3M Corps Strategic Management

3M’s historical summary 3M is based in the US and it employs more than 84,000 employees. Moreover, it engages in the production of more than 55,000 different products. It owns 29 international companies. It also operates in more than 60 countries. 3M was founded in Minnesota in 1902. The company was established as a mining venture.Advertising We will write a custom research paper sample on 3M Corp’s Strategic Management specifically for you for only $16.05 $11/page Learn More However, the venture failed and it was taken over by John Dwan in 1905. In this case, it engaged in the production sandpaper products (3M, 2012). When 3M became financially stable in 1916, it began disbursing dividends to its stakeholders. Today, the headquarters of the company are located in Maplewood. 3M Corp started its operations by mining in quarries. However, the company faced challenges while trying to improve the quality of its products. Moreover, it encountere d problems while marketing its products to local and international markets. As a result, the managers of the company started supporting the employees in order to motivate them to be innovative and train them to develop new products for the company. Therefore, innovativeness was the core strategy of the company. It came up with a unique product after being in business for 12 years. The innovations that are unique to the company include Three-M-ite cloth, waterproof sandpaper, Scotch brand tapes and the masking tape (Hitt, Ireland, Hoski, 2009). 3M Corp started expanding internationally in 1929. It started by taking its operations to Europe. The company also started selling its stocks in the same year. After becoming financially stable, the company started partnering with other similar companies in the market thereby boosting its profitability significantly. Today, the company has acquired Arizant Inc. and Winterthur Technology group (Wikinvest, 2012). The company is also capable of manufacturing unique products in an efficient and consistent manner. This has improved the overall competitiveness of the company globally. 3M Competitors In order to cope with the competitive pressure in the market, 3M has diversified its business operations into six segments. These include Protection services, Security services, Healthcare services, Industrial and Transportation services, Graphics and Display services, and Office services.Advertising Looking for research paper on business economics? Let's see if we can help you! Get your first paper with 15% OFF Learn More The company makes more than two thirds of its sales from outside the US. The major competitors of the company include Johnson Johnson, Bostik Inc. and Sika AG (Wikinvest, 2012). Since these companies manufacture similar products to 3M, the company has been forced to invest in overseas markets and diversify its range of products in order to help it cope with the competitive pressure in the market. Because of the unique strategies that the company adopts, it has been able to boost its profitability and stability in the market. 3M’s position in the Industry Research shows that 3M engages in a diversification strategy in order to boost its stability in the market. In this perspective, 3M is regarded as a multi-industry company that has been able to establish the highest global presence. It develops innovative products thus boosting its profitability significantly. Moreover, the company is becoming increasingly global. In this case, 63 percent of its earnings come from the operations that it carries from outside the US (Hill Jones, 2008). Global infiltration of the company has allowed it to be well-positioned in the market. As a result, the company has been able to utilize the potential of developing markets such as China and India. The company also buys products that are popular in their domestic markets thus helping it penetrate foreign markets easily. Recent developme nts in the company 3M believes that innovation is the way of life. As a result, the company applies creativity in its daily operations to help it solve the challenges that interfere with its development goals. Innovation also helps the company to overcome the problem of inequality. In order to be successful in its operations, 3M focuses on business model innovations and disruptive technology. Since 2008, 3M has been able to complete more than 20 transactions. These transactions have been focused on the company’s vital areas of operation. The key portfolios of the company include Perceptive Pixel Inc., Printechnologies GmBH, Naporo GmBH, and Ecovative Design LLC. For instance, Perceptive Pixel Inc. designs the most advanced multi-touch solutions. As a result, the company has been able to attract the government, healthcare institutions and medical imaging professionals to adopt this technology in their operations. On the other hand, Printechnologies GmBH develops electronic sys tems which facilitate in the printing of digital information on a paper. Moreover, Naporo GmBH utilizes bio-based materials and then uses them as renewable materials. In addition, Ecovative Design LLC focuses on the development of mycelium which closes the gap between wood and plastics (Hill Jones, 2008). Mycelium is used for insulating purposes. In this perspective therefore, it is evident that 3M focuses on innovation in order to remain competitive in the market.Advertising We will write a custom research paper sample on 3M Corp’s Strategic Management specifically for you for only $16.05 $11/page Learn More Future direction 3M believes that its future developments will be influenced by its ability to prepare its employees for leadership responsibilities. As a result, the company is embarking on strategies aimed at ensuring that qualified women and minority groups are represented in leadership positions. The company also aims at developing lead ers who will be able to expand the operations of the company in future. This will ensure that the competitiveness of the company remains high in the global market. References 3M. (2012). 3M New Ventures. Retrieved from https://www.3m.com/ Hill, C., Jones, G. R. (2008). Essentials of Strategic Management. New York: Cengage Learning. Hitt, M. A., Ireland, D., Hoski, R. E. (2009). Strategic Management: Competitiveness and Globalization : Cases. New York: Cengage Learning. Wikinvest. (2012). 3M Company. Web. This research paper on 3M Corp’s Strategic Management was written and submitted by user Allyson Pope to help you with your own studies. You are free to use it for research and reference purposes in order to write your own paper; however, you must cite it accordingly. You can donate your paper here.

Reality vs appearance in Richard III Essay Example

Reality vs appearance in Richard III Essay Example Reality vs appearance in Richard III Paper Reality vs appearance in Richard III Paper In the play ‘Richard IIII’, Shakespeare shows instances of outward appearances masking inward reality throughout the play. Shakespeare has effectively intertwined the two elements appearance and reality to give the audience a different view and more information than the characters are aware of in the play. The audience can anticipate events that may follow creating dramatic tension. This theme is represented by Richard, however Richards’s right hand man ‘Buckingham’ also plays a major part in it, ‘’My other self, my counsel’s consistory, my oracle, my prophet!’’ The difference between appearance and reality first shows up when Richard admits to not only himself, but to the audience, that he is a villain, â€Å"As I am subtle, false and treacherous†. By admitting to himself that he, Richard, is a villain, he reveals reality, as he has no motive to lie or deceive himself. In this soliloquy, Richard’s motive is not to deceive any other character, but rather to take a step back from his deceptions and to give the audience a glimmer of reality instead of the cloak he feeds to the other characters. This is one of the few times that Richard exposes himself as what he truly is, a villain, of deception and fraud, ‘’I am determined to prove a villain†¦Ã¢â‚¬â„¢Ã¢â‚¬â„¢ Moreover this theme is also revealed in act three through Buckingham, ‘’we know each other’s faces. For our hearts, He knows no more of mine than I of yours†¦Ã¢â‚¬â„¢Ã¢â‚¬â„¢. This line gives dramatic force to the theme, the ability to judge a person correctly by external signs. Buckingham says he knows Richard’s outward appearance or faces but not his inward thoughts or heart. In sharp contrast, Hastings claims a close relationship with Richard and assumes that Richard will willingly accept his view as his own. Through Shakespeare’s dramatic irony which creates tension and keeps the audience drawn in suspense, Hastings continues to assume mistakenly that ‘faces’ equal ‘hearts’. He claims that Richard is unable to conceal his feelings and intensions ‘’I think there’s never a man in Christendom can lesser hide his love or hate, than he’’. In ‘Richard III’, Shakespeare uses the difference between appearance and reality to show that one may be so clever like Richard yet it is so difficult to maintain his front. At the end, the truth will finally come out and the consequences are shown to be tragic. Shakespeare has made Richard into such a realistic character for other characters in the play. For them, when reality is revealed it is too late.

Concept to Full Production Contract Essay Example | Topics and Well Written Essays - 1750 words - 2

Concept to Full Production Contract - Essay Example Strategic staffing process includes defining the type and number of employees needed at a particular period. These ensure that the business plans of the organization are effectively implemented. The process also helps in identifying the staffing resources at present. In addition, the organization periodically reviews its performance in long and short term periods. New employees are trained, recruitments take place, and promotions to the old staff are effectively implemented (Bachet, 2002). Job analysis is often a procedure by which relevant information is acquired about a job. It is a systematic and comprehensive study of information concerning the operations and responsibilities of a job. A vital concept job scrutiny is that the analysis is directed on the job, not the person. Job analysis is often carried out to establish ‘job relatedness’ of the employment procedures. The target procedures contain training, performance appraisals, selection and compensation. It spells out what the employee does the level of education, skills, and training requirements. In addition, the incumbent acquires a simple questionnaire to pinpoint job duties, equipment used, work environments and relationships. This helps in conducting effective interviews on the incumbents. The performance review of job analysis is often used to develop evaluation criteria, goals and objectives, length of probationary periods, and performance standards among others. Organizations should clearl y define duties and responsibilities assigned to the employees to avoid confusion that can result to poor performance. When conducting a job analysis, one has to follow certain procedures. First and foremost, identify the specific purpose of job analysis and select the method to be used. One can review expels of other similar jobs in order to select an appropriate method of a job analysis. The organization should train the analyst

Healthcare systems Assignment Example | Topics and Well Written Essays - 750 words

Healthcare systems - Assignment Example In the United States, there are bodies that have been put in place to manage information about the health care providers. These bodies are the NPDB and the HIPDB. The NPDB is a federal data bank in the United States that was created to serve as a store for information about health care providers in the United States. The Medicare and Medicaid Patient and program Protection Act of 1987 led to the development of NPDB. This aimed at protecting the beneficiaries of health care from unfit health care practitioners. The NPDB not only not keep information about adverse professional society actions against physicians and dentists quality of care but also tracks all payment made that are not in accordance to the health care ethics. The other data bank in the United States is the HIPDB. This data bank was established by the Health Insurance Portability and Accountability Act of 1996.It was purposely created to fight fraud and abuse in health insurance and health care delivery to the people. HIPDB contains information about actions by the licensing agencies against provision, supply and delivery of health care. The two data banks are different in that while NPDB contains information about professional conduct and competence in health care delivery, HIPDB contains information about judgments made against health care providers. In the health care sector there may arise issues about funds. Decisions on who to pay, for what to pay, and how much to pay create risk and incentives which in turn affect the type of and amount of health care service offered. This necessitates the coming in of payment systems which play an important role in the health sector. Different payment methods can lead to different outcomes. The criteria used in payment and reimbursement are critical to determine the diverse outcomes. However, hospitals can decide to use the per

Performance Management and HR Budgeting for H2O Essay

Performance Management and HR Budgeting for H2O - Essay Example The purpose of performance management is to create significant performance indicators, so that employees can follow their own performance levels. This method can help them manage their activities, correct their weaknesses and provide a plan for the right processes to maximize their performance. Performance management measurement is about accountability – to the organization and then to one’s self. We can tell that the organization’s performance management system is working well if we notice the following signs: high morale for the members of the team; effective teamwork even across different departments; promotion decisions are well formulated; goals are achieved; people are motivated; appraisals executed effectively; and terminated employees are well informed of their performance. (Horwitz, 2005, p. 5) Performance management philosophies Performance management systems developed by organisations are based on the philosophy which emphasizes employee performance. T his system motivates employees to perform well and work for organizational objectives. Performance management philosophy refers to developing an organized method of evaluation that requires performance expectations, monitors the job of the employees, evaluates their performance, and uses the information from this evaluation for management decisions and also for providing resources. (Bhattacharyya, 2011, p. 11) A management philosophy may start with the hiring process. The initial step is to focus on an applicant’s goals, capabilities, career focus, and so on. As soon as the applicant passes the tests, he/she becomes a member of a high-performing team. The developed performance management system allows the employees to know the company’s performance requirements and incentives, based on job results, and also to acquire new ways how to effectively perform up to the next performance cycle. According to Kandula (2006, p. 11), performance management is the result of utilita rian instrumentalism, which means it encourages hiring human resource at the lowest cost, retaining employees as long as they are useful, and termination of the contract if it is not anymore effective. Organizational culture plays a critical role in the development of performance management in an organization. Organizations with a supportive or collaborative culture have the chance of developing performance management processes that share information about improving employee performance. A reward system may create a desired performance rather than a punitive system which may result in unsatisfactory performance. (Micklitsch & Ryan-Mitlyng, 1996, p. 18) Performance management includes all possible initiatives managers undertake to have high performance among employees. These initiatives focus on giving performance appraisal, rewards and recognition to motivate high performance (Heslin, Carson, & VandeWalle, p. 89). Performance appraisal is almost similar to the principle of performan ce management. Many organizations of today are still applying the traditional method of performance management, i.e. ‘the maintenance-oriented, regulatory and administrative human resource management’ (Kandula, 2006, p. 11). This is a barrier to the application of performance management practices. There is a resistance on the part of the employees, and it can slow down the

Customer Loyalty in the Restaurant Industry: Nandos

Customer Loyalty in the Restaurant Industry: Nandos Topic: How customer loyalty can be increased in the restaurant industry? The case of Nandos. Why customer loyalty is important? What Nandos is doing and how it can be better develop? Loyalty marketing, loyalty programs, how to manage it? Techniques? Benefits? Problems? Conclusion. Loyalty Marketing: Definitions Of Customer Loyalty The main change concerns in the organization of marketing activities are certainly one of the more remarkable doctrines marketing. The concept of traditional marketing put at the centre of its priorities the creation of a preference for the service, the needs and desires of consumers. The marketing approach, as observed in the theory and practice in recent years focused more on the notion of exchange and the relationship is the focus of analysis. More recent approaches of marketing focus on the customer and make the quality of the relationship the key to loyalty. Indeed, a quality relationship inhibits choice and represses the effect of preferences. Thus, the relationship with the client becomes a primary concern managerial and academic. The market-oriented generates necessary behaviours to create superior value delivered to customers (Kohli and Jaworski 1990) and place the interests of the client first (Deshpande et al. 1993) for a continue satisfaction, permanent, which undergone constant refinement. This satisfaction is no longer about the only service provided by the company, but includes elements of the relationship, such as trust and commitment. For this, we seek an ongoing relationship and oriented in the long term in the context of a relationship marketing (Dwyer, Schurr et Oh 1987, Sheth et Parvatiyar 1994) and in this context that develops loyalty policies (Dawkins and Reichheld 1990). Kyner and Jacoby (1973) define loyalty as follows: Loyalty is defined as a behavioural response bias because non-random (not spontaneous) expressed over time by an entity decision, finding one or several brands taken in an overall, according to a decision process.† In this definition, loyalty requires: A repeat purchase behaviour resulting from several background variables and complement each other; A positive attitude of consumers that must be controlled or directed. This attitude reveals a favourable perception towards the brand, service, differentiating it to the loyalty from routine behaviour. For others loyalty rooted quality and delivered on the positive gap between perceived expectations and post-purchase evaluation. For Shapiro and Varian (1999) loyalty is to the consumer when efforts to change brand, product or supplier are too large to expect a significant gain change. The authors of this school of thought attempt to explain loyalty by exit barriers that prevent a kind of free choice of the client (a client may be considered faithful to a company only because it has characteristics of geographical proximity). Another school of thought on the loyalty is that which gave birth to the management of customer relationship management (CRM) with the emergence of ideas of Life Time Value. It aims to analyze the lifetime value of its current contribution but also on the basis of its potential to better allocate the resources of the company. It is now for an analysis in terms of portfolio of clients (each client has a value for the company that can be measured by the margin gen erated). Customer loyalty can be defined as the tendency of a customer to choose one company or product/service over another for a particular need. Customer/s can be described as being brand loyal because they tend to choose a certain brand of product more often than others. Customer loyalty is evident when it is the customers who make choices and take actions. Customer may express high satisfaction levels in a survey with a product or company, but there is a big difference between satisfaction and loyalty (Kumar (2008). Loyalty is shown by the actions of the customer, who can be satisfied and still not be loyal. The satisfaction with the product is ultimately a condition for loyalty. In fact, satisfaction is necessary for loyalty but not sufficient. It is true that the satisfaction is not only based on the product and service but also the relationship with the staff. Satisfaction towards the product concerns intrinsic attributes: quality, features, design, durability, benefit. Ultimately, th e quality-price emerges as a global assessment. The service specifically covers guaranteed delivery, solving problems and handling complaints. It introduced the relational aspects of accessibility, courtesy, competence and communication. Experience has shown that the first reason why customers leave a company with whom they do business, is that they do not feel that their needs are important to the company, and vice versa for the remaining loyal to the company for a long time, they feel valued and important. This perception and feeling to be considered is the emotional bridge between customer satisfaction and customer loyalty (Ghaury and Cateora 2006). Companies use a series of programs as relationship marketing, Database marketing, permission marketing or customer relationship management (CRM). Loyalty has a direct effect on sales of a company, and even better on its profits. However, the increased level of loyalty stems directly from the attitude and behaviour staff to clients. Motivation staff is the most powerful vector loyalty which itself contributes to profits. Meanwhile, business processes influence largely on how the staff behave with customers. It is in the interest of the company to develop a long-term relationship with clients where both parties benefit each other. It is much less costly for the company to keep its existing customers than to seek new ones. The scale of customer loyalty has 5 types of customers starting with: Suspect: A suspect is someone who comes across the companies promotion. They are a potential suspect for the company. Prospect: If the person is interested in the promotion they become a potential prospect. Customers: A customer is someone who purchases either the product or service. Clients: Clients are those who come back to the company. Advocates: Promotes the business on the companys behalf. They are so happy about the product/service that they tell others. (http://www.learnmarketing.net/ladder.htm Accessed on 02/08/2009) Marketing And Loyalty There are many definitions of marketing applying to loyalty programs. Several of them have focused these objectives in view of the value of the customer more profitable for the company. Today, programs and loyalty cards are found everywhere on standard credit cards, restaurants, etc Loyalty programs are widespread in all sectors that deliver goods or services used. They rely on marketing databases built from information from the loyalty cards that identify the client and record information about its behaviour. Their rules often refer to the use of methods from the traditional promotional techniques, encouraging consumers to increase and sustain their purchases in order to obtain a reward. In this context, they can be distinguished from the sales promotion of their defensive focus to longer term. The objective of the promotion is offensive, and when it stops, there is nothing that prevents consumers to come back to their old habits (Ehrenberg et al. 1994). In contrast, a loyalty progr am seeks to preserve market share by locking consumers through tangible benefits deferred (promotional techniques) or intangible (individualization, privileges, etc) and acts somewhat like a permanent promotion in the long term. The effectiveness of a loyalty program thus depends on its characteristics and tangible benefits but also intangible, that is to say, the expected value of the potential relationship that is likely to generate and develop. The consumer joining a loyalty program seeks, in making their purchases at shopkeepers, obtaining dividends, gifts. The trader in investing in this program seeks to seduce and imprison the consumer. This method, better known as retention, is actually a rather simple technique by which the consumer is faced with the efforts invested in the bonus points and is losing everything in case of abandonment of the program. A loyalty program is a relationship between the customer and the merchant in which, technically, the 2 parties have benefits. I n promoting their businesses, traders undertake several actions to attract customers. For the management of immediate rewards, they offer special discount store. By managing customer loyalty program, they offer rewards delayed. In contrast to the sales promotion where earnings appear at the same time as the cost or effort, this ratio is reversed in the context of delayed rewards, since an individual must first make an effort to more or less long term for earnings in the future. Investigations on human behaviour have shown that some individuals possess a strong motivation to engage in efforts leading to the award of future earnings (Atkinson 1957, Nicholls 1989). It is this aspect that loyalty programs appropriated in the construction of systems with delayed gratification the aim of managing the length of the relationship (retention) and discrimination. (Meyer-Waarden (2002). P. 2-88). Curiously this strong motivation is akin to the quest for a reward. In other words, the effort is motivated by greed. Some experts say that consumer motivation fades over time as more becomes aware that the bonus is spaced in time, the more likely he become discouraged with the efforts required for obtaining the reward. (Meyer-Waarden (2002), P 2-89) Thus, programs must allow consumers to obtain the benefits of the program while also locking in this program. To counter this behavioural aspect, 2 types of programs are offered: proportional and landing. The first principle is to proportionately reward the best customers. The second system encourages them to consume more to reach the next threshold points providing more benefits. Thus, it offers a minimum of points to small unprofitable consumers, maximum points for customers who are very profitable, and few points to very large consumers who buy anyway. (Meyer-Waarden (2002). P. 2-89) Greed is thus increased to obtain a value of gift supported by the consumers effort. The number of points necessary for obtaining a reward is related to the amount invested in the market by the consumer. By cons, consumer choice to join or not this kind of program that demonstrates the lure of gain accessible to long-term investment requires not only money but also time. There are several types of loyalty programs. Some programs offer a specific product free after a number of agreed purchase (coffee, compact disk, etc..) Or reductions applicable on each purchase while the issuers of credit cards offer privileges such as trave l insurance and car insurance during a rental. Some cards also allow a percentage discount or return money. In practice the system of loyalty cards is simple. It is generally sufficient to consumers to use when buying the card issued or accepted by the merchant to qualify for benefits. The card companies also offer credit to their customers bonus points programs. Unlike cards issued by participating merchants, using credit cards leads automatically, no matter where it is used, the accumulation of points and can sometimes match the accumulation of these points to another program loyalty. It is important to mention the strategy department stores growing strongly consumers use their credit cards to earn double the points they would get by paying cash or get loyalty points better at the price of an interest rate up to 28.8%. More specifically, programs that offer frequent flyer points accumulated encourage consumers to use the card as often as possible when making purchases to earn poin ts available for every penny spent, which will be redeemable against products or services available through a catalogue of premium or cons of coupons or discounts available with designated partners. (Benavent. Christopher. and Lars Meyer-Waarden. 2001. Loyalty Programs: Strategies and Practices). Some loyalty card segment their customers by offering them the opportunity to pay an additional fee to join an enhanced program that offers them a better ratio spent pounds / points accumulated. The holders can be considered as incidental to their privileged relationship with the issuer of the card. From the outset, the consumer, by joining the loyalty program, provides data that feed the database of the issuing company. Subsequently, all transactions for which the loyalty card is used by the consumer are stored in this database comes to prepare a record of its habits. The program relies on both the declarative, where the consumer fills out the questionnaire affiliation, but also on buying behaviour, thanks to its history. (Frenove, A.S. Hivet, N. Joly, P and Josquin, C. 2003. Topic: The Ethics of supermarkets). The ultimate goal of these programs, in addition to customer retention is to allow traders to analyze the data collected in order to increase the value of the customers shopping cart. The Concept Of Customer Life Cycle And Types Of Loyalty The Concept Of Customer Life Cycle: One of the key concepts of customer-oriented marketing is the life cycle dynamics of the customer, based on the idea that the flows of revenues and costs vary over time as requirements change in customer / business relations, contrary to the classical analysis and static demand. The first feature of the approach is that it is done individually and not aggregated, underscoring again the importance of marketing database, made possible thanks to the performance of information technology. Another interesting aspect is that the analysis is performed dynamically. The main idea is that the opinion of a client may occur more or less intense, and we can assume that it is forming a cycle. Practically, these cycles represent changes in purchasing power, but also modes, changing preferences, the phenomena of learning and forgetting. These cycles depend on several factors: the first is age. During the aging characteristics of opinion trends, tastes and attitudes can occur. Aging is characterized by a higher loyalty, more conservative, more risk aversion. Another factor is the generation based on the assumption that successive generations have value systems and own beliefs relatively distinct from others. This generation effect partially covers the different types of experiences. This manifests itself in innovative behaviours that vary with the gap between innovation and generation. This management based on cycles of life is clear to solve three problems: acquiring the customer, maintain, expand consumption and profitability. According to Dwyer, Schurr and Oh (1987), in the sense of relationship marketing, the life cycles of the relationship between a brand, product and a consumer have three distinct phases characterized by changes over time the amount used: (1) initialization or acquisition, (2) maturation or development and (3) breaking. The beginning of the cycle is quite understandable and is in customer acquisition, with a time of discovery of the other as a potential partner. Both parties calculate the attraction of the relationship, the costs and benefits of continuing it. Marked by the process of adoption and learning, this phase is characterized by a positive rate of consumption growth, but with high costs. In a second phase, presumably the consumers level of consumption stabilizes after having fully explored the use of the service. The expectations of the relationship and its benefits are confirmed, which leads to a continuation trade and then the notion of commitment, which results in the ignorance of competitive offers. Incomes of the company increase first and then level off as costs decrease. Finally, a third cycle is where a revival / reactivation, retention or separation from the client must be considered because the contribution weakens. The decrease in sales of service may occur at any time or gradual ly, indicating a process of wear or a more brutal, reflecting the substitution phenomena. Indeed, the dissolution occurs when the unmet expectations of increased transaction costs, the weakening of the switching costs of changing needs. Both partners must make a trade off between the benefits and costs brought by the relationship to decide whether or not its continuation. Any company engaged in the marketing approach dynamic client needs to adapt its strategy according to these phases. Three types of strategies should be considered in terms of life cycles that match: The customer acquisition, The loyalty and customer retention, And the augmentation of customer loyalty which represent a real challenge. Abandonment is considered when the costs of retention are higher than income generated by the client. (Abandonment=Costs loyalty > Income generated by the client). Once the company has determined the position of the life cycle by customer segment, it becomes clearly evident that this strategy must lead to an individualized approach to lead to a balanced allocation of resources. The problem is that each individual has a different value each time t for the company, which requires segmentation based on the potential and value of customers. Types Of Loyalty Customer loyalty is the result of well-managed customer retention programs. Before developing these successful programs, its important to know there are two types of loyalty: behavioural loyalty and the emotional loyalty. Behavioural loyalty is the loyalty to a brand demonstrated by repeat sales and responses to marketing campaigns by the customer. He behaves exactly like the company wants, by purchasing good or service. Behavioural loyaltys measures include response rate to direct marketing to the customer base. Emotional loyalty is the loyalty to a brand driven by favourable perceptions, opinions and giving recommendations. The customer feels empathy and attachment to a company or brand and he is willing to recommend it around him. It is better for the company if the customer has the both types of loyalty, but when its not the case specific strategies are developed to achieve both. (Chauffey, Chadwick, Mayer, Johnston (2006)). Benefits Of Efficient Customer Loyalty Management First, a loyal customer will continue its purchases over the years. Its purchase volume should also normally increase simply by economic growth and inflation. It should accept offers for complementary products and additional (Cross-Selling and Up-Selling). In any event, transaction costs should not increase proportionately. Consequently, they will decrease as a percentage of the cost and improve profitability (Kumar (2008)). Finally, a satisfied customer refers an average of 3 customers should in the best case follow the same progression. A study by the Harvard Business School published in the journal of the same name, shows an improvement in the percentage of loyal customers by 5% per year for 5 years to double, not sales, but profits.(CRM Odyssey Inc (2003)www.crmodyssey.com Accessed on the 09/08/2009 Another benefit from customer loyalty is it creates allow to the company to protect its markets from competitors; the more the customer is satisfied, the less he will be to buy to another product or service to the competitors. Automatically barriers are created against the competitors trying to enter in the market(s) (Ghaury and Cateora (2006)). Finally the word of mouth behaviour of loyal customer increase brand awareness. Customer share their positive feelings and experiences with their friends, family or mates when they are loyal to the company or product. They still purchase to the company and recommend it to others. It means a reduction of advertising cost; the money can be used to boost the word of mouth by making strategies to reward loyal customers. Reichheld goes even further in 1996 in his book The effect of loyalty by writing: the benefits of loyal customers are increasing over time and can recruit new consumers at reduced cost by using the legal Customer faithful because it is supposed to be a good speaker for the company.† It also shows in his work as a loyal customer makes purchases more often, he tends to buy for a higher amount and is less sensitive to the variable price. He becomes a captive of the company and therefore gives a kind of barrier to entry for potential competitors. The work of the TARP (Technical Assistance Program Reseach) supports these observations. They show that winning a new customer returns four to five times more expensive than keeping a customer is already active. Jones and Sasser (Jones 1995) focused on the relationship satisfaction / loyalty and showed a sense of satisfaction may not necessarily result fidelity as a loyal customer may nevertheless want to take advantage of a promotion with another supplier, test another product or refer to another offer. By cons, they also show a sense of dissatisfaction may cause disloyalty if dissatisfaction is not taken into account by the company. These gains must obviously be taken with caution because they rely heavily on industries. There is however no doubt that customer retention can benefit a significant leverage effect on profitability. The main reasons are: lower costs for customer acquisition, the net margin updated on the life of the customer to cover these costs; reduced management costs, a loyal customer knows the business better and less prone to use his front office to make purchases (reservations) effect of recommendation; Increased revenue per customer The Cost Of Lost Customers: A defensive marketing is cheaper than an offensive marketing, which often requires a direct confrontation with the competition. The cost of keeping a customer is five times less than the cost of converting a prospect, and it can cost up to sixteen times more to achieve with the new customer, the profitability of a customer acquired. So its the rate of customer retention rate that is essential, and not the attraction. The company must carefully monitor the defection of customers and minimize the amplitude. There are four stages: Define and measure retention. This may be the reuse of the services. Know the different reasons for discontinuation, and identify those which can be remedied. Estimate the lost profit per customer lost. Calculate how much it would reduce defections. Profitability: We have already mentioned the theory of Reichheld and Sasser that a company can improve profitability by 25% to 85% by reducing its rate of defection by 5%. Thus, loyal customers are often more profitable than occasional customers. Specifically, in the service activities and the Business to Business, customers of a company tend to increase their purchase from the company as they know it and appreciate it better. A positive word of mouth: In many cases, loyal customers of a business will spontaneously promote to their surroundings, and become, through word of mouth, very effective recruiters because disinterested and credible. For all these reasons, the loyal customer service of a company is considered a real capital, called the customer capital. Retention and its challenges: This new focus puts the customer and his control in centre of our concerns. Given the incredible proliferation of professional works in the field, it seems essential to discuss strategic issues and objectives of retention, by reviewing customer orientation and loyalty policies to give a definition and a clear positioning of loyalty. The retention strategy: Loyalty, recognized as indispensable goal of any customer relationship strategy, not confined to mere promotional programs: Some rules must be respected. Rule 1: Be selective: Customers do not all contribute equally to the profitability of the company. Therefore, retention should be selectively adapting any loyalty action from an analysis of customer value. Rule 2: Propose an attractive loyalty offer and truly innovative. The loyalty offers are numerous, but not all have the same impact. The company can arbitrate according to its objectives between different options: Immediate benefits often focus on value and price (price preference ); Privileges, providing intangible benefits to customers (priority systems, assistance ); Rewards delayed in time, seeking to establish lasting relationships with customers the most profitable and likely to extend their relationship with the company. Whatever the choice of the selected offer, interest for customers is based on five attributes, determining its overall perceived value: The perceived value of any premium or net worth; Attractiveness; Accessibility through time; The freedom given to the customer in the choice of options; Simplicity of the offer. Rule 3: Anticipating the costs: The need to assess the costs in advance of any approach to loyalty is essential. Too often, a company focused on profits resulting from the proposed strategy, without taking into account the costs generated before and repeatedly. These costs may be related to both the growing number of customers affected, and ways and means of dealing with relationships with clients, sometimes completely new to the company. Rule 4: Consolidate and exploit customer information: The challenges that the company have just highlighted described the need to build its strategy of strong customer loyalty for the company. Two main lines of action are considered: †¢ The opportunity to integrate operational databases (sales / billing, marketing ) in a baseline. †¢ The interest of exploiting every opportunity to contact customers to gather information about them. This database will allow the tracking of the customer relationship over time, and identification of customer profiles profitable and unprofitable, which will determine the choice of targets to retain. Problems Linked To Customer Loyalty Difficulties In Marketing: Obtaining a good efficiency requires a good understanding of customer behaviour and causes of abandonment. One must distinguish the causes of termination which are inevitable (and often unpredictable) from other, more or less predictable and can be combated. The causes are unavoidable, for example: a change of personal or professional lifestyle, financial problems, death Preventable causes are: inadequate tariff, a history of poor service and complaints. The challenge is to build something, based on information often dispersed. In anticipation of the termination for inadequate tariff, must be able to say what was the invoice for each client if they had chosen the optimum rate? How much would he have saved? From what current difference between invoice and optimum bill is there a risk? To anticipate the claims for termination, you must classify all types of call to customer service (there are easily hundreds) and identify those that increase the probability of termination. We must also take account of differences in behaviour related to age, family status, and place of residence and recover to the extent possible this information. Difficulties In Management Retention also poses problems of management, for example the coexistence of a culture of acquisition and a culture of loyalty: In a young market, corporate culture is naturally directed towards the acquisition. This orientation manifests itself in several ways, for example, budgets are allocated primarily to sales, what is important here is the market share of sales. In these circumstances it is difficult to make a place to loyalty because it is cultural opposition on both fronts: its budget is in competition with the acquisition, because what is important here is the retention of customers and not flow of customers. Difficulties In The Organization: When the market is young, the sales should be focused on conquering, the measure of the rate of effectiveness is still difficult, and loyalty is part of the Marketing. Then improving customer knowledge, customer service records terminations, understand the causes, loyalty becomes profitable and worthy of large budgets, customer service becomes legitimate to ensure loyalty. In consumer, all sale actions are public, as far as loyalty is confidential. Loyalty is indeed a clear competitive advantage. It allows to keep or to take market share in all discretion. Confidentiality is necessary for a second reason: do not create perverse behaviour on the part of customers, who know the rules of the game could benefit for future benefits. (Jean Baptiste COUMAU and Henri WIDMER, La Jaune et la Rouge,2002) Rejection Of Customers: The approach of loyalty can lead to bias by virtue of its objectives: there is concern that the benefits accorded to consumers more loyal to the product or service concerned and not the enterprise. There is a risk of great loss of power marketing consent. Moreover, the strong competition leads to a generalization of loyalty operations that can not only cause fatigue but also a rejection of the approach by customers. The multiplicity of material resources such as loyalty cards generalized in various companies in portfolios causes both a reaction to the trivialization of operation for the customer and a loss of power to the business on target. The implementation of a loyalty operation is tricky: the company must choose carefully because the target must be loyal customers, those holders of profits. This targeting is difficult and requires the development of a database of well-informed. This base is also used to monitor quantitatively and qualitatively loyal customers. These are consider ations of costs related to these investments in information that may be a limit. (Fotso Tagne Achille Rostand, La fidelisation client http://www.ougagner.fr/fidelisation.html Accessed on the 09/09/2009) Means And Factors Influencing Loyalty Factors Influencing Loyalty If they are well structured and well implemented, customer loyalty programs cited above can bring measurable benefits to the company that would stand out positively of competition by reducing costs and in the same time increase its income. This situation is favoured by: Attracting new customers; A high retention rate of existing customers for a long period; Increasing the frequency of visits by the existing customers; Increasing expenditure on new and existing customers; Making customers in good conditions so they feel appreciated and satisfied then they promote products or services through word of mouth around them. (Memberson (2008) http://www.memberson.com/Loyalty/CustomerLoyalty.aspx Accessed on 01/08/2009) Some factors are essential to create and maintain the Customer loyalty. Showing 6 success factors that make some companies

Gendre Stereotyping :: essays research papers

In the year 2000, the average person is spending more of his/her leisure time watching television, or using their computer. The shows on TV and the information available to us available through all types of media influence our decision process. An individuals perception of the world is ever-changing as he/she recieves more and more information. Although being informed is good, it can be very dangerous. TV influences every aspect of our lives; our life style, what we wear, how we look, and how we act. Children are more susceptible to the influence of television compared to adults. This is true because of a lack of maturity. Children often identify with a popular movie or television character although both adults and children are influenced by television. Information acquired through all media can be destructive. We know information can be harmful when we use the terms "tomboy" and "sissy". These terms automatically make the accused party an outcast. The term "tomboy" is used when referring to a girl who may seem slightly masculine, whereas the term "sissy" is used to describe a boy whe may seem slightly feminine. The socially accepted despcription of what it is to be masculine is to be strong, to be able to support a family, and to have high stamina. On the other hand, what it is to be feminine is to be a loving mother, and to stay home with their kids. Men and women have very specific and very different dress codes. Men must where suits and women must wear dresses. Men must stay away from feminine colours such as purple and pink. Whoever crosses the gendre based lines may be made fun of or shunned by others. We are not only trying to fit in the gendre molds ourselves, but also tend to pass them on to our own children. We attempt to protect them from being shunned by society by setting the mold for them as well. The key differences between men and women seem to have been existing since the beginning of time. This is because from birth, a boy is dressed in blue and a girl wears pink. Children even have much different toys. Boys play with trucks and violence oreinted toys, and girls play with dolls. Since men and women are conditioned to be different from birth, it is not surprising that there is a huge gender gap. Gender gaps are common in sports, because sports are traditionally regarded as masculine activities.

Market Analysis of Fortress

Table of Contents 1) Executive Summary4 2) Company Background4 2. 1) Company Prospect4 2. 2) Market Leading History5 3) Competitors Analysis6 3. 1) Industry Perspective6 3. 2) Market Leader — Broadway (in 4P points of view)6 3. 3) Market Challenger — Gome (in 4P points of view)6 3. 4) Company Review6 4) External Environment Analysis7 4. 1) Geographical view7 4. 2) Demographical7 4. 3) PEST Analysis7 a. Political7 b. Economic Environment8 c. Social Environment8 d. Technological Environment9 5) Consumer Review9 Dissonance-reducing buying behavior10 6) SWOT Analysis10 a. Strengths10 b. Weaknesses11 c. Opportunities12 . Threats13 7) Conclusion and Recommendations13 7. 1) Target Market and Positioning Strategies13 7. 2) Marketing mix programs14 a)Product14 b)Price14 c)Place15 d)Promotions15 1) Executive Summary This marketing report is aimed to analyze the electrical appliance retailer, Fortress, and provide(provides) several recommendations to improve its market positioning that can achieve its targets and objectives. After investigating the current situation and external environment, it is suggested to launch a new promotion campaign that allows Fortress to gain more attention from consumers and succeed in the industry.It is found that the trend of collective purchasing is significant on the internet. Also, the number of marriage increased with the economy rebounded. In the Social Awareness on the environmental friendly penetrate to the public. Therefore, the promotion campaign is designed from these findings so as to enhance its competitiveness in the market. And, other detailed findings will be explicated in later parts. This promotion campaign is to offer a bundle of products labeled with high energy-saving efficiency for the young couples planned to be married.And, the marketing calendar as to the implementation of this promotion campaign will be explicitly shown to execute the proposed marketing mix program. 2) Company Background Fortress was es tablished for thirty six years in Hong Kong, founded in 1975 and acquired by Hutchison Whampoa Limited (HWL) in 1986. It has expanded its business up to around 67 outlets hiring more than one thousand staff in Hong Kong. As for First mover advantages, Fortress is the first Hong Kong retailer to offer one-stop shop convenience and a multi-zone in-store retail concept in this industry.All these contribute to its current market offering, but not market myopia, which allows(allow? ) customers to enjoy excellent time-saving shopping so as to fulfill their needs and wants. In order to publicize its new smart living concept, Fortress publishes online magazine, â€Å"Wave†, and a number of free seminars on different interests including high-definition products, computers, digital cameras, home audio and video studio are held to educate consumers about the technology development and new products arrival in Fortress. . 1) Company Prospect â€Å"Inspiring Smart Living† – I t was introduced in 2004. Of this core aspiration of Fortress, professional services and advices provided by Fortress will be offered to customer in order to inculcate them to start â€Å"smart living†. â€Å"Smart living† means living with the support of the advanced technology. This mainly aims at inducing consumers to alter their life style to the advanced life style through leveraging advanced digital devices and home appliances. Customer-Oriented Services and Products ProvidedTo accompany with its prospect, Fortress allocates much resources in providing excellent customer services and introducing a variety of products. Thus, many external organizations recognized its outstanding services. a. Customer-Oriented Services The frontline staff will base on the different customer’s preferences to provide personalized recommendations on the particular products or other insurance products in After-Sale service. Some of customer services have been firstly introduced in the consumer electronics retail market, which Fortress gained several first-mover advantages.For instance, Fortress was the first one to launch the ‘24-Month Interest Free Installment’ Program, ‘Purchase-to-play’ Service; a ‘PAY THE DIFFERENCE’ policy that guarantees shoppers the lowest prices on every product every day, ‘Ideal Gift List Service’ and an ‘Emergency Replacement Service’ that guarantees ultimate satisfaction through the second year of product life. To ensure the high standard quality of the customer service, â€Å"Fortress Academy† was established to cultivate the continuous learning culture and to provide comprehensive training program to staff, ranging from frontline to management. . Products Offer Fortress has more than 50 suppliers that supply a wide range of electronic appliance and digital products to sell in retail stores. From the supplier list of Fortress, the product differentiation is typically high. It targets on undifferentiated market to satisfy different customers’ needs and wants. Besides, it also manufactures its own products named as â€Å"Fortress† brand to target the consumers with high-price sensitive. 2. 2) Market Leading HistoryTo achieve the large scale of the market shares, many innovative pioneering policies has(have) been created by Fortress, and some of these policies were later also adopted by other competitors. 3) Competitors Analysis 3. 1) Industry Perspective Being a robust market leader in the electronic retailing market, Fortress develops a wide brand network in the local market. Comparing with Fortress, Broadway is the closest market leader in the industry with narrower customer coverage . However, Broadway and Gome are good at different fields. In fact, they have quite different marketing strategies.Fortress aims at developing a wide distribution network and convenient locations for customers in order to create high accessi bility to the target market. 3. 2) Market Leader — Broadway (in 4P points of view) For Broadway, the marketing strategy is more trendy and fashionable. Like the topic of current TV commercials, â€Å"Rock-Happy-Life†, it aims to promote happiness in life with â€Å"rock† style, as â€Å"rock† style is considered as youngster music, so Broadway has given an impression to customers that it is a trendy and young brand, and aims at improving customers’ lifestyle by providing more digital devices.As the closest competitor for Fortress in the industry, it does not only pioneered in using celebrity as spokesman and some policies, but also follows most the pioneering policies made by Fortress, such as the free interest installment payment pioneered by Fortress. However, Fortress has also adapted some of the policies firstly made by Broadway, for example providing gift to customers. It offers products with similar brands and prices as Fortress does. 3. 3) M arket Challenger — Gome (in 4P points of view)Gome is the largest electronic appliance retailer in China. More than 740 outlets are widely-spread in China, including Hong Kong outlets. Gome has seen the potential business opportunity of electronic appliance with Chinese brands in Hong Kong, so Gome invaded in this industry with Market Challenger strategy to offer various the products with Chinese Brand at lower prices, which can attack Fortress’s weaknesses on this kind of products and avoid the leader and challenge in this market. It adopted similar promotion strategy as Fortress. 3. 4) Company ReviewStrength Fortress has won many awards, like Metropolis Daily Print Ad Award 2004, My Best HK Brands 2005, the HKMA and TVB Award for Marketing Excellence, top 10 favorable brands in HK by Guangzhou Daily, etc. The market share is large; hence Fortress is defined as Market Leader. Meanwhile, Broadway also promotes the similar brand campaign. Hence, it is defined as Market Leader. Weakness Fortress does not have much Chinese brand products. Gome provides similar home appliance products as Fortress does, but the brands are mainly China local top brands.Under this review, Gome attempts to attack this Fortress’s weakness, so Gome is defined as Market Challenger. 4) External Environment Analysis 4. 1) Geographical view Hong Kong is the city with large population and high density and its traffic systems also are complete and convenient. When customers want to do shopping here, they can travel to the nearest shop in short time. No matter where the shop it locates, it still have lots of potential customers around the shop place. It means that retailer shops may not need to open plenty of stores within the same areas, which can minimize the overall operating costs.Also, the geographical advantage of the location between Hong Kong and other cities in Mainland China is certainly vital to any business, in terms of logistics and tourism. 4. 2) Demographica l view According to Hong Kong Commercial Daily, Hong Kong’s population consists of approximately 50% of middle class family. This group generally is well-educated, willing to consume and has higher purchase power. In the society, they play a significant role as they have an enormous contribution on consumption. Furthermore, according to Census and Statistics Department, there are about 30% of people aged between 15 and 34.Also, from the latest population census conducted by Census and Statistics Department shown, the number of resident at mid-class increased up to 45 % of the overall working population ( refer to appendix 1). The mid-class is defined as the resident who earn in the range of $10,000 up to $40,000 in their monthly income in the working population. Of these residents at mid-class level, they mostly completed the secondary school certificates and more (than) a half of them completed post-secondary education.It is expected this group of people will continuous to g row for a decade, which is a business opportunity for the companies selling normal goods. In recent year, the number of marriages increased from 43 thousand people in 2005 to 52. 8 thousand people in 2010. The overall trend of the marriages was increase(d) when the economy was better. Also, the number of households was increased by 21 thousands. These two statistics shows the(that) there was an increasing trend of a new marriages forming a new â€Å"love nest†. 4. 3) PEST Analysis a. PoliticalAfter financial budget 2011-2011 released, John Tsang, financial secretary, announced that the government will distribute $6,000 cash to Hong Kong permanent residents aged 18 or above. The overall total cash amount of this policy is estimated to be around 37 billion. Minimum Wage policy is going to implement on the 1st May, 2011. This policy is purposed to set $28 per hour for all full-time and part time workers in Hong Kong. Companies anticipate that this may increase the labor cost for the companies which employ low-skilled workers. b. Economic Environment In 2011, Hong Kong economy is believed to be better than last year.John Tsang, Financial secretary, estimates that the economy will grow about 4% in 2011. With the low unemployment rate and the increased mid-point salary, the purchasing power of consumers will be stronger than ever. The Centa-City Index shows the housing price increased to 87. 52 of 100, compared with that of 2008, which was 55. 46. It reveals the housing price is estimated to approach the highest housing price in1997. From the report on rent index in Housing conducted by Rating and Valuation Department, there was also an increasing trend in the housing rent, which increased to around 130, compared with 100 of the index in 1999.It shows the rent was increasing during the past years. Meanwhile, The United States Federal Reserve Board implemented a second round of quantitative easing (QE2) with 600 billion US dollars. It is expected that QE2 will depreciate value of US dollars. Finally, Hong Kong currency will be depreciated due to the linked exchange rate system. Also, Renminbi (RMB) continues to appreciate year by year. If the tourists from other countries, especially mainland china, purchase goods in HK, they will enjoy the currency depreciation.Thus shopping in HK is so attractive to them but, for local resident, the inflation rate is anticipated to become serious in the near future. However, in March 2011, a serious earthquake in Japan has destroyed lots of factories. Japan will spend a long time to recovery all. Yet, most of electronic components are made by Japan corporations. It is expected that these components may be shortage in the future, so the final goods of these components, such as digital cameras and notebook, are also expected to be out of stock.The recent investigation of overall economic situation in Hong Kong, which was conducted by Census and Statistics Department, GDP per capita was 25430 U. S dollar and the number of visitor was 36 millions, around 50% of that was Mainland visitors. It is expected that the Hong Kong economy will grow steadily. Moreover, on 3rd May 2011, Census and Statistics Department announced the over-night visitors spent around $6700 HKD on average, whilst non-over-night visitors spend about $1800 HKD on average.Most of the retailers believe that the number of visitors will still increase continuously, and their consumption will definitely positively affect to their profits. c. Social Environment The â€Å"Collective Purchase† concept has been recently developed on the internet, which a large group of people who have a same interest on the specific product creates a stronger buyer power to the seller so as to force the seller to offer a discount by buying a large amount of the same item. However, this kind of strategy may encourage the consumers to wait until the success of the group formation.According to the report of WenWeiPo daily on 13rd Mar 201 1, 82 billion U. S. dollars worth of retail business is achieved through online transaction, which was about 1/10 of the retail industry’s trade. With the establishment of Taobao. com, the online shopping model of B2B, B2C and C2C has been developed well. The interaction of the business activities between Mainland Cities and Hong Kong is stronger than ever. More Hong Kong consumers are willing to order the goods on Taobao. com, because the products often are at lower prices than the retailer outlets in Hong Kong.And, more Mainland onliners are willing to spend money on Taobao. com to purchase the goods of Hong Kong local brands. This can be seen that the online business does not just only serve the local consumers only, but also the national consumers. The investigation of the number of hours spending on the internet conducted by Synovate, a marketing research company, shows the average minutes spending on the internet rose from 136 minutes to 145 minutes, during past 4 years . On the contrary, the average time spending on TV was less than that on the internet.Therefore, people tend to spend more time on the internet. People start to cultivate a â€Å"Green† environment. Many of them attempt to choose the electronic appliance with low electricity usage to save the environment. Being environmental-friendly, more companies start to implement environmentally sustainable strategies and practices, such as recyclable packaging, better pollution controls, more energy-efficient operations and so on. This can help companies to improve its(their) image and reputation. d. Technological EnvironmentOnline Shopping has become popular to the society, especially the advanced technology of mobile phone and the mobility internet services are widely used in Hong Kong. Hence, many companies have started to setup a website to operate their business on the internet at the same time. The product life of a digital product is expected to be shorter due to the fast develop ment of a new product model and technology . quickly replaced in a short period. The main reason is that the company frequently promotes the new product in order to compete with other rivals.For instance, IPad1 has already been implemented in last year, but now IPad2 is introduced in this year. It is estimated that the competitiveness in digital products will be more and more intensive in the coming future. 5) Consumer Review Consumer involvement of buying home appliances is mainly determined by, a) previous experience, b) interest and c) perceived risk of negative consequences a. Previous experience As the functions of home appliance are developed to be more advanced time by time, consumers may not be always familiar with the new latest functions when a brand-new product is launched to the market.Hence, it requires consumers to spend time on searching its information internally and externally on the brand’s differences of the home appliance products to deliberate its unfamil iar functions in a familiar product category. b. Interest Consumers’ interests can be derived from the Maslow’s hierarchy of needs. Home appliances aim at assisting the consumer’s daily life. This can be referred to the physiological needs, safety needs and social needs. Of physiological needs, rice cookers and microwaves are typical example(s) of consumers’ need recognition.Other electronic appliances, such as communication devices, can be fulfilled their social needs that interact with others. Safety concern of home appliances is always an importance factor to influence their buying decision, especially for the consumers who are married couples with children at the Family life-cycle stage. c. Potential risk of negative consequences Price is the key factor for the perceived risk of negative consequences, situation and social visibility, and they are directly related to the price; as the price of the product increases, so does the level of involvement.Som e of the large home appliance, such as refrigerator and television, are set to be at higher prices; therefore the tolerance of the risk of negative consequences will be lower. With home appliances at higher prices, consumer often requires longer length of time to make a decision. Thus, the level of consumer involvement can be concluded as relatively high. Dissonance-reducing buying behavior The price of electronic appliance is ranging from few hundred up to several thousands, and consumers purchase them infrequently.Moreover, the products among electronic appliance retailer industry are perceived with few brands differences with the major competitors. For instance, Fortress and other competitors provide the similar electronic appliances and brands. The products and services provided by Fortress and Boardway are similar, so there is few brand difference. Because of this, the consumers behave as Dissonance-reducing buying behavior and mainly response to the after-sale services, discou nt and promotion campaigns to make their purchasing decision. 6) SWOT Analysis . Strengths Selectively distributed retail stores in Hong Kong From the geographical view, the population density is relatively high in Hong Kong; therefore the number of outlets may not need to be widely distributed. Fortress is one of the leading retailers of electronic appliances in Hong Kong with over 67 outlets, which the accessibility for consumers is high. Thus, the channel power is created towards the suppliers, which can enjoy the competitive advantage of this channel partnering, and the setup and operation cost are optimized efficiently.As a result, consumers can enjoy the optimal price. Reliable Services Mix due to Excellent Comprehensive Training For retail market, service is heterogeneous and vital to the retail market. Fortress emphasizes on the personal selling, so it set up a â€Å"Fortress Academy† to provide a thorough and extensive staff training program for frontline salesperson s on â€Å"frontline consumer service†, â€Å"technical knowledge† and â€Å"management skill†. By joining this program, staffs can be inculcated with effective customer service, in-depth products knowledge and appropriate management skills.Accordingly, experienced and enthusiastic staff serves the customers confidently and convince the customers properly, and so they are the most valuable asset to Fortress. Additionally, Fortress developed â€Å"smart living†, therefore the products displayed in outlets are mostly like to be more advanced technology. Referring to the product life cycle, the new launched products should be displayed with an informative promotion strategy, so Fortress staff is(are) always well-prepared from their trainings. Fortress is a customer-orientated company. It provides differentiated after-sales services to customers.They include â€Å"24-month interest free installment† to release consumers’ burden; â€Å"Purchase- to-Play† service to plan and install AV products for consumers; â€Å"10-days Money Back Guarantee† to strengthen consumers’ confidence towards its products. Furthermore, Fortress provides mobile phone insurance to consumers, which can raise consumer’s confidence in purchasing mobile phone in Fortress. Meanwhile, consumers can get the refund or exchange if they were unsatisfied with the products. The outstanding services are highly recognized and awarded, as in â€Å"Best Customer Services Award† and â€Å"Hong Kong Merchant of Integrity†, by media and other xternal associations, which consumers should comfort with its services and integrity. Sole Agency Advantages Fortress has a number of exclusive agents to engage in a line of business without competition. For instance, Fortress gained the exclusive advantage from Stiebel Eltron, which mainly produces water heaters (See Reference), and launched the promotion campaign of limited quantity wit h it. During the past years, Fortress carried out this strategic alliance along with a number of brands, as in HPC and Hissense, to enlarge its market shares and the product category is enhanced more than the other competitors’ one .Since some consumers may have loyalty to some specific brands, Fortress will be the only distribution channel for them to purchase. This certainly brings a stronger bargaining position in Fortress. b. Weaknesses Difficult to differentiate from competitors Variety of products, quality of products and sales service, proficiency of products knowledge, and distribution of stores of Fortress are similar to its competitors, as in Boardway. It is easy for consumers to seek for complements from competitors due to the low switching cost.Moreover, consumers (have difficulty in) are difficult to distinguish between Fortress and its competitors, since Fortress focus on targeting the mass market and all previous unique marketing strategy were quickly adopted b y other market followers. Consequently, consumers may switch to other retailers based on souvenir, ad-hoc promotion or discounted price but it is not merely because of the brand of Fortress. Multifarious Products Offers Qualified products with low selling price are inclined to be more popular when the economy is downturn.Since the manufacturing cost and the delivery fee of products made in China are lower, the listed prices of China’s brand products are lower. For these reasons, Fortress may lose some price sensitive consumers due to narrow range of products from China’s brand. One of its competitors, Gome Electrical Appliances, is offering qualified China’s brand products with low price. Frontline salespeople are educated with basic and general products knowledge, which is not specific enough. Most buyers, especially the beginners and learners, can be satisfied with the sales service.Nonetheless, some professionals may be discouraged by salespeople’s lim ited products knowledge. Also, the professional specific components of a product, such as camera lens, are uncommon to display in Fortress. Consequently, Fortress may potentially lose these digital professionals, who may consume frequently. High Inventory Cost of Bulk Unsold Items For the unsold Electronic Appliance, they occupy large storage space, so it leads to higher inventory costs to store them. Compared with other electronic appliance companies, Fortress targets mass market, so various electronic appliances at bulk size will be offered.However, when these items are unsold, Fortress suffers a significant inventory cost and cannot utilize the cash flow appropriately. Hard to Hold Customer Loyalty Compared with the direct closest competitor- Broadway, Fortress has not launched the membership programme to build up the long term relationship and loyalty with customer in retail outlets, although there is a membership programme for the customer to do online shopping. From this, the customer loyalty may not be solidified strongly due to the weaker Customer Relationship Management.Even though Fortress co-operates MoneyBack ( ) to promote different kinds of special offers to the MoneyBack owners, this promotion channel of non-personal communication is simply not wide-spread to the target customer causing the promotion strategy and AIDA model may not be effective as expected. c. Opportunities Extra HKD$6,000 allowance Hong Kong government proposed to distribute 6,000 for each citizen who is aged 18 or above. It can absolutely induce citizens, especially youngsters, to consume more.From Hong Kong China News Agency survey shown, about 40% of respondents aged between 18 and 30 who prefer to spend this money on their favor digital products including iPhone and cameras, therefore it is definitely a significant potential opportunity to retailer companies. Trend of collective buying Youngsters in Mainland China, Taiwan and Hong Kong prefer collective buying through the i nternet rather than purchasing in retail shops. According to the Phoenix News, there is a large potential booming trend of collective buying.They can purchase products in a special discount throughout the collective buying. Fortress can take the advantage of the trend to expand the market share in Hong Kong and to promote its products simultaneously. By using the developed and faultless online sales platform, Fortress can implement the idea of collective buying inexpensively. Green concept In recent years, public’s concern on environmental issue has been aroused. Companies like CLP Power Hong Kong Limited and EPS Company have adopted policies to promote their company products and services.For instance, CLP has launched several programs like â€Å"Old Appliances Recycling Program† and â€Å"Energy Saving Proposal† provided from their professionals; besides, EPS has launched the â€Å"EPS iDo† to promote the donation to plant trees in Hong Kong urban distri cts, ever since the program was launched they have already planted more than 2600 trees. By employing green concept, companies can develop a positive image towards public and create a sustainable company income in the future. d. Threats Loss of Japanese suppliers Owing to the disastrous earthquake in Japan, most of the electronic suppliers were suspended.The cost of related complements may increase due to the high demand. In the meantime, the cost of products may be raised and, consequently, Fortress may earn less. Vertical Channel Conflict Online business has been adopted by companies including the direct suppliers. Online retail business can easily be substituted by these mature shopping platforms. Thus, most competitors attempt to prevent from this online business to avoid vertical channel conflict. It is because suppliers may directly distribute their product though the internet channel.All these may affect the online business of Fortress. 7) Conclusion and Recommendations 7. 1) Target Market and Positioning Strategies The purposed promotion campaign aims at targeting those who planned to get married and are going to purchase or renovate their houses aged between 27 and 37 in the coming 6 months. The reasons why this segment is chosen are because the targeted customers are most likely to purchase numerous new home appliances; therefore they have the highest possibility to contribute revenues to Fortress.This target segment is derived from the above analysis with supporting figures and facts, thus it is measurable, accessible and actionable. Unmarried couples can enjoy discounted prices through this promotion campaign. This campaign consists of bundle pricing strategy and niche marketing strategy. To further illustrate, the idea is that the target customers will be acknowledged this package through different promotion channels to motive the collective buying behavior on Fortress online shopping website. This package consists of three product categories.It a llows customers to select one product in each category of A, B and C on a first-come-first-serve basis with limited time and quantity. Goal & Marketing objective This package is purposed to optimize the inventory spaces and the warehouse management efficiency. It generally is for consumers to select the three most favorite products from the product list of washing machine, refrigerator and TV respectively. The product list is suggested to contain clearance items with energy-saving label, since the Green environmental friendly starts to penetrate to the public.This package is suggested to offer special discounts to fiance couples, so as to build up a long term relationship with them. By launching this, it is expected to increase the market share by 6% and significantly increases the revenue by 8% in a short time. 7. 2) Marketing mix programs a) Product This promotion mainly emphasizes on cleansing the warehouse, which is one of the weaknesses of Fortress, so the product list should c ontain high and low brands of home appliances with bulky size, such as air conditioner and washing machine, in each category of the product list promoted.The quantity in each category should be sold based on the number of products left in the warehouse. The selected products in each category will be reserved by customers on first-come-first-serve basis. b) Price The bundle pricing strategy & Promotional Pricing The promotional pricing strategy is applied to the package, this temporarily promotion to offer discounts from normal prices for increasing sales and reducing inventories. The bundle pricing strategy is implemented in this campaign promotion to offer discounted price by purchasing a bundle of home appliances – promoted package.Based on political analysis, a couple will receive HKD$12,000 from HKSAR government. This policy can induce unmarried couple to consume in this campaign. The bundle price of television, washing machine and refrigerator (â€Å"A+B+C†) is se t to be HK$13,140, which means love forever in Cantonese implication. c) Place As for Market factors, the fiance couples would likely own or rent a new house for their new life, so Fortress may promote its campaign through the channels of wedding services as follows. Physical distribution–Strategic Channel AlliancesFortress can use the existing channels to promote this campaign. For instance, Fortress may co-operate with wedding consulting companies, solicitors, interior design companies and property agent to deliver this message, since the target customers may go through these two channels to organize their wedding. All these purposed channels needed to reach an agreement Moreover, according to the investigation of the time spending on the Internet, people spent their time on the Internet more than that of TV.Thus, Fortress may consider the Internet advertisements to draw the target customer attentions, and this is much cheaper than the TV ads. There are some existing famous forums, such as HK Discuss Forum and Uwants, to discuss the plan for wedding issues. Hence, Fortress may advertise its campaign to these forums and support the environmental friendly trend. For other competitors, many of them have not established the online store on the internet and mainly focus on the digital devices rather than home appliances; therefore this promotion campaign is difficult to be imitated due to the barrier of entry.Logistics After the end of campaign, Fortress will consolidate all the ordered products and deliver them in a short time, so it lowers the transportation cost, and it fully utilize the logistics resources. Make use of social network The popularity of the social network, such as Facebook, can be shown by the statistic report of Facebook in year 2010. It was reported that the number of Facebook user in Hong Kong on Dec 31st 2010 has reached 3. 67Millions people. Since the Fan pages of Fortress on Facebook has been established 2 months ago, the number of fans was only around 1650 people who â€Å"Like† this page.The effectiveness is not explosive enough to arouse the attention of the public. Therefore, it is suggested that, in order to grasp the channel effectively, when the pages on Facebook reach a certain amount of fans, Fortress will offer coupons or gifts through their e-mail addresses. With more people â€Å"Like† this page, this channel can raise the awareness of a new product arrival effectively and efficiently with several other promotional channels together. d) Promotions Informative promotion through online channel and strategy alliances Posters with the detail of the program are suggested to be posted on the Facebook communication channel.Fortress can make use of this online instant communication platform in order to convey the most updated information to the customers. Besides, in order to arouse people’s interest on this program, all of the retail shops will display the promotion poster on the eye -catching position. Moreover, leaflets will be distributed to the marketing alliances mentioned in the previous part; these leaflets will be displayed in their information desk or even attached to their promotion documents. Emotional appeals on the promotion campaignIt is recommended to use emotional appeals to move the fiance couple. In the poster, it is suggested to use the emotional slogan emphasizing on the eternity love and the care of husbands towards the wife to touch the target customers. 8) Marketing Calendar 9) Appendix Appendix 1 Extract of 1/2011 Population Report, Census and Statistics Department Appendix 2 Extract of Marriage numbers in Hong Kong from Census and Statistics Department Appendix 3 Poster suggested to be used in the promotional campaign Appendix 4Extract of property price movement between 2002 and 2010 by Centaline Property Appendix 5 Top 30 countries with highest number of Facebook users (31st Dec 2010 – data from Facebook) Rank| Country| Number of Facebook users Dec 31st 2008| Number of Facebook users Dec 31st 2009| Number of Facebook users Dec 31st 2010| 12 month growth %| 24 month growth %| 1| USA| 42,078,960| 101,303,240| 145,749,580| 43. 90%| 246. 40%| 2| Indonesia| 897,040| 14,681,580| 32,129,460| 118. 80%| 3481. 70%| 3| UK| 14,937,180| 22,625,300| 28,661,600| 26. 70%| 91. 0%| 4| Turkey| 7,934,340| 16,943,780| 24,163,600| 42. 60%| 204. 50%| 5| France| 6,587,240| 14,290,700| 20,469,420| 43. 20%| 210. 70%| 6| Philippines| 390,700| 8,387,560| 18,901,900| 125. 40%| 4738%| †¦|   |   |   |   |   |   | 27| Hong Kong| 1,458,520| 2,727,980| 3,673,580| 34. 70%| 151. 90%| 10) Reference [1] Broadway – Company Background http://www. broadway. com. hk/node/502 [2] Broadway – Shop Locator http://www. broadway. com. hk/shop [3]Centaline Property – Centadata http://www. centadata. com/cci/cci. htm [4]CLP Hong Kong:Old Appliance Recycling Program ttps://www. clponline. com. hk/myHome/EcoLivingIdeas/R ecyclingProgram/Pages/Default. aspx? lang=en [5]CnYes. com: iPad2 5 http://news. cnyes. com/Content/20110418/KDW8J0QVCEX16. shtml [6] Fortress homepage – Company Background http://www. fortress. com. hk/fortress/content/ABOUT_US/en/index. html? hs_ctn_ref=ABOUT_US [7] Fortress – Store Locator http://www. fortress. com. hk/fortress/jsp/sys/Sf_render. jsp? hf_s_id=FT11&hf_srv_id=Nv_fstore_loc&hf_rand=2107567796. [8]Gome – Electrical Appliances Holding Limited Homepage http://www. gome. com. k/ [9]Hong Kong Commercial Daily: http://www. hkcd. com. hk/content/2010-06/07/content_2536481. htm [10] Hong Kong Headline Daily: 49% http://news. hkheadline. com/dailynews/content_hk/2011/01/14/136085. asp [11]Hong Kong Information Services Department: News Release http://www. info. gov. hk/gia/general/201104/13/P201104130221. htm [12]Hotpool: poster of DHE SL http://www. hotpool. com. hk/msg. php? id=234 [13] Nick burcher: Latest Facebook usage figures http://www. nickburc her. com/2011/01/facebook-usage-statistics-dec-31st-2010. tm l [14] SingTao: 610 http://hk. news. yahoo. com/article/110309/3/n4m8. html [15] Wenwei: http://info. wenweipo. com/index. php/? action-viewnews-itemid-43284 [16]Hong Kong China News Agency: http://www. hkcna. hk/content/2011/0331/93831. shtml Group photos Ivan Alen Raine Ting Ting Phoenix Jessica Michael Janet ——————————————– [ 1 ]. http://www. broadway. com. hk/shop (Shop location distribution) [ 2 ]. http://finance. ifeng. com/money/wealth/millionaire/20110401/3800251. shtml

Definition and Examples of Eponyms in English

Definition and Examples of Eponyms in English An eponym is a word that is derived from the proper name of a real or mythical person or place. Adjectives: eponymic and eponymous. Over time, the name of a well-known person (such as Machiavelli,  Italian Renaissance  author of The Prince) may come to stand for an attribute associated with that person (in Machiavellis case, cunning and duplicity). Etymology: from the Greek, named after   Pronunciation: EP-i-nim Examples and Observations We are well-armed for battle in a Machiavellian world of reputation manipulation, and one of our most important weapons is the delusion that we are noncombatants.(Jonathan Haidt, The Happiness Hypothesis: Finding Modern Truth in Ancient Wisdom. Basic Books, 2006)Jeff: You probably just Britta’d the test results.Britta: No, I doublewait! Are people using my name to mean ‘make a small mistake’?Jeff: Yes.(Joel McHale and Gillian Jacobs in Horror Fiction in Seven Spooky Steps. Community, October 27, 2011)[Alton] Brown can fill an entire episode on popcorn, teaching you how to MacGyver a nifty, cheap popper (hint: a stainless-steel bowl and some perforated foil).(Entertainment Weekly, August 14, 2009)The crowd parted reluctantly, and [Lance Armstrong] glided off, Batmanning through the crowd toward the start line.(Daniel Coyle, Lance Armstrongs War. HarperCollins, 2005)Lily: Dont Ted-out about it.Ted: Did you just use my name as a verb?Barney: Oh, yeah, we do that behi nd your back. Ted-out: to overthink. Also, see Ted-up. Ted-up: to overthink with disastrous consequences. For example, Billy Tedded-up when heTed: All right, I get it!(Matchmaker. How I Met Your Mother, 2005) Americans now nibble their way through two billion popsicles a year; their favorite flavor is a Jaggeresque red cherry.(Oliver Thring, Consider Ice Lollies. The Guardian, July 27, 2010)Sandwich: named after John Montagu, the Fourth Earl of Sandwich (1718–1792), a British politician.Cardigan: a knitted garment, such as a sweater or jacket, that opens down the front. Named after the Seventh Earl of Cardigan, James Thomas Brudenell (1797–1868), a British army officer.Andy Bernard: I really schruted it.Michael Scott: What?Andy Bernard: Schruted it. Its just this thing that people say around your office all the time. Like, when you screw something up in a really irreversible way, you schruted it. I dont know where it comes from though. Do you think it comes from Dwight Schrute?Michael Scott: I dont know. Who knows how words are formed.(Traveling Salesmen, The Office, Jan. 11, 2007)Lets not Rumsfeld Afghanistan.(Senator Lindsey Graham, quoted in Time magazine, Aug. 24, 2009)S axophone: named after Belgian instrument maker  Adolphe Sax. Other eponyms in English include boycott, braille, camellia, chauvinist, dahlia, diesel, dunce, gardenia, gerrymander, guillotine, hooligan, leotard, lynch, magnolia, ohm, pasteurize, poinsettia, praline, quixotic, ritzy, sequoia, shrapnel, silhouette, volt, watt, and zeppelin.​ Achieving Wordhood As a word,  eponymous is a bit anonymous itself. Its moment in the sun came with the release of REM’s album Eponymous, a subtle dig at musicians who name records after themselves, such as Peter Gabriel, whose first four albums are all entitled, Peter Gabriel. In short, an eponym is anything that’s ever been named after anybody. . . .But a name only crosses into true wordhood once it is no longer used as a reference. When we speak of hectoring wives and philandering husbands, it is without a picture of valiant Hector or lover-boy Philander popping into our minds, the way a bespectacled Viennese man with a pipe does when we say Freudian slip.(John Bemelmans Marciano, Anonyponymous: The Forgotten People Behind Everyday Words. Bloomsbury, 2009) Eponyms and Allusions An eponym is similar to an allusion, referring to a specific famous person to link his or her attributes with someone else. Using an eponym well can be something of a balancing act; if the person is too obscure, no one will understand your reference, but if its too well known, it may come across as a clichà ©.(Brendan McGuigan, Rhetorical Devices: A Handbook and Activities for Student Writers. Prestwick House, 2007) Skutniks When CNNs Jeff Greenfield assured the crowd, I havent planted a Skutnik here, I stopped him: I had heard of a Sputnik, the Russian word for the first Soviet satellite, but what was a Skutnik?Greenfield directed me to his book Oh, Waiter! One Order of Crow! about the media failure on election night: A Skutnik is a human prop, used by a speaker to make a political point. The name comes from Lenny Skutnik, a young man who heroically saved lives after the Air Florida plane crash in Washington in 1982 and who was introduced by President Reagan during his State of the Union speech.The introduction of heroes became a staple in presidential addresses to joint sessions of Congress. In 1995, the columnist William F. Buckley was one of the first to use the name as an eponym: President Clinton was awash with Skutniks.(William Safire, On Language. The New York Times, July 8, 2001) The Lighter Side of Eponyms First the doctor told me the good news: I was going to have a disease named after me.(Steve Martin)

Understanding Personalities Essays

Understanding Personalities Essays Understanding Personalities Essays Understanding Personalities CMGT/530 - IT Organizational Behavior May 13, 2013 Understanding Personalities This project, in general is to help to understand the importance of personality classification and how to determine whether a person is introvert or extrovert. For this assignment was used a random test from the Internet source therefore should be determined if the selected test is accurate and able to provide true results. The second task is to determine the effect of the test results on future behavior with boss, employees or subordinates. First, there is a need to define meanings of introvert and extrovert person. Extroverts are people, who love to have others around them. Basically, they like crowd and noisy atmospheres. In contrast of extroverts introverts are totally opposite individuals. They do not like noise and attention to them. Introverts love only a few people. They do not gather hundreds of people around them to be in the center of attention. Extroverts often perceive introverts as boring while they themselves are described as loud and cheeky . Usually extroverts are lonely when there are no people around, but introverts are lonely when they are in a company of unknown or even known people. Sometimes people think that the behavior of extroverts is antisocial, but it is not really right as some of them can act in one way, and the others can be way different (Hilling, 2012). It is important, for everybody to know, if you are extrovert or introvert for knowing yourself better, find your place in this life, get a job you like, or just do things you prefer to do. You should listen to yourselves instead of doing whatever somebody tells you. Life is not so long, and everybody has a right to be happy. There are many tests that can perform the task for identifying personality type but was selected the one, created by Susan Cain. This test is targeted to determine if the person is introvert or extrovert. It contains only 20 questions and requires only true or false answers (See Appendix A). The more answers false, the more extrov erted individual is. This test was chosen because it does not contain too many questions, and they are short and clear (Cain, 2011). I took this test and I want to note that it has very clear and understandable questions. No wonder, as it is easier to answer questions that require only true or false answer rather than questions with multiple choices. It is always easier to find out if you agree with the statement or not. Questions in this quiz developed in such way that the answers come up by itself without deep thinking. That’s why this quiz can be characterized as accurate one. Also is very important to any test like this to have fewer questions because usually people are not so patient answering hundred or even more questions. After this small research, the conclusion was made that selected assessment test is effective and accurate. In regard to my experience with this test, I can note that it really accurately described my character and my behavior. I have answered 14 que stions as true and only six of them I answered as false. My result is - introvert by 70%. I was really surprised how accurate these questions described my style. Before, I took another quiz that had around 80 questions. By the end of the test, I started answering randomly without any interest to the test because I was already bored with it. I came to the conclusion that Susan’s test is more accurate and effective. As for me, the test outcomes will not make any changes to my attitude to other people and situations because it is hard to change your own biases and assumptions that were set during your whole life. I do not really believe that taking some test from the Internet can change anything globally. Probably it can just create a basis for a reflection on what could be changed in the relationship with managers, coworkers or subordinates. Though, I will take a thought about this and I will

Unit II Solid Waste Impact Essay Example | Topics and Well Written Essays - 250 words

Unit II Solid Waste Impact - Essay Example Solid materials such as home appliances will be collected and set aside from recycling (U.S Environmental Protection Agency, 2014). The municipal council’s landfill needs to be located in an area with less human and industrial activity. A confined area near the edge of the national park is the best option for establishing the landfill. This is because there is less human activity in that area, and so there will be less air pollution. The area will be fenced off from wild animals that may wander into the landfill and feed on the waste materials and far away from a water source (National Park Service, 2014). During my survey I learnt that during the weekdays very few people visit the national park. The number increases on the weekends when people are resting. The municipal council decided that the landfill will operate only on weekdays when there is less human activity around the

Evaluation and Background to Lean Construction Case Study

Evaluation and Background to Lean Construction - Case Study Example The ambition of the Task Force was to bring about a Radical change in all the industries and by their experience bring about efficiency and improvements within the construction environment which would benefit all. (Paragraphs 15, 16 and 18) Lean Construction, in general, refers to a construction that would help to maximize the customer’s needs whilst satisfying the necessary and required parameters and in doing so, using the minimum amount of resources (Howell 1999). It is actually the â€Å"physics† of construction mainly based on the principles of production management (Howell 1999). It refers to a whole new kind of project delivery system which can be utilized by any type of industry including construction though best suited for complex, uncertain and quick projects (Howell 1999). There are many definitions pertaining to Lean Construction. Some define it as a â€Å"way to design production systems to minimize waste of materials, time and effort in order to generate the maximum possible amount of value† (Koskela et al. 2002). According to Koskela, the construction theory needed to be reviewed to centralize on optimizing the project by taking into account the flow of work between activities and the formation and release of value (Wright 2000). The Lean Project Delivery System (LPDS) and the Last Planner System of Production Control was developed by LCI where the principles pioneered in manufacturing were applied to construction (Pinch 2005). PDS's origins can be traced back to Lean Production Management which is a manufacturing approach brought into the limelight by Toyota Motor Company in the 1980s (Pinch 2005). The term was introduced by the Toyota engineer â€Å"Ohno† (Pinch 2005). His recommendation was to stop the production line instead of delivering a defective part downstream.  This approach resulted in streamlining the workflow, minimizing inventory and obtaining an up-graded end-product of good quality (Pinch 2005).  Ã‚