standard costing Essays

Benefits of the variance analysis/ standard costing Essays Benefits of the variance analysis/ standard costing Paper Benefits of the variance analysis/ standard costing Paper There are several benefits of the variance analysis; the variance analysis compares actual costs against budget. If actual performance is better than standard there is said to be a favourable costs variance. E. g. If standard labour cost is 36 but actually works out to be   32 theres a favourable difference of   4. This means that the costs are lower than expected. However if actual performance is worse than standard this is said to be an adverse or unfavourable variance. Variances are a method of control and can show if the firm is running efficiently. Variances can also be a motivating factor for the staff as if an adverse exists staff must work hard to change the adverse into a favourable in the future. Variance analysis is also classed as a method of appraisal as staff can easily know if they have done well when the variance is favourable. Staff can monitor their progress and assess how well they are performing. Variance analysis helps and is a tool of, Planning function. Control function. Motivating function The variance analysis can be used on any expenditure of the business. There are a number of advantages of using this techniques. By calculating variances a firm such as JCC can identify areas of weakness and inefficient practice. If a variance appears to be too high than it can be investigated using an approach called management by exception. This can allow tolerance in the control system. Some firms only investigate variances if they are more than 5 to 10% different from the standard . Disadvantages of the variance analysis/ standard costing It can be difficult sometimes to forecast as obtaining the numbers can be difficulty and costly. Variance analysis can also de motivate staff as it could restrict permanent improvements as the worker might achieve goal and not do more. Variances could also restrict the idea of continuous improvement as just meeting targets and not doing more could de motivate staff and company performance. In some cases to carry out standard costing it can require a business to gather large amount of information. The process can be time consuming and in some cases expensive. Most firms use standards costing as an ongoing process so the costs are ongoing. There are some unforeseen consequences with standard costing. A member of staff in order to achieve a favourable variance might purchase cheap poorer quality materials. This would bring the costs down but it could effect sales as product made with poor material. This could damage the reputation of the firm and losses as low sales. The variances have occurred due to many factors such as the decline in sales, material costs, labour costs and even the marketing of the product. The variances have occurred as the market is in decline and the firm is only aiming its product at the older segment and not at the younger age as they are more interested in computer games. The product is not targeted at the new market but only for those in there 40 60s. Another cause that I believe has resulted in the poor variances is the special order being lost probably due to the firm not meeting production deadlines so as a result the variance has occurred. I believe is the main reason why the variances have occurred and this is because of the machinery is said to be old and not reliable and also the variance targets could be set too high or even too low so this must be investigated to a further extent. The material variance resulted in an adverse this is probably due to the price of the material, the price of the materials could have increased so firm should of searched out for a new cheaper supplier. The budgeted amount was 490 whilst the actual amount was 342 so there was an adverse of 58. More material was used than predicted this I think was probably due to a lot of wastage or even workers making mistakes and wasting materials. Another reason for this variance could be the theft of the material. I think the firm did not take advantage of bulk buying so major discounts were lost and could have resulted in the adverse variance. The material costs could also have been budgeted too low and the firm did not realise the increase in prices, wastage so this could have also hindered the variance. The labour variance also showed an adverse, as the budgeted was 96 whilst the actual came to 105 meaning an adverse of 9. This is another adverse in the firms variance analysis and is caused by the ageing workforce I feel. Most of workers are in their later age and could suffer form illnesses. The main reason I feel the variances have occurred is due to the old machinery the firm owns as it could have broken down and valuable man-hours had been lost whilst the machinery was being fixed. Labour time management and training could also have occurred the variances as the workers could be poorly trained and could not carry lout the tasks in the required times. The power variance is shown to be a favourable in the analysis as budgeted was 4. 8 and actual was 4 so a favourable of 0. 8. This is a positive variance but it is only achieved as the firm has only produced fewer goods as machinery kept on breaking down. The variance could also have been set too low so even as this is a positive variance it musty still be investigated as why it has occurred as a positive. The fixed production cost variance is a favourable by . The budgeted amount was 50 whilst the actual came to 48. This has occurred probably due to good management or even a reduction in fixed costs. If a firm keeps its fixed costs too low they might be emitting vital functions of the business that could reduce the firms efficiency and in return could suffer high costs to the business in the loss of productive efficiency and sales by keeping fixed costs deliberately low. On the bases of my variance analysis I will recommend the following suggestions to the firm so the variances could be minimised. In order to minimise the variances the firm must recognise its operations. The sales variance was relatively high so the firm needs to concentrate and improve the marketing effect. The firms could take such actions as an increase in its advertising campaign, so it is increasing the knowledge of its product. To improve the variance the firm could target a new segment the younger generation with newer model cars and benefits. By effective marketing research and approach the firm should target new customers who would want these benefits. The firm main aim should be effective marketing especially at the newly identified 40 to 60 year olds. Ongoing marketing will increase potential sales thus higher profits can be achieved. The firm is selling nostalgia so variances could be achieved through effective management and by improving standard costs and the overall efficiency of the business. The firm must ensure that the budget costs are equal to actual costs and this can by done effective market research and planning that will result in a efficient firm. All extensive favourable variances that have occurred I feel must be investigated as they could have been set too low and the firm did not budget effectively. The firms number one aim should be to enforce accurate budgets and team working, training and also investment into new machinery and the results will show up in profits. Cellular production could also be used to create job deepening and widening as a result the average work day will became more interesting and worker will work more effectively and also less absentees. By training workers and working effectively the firm would benefit from correct budgets and profit. Bulk buying and extensive market research is vital to successful and must be fully met. I will now construct a sales forecast for the next year. Jan Feb March April May June Low low increase 10000 10000 15000 18000 20000 30000 July Aug September October November Decline high 20000 25000 25000 51000 80000 Dec Total 388800 for year predicted are. High 84800 I came to the above sales forecast conclusions that I have created y referring to the appendix 2 in case study that I had. By using the sales variance I have predicted that that sales will fall. The sales forecast above are my predictions but I have also taken into account the declining market, as children are less interested in toys and more in computer games. So I have decided to have a 10% decline in the sales predictions. I have taken 10% of the original sales prediction of 432000 from last year. The new total I have come to is 388800. A 10% decline. Later on sales that I have predicted should increase as the firm has identified the new market of 40to 60 years olds who are interested in model cars and also the exporting form Taiwan could help the increase of sales. Ensuring that the above recommendations made by me are taken into account. Of effective marketing and management, the control of budget, thus the sales should increase. I must reiterate that marketing should be an ongoing process so the consumers can be informed of what is new and available. The highest sales will be made at Christmas due to the festive season. This is the time of the year where JCC needs to get its marketing policy precise as most firms take advantage of the holiday season and launch many products. At the beginning of the year the sales are very low but gradually they will increase this would be due to the firm employing effective marketing and attracting a new segment. Based on the figures presented in appendix 1 I will calculate the monthly profit using marginal costing.

Sociology Finance Project Term Paper Example | Topics and Well Written Essays - 750 words

Sociology Finance Project - Term Paper Example I learned what I was spending my money on. Now that I know what I am spending money on I can take corrective actions in order to lower my expenses and begin to have a budget in which each month I obtain a surplus of money. During the last two months I have kept track of my monthly expenses. I categorized my monthly expenses in the following 13 accounts: gasoline, food home, fast food, snacks & candy, school supplies, rent, utilities, insurance, hygiene products, entertainment, clothing, miscellaneous, and cellular. The average monthly expenses for the last two month are illustrated in the budget below. My monthly expenses during the last two months amount to $1300 a month. Currently my income sources to pay for those expenses are a part time job, family contributions, and money left over from a scholarship and student loans. I was amazed to find out that I spend that much money each month on my living expenses. Since I did not keep track of my expenses in the past I was never able to save money. My largest expense account is my monthly rent. In reality despite the fact that I pay $275 a month I consider that my rent expense is low in comparison with other housing options available in my region. The second largest expense I have is my utility bills which consist of electricity, water, internet, and cable. I am currently paying $225 on utilities. Food is also a major expense in my life. I subdivided my food expenses into three categories: home food, fast food, snacks & candy. I spend each month $126 on home food, $107 on fast food, and $25 on snacks & candy. The total monthly expenditure on gasoline during the last two months was $123. My entertainment expense amount to $86 a month. Some of the things that I do for entertainment are going to the movies, playing miniature golf, and playing video games at the arcade. Since I usually buy most of my clothes during Christmas season my monthly expense on clothing was only $62 a month. I do not have

Home Depot Essay Example | Topics and Well Written Essays - 2250 words

Home Depot - Essay Example Home Depot operates with contracts, establishes credits with the bank, which provides it opportunities to work effectively in the long run (Magretta). In home improvement industry, it is prior for companies to anticipate with the changing market trends and knowledge (Harrison and John). Home Depot is effective to anticipate with the changing trends in the market and retains their customer. For the new entrant lack of knowledge and experience in the field makes it difficult to maintain its supply chains and customer retention. In addition; Home Depot has maintained an absolute cost advantage in the industry (Harrison and John). The pricing offered by the company is low cost pricing which makes the competition tough in the in the industry. Home Depot has maintained an exclusive control on the costing by developing strong relations with its exclusive sellers and suppliers. One of the major advantages Home Depot experience is the brand image, as customers are more inclined to approach co mpanies having strong brand names (Harrison and John). Home Depot has served over years, it is known as for the best quality and service provider in the industry. This eventually declines the dilemma for the existing companies like Home Depot and Lowies from the new entrants. Constantly, it can be concluded that Home Depot has an edge in the market and has restrained others from entering as new threats. 3.3.2 – Bargaining Power of Suppliers The bargaining power of suppliers in the home improvement industry is a low force. Home Depot’s expense controls and cost initiatives are its core competencies. Prominent companies in the industry like Home Depot and Lowe’s are dependent on well recognized brand name suppliers (Harrison and John). These firms maintain strategic alliances and exclusive relationship with certain suppliers; they maintain their market image in the industry, which eventually secures the bargaining power of suppliers. Home Depot maintains exclusive relationship with its suppliers, as it is depend upon products that are well recognized and brand suppliers. This is because of the reason that if these firms are unable to maintain strong relationship with its suppliers the may lose their product variety and quality (Harrison and John). Furthermore Home Depot eliminates the reliance upon third parties and middle man; this is because of the reason that if these third parties run into financial or regulatory difficulties it may caste negative impacts on the company in the industry (Harrison and John). Therefore, home depot has centralized its purchases operations through making direct purchases (Harrison and John). The online centers of the company aid company to minimize the control of suppliers. Home Depot also maintains websites to maintain and to strengthening the relationship with its suppliers, these measures limits supplier’s bargaining power to a low force. 3.3.3 – Threat Of Substitute Products or Services The threat of substitution in the home retailing industry is relatively low, because the substitution for the home product like hammers, nails, and paint etc. can be the similar products bought within the industry which are also sold by the same vendors (Harrison and John). It is true that the demand of products, their supplies and prices are interrelated in a market, which

Managing a Multi-cultural Workforce Coursework Example | Topics and Well Written Essays - 2000 words

Managing a Multi-cultural Workforce - Coursework Example Modern transport and communication, along with political structures like the European Union, have simply increased the diversity of people working on any one site. Health and Safety is a major concern in the construction industry, and there is a vast international literature on the subject, partly because this type of work is inherently more dangerous than many other types, and partly also because of the complex and often project-based nature of the working environment, involving many different participants, often coming with very different backgrounds, experience and culture. One of the difficulties of researching multicultural workforce issues is the fact that there is a huge spectrum of practice across the world: â€Å"The way in which OHS (=Occupational Health and Safety) is dealt with in different countries is a function not only of legislation, but also of the underlying culture, the attitudes of those involved, and, more importantly, the social, economic and political environ ment... Systems that may work well in, say, the United Kingdom, may not work well at all in Australia or Hong Kong.† ( p. 88) An important implication of this diversity across the world, is that migrant workers moving from one country to another bring with them a knowledge base, a set of attitudes and tendencies, and a whole world view that may be very different from those of their fellow workers. The problem for managers is how to ensure that a multi-cultural workforce shares important values and knowledge, especially in the area of Health and Safety, and follows the requirements of the particular site that they work in. 2 Literature review on SHE challenges faced in respect of multi-cultural workforce. One noticeable feature of a multi-cultural workforce is the fact that the workers may have very different linguistic backgrounds, while the situation on a construction site is usually such that one particular language is officially used for work related communications. This of ficial language of the site in question may or may not be the language of the location where the project is running, and problems can arise when a proportion of the workforce does not have adequate language skills in the main language of communication. This results in sub-groups within the workforce who communicate with each other in their native language, but struggle to join in with the official and or local language context. These groups can become isolated, and vulnerable to being left out of the loop of company planning, training and information processes. A study conducted on a multi-cultural workforce in Australia analysed the safety implications of this â€Å"ghettoization† and found that there are often distinct patterns in the workforce so that for example â€Å"Italians tend to concentrate in concrete trades, Croations in carpentry trades, Koreans in tiling trades, Maoris in steelwork and scaffolding and Irish in labouring etc† (Trajkovski and Loosemoore, 20 06, p. 1) This tendency means that there is often a three way professional, cultural and also linguistic demarcation in the workplace, and this presents a significant challenge for managers who are responsible for the Health and Safety of these workers. In theory there could be several conflicting models of behavior, supported by their own language and culture, operating simultaneously, and this has an obvious potential for misunderstanding and system failure when these areas interact with each other. Trajkovski and Loosemoore conducted a survey on multicultural construction workforces in

Found Dog Flyer Essay Example for Free

Found Dog Flyer Essay According 2013 IPCC Status Report on Climate Change, climate change is occurring due to global warming. Observational evidence is coming back from all continents and most oceans, And it shows that many natural systems are being affected by regional climate changes particularly temperature increases. There is much scientific data backing the (intergovernmental panel on climate change) with conclusions and facts, based on changes in weather patterns (increasing temperatures, changes in snow and ice including, permafrost) also according to findings there is a high confidence that natural water systems, are also affected including, enlargement and increased numbers of glacial lakes, settlements in mountain regions are at high risk of outburst floods caused by melting glaciers. Governmental institutions in some areas are responding to the problems caused by global climate changes by building drainage networks and dams. The climate changes also lead to increasing volatility in storms and wild fires, droughts, and reduced energy demand’s and increasing sea levels. The aspects of climate change we are certain of are as follows, increased water availability in moist tropics and high latitudes, and decreasing water availability and increasing drought in mid-latitudes and semi-arid low latitudes, hundreds of millions of people exposed to increased water stress causing localized negative impacts on small business and coastal areas, and increased damage from floods and storms, and leading to erosion in coastal areas in addition based on satellite observations since the early 1980s there is high confidence that there has been a trend in many regions towards earlier â€Å"greening† ( measured by the normalized difference vegetation index) Of vegetation in the spring linked to longer thermal growing seasons due to recent warming. About which we are uncertain is many of the long term effects of climate change. The main factors determining climate change are carbon dioxide and pH levels in the environment, and are mainly a result of human activity with factors  such as carbon emissions. The report states phenomenon and directions of trends and, passes assumptions based on past trends are believed to wide spread effects on water systems but not limited to in addition to food and water shortages, increased death food and water borne diseases and wide spread erosion. Many assumptions are made based solely on passed trends I feel some of are inconclusive due to the lack of data in the report to support. And in conclusion This is my first time in a college class like this and everything is new to me and I need a lot more research to draw any more conclusions, and I am uncertain of information that is missing to support more of the causes.

Executive Summary

Executive Summary Executive Summary For Wingate systems to work, a relationship marketing model can be used via e-commerce to increase success. To most, it would seem late in the game to begin assessing whether continuous relationship marketing (CRM) can work in e-commerce. In the decade or so since the issue first arose, several things have become apparent, not least of which is that simply segmenting a market to serve different populations of customers, especially online customers, is inadequate. In fact, relationship marketing has been defined, since the 1980s, as â€Å"attracting, maintaining, andin multi-service organizationsenhancing customer relationships,† (Stern, 1997) In addition, â€Å"the reality of customers forming relationships with people rather than [with] goods† is what drove it, and made it a key source of benefits to the firm. (Stern, 1997) For traditional relationship marketing to work as it should in any organization, all other business parameters also need to be in place. Recently, this has been identified in a forward-looking model as a â€Å"holistic, dynamic and dialectical† model. (Chang, 2004) Not surprisingly, this model was developed in an Asian developing economy context. The author noted that local firms in developing countries need to be creative in developing e-business strategies because they are operating in under-developed e-business environments. It that is true for relationship marketing success in developing countries, it should, therefore, be even more valuable to mature organizations operating in mature business environments. E-business is sometimes identified as the â€Å"convergence of digital technology, intellectual property and customer supremacy† (Chang, 2004) and it emphasizes the interconnectedness of both the hardware and human capital functions within any company that wants to be successful in using CRM in an e-business environment. Done right, it will transcend â€Å"the traditional boundaries of space, time, individuals and organizations.† (Chang, 2004) Introduction Despite the dot-com failures of the recent past, few would doubt that e-business is a main driver of the new and future economy globally. It is also safe to assume that relationship marketing began its development when bricks-and-mortar businesses were able to operate without substantial Internet presence. Then, it was ‘relationship marketing, and depended on such things as ‘personal bankers, and ‘personal shoppers, and arguably, within each organization that had added the relationship marketing function, it was viewed as a ‘must have but with little relative impact on the bottom line. However, three things entered the business arena that made it paramount for relationship marketing to become both continuous (CRM) and integrated into the business structures. Those three things were the development of digital technologies, the importance of intellectual property, and â€Å"customer supremacy,† defined as customization of product/service and reduced cycle time. (Chang, 2004) E-business has altered prior relationships so that the complex of digital technology, intellectual property and customer supremacy when integrated with business activities makes conventional rules of business obsolete. â€Å"E-business seems to have the capability to change the competitive landscapes in the traditional industries, create new industries, and affect the configuration and coordination of firm-level business activities, especially such external activities as customer relationship management†¦..† (Chang, 2004) Companies that use e-commerce successfully within the holistic CRM paradigm will necessarily have integrated all these elements rather than treating each as a separate profit center or line item, with convergence merely found on the balance sheet and not in the conduct of the business itself. Background Organizational form, business model and strategy have been considered the framework of commerce. In the holistic viewpoint, there are only two factors, business configuration and business coordination. In this context, business configuration is used to mean the scope of business coverage by a company, what was once known as strategy. Business coordination refers to the style of business relationships both within a company and with its customers and suppliers. (Chang, 2004) If these two components of business are used in a truly holistic manner, the result will be virtually zero distance between customers and suppliers, zero inventory and (near) zero working capital. In short, the relationship marketing function will have made the company—whether a product- or service-based business—into a simply go-between. The profit comes from performing the service of obtaining supplies that become product or service, ‘warehousing that product or service only minimally, and transmitting it to the customer. Obviously, the trick to it all is knowing the suppliers and customers well enough that there is no additional negotiation needed and order and payment change hands almost simultaneously. For this, e-commerce would seem ideally suited. Strategies Intimacy model A second new thrust identified in relationship marketing is the intimacy model of relationship marketing. Personal sales, the traditional basis for relationship marketing, occur in real time. In some respects, so do e-commerce sales, with the difference that they are not happening in a ‘real place but rather a virtual storefront. That advertising—communication through a nonpersonal medium—is essential to e-commerce relationships brings into the equation the theory of intimacy. Some researchers regard evaluation of customer intimacy as a business concept as important as the holistic model. (Stern, 1997) Intimacy theory â€Å"accounts for the influence of emotion in relationships as well as that of cognition (feelings as well as thoughts).† It also allows insight into the deterioration of relationships, and finally, it â€Å"emphasizes the association between relationship stages and persuasive communication that enhances the services firms ability to apply relationship management to advertising as well as to personal sales.† (Stern, 1997) Because e-commerce is a blending of all of these elements, but not in the presence of a ‘live intermediary, it may be useful to consider whether these factors are included in ecommerce relationship marketing today, or only in ‘bricks and mortar settings (Theodosiou, M. and Leonidou, L.C., 2003). Five bases of intimacy in relationship marketing Just as Chang identified two elements to the setting in which relationship marketing can occur and be holistic, Stern identifies five components of intimacy in relationship marketing (Vorhies, D.W. and Morgan, N.A., 2003). Communication and sympathetic listening This includes self-disclosure, a willingness to share personal or attitudinal information. In the relationship-selling arena, the communication will generally be one way, from customer to company. The listener, in this case the company, must provide the sympathetic, that is, non-judgmental, listening. In that way, the customer reveals needs and desires and the company builds trust. So, â€Å"relationships in which a consumer tells all to a non-disclosing partner are perceived as intimate as long as the partner communicates a sympathetic attitude to what is being told.† (Stern, 1997) â€Å"Advertisements aimed at conveying sympathetic listening transform one-way media communication (that is, non-interactive messages) into a representation of responsiveness,† Stern adds. (1997) An example she gives is direct mail and online marketer Lands Ends headline, â€Å"Well knock ourselves out for you.† The copy reads, â€Å"Ever since we started doing business back in 1963 . . . weve done our level best to satisfy our customers. So you can be sure that whenever you call, well do whatever it takes to satisfy you, in our friendly Wisconsin way.† (Quoted by Stern , 1997) Commitment: Bonding with Consumers. A sense of â€Å"weness† is the belief that each member of a relationship is committed to the welfare of the other. (Stern, 1997) As a customer grows accustomed to positive responses in a business relationship, that feeling develops and they begin to say â€Å"my credit card company† or â€Å"my car dealership.† Stern notes that bonding techniques are an increasingly popular marketing strategy for services marketers attempting to establish long-term bonds with consumers so they can be retained. By 1997, it had been ascertained that retention beat prospecting in terms of profitability. (Stern, 1997) This goes so far as to allow a firm to lose money, be design, on a particular transaction in order to retain the customer. In a credit-card relationship, this might include waiving a fee for a late payment when it was clearly an oddity in the customers usual behavior. Caring and Giving Altruism is the watchword here, and not demands for reciprocity, even though it is a ‘relationship. Companies carrying out relationship marketing can activate perception of this by basing decisions and reactions on a â€Å"needs rule rather than an equity rule† to establish a closer mental association. (Stern, 1007) This has been successfully used in financial services POS advertising. Chase Manhattan Bank used a message at the bottom of its ATM receipts that said, â€Å"Chase give you 6 other ways to connect.† (Stern, 1997) So, even though it was an impersonal, practically an online, setting, and the ‘reach out factor was present. But the appearance was that the bank cared enough about all users of its ATMs to offer the information, at least. Comfort (Compatibility) A consumers sense of security in a relationship is central to retention. In dealing with service firms, consumers have been found to â€Å"evaluate their level of comfort†¦. on the dimension of mutual engagement in a joint venture.† (Stern, 1997) The vocabulary of intimacy is used in advertising to create this image. For example, New England Life positioned itself as â€Å"Your Financial Partner,† and showed images of three-generations meeting, conveying an image of long-term relationships. (Stern, 1997) Conflict Resolution and Trust This is a sort of last-ditch tactic in any relationship-marketing program. Although at times conflict may be inevitable, even in a well-maintained relationship, conflict resolution and problem-solving abilities including skill in listening, negotiation, and conciliation are essential to maintaining relationship marketing. (Stern, 1997) How possible this is in an e-commerce setting, especially in a service such as credit, might be problematical. There must, then, be a mechanism to resolve conflicts satisfactorily (Doty, D.H., Glick, W.H. and Huber, 1993). Campaigns: Advertising and Subscription How does a not-so-well known company show what they have, or how does a known company attack new segments seeking more consumer attention? Since the rolls on the net became voiceovers, the consumer retrieves what it wants, and the producer has to be hunted. The advertising model is based on using creative advertising banners and links in very frequented web-pages. Some companies have successfully advertised their new products and services through this system making sure their ads are more creative and attractive for the roaming eyes of the consumer (Gupta, A.K. and Govindarajan, 1991). The biggest winner here though, is the page that offers that space. Search engines like Amazon or Yahoo have made big use of this model. All the services they offer (e.g. chats, games, e-mail, search engine etc.) are for free, charging companies for the use of space for ads on their Web-pages. The more frequented a page is the more it costs to display an ad. Companies starting to use this model are def initely at an advantage for their present position and the its cost. Wingate proposes to use this model to advertise its latest concepts and designs (DiMaggio, P.J. and Powell, W.W., 1993). Wingate therefore plans to use the intimacy model and combine it with both the subscription model and the advertising model in order to market its product. The Subscription Model has become a very popular model with a high range of success. By subscribing in any service or company on the net, all your given information is stored on a special data base that is used to classify users. With this data-base that has all the records of visited products and purchases, the providers are able to target the visitors on a more personal basis. An example of this is Hotmail. Hotmail is not only one of the most popular, free e-mail services, but it also belongs to Microsoft. The new way to link the customer to the wanted page can also be manipulated by the new Passport system of Hotmail (Gresov, C. and Drazin, 1997). All the information given in subscription to Hotmail is automatically transferred to other services Microsoft offers. Say you entered, your hobby is to travel, therefore you will get e-mails about travel with new offers on where to fly, it also facilitates one with the advantage of not having to re-enter all their personal details all over again when subscribing in a new company run by Microsoft. This model is very powerful and it does not end there, consumers are followed through their life cycle becoming aware of what the company has to offer to the specific consumers. It is more likely that a father will consider the idea of a family insurance rather than a child. For the child, the company will target for example new bikes. This model divides the segments even further, making sure that the consumer feels special, with not costing much extra. Therefore, it will be important to start a database of existing customers and retain their information in order to provide them with updates of Wingates latest offers and ideas. Furthermore, a website could be setup and advertised to allow individuals to know about this subscription service if they would like to sign up for information. More information about how this concept can be advertised overall is discussed below in the basic advertising model. Controls Wingate plans to budget $3000-$5000 for monthly advertising. The idea will be to run banner ads on various websites for a fee, and to also advertise on pay per click websites such as Google adwords. Other Internet marketing companies can also be hired to keep keywords high on the search engine lists. Below is a chart demonstrating this. References Bielski, Lauren. (2001). â€Å"Making the customer relationship work.† ABA Banking Journal, 93(3). Chang, Steven Tung-lung. (2004). â€Å"A holistic framework of e-business strategy: the case of Haier in China.† Journal of Global Information Management, 1 April. DiMaggio, P.J. and Powell, W.W. (1993) The iron cage revisited: institutional isomorphism and collective rationality in organizational fields, American Sociological Review 48(2): 147-160. Doty, D.H., Glick, W.H. and Huber, G.P. (1993) Fit, equifinality, and organizational effectiveness: a test of two configurational theories, Academy of Management Journal 36(6): 1196-1250. Gresov, C. and Drazin, R. (1997) Equifinality: functional equivalence in organization design, Academy of Management Review 22(2): 403-428. Gupta, A.K. and Govindarajan, V. (1991) Knowledge flows and the structure of control within multinational corporations, Academy of Management Review 16(4): 768-792. Ohung, Sungmi and Mike Sherman. (2002). â€Å"Emerging Marketing: Companies dont need state-of-the-art tools, huge volumes of customer information, and armies of experts to use continuous relationship marketing effectively.† The McKinsey Quarterly, 62+. Stern, Barbara B. (1997). â€Å"Advertising Intimacy: Relationship marketing and the services consumer.† Journal of Advertising, 26 (4), 7+. Theodosiou, M. and Leonidou, L.C. (2003) Standardization versus adaptation of international marketing strategy: an integrative assessment of the empirical research, International Business Review 12(2): 141-1 71.

Machu Picchu Essay -- essays research papers

Machu Picchu is a physical symbol of the culture that created it. It is located in the Andes Mountains in Peru, South America, high above the Urubamba River Canyon Cloud Forest. The Incan capital, Cuzco, the closest major city, is forty three miles northwest of this landmark. Machu Picchu is five square miles and eighteen square kilometers in size. This ancient civilization has an altitude of eight thousand feet and is surrounded by towering green mountains. Although covered in dense bush, it had many agricultural terraces that were sufficient enough to feed the population. Due to water from the natural springs as well as the agricultural terraces, it had the ability to be self-contained. Machu Picchu was created by the Inca culture for the purpose of religious observance. In order to build this city, the Incans used stone tools, bronze tools, and chisels. The materials they used were mud, clay, adobe, and granite blocks. Each block weighed fifty tons! They would thatch the roofs with tree trunks and straw. After the buildings were constructed, the Incan people would smooth the stones with sand, mud, and clay to make the structures look polished. The people who inhabited this ancient site considered it to be magical because of the Andes Mountains and the Amazon River. The Temple of the Condor was a place of worship where the head of the condor was used as an altar for sacrifices. The Intihuatana is a column of stone that is rising from a block of stone. As winter approached, a priest held a ceremony to prevent the sun from disappearing. Intihuatana means ‘for tying the sun’ and ‘hitching post of the sun.’ Intihuatanas in other Incan civilizations were destroyed by the Spanish. However, the Spanish never found Machu Picchu, th... ... was discovered by Hiram Bingham, an American, who lived from 1875-1956. He went to Princeton, Yale, and got a PhD from Harvard. Bingham was a military officer, governor of Connecticut and a US senator. He mistook it for the long lost Inca capital of Vilcabamba. Machu Picchu was discovered on July 24th, 1911. When discovered Hiram Bingham said, â€Å"I was left speechless.† Scientists can surmise about who built it, who lived there, and why it was abandoned and forgotten, but they still are not one hundred percent sure. Machu Picchu was used for religious observance, astronomical observation, a royal retreat, and a secret ceremonial city. Therefore, I have partially proved my thesis. I said that Machu Picchu was created by the Inca culture for religious observance. Machu Picchu was used for that and many other things and that is why it is such an amazing civilization. Machu Picchu Essay -- essays research papers Machu Picchu is a physical symbol of the culture that created it. It is located in the Andes Mountains in Peru, South America, high above the Urubamba River Canyon Cloud Forest. The Incan capital, Cuzco, the closest major city, is forty three miles northwest of this landmark. Machu Picchu is five square miles and eighteen square kilometers in size. This ancient civilization has an altitude of eight thousand feet and is surrounded by towering green mountains. Although covered in dense bush, it had many agricultural terraces that were sufficient enough to feed the population. Due to water from the natural springs as well as the agricultural terraces, it had the ability to be self-contained. Machu Picchu was created by the Inca culture for the purpose of religious observance. In order to build this city, the Incans used stone tools, bronze tools, and chisels. The materials they used were mud, clay, adobe, and granite blocks. Each block weighed fifty tons! They would thatch the roofs with tree trunks and straw. After the buildings were constructed, the Incan people would smooth the stones with sand, mud, and clay to make the structures look polished. The people who inhabited this ancient site considered it to be magical because of the Andes Mountains and the Amazon River. The Temple of the Condor was a place of worship where the head of the condor was used as an altar for sacrifices. The Intihuatana is a column of stone that is rising from a block of stone. As winter approached, a priest held a ceremony to prevent the sun from disappearing. Intihuatana means ‘for tying the sun’ and ‘hitching post of the sun.’ Intihuatanas in other Incan civilizations were destroyed by the Spanish. However, the Spanish never found Machu Picchu, th... ... was discovered by Hiram Bingham, an American, who lived from 1875-1956. He went to Princeton, Yale, and got a PhD from Harvard. Bingham was a military officer, governor of Connecticut and a US senator. He mistook it for the long lost Inca capital of Vilcabamba. Machu Picchu was discovered on July 24th, 1911. When discovered Hiram Bingham said, â€Å"I was left speechless.† Scientists can surmise about who built it, who lived there, and why it was abandoned and forgotten, but they still are not one hundred percent sure. Machu Picchu was used for religious observance, astronomical observation, a royal retreat, and a secret ceremonial city. Therefore, I have partially proved my thesis. I said that Machu Picchu was created by the Inca culture for religious observance. Machu Picchu was used for that and many other things and that is why it is such an amazing civilization.