Currentmarketconditions - 798 Words

Current Market Conditions Competitive Analysis Principles of Microeconomics ECO 365 David Norcross April 13, 2015 Current Market Conditions Competitive Analysis In this paper, Team A is participating in a strategic planning group creating a new product at General Motors. The following is a competitive market analysis on the potential of our new 2016 Chevy Volt’s success. We will be focusing on our competitor Toyota and their Prius lineup. Additionally, we will summarize our target consumer and current market conditions. Then we will cover variables that weigh on supply, demand, and equilibrium prices. Next, we will consider the pros and cons our firm faces while identifying the effect on our competitiveness and long-term†¦show more content†¦Opportunities and Challenges * Any issues or opportunities your organization or industry faces that affect its competitiveness and long-term profitability with regards to your product: This may include, but is not limited, to the following elements. * Price elasticity of demand * Technological innovation * The relationship between the amount of labor amp; capital employed and the law of d iminishing marginal productivity * Cost structure Factors affecting variable costs Factors affecting variable costs, including productivity and others that change the supply of and demand for labor costs change with the number of products offered for sale. These are called variable costs. Variable costs include the wages of sales people or other employees, raw materials, electric power to run machines, and the cost of maintaining inventory. We believe that the lack of alternative energy vehicles available and when high fuel costs will drive the costs at times. Factors affecting fixed costs Factors affecting fixed costs include costs that do not change with an increase or decrease in the amount of goods or services produced. Fixed costs are also an expenses that has to be paid by a company. It is one of the

Animal Testing Should Be Banned - 971 Words

Animal Testing When it comes to the topic of animal testing, most of us will readily agree that the use of animals as research for the purpose of the humans concerns, that the drug is efficacy with the cosmetics to endeavor controversy and may have experience discomfort, suffering towards animals. â€Å"As the consumer in Europe would not have access to any new products, because we can’t really ensure that some of the ingredient’s will be safe to be without suitable an adequate testing†. Where this agreement usually ends, however, is on the question of animal testing, â€Å"special use of this cosmetics wave products (shampoo, hair removal, dye), will continue to mandatory the animal testing†. Whereas some are convinced that the types of animals testing will be continuing, others maintain that when the full sales ban is in place, they will simply conduct (animal testing) in non-Europe companies. There is some support for animal testing for medicine use b ecause it helps in human health and extends human life as well. As some point they don’t support animal testing for cosmetics because it will cost and won’t justify the research on animals. Although there is no finish cosmetics products, still have some substances that have both cosmetics and medical use, Example, â€Å"include the wrinkle treatment botulinum toxin, sold and advertised under the name Botox, (Murnaghan)†. My own view, however, is that it works better than any other alternative in human testing and especially animalShow MoreRelatedShould Animal Testing Be Banned?844 Words   |  3 PagesShould animal testing be banned? Nowadays, a lot of animals has been tested on a range of experiments over the world. You could be supporting animal teasing cruelty without knowing it. Have you ever check if there’s animal testing on the cosmetics before you buy it? Today, a lot of cosmetics has been testing on helpless animals and there are about 1.4 million animals die each year from animal testing ( CatalanoJ, 1994). Most of the experiments that are completed in the laboratories are very cruelRead MoreAnimal Testing Should Be Banned880 Words   |  4 Pagesdepending on animals testing. Therefore, if people talk about laboratories, they should remember animal experiments. Those animals have the right to live, according to people who dislike the idea of doing testing on animals; the other opinion, supports the idea of animal testing as the important part of the source of what has reached medicine of the results and solutions for diseases prevalent in every time and place. Each year huge numbers of animals a re sacrificed for the science all these animals, whetherRead MoreAnimal Testing Should Be Banned776 Words   |  4 PagesAnimal Testing Should be Banned  ¨Over 100 million animals are burned, crippled, poisioned and abused in US labs every year ¨ ( ¨11 Facts About Animal Testing ¨). Imagine if that was someones animal getting tortured in labs just to test things such as beauty products and perfume. Animal testing was first suggested when,  ¨Charles Darwin evolutionary theory in the mid 1850s also served to suggest that animals could serve as effective models to facilitate biological understanding in humans ¨ (Murnaghan)Read MoreAnimal Testing Should Not Be Banned940 Words   |  4 Pages1). Over 100 million animals are burned, crippled, poisoned, and abused in US labs every year. 2). 92% of experimental drugs that are safe and effective in animals fail in human clinical trials. (DoSomething â€Å"11 Facts About Animal Testing†). There are currently no laws combating the testing of cosmetics on animals, but the practice is harmful and must be ended. As evidenced by the statistics above, millions of animals are tortured and murdered in the United States every year for virtually no reasonRead MoreShould Animal Testing Be Banned?1665 Words   |  7 PagesTesting Cosmetics on Animals Companies around the world use animals to test cosmetics. Animals, such as rabbits, guinea pigs, hamsters, rats, and mice, are used to test the effects of chemicals on the eyes and skin. While animal testing is not mandatory, many companies use it. About Cosmetics Animal Testing by the Humane Society International talks about the different options companies have that do not require the cruel use and eventual death of animals. The article also talks about the overallRead MoreAnimal Testing Should Not Be Banned1572 Words   |  7 PagesAnimal Testing Every year, over two hundred million innocent animals are injured or killed in scientific experiments across the world. Of those animals, between seventeen and twenty million are used in the United States alone. It is said that an animal dies in a laboratory every three seconds (Animal Testing 101). Those in favor of animal experimentation say they are taking animals’ lives to save humans. It is not necessary to subject animals to torturous conditions or painful experiments in theRead MoreAnimal Testing Should Not Be Banned1581 Words   |  7 PagesAnimal testing is being used by different organizations all over the world to prevent specific diseases, especially cancer. Americans see animal testing having a harmful effect but it is one of the main reasons why society has most cures for some illnesses. This topic is important because people need to know what goes on during animal testing and why it is very beneficial. Animal testing needs to be used to find all cures. Some ani mals such as chimps/ monkeys have 90% of the same DNA humans haveRead MoreAnimal Testing Should Not Be Banned1721 Words   |  7 Pages † Today, more animals are being used in experiments than ever before: around 100 million in the United States alone† (3). Animal testing is now an international issue, and it is becoming a major story. Currently, animals are often used in medical testing, make-up testing, and other consumer product testing. Animals used in such product testing are often abused and suffer from serious side-effects. Animal testing can be painful for the animals, testing results are usually not even useable forRead MoreAnimal Testing Should Be Banned1364 Words   |  6 Pagesbenefit. Using animals for these experimentations usually does not come to mind. Animals are often abused, suffer, and even die during laboratory testing for the benefits of people to make sure medications, household products, newest procedures, and cosmetics are safe and effective for human use. Humans have benefited from animal testing for years while these animals suffer consequences with no positive outcomes for themselves. Even if a product or procedure is deemed successful, these animals are frequentlyRead MoreAnimal Testing Should Be Banned Essay1632 Words   |  7 Pages Animal Testing Should Be Banned Throughout the decades, animals have been used in medical research to test the safety of cosmetics including makeup, hair products, soaps, perfume, and countless of other products. Animals have also been used to test antibiotics and other medicines to eliminate any potential risks that they could cause to humans. The number of animals worldwide that are used in laboratory experiments yearly exceeds 115 million animals. Unfortunately, only a small percentage of

The Relationship Between Land And The Farm When...

The topic I will address throughout this project focuses on the relationship between the land and the farm when permaculture techniques are incorporated into the system. Moreover, we will question if permaculture, in its entirety, is a viable/economically justifiable method of farming. The reality is that for the past one hundred years farming has grown towards primarily annual crops and monoculture practices. With the mindset of â€Å"producing as much food as possible† us agriculturists start to deprive the land. We have come to forget, or simply ignore, the consequences poor farming practices can bring to the table. Reckless modern agriculture has burdened the land with poor crop diversity, introduction of pesticide use, and limited nutrient cycling. Permaculture might have the answers to helping us set back the clock on the damage we have thus far brought to the land. There was a particular reading in class that grasped mine and Hannah’s attention. That reading was Permaculture: A Beginners Guide by Graham Burnett. Burnett breaks down the mindset of a permaculturist and all the preparation it takes to transform a landscape into a successful permaculture site. Burnett does a wonderful job portraying the magic of permaculture however he seems to meticulously weave around the fact that permaculture is not just sitting around all year and having berries fall into your basket. It is an expensive and slow producing method of growing. Seeing permaculture portrayed in such an

Discuss and evaluate the potential sources of short-term finance

Essays on Discuss and evaluate the potential sources of short-term finance available to businesses, identifying the circumstances in which each would be appropriate Essay Potential sources of short-term finance available to businesses Introduction Short-term financing, also referred to as working capital, is a form of financial cadent representing the circulating cash flow, accessible to corporate houses, trade organisations and governmental bodies, which generally must be paid back within a period of one year (Pike and Neale, 2008).Working capital, along with medium-term financing, is considered as the third most important type, in terms of funding, after equity and long-term debt financing, especially for corporates and traders (Arnold, 2009). While discussing short-term finances, Stutely presents a rather simplified definition of working capital, which states, â€Å"current assets less current liabilities† (2003, p.276). Here short-term (current) assets may comprise of debtors, inventories (related to purchase of raw materials), trade receivables, present state of work and completed products, cash and short-term investments (Arnold, 2005, p. 625). Short-term liabilities comprise of creditors, short-term loans and bank credits (ibid). Working capital is necessary for any business firm to operate, as short-term funds are required to â€Å"finance its stocks, through the manufacturing process, from the raw materials to finished goods, and also the time lag between delivery of the goods or services and the payments of customers of accounts receivable† (Davies and Boczko, 2005, p.557). In this context, the paper will now examine the potential sources of short-term finances available to business firms. Discussion Management of working capital cycle (represented in fig 1) is important for long-term sustainability of any firm. Working capital is akin to engine oil which, if missing the non-current assets of a trader/firm, would fail to function (Pike and Neale, 2008, p.337). Therefore, higher the rate at which the short-term assets of a firm manages to surpassits short-term liabilities, greater the chances are for that firm to achieve solvency (based on the type of its short-term assets) (ibid). Fig 1: Short-term financing or working capital cycle (Arnold, 2005, p.644). Effective management of this cycle is important for the long-time survival any firm; hence, the necessity of seeking sources of short-term financing by the business firms. Sources of short-term financing The chief sources of short-term financing include bank overdraft/credit, commercial papers or bills, trade credits, invoice finance, factoring and leasing, and leasing (Arnold, 2005; Levy, 2002; Pike and Neale, 2008, p.379-380). Trade credit: it refers to the time granted (credit period of 30-90 days) by raw material suppliers to business firms/traders (as they start their work), before payment must necessarily be made. Here there are no involvements of direct funds but there is purchase facilitation with no paying of interests, and its easy availability makes it a popular choice amongst business firms (Pike and Neale, 2008, p.380). Here credit terms are equated with discounts for when payments are made within the stipulated period. As for example, a supplier may give 3% discount if a trader makes the payment within 10 days from the date of billing. If the trader does not agree to the discount, then complete payment is compulsorily due within 30-90 days from date of billing (Levy, 2002). Bank credit: Commercial banks provide traders with short-term finances, referred to as bank credit, and in such cases, the debtor can have access to one-time credit or he may receive the credit in instalments. Banks can give credits in various ways, like overdrafts, cash credit, loans, cash credit, or discounted bills (Pike and Neale, 2008, p.382). Bank loans refer to the process when financial advances are given by a bank (against assets security of the firm) that must be repaid within a certain period. In cash credits, a bank may allow a trader to withdraw money up to a certain limit, and this is known as the credit limit (ibid). The credit limit is initially for only a year, however, is renewable in nature.The interest rate depends on the limit fixed for the trader, and banks provide cash credit against collateral security. Overdraft is allowing a firm/trader to withdraw cash more than the amount actually present in the bank account (to a certain limit) and is based on the debtor’s credit-worth. Banks also give credit to firms/traders by way of promissory notes and discounting bills, which when presented to the bank, the amount is credited to the borrower’s account, once the discount is removed (Pike and Neale, 2008, p.382-384). Commercial papers/bills: are popular amongst large trading houses for receiving quick short-term funds from financial market. A bank generally issues the papers on behalf of the firm, helps in seeking investors for the papers and, in turn, receives a commission for playing the role of an intermediary in raising funds for the company (Brealey, Myers and Marcus, 2008). Factoring: refers to trading off a firm’s debt in exchange for liquid cash, and comprises of fund-raising where the company’s debt is held as security, in order to get money earlier, without waiting for debtors to make the payment. Since this involves risk, it is possible only if the firm and its debtors have the strength of solvency and a history of high integrity (ibid). Invoice finance: here debts are traded to the one (a factor) that makes a downright payment of a certain agreed % ofthe debt value, and here only monetary exchange takes place, on which there is a fixed interest. Thus, the factor is the debt purchaser and the firm becomes the agent for debt collection (Pike and Neale, 2008). Leasing: A short-term finance used for getting to use certain assets without having to actually buy them. This is used for leasing machines, factories, furniture and other items, to be used only for a short time (Arnold, 2009). Conclusion Short-term finances are extremely important for the smooth operation of any business firm and their long-term survival in the market. Hence, it is also important for the business houses to select the right source of working capital to complete an undertaken project successfully. References Arnold, G., 2009. Corporate Financial Management (4th Edition). Harlow: FT Prentice Hall. Arnold, G., 2005. Essentials of Corporate Financial Management (3rdedition). Harlow: Pearson education limited. Brealey, R., Myers, S., Marcus, A., 2008. Fundamentals of Corporate Finance (6th Edition). NY: McGraw-Hill. Davies, T., Boczko, T., 2005. Business accounting finance (2nd edition). Maidenhead: McGraw-Hill education (UK) Limited. Levy, H., 2002. Fundamentals of Investments. Harlow: FT Prentice-H. Pike, R., Neale, B., 2008. Corporate Finance and Investment (6th edition). Harlow: FT Prentice Hall. Stutely, R., 2003. The definitive guide to managing the numbers (1st edition). Harlow: Pearson education limited.

Business Environment Understand the Organizational Purposes of Busine

Questions: 1. Understand the organizational purposes of businesses:1.1 Indentify the purposes of different types of organisation1.2 Describe the extent to which an organization meets the objectives of different stakeholders1.3 Explain the responsibilities of an organization and strategies employed to meet them2. Understand the nature of the national environment in which business operate:2.1 Explain how economic systems attempt to allocate resources effectively2.2 Assess the impact of fiscal and monetary policy on business organisations and their activities2.3 Evaluate the impact of competition policy and other regulatory mechanisms on the activities of a selected organisation3. Understand the behaviour of organisations in their market environment:3.1 Explain how market structures determine the pricing and output decisions of businesses3.2 Illustrate the way in which market forces shape3.3 Judge how the business and cultural environments shape the behaviour of a selected organisation4. Be able t o assess the significance of the global factors that shape national business activities:4.1 Discuss the significance of international trade to UK business organisations4.2 Analyse the impact of global factors on UK business organisations4.3 Evaluate the impact of policies of the European Union on UK business organisations. Answers: 1. Understand the organizational purposes of businesses: 1.1 There are two types of organization one is private organization and other is public organization. To identify the purpose of private organization, in private organization there are few companies like sole traders, partnerships, companies and franchises. Sole traders are a form of industry ownership and it is founded in a broad range of activities (electrical work, bushing etc), in sole trader you have to make all the judgment yourself (Patro, 2015). Partnership are generally, writing out a action of a company, which is witness by a solicitors an set out the significant information such as how the revenue and surplus will be shared (Partnership focuses on design of laser fused components, 2015). Were as on the other hand Cathay Pacific (CX) is a public limited company, it is an international airline based in Hong Kong and also listed in Hong Kong Stock Exchange Company in 1986. According to this CX vision is to be the best airline around the world, while achieving the vision, CX put security for their passenger first and they do their work from heart so that they can provide better service to their passengers. CX is also focus on being a socially and environmentally dependable company (Botha, Kourie, Snyman, 2014). Different organization has their own aims and vision like rising market share, profit, growth etc. CX always provide and outstanding services to their customers this level of services are the purpose of CX (Wetherly, Otter, 2014). 1.2 Stakeholders describe those individual or group that has interest in any operation of business (Kelly and Kugel, 2015). There are different types of stakeholders which will meet the organization goals and also help the organization to show high level of interest in the business (eg, CX stakeholders will be the customers of business and workers in the airport, employees etc). For the organization like CX its is important for them to satisfy the objectives of stakeholders. To satisfied the objectives of stakeholders, an organization need to find out the way how to communicate with the stakeholders ( eg, CX will have the meeting with their head officers to understand the needs, on the other hand CX has customer survey to know their better hope). For satisfied the objectives of stakeholders CX also offer a free-of-charge employees assistance program to all types of employees, it is a confidential counseling services to the staff with work related issues (Aminu, Shariff, 2014). On the other hand CX is planning for different type of scheme for those types of customers who want to spend more time with family. 1.3 The responsibilities of an organization and strategies employed to meet them are the following: CX is required to follow the Employment Ordinance Act, like for example maternity protection, wages protection, sickness allowances etc. HK prevent low paid job, in this the entire employees of CX organization has to follow the minimum wage ordinances. Apart from that Hong Kong equal opportunities commission, introduce the employment ordinance act which will help the employees while in pregnancy, marital status and also protect the employees from sexual harassment because employees safety and health care are very important for the particular organization. In this type of airline organization cabin crew and pilots jobs are very dangerous, for that CX will need to make sure that they had full safety protection for this job like they have sufficient rest period before operating the flight, they had also an insurance coverage etc (Khan, Quaddus, 2015). CX also need to offer 3 week training for the pilots and make sure that they are well trained and getting their knowledge of operating different aircrafts types doors etc (Casson and Pavelin, 2015). 2. Understand the nature of the national environment in which business operate 2.1 An economy system is comprise the different processes of organizing and how to motivate labor, and also circulate the fruits of individual labor, as well as products and services, customer goods, equipment, etc. There are three kinds of economic system Free market, centrally planned, mixed market and also mention three level of economy y organization like national, international, local (Nagac, 2015). Free market economy system; in this price mechanism will describe according to the market demand how much goods and services would be supplied. In this type of system most of the decision is made by market mechanism. While making the market decision under this supply and demand plays a major role (Sonenscher, 2015). Centrally planned economy system; in this type of system government play a vital role all the economic resources are allocate by the government and all the planning regarding the economic activities are made by them. This type of economic were found in Iraq, Iran etc. in this unemployment problem will not faced any problem till government are planning all the activities (Hasan Mikail and Turan, 2013). Mixed economy system; this type of system are the mixture of both the system. This System includes both the capitalism and socialism economic (Sonenscher, 2015). Mixed economy system are provided in the country were both private sectors and government sectors are involved. Private system help them to utilize resources by the help of this resources they will gain economic profit of all nation. 2.2 In the business organization fiscal and monetary policy play a great impact on their activities. Fiscal policy is identified by the government and the amount of taxation is fully paid to the government. If government increased the tax level, then the firm has tless money to invest and recruit, on the other hand if government will decreased the tax level then firm will invest for many sectors and this will create job for the people. Government can also charge more money from their customers for particular product and services (Shiamptanis, 2015). On the other hand monetary policy is controlled by the central bank, here monetary policy will not only harm the business organization but it will harm the entire economy system (Peiris and Vardoulakis, 2015). Its ability is to obtain credit. There are two kind of monetary policy that is expansionary policy and Contractionary. They are totally opposite from each other, expansionary policy decrease the taxes and increase money supply (Kapopoulos, 2004) while contractionary policy is totally opposite (Makin, 2014). 2.3 Cathay Pacific (CX) is a public limited company which is based in Hong Kong and also listed in the Hong Kong stock exchange in 1986. It is one of the most famous airline organization, airline organization is one of the most challenging and every organization invest more money in development, while they are competing with each other while get competitive advantages. Competitive policy will help them to promote and make the market better and also help to get better competence of various organizations. Here competition policy are based on four policies are market liberalization, merger control, antitrust and cartels and state aid control. These policies restrict from price policy and other kind of abuses. Competitors of CX airline organization are Singapore airlines limited, china southern airline co., and ltd. 3. Understand the behavior of organizations in their market environment 3.1 Market structure is very important for the organization and it also play a important role in the determination of price and production. There are few market structures like perfect competition, monopoly, monopolistic and oligopoly. In perfect competition there are unlimited numbers of buyers and they are perfectly elastic demand. In this there is freedom of entry and exits of buyers and they are product differentiation (JULIEN, 2010). In Monopoly there are only a single number of sellers and it is completely opposite to perfect competition. In monopolistic competition, there are few common characteristic of perfect competition and monopoly (Scherer, 2014). It is also known as imperfect competition. They sell their product and services by their own way like packaging, marketing etc (Yomogida, 2010). in this marketer does not have the perfect knowledge about the product and also dont know the quality of particular product. Last oligopoly market they are almost similar to monopoly market in this market at least two firm are controlled. 3.2 Market forces show the relation between the supply and demand in the market, were as demand refers to the quality of product sold in the market and supply refers to the numbers of goods and services available in the market. In this supply relation means relationship between the supply quality and price of the product and services are supplied in the market. Example, CX are able to give a better aircraft for direct flight from Hong Kong to New York. Thus, more direct air tickets from Hong Kong to New York will be offered in the marketer due to bigger aircraft. Moreover supply will affect the government policy and weather changes. Total good and services are in higher demand whereas due to the change in consumer test and preference will also affect the demand of particular product available in the market. For this it will help to change the strategy of an organization in marketing and so on (Niemann-Struweg, 2014). 3.3 As per the business and culture environment they play a vital role in an organization were as business environment are of two types internal and external, external will include economic and non- economic environment (Faria, Wellington, 2014). Economic environment will include the economic policy, systems etc were as non economic will include technology, demography etc. the two culture found in this business environment are micro and macro environment. Micro culture related to the multicultural or local culture was as macro culture refers to the culture which people generally shared (Apetrei, Kureshi and Horodnic, 2015). CX is an international airline which carries different passenger from different countries following this different passenger has their own culture, for that it is important for CX to understand the cultures of different countries. And CX has also many offices in different countries (Kireeva-Karimova, 2015). For increasing the sales revenue CX has to understand the local culture. Like for example, Asian passenger want to have oriental meal in which they can select either rice or noodle. For this reason CX has to provide more oriental meal so that they can increase their passenger to choose CX. 4. Be able to assess the significance of the global factors that shape national business activities: 4.1 International trade is essential for business organization and it is not possible to turn out all goods and services inside a country (International Trade, 2015). Several goods are presented in some other countries, thus it needs to exchange the products and services which are not likely to execute without international trading. International trade is very commercial and profitable for an organization (Carroll, Buchholtz,2014).. UK business organization is also refers as globalization country, were they can sell and buy their goods and services across the nation. For UK it is important for them to grow international trade because it will help them to grow their economic growth in the right way and also help them in large rewards in businesses. Apart from that it will help UK organization to increase their investors as well as help in overseas the market. There are few benefit which will help in international trading to UK business organization, like Broadens Horizons and markets , in this if the companies which are UK based manufacture their product which are for domestic use, will completely maximize their potential and export only those product in the country. Production costs, in this trading their goods and services to other country then only company will release itself upper to lower level of production costs. Materials, UK depends on the other countries while producing their goods and services. In UK several raw materials are not found like mango, banana for those product UK have to export from hotter country on the other hand UK import many luxurious and expensive materials like cars, weapons etc to fulfill the needs of other countries. For this international trade help those to export and import the goods and services from other countries or else there will be extremely limited choice for each country. 4.2 The impact of global factors on UK business organization are, in this there are four factors which will affect the UK business organization such as political, economical, technological and social cultural (Piffer, 2015). For an organization it is important for them to understand this effect because it will help them in developing their business policy and also help in bringing different impact to their business. Social and cultural factors are somehow related to the change in social and cultural factors. They can produce high quality of goods, approaching from the tastes preference of consumers and their lifestyles pattern in population in UK. Like for example if the consumer is from local area basically half of them are family, then it will affect the business of normal grocery store. The level of global technology, transportation and the manufacturers will get through and it will have a big impact on business. Example, to communicate and produce their goods and services across the nation, organization are using advance technology, for this it will get affected on the increase in sales and also affect their reputation in an organization. Apart from that for an organization UK government are providing a high speed of internet so that they can communicate well with the other countries and time zone (Schaffer, Agusti,, Dhooge,2014). 4.3 UK has to maintain some regulations and law after joining EU. Foe European Union all laws and policies are same and all country are have follow all the legislation (Pellikka and Malinen, 2015). The EU is a trading bloc, custom union, and supranational body, were as trading bloc allow free trade union, goods across the countries and it is an intergovernmental agreement. On the other hand custom union, in this there are no tariff barriers and allow the members of EU to sell all types of goods and services from the other countries and last supranational body, in this countries force to give up rights of decision making and also divide the interest of voting. They came up with certain act like single European act 1986, which aim is to create single market. And it will bring benefits for all the members of EU. These days, The EU is playing an significant role in influence the business activities during laws, taxation, policy, regulations etc (Parsons, 2010). UK business encourages the export of goods and services with the help of international trade. Apart from that it will help to promote their goods and services in UK, and also discourage any import of goods and services from other nation, for this kind of reason employment policy are used and this policy will give the liberty of association for employees to work in EU without using any visa. Conclusion: For an organization is will necessary to understand the importance of business environment. By using the business environment organization can identify their SWOT analyses that is strength, weakness, opportunities and threats. For understanding the requirements of business environment organization will supervise the social, political, economical and technological factors for regular basis. Cathay Pacific (CX) will supervise its environment in an regular manner and made their plans according to the situation (Meiners, Ringleb, Edwards,2014). References Apetrei, A., Kureshi, N. and Horodnic, I. (2015). When culture shapes international business.Journal of Business Research. Casson, M. and Pavelin, S. (2015). The Social Performance and Responsibilities of Entrepreneurship.Business Society. Hasan Mikail, E. and Turan, A. (2013). The transition perÄÂ ±od of the central planned system to market system of Kyrgyzstan economy: from the perspective of the privatization politics.International Journal of Academic Research, 5(5), pp.429-435. International Trade. (2015).Oil and Energy Trends, 40(1), pp.45-49. JULIEN, L. (2010). From Imperfect To Perfect Competition: A Parametric Approach Through Conjectural Variations.The Manchester School, 78(6), pp.660-677. Kapopoulos, P. (2004). When can fiscal consolidation be expansionary? Evidence from a small open economy.Journal of Policy Modeling, 26(8-9), pp.1031-1043. Kelly, T. and Kugel, C. (2015). How to Make Your Stakeholders Smarter.Research World, 2015(50), pp.50-52. Kireeva-Karimova, A. (2015). Institutional Challenges and Economic Agents Forming a Competitive Market Environment.Mediterranean Journal of Social Sciences. Makin, A. (2014). Expansionary Versus Contractionary Government Spending.Contemp Econ Policy, 33(1), pp.56-65. Nagac, K. (2015). Tax system and informal economy: a cross-country analysis.Applied Economics, 47(17), pp.1775-1787. Parsons, C. (2010). Revisiting the Single European Act (and the Common Wisdom on Globalization).Comparative Political Studies, 43(6), pp.706-734. Partnership focuses on design of laser fused components. (2015).Metal Powder Report. Patro, C. (2015). Employee Welfare Measures in Public and Private Sectors:.International Journal of Service Science, Management, Engineering, and Technology, 6(1), pp.22-36. Peiris, M. and Vardoulakis, A. (2015). Collateral and the efficiency of monetary policy.Econ Theory. Pellikka, J. and Malinen, P. (2015). Fostering business growth and commercialisation processes in small high technology firms.International Journal of Business Environment, 7(1), p.98. Piffer, D. (2015). Estimating the genotypic intelligence of populations and assessing the impact of socioeconomic factors and migrations.The Winnower. Scherer, F. (2014). The Federal Trade Commission, Oligopoly, and Shared Monopoly.Rev Ind Organ, 46(1), pp.5-23. Shiamptanis, C. (2015). Risk Assessment Under A Nonlinear Fiscal Policy Rule.Econ Inq, p.n/a-n/a. Sonenscher, M. (2015). Money and Political Economy in the Enlightenment.French Studies, 69(1), pp.98-98. Sonenscher, M. (2015). Money and Political Economy in the Enlightenment.French Studies, 69(1), pp.98-98. Yomogida, M. (2010). Fragmentation and Welfare in Monopolistic Competition.Review of International Economics, 18(3), pp.531-539. Botha, A., Kourie, D., Snyman, R. (2014).Coping with continuous change in the business environment: knowledge management and knowledge management technology. Elsevier. Wetherly, P., Otter, D. (Eds.). (2014).The Business Environment: Themes and Issues in a Globalizing World. Oxford University Press. Khan, E. A., Quaddus, M. (2015). Examining the influence of business environment on socio-economic performance of informal microenterprises: content analysis and partial least square approach.International Journal of Sociology and Social Policy,35(3/4). Niemann-Struweg, I. (2014). An integrated communication implementation model for the post-2000 business environment.Public Relations Review,40(2), 184-192. Faria, A. J., Wellington, W. J. (2014). Validating business simulations: does high market share lead to high profitability?.Developments in Business Simulation and Experiential Learning,31. Carroll, A., Buchholtz, A. (2014).Business and society: Ethics, sustainability, and stakeholder management. Cengage Learning. Aminu, I. M., Shariff, M. N. M. (2014). Strategic Orientation, Access to Finance, Business Environment and SMEs Performance in Nigeria: Data Screening and Preliminary Analysis.European Journal of Business and Management,6(35), 124-131. Schaffer, R., Agusti, F., Dhooge, L. (2014).International business law and its environment. Cengage Learning. Meiners, R. E., Ringleb, A. H., Edwards, F. (2014).The legal environment of business. Cengage Learning.

Personal and Professional Development Plan †MyAssignmenthelp.com

Question: Discuss about the Personal and Professional Development Plan. Answerr: Introduction Leadership has subjective connotations. Somebody may be a leader to one person but not to another person. The characteristic of an effective leader is to harness skills and tap the potential of the employees. A leader should inspire the employees to deliver their best performance. A leader should motivate the employees in crisis or other situations so that they feel emboldened to come out of the situation. Effective leadership is characterized by marinating the perpetual support of the followers and exhibit commitment towards the team (Yukl 2013). Leadership is also a reciprocal process and it depends on the relationship between the leader and the follower. According to Truman, a leader is a man who have the ability to persuade to do what he wants and also motivate people who are lazy to like a job (Wang et al. 2014). Societies and civilizations have been transformed and developed though the efforts of effective leadership. Martin and Curtis have outlined three kinds of leadership: t eachers as leaders like Socrates and Aristotle, rulers as leaders like Julius Caesar and Genghis Khan and heroes as leaders like Michelangelo and Einstein. Management is distinguished from leadership. Management as a principle harps on the complexities. There is a need for good management so that the complex enterprises can be run smoothly. Another feature of management is coping with change. This is a personal and professional development plan based on my professional goals, the corresponding strategies that I intend to adopt to meet those goals and the time I require to meet those goals. TARGET STRATEGY TARGET DATE (Along with reasons) Developing Leadership (honing and developing management skills; Improving myself as a leader (A leader should have the ability interact directly with the team) Since leadership centres on setting the direction for change, the goal is to improve myself as a reader by improving on the principles and individuality. 10th Week Making efficient decision making (Efficient leaders are considered as idealist) To become efficient there needs to be a separate blueprint with the objective of responding to every situation. Leaders should be perpetually ready to overcome fears. There should be the formulation and implementation of sustainable plans 2nd week Friendly office environment-To create an office environment based on trust One should interact freely with the colleagues, associates and managers without any hindrance. There should be no informal interaction. Development of trust with the colleagues 3rd week Focusing on communication on three different levels Communication with the vendors entailed to formal approach, formal approach of communication with the executives and a casual approach with the associates. The idea was to provide the colleagues with a clear vision 4th week Attention to technical knowledge Implementation of a new video conferencing system that would improve the video calling between the staff in the corporate enterprise and the clients. Post the provision of the cost list, proposal to the executive team in which the budget and the timeline have been set. 6th week Critical gaps between my current capabilities or sphere of influence and your leadership aspirations The feedback I received from my friend regarding my proposed professional and personal development plan was quite encouraging. However, I have identified certain gaps that need to be amended. The feedback that I received from my partner enabled ,e to realize that there is no uniform code in the organization which is a major setback. As an aspiring entrepreneur, I need to ensure that there is mutual trust at different levels. I should have concentrated on this aspect. An efficient communication is not limited to engaging the multiple stakeholders of the organization on the same critical plane but also it is my responsibility to communicate my objectives with clarity to each member of the organization. I also should try to mediate the potential conflict that may arise in the interaction between the line managers and the staff. According to the personality test, my drawback is that I am not open to the new experiences; however, I am well-organized and reliant. It was further found that I social and I enjoy the company of others. I am neither too calm nor too nervous. It was also found that I am not irritable and easily forgive others. These qualities will be helpful for me to take on new challenges in a cool and organized manner. The most important capability of a person is to be self-aware. In the pursuit of fame and money, one should not lose touch with ones authenticity. Self-explorations are crucial to the personality of the leader. Understanding the authentic selves demands courage and honesty. Feedback of ones leadership style is key to becoming an efficient leader. However, the leader should be open to criticisms. Any kind of rejection of the viewpoints of the others or denying the result of the feedback can prove to be detrimental for effective leadership. Therefore, denial has been understood as the greatest hurdle in leadership. A leader should not feel discouraged by opinions of others. Authentic leadership is derived from the personal values,, beliefs and principles shared by an individual (Bolman and Deal 2017). Leadership lessons generate from the worst of conditions-when the life of a person is in an undulating situation, the person learns to come up with survival strategies that enables the pe rson to use it in future situations. The vision of leadership should be translated into action that would reap effectiveness for the organization. An efficient leader knows the skills of balancing extrinsic and intrinsic motivations (Hogan and Coote 2014). Leaders need to be aware regarding what drives them with the aim of perpetually keep them motivated. Leaders are advised not to get caught up in the social circle. The leader needs to find the external and internal motivation that would induce fulfilment to their work. Leaders with an achievement-oriented outlook need to be habituated with successive accomplishments in the formative years that would embolden them to proceed for their intrinsic motivations. Leaders need to muster active support around the world to over the challenges. The feedback that I received from my partner was revealing because I was pointed out that good communication skills, active listening and a sense of the understanding of the workers would enable be he lpful for me future leadership projects. However, the feedback also stressed that I have engaged in critical analyssi of the issue. For a prolonged period of time, national culture has informed the cornerstone of leadership strategies. The national culture has governed the rationality and the ethics in business. National cultures are imbibed during the formative stage of the individual and have undergone transformation during the various epochs (Laschinger and Fida 2014). The organizational cultures are embedded in the organizational framework. There are key distinctions between the leaders of the national culture and the organizational culture. An efficient leadership is premised on harnessing ideas and competitive strategies. Effective leadership strategies are influenced the experiences of the life journey (Azanza, Moriano and Molero 2013). The experiences in the real-world along with the challenges posed by life have been influential in moulding of the leader. Leaders are not born with particular traits that pave their destiny. On the contrary, the trials and tribulations of life emboldens a person to make ch oices that go on to become fruitful and contribute in leadership. For example, the loss of job or personal ill-health or the stigma of being excluded or the loss of a dear friend collectively influence the leadership style of the person. To enhance organizational creativity, a leader should adhere to three main practises. For the leader, intrinsic motivations are more important than extrinsic motivations. Leaders to understand than they are incomplete without their team (Leroy et al.2015). They need advice to run their enterprise and therefore, a loyal and supportive team is his/her biggest strength. Authentic leaders need to build teams in a perseverant manner that would be supportive in the long run. Leaders who expect unconditional support from the team need t embrace himself as who he is. Leaders usually have mentors who have left a profound impact on their life. The best form of mentoring experience emerges from mutual learning, shared values and enjoyment. The efficiency of th e leader lies in eliciting ideas from different stakeholders of the organization. A leader should motivate the people in his/her organization and encourage them to share their views without the fear of fail. A leader also needs to be appreciative of the audience by acknowledging them for their contributions. Interaction with people from different culture on the first day of the hob enabled me to be appreciative about their lives. In a company, the chance of innovation will arise when there is a confluence of diverse people. This will promote creativity and broaden the minds of the individual. A leader needs to ensure that the different stakeholders involved in the decision-making feel comfortable. This attitude will instil loyalty among the audience and that will be reflected in their commitment towards the company (Fairhurst and Connaughton 2014). During my association with Universal Music Australia, I interacted with the staff and the mangers without any barrier. People engaged in creative endeavours need to be protected from bureaucratic rigmarole and banal commercialism. A leader needs to be cautious with procedures of filtering. A leader needs to map out the different stages in innovation that includes documenting the processes, technology support and skill sets. A leader is posed with several challenges in the journey of leadership (Noruzy et al.2013). One such challenge is the integration of the lives. A leader needs to ensure that a balanced life is maintained. Authentic leaders are confident, ambitious, steady and focussed. I tried to follow this leadership style during the implementation of the new video calling between the clients and the staff. There is an emphasis on maintaining a steady personal life as it also promotes a stress-free life (Tourish 2014). Contrary to popular belief that family life poses impediment in the pursuit of career, it has been found that people with a great balance of personal and professional life enjoy more satisfaction than others. It has also been found that the CEOs and chairman of many companies are revered for their quality of striking excellent relationships with their tea and empowering individuals from different communities. Authentic leaders are known for following a bottom-up approach and then sustaining those results. This reinforces the effectiveness of their leadership. The ability of the authentic leader lies in producing results that are sustainable in nature (Hoch 2013). A leader needs to be collective-oriented (Day et al., 2014). Leading a team can be an overwhelming yet satisfactory experience. There is a feeling of satisfaction that emerges from empowering another individual. In case of the emergence of conflict, a leader needs to pay heed to the arguments and concerns of the interested parties. On listening to the grievances of the parties, a leader should address their concerns. Avoiding the problem would not resolve the issue. On the contrary, it would aggravate the situation . A leader needs to give assurance to the aggrieved person that his/her concerns will be taken care of. A leader needs to be careful about their own perception about the different employees. Employees respond to the leader in accordance to their perception with the leader. This is popularly known as the Pygmalion effect which is a kind of self-fulfilling prophecy (Wang and Hsieh 2013). A leader should also keep a check on their behaviour with the employees. Negatively labelling an employee would demotivate the employee and therefore, reap negative performance. Since leaders are interacting with people of diverse background, they need to cautious about their behaviour and the impact on that behaviour on the person (Donate and de Pablo 2015). Fairness and justice should guide a leader during interaction with others. A leader needs to understand that respect is earned through the practise of virtues. A leader should engage in the business relationships with integrity. A study by ?erne, Jakli? and kerlavaj (2017) has shown that authentic leadership has positive impact on the performance of the team members. However, in case of leaders who have ascribed themselves as authentic leaders, their influence have negligible impact on the performance of the team members. It also demonstrated that the there is a strong correlation between the creativity of the team and perception of the leader towards the team. Yidon and Xixin (2013), inspired from the cognitive evaluation, theory contended that ethical leadership has positive impact on the innovative behavior of the employees. Conclusion The above essay outlined my personal and professional development plan. This exercise is important to understand my role and responsibilities as a leader. I also identified the gaps in my plan in the backdrop of the discourse of authentic leadership. An authentic leader appreciates the efforts of her team member, treats them like her family, encourages them to unleash their creative side, emboldens them to articulate their grievances, and collects feedback on her performance in the company. An authentic leader believes in maintain a balance between personal life and professional life. An authentic leader does not bow down to challenges but learn from them, rise above. The core values and beliefs of an authentic leader along with the transformational leadership skills has the potential to transform to lead the company towards it success. References Azanza, G., Moriano, J.A. and Molero, F., 2013. Authentic leadership and organizational culture as drivers of employees job satisfaction.Revista de Psicologa del Trabajo y de las Organizaciones,29(2), pp.45-50. Bolman, L.G. and Deal, T.E., 2017.Reframing organizations: Artistry, choice, and leadership. John Wiley Sons. ?erne, M., Jakli?, M. and kerlavaj, M., 2013. Authentic leadership, creativity, and innovation: A multilevel perspective.Leadership,9(1), pp.63-85. Day, D.V., Fleenor, J.W., Atwater, L.E., Sturm, R.E. and McKee, R.A., 2014. Advances in leader and leadership development: A review of 25 years of research and theory.The Leadership Quarterly,25(1), pp.63-82. Donate, M.J. and de Pablo, J.D.S., 2015. The role of knowledge-oriented leadership in knowledge management practices and innovation.Journal of Business Research,68(2), pp.360-370. Fairhurst, G.T. and Connaughton, S.L., 2014. Leadership: A communicative perspective.Leadership,10(1), pp.7-35. Hoch, J.E., 2013. Shared leadership and innovation: The role of vertical leadership and employee integrity.Journal of Business and Psychology,28(2), pp.159-174. Hogan, S.J. and Coote, L.V., 2014. Organizational culture, innovation, and performance: A test of Schein's model.Journal of Business Research,67(8), pp.1609-1621. Laschinger, H.K.S. and Fida, R., 2014. New nurses burnout and workplace wellbeing: The influence of authentic leadership and psychological capital.Burnout Research,1(1), pp.19-28. Leroy, H., Anseel, F., Gardner, W.L. and Sels, L., 2015. Authentic leadership, authentic followership, basic need satisfaction, and work role performance: A cross-level study.Journal of Management,41(6), pp.1677-1697. Noruzy, A., Dalfard, V.M., Azhdari, B., Nazari-Shirkouhi, S. and Rezazadeh, A., 2013. Relations between transformational leadership, organizational learning, knowledge management, organizational innovation, and organizational performance: an empirical investigation of manufacturing firms.The International Journal of Advanced Manufacturing Technology,64(5-8), pp.1073-1085. Tourish, D., 2014. Leadership, more or less? A processual, communication perspective on the role of agency in leadership theory.Leadership,10(1), pp.79-98. Wang, D.S. and Hsieh, C.C., 2013. The effect of authentic leadership on employee trust and employee engagement.Social Behavior and Personality: an international journal,41(4), pp.613-624. Wang, H., Sui, Y., Luthans, F., Wang, D. and Wu, Y., 2014. Impact of authentic leadership on performance: Role of followers' positive psychological capital and relational processes.Journal of Organizational Behavior,35(1), pp.5-21. Yidong, T. and Xinxin, L., 2013. How ethical leadership influence employees innovative work behavior: A perspective of intrinsic motivation.Journal of Business Ethics,116(2), pp.441-455. Yukl, G.A., 2013.Leadership in organizations. Pearson Education India.