to be moderate and depends much on customer geographic location, other customers like walking, taking train or riding bike. But in Dar es Salaam city for example, people prefer public transport, motorcycles (BAJAJ known as rickshaw in India) as alternative means to automobile due to increased congestion. Bargaining Power of Buyers In this industry, buyers power is a bit high. Low switching costs from one firm to another seeking for substitutes since most of the customers are price sensitive. For the case of the simulation game we played, most of the products were undifferentiated, so that, buyers can easily shifts to an alternative producer as well as products. Competitive Rivalry The intensity of competition in automobile industry is high due to lack of differentiation strategy and innovation among incumbents especially to the three vehicle classes, i.e. family, economy and truck because most of the firm use similar strategies like price, this reduces market growth as well as profitability. 2.4.4 Opportunities and Threats Opportunities: Advanced technology Firms can use it more efficiently in enhancing product features that can appeal to the eyes of customers. Also use e-commerce to advertise and sell globally. Bargaining power of suppliers. Low supplier power is an advantages to an automobile firms since they can set input prices, and hence be able to enjoy cost advantages while offer good quality products that will satisfy customers. European Union (EU) Automobile manufacturers can use the EU to sell their products. Diversification Diversification can be done to widen the market to other untapped segments like high income earners or internationally and also locate the firms near raw materials where they can enjoy location economies. Differentiation strategy In order to sustain customers, after satisfaction is being met, differentiation strategy can be used as a weapon in delivering a range of added values that surpass those of competitors, since most of the firms use similar strategies. Threats: Bargaining power of buyers Strong bargaining power buyers associated with low switching costs to alternative products, force suppliers to an increased competition in order to provide the best that will satisfy their customers. Increased gas prices Gas being one of the operating energy, increased price will also affect firms production as well as profitability e.g. in simulation that we played, period 1 $/gal was 3.15 rise to 3.50 in period 5. New laws New rules and regulations on carbon-dioxide emissions in environmental protection hinder production of cars that use petrol engines. World economic recession Recession discourages consumption of luxury goods, and streamlines production while people turn to public transports. High competition Initially, all firms in the StratSim industry were in similar position e.g. financially and other resources; these prove difficult in making decisions on how to create demand in order to enhance market shares as well as profits. Each firm was competing. Inflation Inflation has started to increase in period 4 from 2.0% to 2.5%, this will affect consumer prices. Fuel price instability. Rapid change in technology This threatens vehicle production since other substitutes to vehicles may be produced. 2.5 Internal Analysis 2.5.1 Resources and Capabilities These are those which will create a strategic fit in order for the firm to survive and prosper even in a competitive business environment. Lucino Noto, (2007, p 125) Analyzing resources and capabilities: The interface between strategy and the firm THE FIRM Resources and Capabilities Goals and Values Structure and System STRATEGY THE INDUSTRY ENVIRONMENT Customers Competitors suppliers The firm-Strategy Interface The Environment-Strategy Interface Organisation resources are divided into two categories (Johnson et al (2009); Tangible Resources These are firms physical assets. Firm B physical assets were; Three vehicle classes, each of these represents a unique configuration while targeting different customer segments like value seekers, families, singles, high income and enterprisers (the StratSim case, 2010). Financial resources, at period 0, each firm were given sales amounted to $ 15.5 billions (the StratSim case, 2010), which enabled firm B to diversify into different segments. Manpower, firm B had 4 competent human resources who made diverse valuable decisions and hence became twice the leader of economy car (Buzzy). Intangible Resources These are non-physical resources such as; information, reputation and knowledge i.e. intellectual capital. (Johnson et al, 2008). Firm B holds a number of unique competences over its rivals. Firm B capabilities were; Quality. Safety. Performance. Style. Interior. 2.5.2 V.R.I.O Are criteria that are used to assess the sustainability of an organisation resources and capability that will enable the firm achieve durable competitive advantages. V.R.I.O stands for Value, Rarity, Inimitability and Organisation. (Johnson et al, 2008). Value As the game started, firm B had enough resources and capabilities i.e. unique brand name that facilitated it in formulating and implementing different strategies to meet customer needs. But due to increased market demand, demand exceeded production in the periods around since the firm lacked efficiency. Rareness At the beginning, all firms had similar starting point which led them to have a low degree of rarity. This positioning by StratSim made firm B to create more appealing strategies like vehicle enhancements and improvements in terms of its attributes which allowed it to come with things which turned out to be less common among the firms. Inimitability During simulation game, product imitation was very high since previous results and almost all modifications and other statistics were openly published for other firms to see. This means that competitors can possibly copy other firms techniques. Organisation In StratSim industry, there were 7 firms producing identical vehicles, because they used similar strategies, lacking differentiation. Due to these, it became easily for customers to switch from one firm to another if satisfactions have not met. 2.5.3 SWOT- SW SW is a tool that is used in identifying or analysing firms internal strengths and weaknesses and enables it to use the available strengths to minimise or turned those weaknesses to strengths. SW means Strengths and weaknesses. Strengths: Unique brand name Best Motor Works. Unique product names like Buzzy, Boffo, and Boss. Twice leader of Buzzy-Economy car, period 2 and 5. Reliable dealerships. Innovation, almost every decision period, firm B upgraded its vehicle attributes to meet emerging customer needs. Weaknesses: Weak financial position. Unstable growth of market shares. Limited product lines, this means that firm B did not exploit the available opportunities of unsatisfied and potential new customers to launch any new vehicle that will satisfy their needs. 3.0 Decisions 3.1 Technology Firm B upgraded its technology capabilities during decision periods considering dynamic business environment and customer tastes and preferences, while special attention given to economy (Buzzy) and family (Boffo) cars. Investment in technology facilitated firm B in enhancing its production capacity as well as vehicle attributes that appealed to target customers and hence satisfy their emerging needs. 3.2 Marketing Firm Bs marketing mix was to create leverage with customers and build strong brand loyalty which will enable customers purchase our products even in intense competition as in StratSim industry. Firm B unique selling price USP was quality. Quality being the key in our products while charging premium price enable Buzzy (economy) car to become the leader in period 2 and 5. Despite this success, it was hard for firm B survive in just a success of one car and become the market leader. Though the marketing mix was thoroughly applied by adding or reducing the number of dealers in each area, increasing dealer discounts and product promotions attracting customers, firm B marketing share was increased and decreased during decisions due to overspending. (For more marketing and distribution details for period 5, see appendix 1 2) 3.3 Finance During simulation, firm B financial performance was somehow poor despite a slightly increase in sales ($), net income was negative during period 2 and 5 results. We discovered that one of the problems could possibly be overspending, however, (Firm B performance summary period 5, see appendix 3). 3.4 Production In the year around, production was increased as well as vehicle attributes to meet customer demand. Though Boss (truck) and Buzzy (economy) vehicles were upgraded in period 4, there were some shortages on Boss; this means that if we were given a chance to continue making decisions, we could probably increase production to meet the demand (see appendix 4). 4.0 Conclusion Firm Bs mission was to become the leader in automotive industry offering highly innovative vehicles to different customer segments that will satisfy their emerging needs. Unfortunately, firm B did not meet its expectations. Though it became the leader twice in Buzzy (economy) car, this means that its strategies fits in economy market, having success in one vehicle does not guarantee survival, thus why firm B income and market share fluctuated. We were not pretty sure of what contributed in unstable financial performance, though we speculated that overspending was one of the problems. 4.1 What I Have Learned I learned that, in the business, taking risks is the way of success. In StratSim industry, almost each period, market research has identified some potential new customers whose needs were not yet satisfied by current vehicle (the StratSim case, 2010). But firm B overlooked to take advantage of launching new vehicle in order to exploit these opportunities and hence increase our turnover and margins due to being risk averse. 5. Reference and Bibliography: Johnson G, Scholes K, and Whittington R, (2006), Exploring Corporate Strategy, 7th Edition, Prentice Hall. Johnson G, Scholes K, and Whittington R, (2009), Exploring Corporate Strategy, Prentice Hall. Highfill D, Baki M, Copus S, Green M, Smith J and Whineland M, (November, 2004). Automotive Industry Analysis-GM, DaimlerChrysler, Toyota, Ford, Honda, overview of industry analysis, available at http://www.academicmind.com/unpublishedpapers/business/management/2004-11-000aaa-automotive-industry-analysis.html. Accessed on 19/11/1010. The StratSim Case (2010), Automobile industry. Lucino Noto, (2007), Analysing resources and capabilities: the interface between strategy and the firm, available at. http://www.blackwellpublishing.com/grant/files/CSAC05.pdf . Figure , Porters Five Forces Available at www.scribd.com/doc/16998313/Diagram-of-Porters. Accessed on 20/11/2010. 6. APPENDIXES 1. Technology Capabilities Period 5 Firm Ratings (1=low capability) Dev. Centers Interior Styling Safety Quality Max. Feasible 5 11 12 11 12 Firm A 3 4 6 4 7 Firm B 3 4 6 5 7 Firm C 2 4 7 6 6 Firm D 2 4 6 5 6 Firm E 2 6 8 6 8 Firm F 2 4 6 4 6 Firm G 3 5 8 7 9 Tech Dim Considerations Interior flexibility of cargo space Styling general curb appeal, styling, handling, finish Safety structural design, braking system, safety features Quality overall reliability, durability, consistency of products StratSim Ind:ind1 Firm:b Period 5 2. Marketing Detail Period 5 Firm B Consumer Budget (mill.) Company Owned /Fleet Budget (mill.) Regional Corp. Adv. $48 Direct Sales Force $0 Direct Mail $6 Direct Mail $0 Public Relations $12 Total $66 Total $0 Vehicle Val Mkt Share MSRP Dealer Disc. Avg Sell Price Adv. (mill.) Adv. Theme Promo. (mill.) Days Inv. Buzzy 2.4% $11,550 12.0% $10,572 $33 Quality $20 18 Boffo 9.4% $20,400 15.0% $18,749 $34 Safety $29 0 Boss 3.2% $20,499 13.0% $19,859 $28 Perform $15 0 Total $95 $64 StratSim Ind:ind1 Firm:b Period 5 2.1 Product marketing period 4 Vehicle Platform MSRP Dealer Disc. Adv. (mill.) Adv. Theme Promo. (mill.) Boffo No Change $20,400 15.0% $34 Safety $29 Boss Upgraded $20,499 13.0% $28 Perform $15 Buzzy Upgraded $11,550 12.0% $33 Quality $20 Total $95 $64 2.3 Distribution Detail Period 5 Firm B North South East West Total Full Coverage 200 250 150 200 800 Established Dealers 137 137 133 133 540 Coverage 69% 55% 89% 67% 68% Planned Openings 10 9 11 12 42 Support/Dealer (000s) $150.6 $150.6 $153.2 $153.2 $151.9 Units/Dealer 2,187 2,284 2,389 2,756 2,401 Sales/Dealer (mill.) $36.9 $38.9 $40.2 $46.3 $40.5 Service/Dealer (mill.) $1.4 $1.5 $1.6 $1.7 $1.5 Gross/Dealer (mill.) $3.3 $3.6 $3.6 $4.1 $3.7 Dealer Rating 59 60 60 61 60 StratSim Ind:ind1 Firm:b Period 5 2.4 Product Contribution Period 5 Firm B Product Contribution Vehicle Units (000s) Dealer Sales (mill.) Direct Sales (mill.) COGS (mill.) Gross Margin (mill.) Adv Promo (mills.) After Mkting (mill.) Boffo 734 $12721 $0 $9797 $2924 $63 $2861 Boss 234 $4179 $0 $3262 $916 $43 $873 Buzzy 329 $3342 $0 $3319 $24 $53 $-29 Total 1,297 $20242 $0 $16378 $3864 $159 $3705 Note: Dollar amounts are in millions. StratSim Ind:ind1 Firm:b Period 5 2.5 Vehicle Classes Period 5 Class Mfr Sales Retail Sales Unit Sales %Chg (units) Num. Veh. Leader Economy $17,296 $17,904 1,726 +5% 7 Buzzy Family $84,734 $91,128 4,816 +4% 7 Efizz Luxury $0 $0 0 NA 0 Sports $0 $0 0 NA 0 AEV $0 $0 0 NA 0 Minivan $4,950 $5,421 220 NA 1 Goofy Utility $0 $0 0 NA 0 Truck $29,506 $32,278 1,669 -1% 7 Ace Total $136,486 $146,732 8,431 +6% 22 Efizz Note: Dollar amounts are in millions, units in thousands. StratSim Ind:ind1 Firm:b Period 5 3. Performance Summary Period2- 5 Firm B Per. 2 Per. 3 Per. 4 Per. 5 Sales ($) $14,800.9 $17,418.6 $18,244.8 $20,242.1 Sales (000s units) 912 1,088 1,144 1,297 Market Share ($) 13.5% 14.9% 14.2% 14.8% Market Share (units) 13.6% 15.0% 14.4% 15.4% Net Income $-897.1 $249.1 $494.4 $-239.3 Cum. Net Income $-373.6 $-124.5 $369.9 $130.6 Stock Price $18.95 $22.74 $26.42 $26.46 Market Value $9,472.5 $11,370.3 $13,208.4 $13,232.1 Return on Sales -6.1% 1.4% 2.7% -1.2% Return on Assets -10.0% 2.6% 5.1% -3.3% Firm Preference 15.2% 14.9% 13.5% 15.0% Dealer Rating 57 58 60 60 COGS 74.4% 76.2% 77.7%