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Acquisition of a Foreign Firm

1. As a CEO, you are trying to acquire a foreign firm. The size of your firm will double, and it will become the largest in your industry.  What does your firm do and what does the foreign firm you are trying to acquire do?  Where are the firms based?

My firm offers diverse financial services and it is located in Washington DC. In particular, it provides community banking services, brokerage and retirement services, wholesale banking, credit cards and customer services and internet services. The foreign firm that my firm is trying to acquire on the other hand is based in California and also offers wide ranging financial services to its clientele. In particular, it provides banking services, asset management, investment and corporate banking services and products as well as wealth management. Furthermore, the firm offers security services in three American states; Florida, California and Connecticut.

2. You are very enthusiastic about the opportunity to be a leading captain of industry and the associated power, prestige, and income.  (You expect your salary, bonus, and stock option to double next year).  However, you are troubled by the fact that 70% of mergers and acquisitions (M&As) reportedly fail.  How would you proceed?

Indeed, it can not be disputed that acquisition of a new firm impacts on the organization’s ideologies and practices in different ways. According to Miller (2008), most failures result from a lack of cultural cohesion. In this regard, cultural cohesion is a very important aspect that can make the resultant firm to either succeed or fail because of is influence on talent retention. In this consideration, I would proceed by attaining an in depth understanding of various cultural influences related to disciplines, beliefs and problem resolution strategies as well as practices of the foreign firm. In addition, I will critically analyze the synergies surrounding brands, physical assets and competencies with the aim of incorporating and retaining these in the resultant company. In this respect, Ghughan (2005) indicates that understanding and appreciating the various cultural underpinnings that anchor the preceding aspects is of paramount importance. As such, I would make efforts to understand the cultural aspect that are related to the above structural supports.

Most importantly, I would align my corporate strategy to the acquisition strategy. In particular, my corporate strategy seeks to enhance profits and maintain upward growth and development by providing high quality and diverse products. The main aim of acquiring the new firm is to diversify the service and increase economies of scale. Bridging any gaps between these two strategies would go a long way in enhancing performance and preventing incidences of failure. It would also be important for my firm to redefine its position in the market and work towards attaining its goals and objectives. Brunner (2004) cites that most companies that make acquisitions fail because they become over whelmed by the entire development and loose track of their corporate goals and objectives. Defining the position of my firm in the market after acquisition is a visionary measure that will enable the firm to develop a viable strategic direction. Further, this will prevent incidences of lacing undue emphasis on short term legal and financial issues at the expense of important corporate goals and objectives.

Also, it is worth appreciating that the resultant firm would be bigger and would pursue diverse approaches. It would be important to put in place distinct communication strategies and enhance organizational capacities with respect to human resource management, production, marketing and so forth. Effective communication strategies would ensure free information flow and enhance a learning culture n the organization. In addition, it would prevent communication related conflicts that strain relationships and undermine effective functioning in the work place. Building capacities on the other hand would be instrumental in ensuring quality production of products and services. In this regard, Miller (2008) posits that some companies fail because of various challenge related to organizational leadership and effective communication.

3. What institution-based issues would you encounter? Discuss.

There are various institutional based issues that my firm looks forward to encountering and which would impact in different ways on the performance and general wellbeing of my organization. To begin with, there is a possibility of legal issues especially considering that the firm to be acquired is located in a foreign country. In this regard, it is worth noting that the legal expectations of the California state might slightly differ from those of my home family. Also, the resultant firm is likely to b treated differently by the regulators and law enforcers because of the relative increase in output and assumption of a new status or position in the industry. These can affect production and the firm’s ability to meet goals and objectives. Particular areas of concern include increase in taxes as a result of increase in revenue and so forth.

Then, challenges might also stem from the issue of acceptability by the foreign firm. Acquiring it will have far reaching implications on its work force as they would be required to operate under new rules and regulations. Effectively assuming these can be problematic especially considering that some of their practices and processes differ considerably from those of my firm. Issues pertaining to morality and culture are likely to be problematic because of the varying beliefs and practices. These would directly affect performance as well as managerial behavior that are instrumental in providing guidance to the resultant company. Also, aspects pertaining to the credibility of the business operation are also likely to raise certain concerns. Credibility in this regard is defined in terms of the cohesiveness between organizational practices and corporate strategy, goals and objectives.

Also, the personnel of the acquired firm are likely to experience difficulties in assuming a new culture. In this regard, they would be expected to assume new practices, processes and align their beliefs and perceptions to new organizational goals and objectives. This can negatively impact on the organizational relationships and have far reaching impacts on the productivity of the company. This would occur especially when the respective personnel find it difficult to cope with the new work environment. It might result in loss of personnel that are important in maintaining quality production.

4. What resource-based issues would you face? Describe

There are various resource based issues that the company firm is likely to grapple with. To begin with, there would be need for more financial resources to cater for the increasing costs and expenses. The ability to handle this effectively requires an understanding of financial capability of the company. The company may also experience difficulties in accessing important complementary resources that may be financial, human or materials to maintain optimal production. This as the ability to affect its productivity as well as its capacity to cater for wide ranging processes. Then, the firm is likely to loose important human resources because of the changing work environment and other institutional changes. This can affect the quality of production significantly. The company will be expected to source for other resources to develop capacities of it personnel especially after redefinition of their corporate strategy, goals and objectives. Developing human resources will enable it to maintain quality production especially considering that it looks forward to assuming the top most position in the industry.

5. What are your managerial motives? Explain

There are various managerial motives for the acquisition of the foreign firm. To begin with, the aim of acquiring this firm is to increase my remuneration as the chief executive officer of one of the leading financial services companies in the region. Since the resultant company would assume market leadership, heading it is prestigious and would attract a higher salary package. The salary package will be aligned to the roles and responsibilities that I would be required to perform as a chief executive officer. In addition to salary increment, I look forward to being entitled to various benefits such as paid holidays, increased insurance packages, housing and so forth. This will enhance my quality of life as well as the life of my family. In his research, Ghaughan (2005) indicates that having responsibility in a larger firm attracts higher compensation. In the financial industry, it is widely agreed that most executives set their salaries by comparing with other managers in the industry.

Another motive for acquiring a foreign firm is to enhance my professional status. Compared to being a chief executive officer of a smaller firm, being the chief executive officer of a leading financial firm is more prestigious. In addition to increased compensation, this also attracts relative benefits that stem from mere association with top players in the financial industry. For instance, I would have a higher media attention that would enable me to recognize various opportunities in the industry. Another motive for acquiring this foreign firm pertains to the need to attain more power. Notably, the number of workers under my command would increase significantly. In addition, I would be in charge of more responsibilities. This implies that I would be more powerful and have a greater influence than what I currently have. In this regard, it should be acknowledged that power in the current corporate sphere is greatly determined by the status of an individual in the industry as well as the level of influence and the amount of salary.

Finally, another reason for acquiring the firm pertains to the need for empire building. This is instrumental in enabling me to attain a high degree of job security. According to Miller (2008), larger banking organizations are unlikely to be taken over than their smaller counterparts. Statistical evidence indicates that hostile take over culminate in loss of jobs especially for the management staff. Acquiring the foreign firm would increase my possibility of maintaining my job position as he chief executive officer of the company.

6. Do you possess hubris? Explain your answer

I do not posses hubris that constitutes over optimism in the evaluation of the acquisition. In this regard, I have taken practical measures to analyze the value of the foreign firm to be acquired as well as its performance in the industry. In addition, I have effectively evaluated the financial trends and made credible predictions based on previous as well as current trends. Although I have great faith in my capabilities, I also appreciate my weaknesses and the decision to acquire the foreign firm has not been directly influenced by this. The payment of this acquisition is reflective of an objective evaluation of all the necessary aspects as well as trends in the industry. In essence, the acquisition is driven by a great desire to increase shareholder wealth as opposed to other subjective reasons.

7. How would you ensure the success of your acquisition?

There are various measures that I would take to ensure the success of my firm. To begin with, I would review my corporate goals and objectives and align these to the organizational strategy. This will ensure that my firm focuses on attaining important organizational goals and objectives even after acquiring the foreign firm. Then I would take measures to reconcile any cultural inconsistencies after acquisition. Notably, the firms operate in different environments and are governed be varied regulations. Reconciling any cultural differences is imperatively important in ensuring optimal performance. This would include the need for compromise in order to accommodate any differences that would not significantly impact on performance. Before acquisition, I would objectively evaluate the value of the foreign firm in order to avoid incidences of over valuing that have the ability to affect the overall performance of the firm.

Then, I would analyze the legal aspects of acquisition and align all my practices to these. This will go a long way in preventing negative legal implications that undermine effective performance. Then, I would take timely measures in establishing viable relations with important regulator bodies in order to avoid unnecessary disruptions. Also, I would aim at retaining the human resource and enhancing their capacities through education opportunities as well as training. As compared to hiring other human resources, Brunner (2004) indicates that retaining human resources is less expensive. This is because the retained staff understands the processes and practices of the industry better than the new staff. This implies that fewer resources would be employed for capacity building. Enhancing their capacities on the other hand would aid in improving their performance and aligning these to the required global standards. Then, I would use my influence and power to source for sufficient financial resources from trusted investors to ensure effective and sustainable operation.

References

Brunner, R. (2004). Applied mergers and acquisitions. USA: Wiley

Gaughan, P. (2002). Mergers, acquisitions and corporate restructurings. USA; Wiley

Gaughan, P. (2005). Mergers: What can go wrong and how to prevent it. USA: Wiley

Miller, E. (2008). Mergers and acquisitions: A step-by-step legal and practical guide. USA: Wiley

Description:

This assignment is an individual work for the TURNITIN submission. The students are supposed to watch the play in the following link and answer the questions in Part 1 and Part 2. Prepare the assigned exercise individually.

Notes:

Type your answers in English into the boxes allocated;

Keep your answers short and clear;

Handwriting is not accepted;

The grading is based on the following criteria: comprehension, analysis, clarity, relevance and regularity.

The Link of the play:

War Horse – directed by Marianne Elliott – National Theatre – Act 01

???? Link: https://vimeo.com/689860887

War Horse – directed by Marianne Elliott – National Theatre – Act 02

???? Link: https://vimeo.com/689861115

PART 1: DRAMATIC ELEMENTS (40 pts)

Choose one Scene from the performance, mention the Act, Starting and Ending minutes from the videos.

Scene Grades

Act: 01 _______ / 5

From: 0:30 Minute To: 8:30 Minute Describe the SEVEN ELEMENTS of the chosen Scene from the performance.

Answers Grades

Plot in 1 line The scene opens in a somber tone where a war horse is brought to the stage as a war song is sung in the background before the same horse is taken to an auction where a drunk man buys it despite the better advise of his son. _______ / 5

Characters The War Horse (Joey), Arthur, Ted, Rose, Albert

_______ / 5

Dialogue Auctioneer to the bidders announcing the bid prices.

Arthur and Ted’s back and forth on the bidding price

Ted and his son Albert back and forth

Introduction of Rose into the ending of the scene _______ / 5

Acts and Actions The action begins as the war horse is presented for sale. There is a bidding war between Arthur, a respectable member of the community, and Ted his drunk brother. The latter uses mortgage money to purchase the foal.

_______ / 5

Conflict Conflict emerges between Ted and Arthur as they both want to get the foal.

Another conflict emerges between Ted and his son Albert regarding the decision to buy a horse.

Another conflict is seen when Rose is introduced into the picture.

_______ / 5

Directing

Instructions

(for the Scene) Lights fading in and out

Support characters entering the stage

A barricade formed by the support characters _______ / 5

Theme There is anger in Ted’s voice

Pain in Albert’s scolding of his father

And a desire for revenge between brothers

_______ / 5

PART 2: PERFORMANCE ELEMENTS (60 pts)

What is the DIRECTING STYLE applied in the performance? (Mention the Directing type and provide its short description)

Directing Style

Answers Grades

Directing Type Elliott is a creative artist who uses the translation approach _______ / 5

Description Marianne Elliott collaborates closely with her team of choreographers, lighting and sound designers, giving her productions a distinctively experimental feel. Her clever use of ensemble is complemented by sparse staging and the use of symbolic design elements. _______ / 5

Mention 2 Features of the Directing style that is applied in the performance:

Features

Answers Grades

Feature 1

The director makes necessary edits to the script as she sees fit _______ / 5

Feature 2

Ensures that the audience is engaged through comical breaks and laughter _______ / 5

Describe the features of the performance’s SCENOGRAPHY.

Scenography Elements

Answers Grades

Decorations and Props A wide, irregular projection screen, resembling a torn strip of paper, forming the focus of a design which is otherwise minimalist and transient

A maquette named Joey

A dark background

Guard rails held by supporting cast

_______ / 5

Light Concept Lighting follows a bright stage with a dark background that is faded to represent the mid 20th century. The characters have variations of dark brown clothes to show the contrast. _______ / 5

Sound Concept Sound is clear and original _______ / 5

Costumes and Make-up Costumes include old and ragged clothing that resemble the time period of the play _______ / 5

What is the ACTING STYLE applied in the performance? (Mention the acting type and provide its short description)

Acting Style

Answers Grades

Acting Type Classic theatrical acting

_______ / 5

Description Taking this technique means that the actors have read the whole script in great detail and have investigated their roles in great depth. They have developed a performance that is not just entertaining but also riveting because of the connection that they have established with their characters and the audience. _______ / 5

Mention 2 Features of the Acting style that is applied in the performance:

Features

Answers Grades

Feature 1

Understanding the mannerism and personality of the character _______ / 5

Feature 2

Creating a connection between actor and character he/she portrays _______ / 5

Submission Guidelines

Type in the answers in the allocated boxes in English. Handwriting and computer handwriting style is not accepted.

The name of the submitted Word file should be as follows:

Section Number + Assignment Number + Student’s name + Student’s ID Number.

To name the assignment’s Word file please follow the example below.

Ex: M1_A1_ Ali Mohamed_10001

Upload the Assignment 6 to the Turnitin submission link on Moodle.

Acquisition Of Literary Skills In ESOL Content Area

Students can benefit in learning both English and other subjects when the language is taught through content in combination with reading and writing instructions. Such a strategy ensures that the students are able to acquire both the language and the content. Combining both academic content area and the English language lessons ensures that there is no delay in studying other subjects especially for older students who feel their time is limited. Another reason that makes teaching language through content is that the language is easily acquired in its natural context. For example teaching language in biology or chemistry classes assists the students in grasping the vocabulary naturally since it is being used in its application. The students are able to understand the meanings and usage of words much better when the language is being used for its real life purpose. They will be able to focus better on the subject matter when the language is used in its academic content.

There are several techniques teachers can employ in helping ESOL students to develop proficiency in English in order to perfectly master content area subjects. In teaching the language, the teacher should recognize second language acquisition is a gradual process that is built on the student’s skills in his or her first language. The teacher should also provide genuine opportunities for students to apply what they have learnt in a friendly non-threatening environment. Another technique would be to ensure that the students are able to connect learned key vocabularies with the subject content. The structure and style of the English language might appear daunting to the students initially but this can be overcome by teaching text and sentence level grammar in their real context. It would also be quite helpful if students are taught the different features of language that are applicable in social and academic contexts.

Techniques that a teacher can use in language reading lessons should be aimed at ensuring the students develop competence in reading and writing in English. The teacher can find it helpful to use culturally relevant reading materials in class, connect the readings to the students’ backgrounds, and encourage them to discuss the readings in their cultural dimensions. This helps in achieving better comprehension among the students when the readings have some relevance to their lives. Other techniques include reading aloud, simulating content knowledge, and monitoring growth f both first ad second languages.

Writing in grammatical and comprehensible English is one of the major hurdles an ESOL student has to overcome. Acquisition of vocabulary and achieving syntactic competence is a gradual process that does not happen overnight. The teacher should thus keep in mind that students may not have properly mastered the sills and terminology used in the writing process which includes drafting, revision and editing among others. They should thus strive to provide support through provision of an environment that nurtures good writing, use of collaborative writing activities, promoting interaction and learning from each other, use of single response prompts for writing exercises, and offering clear and explicit comments on strengths and weaknesses of the student papers among others.

The increase in bilingual students makes it necessary for teachers to apply effective techniques and methods of engaging students in both language acquisition and in content area knowledge in order to succeed in their academic fields. The teachers on the other hand should be supported too to enable them work efficiently in promoting the success of their students.

References

American Federation of Teachers. (March, 2004). Closing the achievement gap: Focus on Latinostudents (Policy Brief 17). Retrieved January 26, 2011 from HYPERLINK “http://www.aft.org/teachers/pusbs-reports/index.htm” l “english” o “Click here to view this online resource” http://www.aft.org/teachers/pusbs-reports/index.htm#english.

Bernhardt, E. B. (1991). A psycholinguistic perspective on second language literacy. Reading inTwo Languages. AILA Review, 8, 31-44.

De Jong, E. J. (2002). Effective bilingual education: From theory to academic achievement in atwo-way bilingual program. Bilingual Research Journal, 26(1); 1-15.

Gándara, P., Rumberger, R., Maxwell-Jolly, J., & Callahan, R. (2003). English learners inCalifornia schools: Unequal resources, unequal outcomes. Education Policy AnalysisArchives, 11 (36). Retrieved January 26, 2011, from HYPERLINK “http://epaa.asu.edu/” o “Click here to visit this online resource” http://epaa.asu.edu/.

Menken, K., & Antunez, B. (2001). An overview of the preparation and certification of teachersworking with limited English proficient students. Washington, DC: NationalClearinghouse of Bilingual Education. Retrieved January 26, 2011, from HYPERLINK “http://www.ericsp.org/pages/digests/ncbe.pdf” o “Click here to review this online resource” http://www.ericsp.org/pages/digests/ncbe.pdf.

Name

Professor

Course

Date

Achieve your goals

Introduction

Individuals should learn to track their activities to ensure that they are on the right path to success. They should analyze their daily, monthly and yearly activities to discover their weaknesses and strengths. They should also find out about the activities of other people to make a comparison. Educational background is also a key to achieving goals. People should work hard at school to get grades that will enhance their lives. The analysis of my activities reveals how I will achieve my personal goals.

College skill and life skills are vital an individual’s life. The connection between the two helps an individual to set life goals (Carter, Joyce, Sarah and Richard, 23). Tracking daily activities in and outside school helps to determine strengths and weaknesses. Life does not always offer the desires of the heart (Corey and Marianne, 93). Through the analysis of strengths and weaknesses, one determines the best measures to take when life is not favorable. Involving friends when facing difficulties is also a vital strategy in achieving goals. Friends will help to enhance life skills and also assist in understanding difficult concepts taught in class.

Analyzing the stages of development also helps to achieve goals. The development stages enhance realization of an individual’s strengths and weaknesses. Visualizing about the future also helps in realization of one’s goals. This will help to determine whether one is still on the path to success. Writing down the plans for the day is form of motivation (Molloy, 8). It helps to realize the undone tasks.

Conclusion

Achieving goals is a challenge to many people. People should recognize their strengths and weaknesses to set achievable goals. Analysis of personal activities is also a way of determining the right path to success.

References

Carter, Carol, Joyce Bishop, Sarah L. Kravits, and Richard D. Bucher. Keys to Success: How to

Achieve Your Goals. Upper Saddle River, N.J: Prentice Hall, 2001. Print. Page 23.

Corey, Gerald, and Marianne S. Corey. I Never Knew I Had a Choice: Explorations in Personal

Growth. Belmont, CA: Brooks/Cole, 2010. Print. Page 93.

Molloy, Andrea. Stop Living Your Job, Start Living Your Life: 85 Simple Strategies to Achieve

Work/life Balance. Berkeley, CA: Ulysses Press, 2005. Print. Page 8.

Achievements in patient safety and barriers to achieving 100% safe health services

Institution:

Name:

Table of Contents

TOC o “1-3” h z u HYPERLINK l “_Toc389436346” Introduction PAGEREF _Toc389436346 h 3

HYPERLINK l “_Toc389436347” Background: Patient safety PAGEREF _Toc389436347 h 3

HYPERLINK l “_Toc389436348” Achievements made in patient safety PAGEREF _Toc389436348 h 5

HYPERLINK l “_Toc389436349” Development of patient safety regulations PAGEREF _Toc389436349 h 5

HYPERLINK l “_Toc389436350” Networked governance PAGEREF _Toc389436350 h 6

HYPERLINK l “_Toc389436351” Advances in error reporting PAGEREF _Toc389436351 h 7

HYPERLINK l “_Toc389436352” Creation of a culture of safety PAGEREF _Toc389436352 h 7

HYPERLINK l “_Toc389436353” Reduced infections associated with healthcare PAGEREF _Toc389436353 h 8

HYPERLINK l “_Toc389436354” Development of safety standards PAGEREF _Toc389436354 h 8

HYPERLINK l “_Toc389436355” Use of IT systems PAGEREF _Toc389436355 h 8

HYPERLINK l “_Toc389436356” Intensified teamwork in healthcare provision PAGEREF _Toc389436356 h 9

HYPERLINK l “_Toc389436357” Advances in patient safety training PAGEREF _Toc389436357 h 9

HYPERLINK l “_Toc389436358” Reduced medical resident fatigue PAGEREF _Toc389436358 h 10

HYPERLINK l “_Toc389436359” Barriers to achieving 100% safe health services Barriers PAGEREF _Toc389436359 h 10

HYPERLINK l “_Toc389436360” Lack of effective information-sharing PAGEREF _Toc389436360 h 10

HYPERLINK l “_Toc389436361” Preference to internal regulatory strategies PAGEREF _Toc389436361 h 11

HYPERLINK l “_Toc389436362” Shortage of staff PAGEREF _Toc389436362 h 12

HYPERLINK l “_Toc389436363” Error-prone environment PAGEREF _Toc389436363 h 12

HYPERLINK l “_Toc389436364” Organisational cultures PAGEREF _Toc389436364 h 13

HYPERLINK l “_Toc389436365” Conclusion PAGEREF _Toc389436365 h 13

HYPERLINK l “_Toc389436366” References PAGEREF _Toc389436366 h 14

IntroductionOver the last two decades, the desire for quality and safety improvement initiatives has prevailed in the health care industry. Quality health care refers to the extent to which the health services for populations and individuals increases the probability of desired health outcomes and are compatible with the existing professional knowledge. A recent study by Institute of Medicine (IOM) reiterated the need for pressurized efforts to ensure patient safety. Studies have showed that faulty medical processes and systems rather than the individuals cause majority of the medical errors (Hughes, 2008). These include inefficient and variable medical processes, the changeful mix of patients, variable provider experience and educational level, health insurance errors and several other factors contributing to the complexity of the healthcare. Additionally, to the present-day health care industry also functions at a much lower level than it is capacitated to provide effective, timely, efficient, equitable, patient-centred and most importantly safe health care (Hughes, 2008). Since errors result from the process and system failures, it is significant to adopt a range of process-improvement techniques that can identify ineffective and inefficient care and preventable errors and to influence changes related to the systems. Despite the existing errors, in the global health industry, developed nation such as Australia, United Kingdom and United States have made several advances over the last two decades. This paper examines the achievements that have been made towards improved patient safety in the last two decades. It also provides an analysis of the barriers to achieving 100% safe health services

Background: Patient safetyPatient safety comprises the processes involved in protection of patients from injuries resulting from medical mismanagement. Ensuring patient safety called for operational processes and systems that increased the likelihood of deterring adverse events (Fletcher, 2001). Developed nations are in endless pursuit of ways to improve the quality of healthcare in order to make it safer. Accidents and medical errors happen either through omission or commission, through system and process failures, as well as through nosocomial infections and iatrogenic infections (Graves et al., 2009; Reed & Kemmerly, 2009).

While there is no assurance on the exact number of the adverse events, estimates indicate that some 10 percent of patients worldwide experience some form of adverse events in hospitals while about 2 percent experience serious consequences (Braithwaite, 2005). Despite the fact that it is not clear the number of events that are preventable, it appears that the deaths reported in hospitals, which result from preventable events, exceed the death toll. This however does not suggest that the medical errors happen strictly in hospitals (Agrawal, 2009). In any case, there are not reliable statistics from other health care areas, such as dentistry, to support the assumption.

Despite the large scale of medical errors, certainty on the numbers of the adverse incidents is non-existent in Australian hospitals and overseas. Indeed, most studies have extrapolated national figures from small sample populations. Based on analysis of 14,000 medical records, a study by the Quality in Australian Health Care of the Healthcare System in 1995 showed that 18,000 Australians died each year. In which case, some 16 percent of the hospital admissions could be related to adverse events (Emslie et al. 2002). Therefore, assuming that some 25 percent of the deaths resulted from adverse medical error events can be prevented, nearly 4,500 preventable deaths estimated from the 1995 study correspond to 13 Jumbo jet crashes each year. Although the figures are disputable, the medical error toll definitely overcomes that of road carnage toll of 1634 as of 2003 (Australian Transport Safety Bureau 2003). Studies done between 2000 and 2001 indicate that some 2 percent of the patients experienced severe effects while 10 percent of the patient experienced adverse events. This indicates large numbers given that an estimated 6.4 million hospital admissions were reported in Australia during the period (Roughead, 2008).

The healthcare systems have failed to guarantee safety of the patients because of the complexities in the healthcare system. Indeed, given the astonishing figures, the epidemiology of such silent epidemic has over the last one decade been examined with global figures indicating that some 10 percent of the patients will be harmed through preventable medical errors. Of these, 8 percent will die while 6 percent will suffer from permanent disabilities (Emslie et al. 2002).

Achievements made in patient safetyDevelopment of patient safety regulationsShift in regulations are among the most definite advances in promoting patient safety, specifically fuelled by the rise of private entrepreneurs in addition to the introduction of market mechanisms in the public sector. Among the developments include that of creation of regulatory bodies that seek conciliatory, devolved and participatory regulations, while at the same time sustaining traditional administrative methods such as inspections (Emslie et al. 2002).

Development of regulations over the last two decades has marked major advancements in the promotion of patient safety. In reaction to the mounting pressures on the need to address medical errors over the last two decades, recent years have witnessed proliferation of regulatory strategies and actors. For instance, Australia has the Australian Council for Safety and Quality in Health Care (2000), the US established the National Quality Forum, the UK has the Healthcare Commission, and Canada has the Canadian Patient Safety Institute.

A major shift has been noted in seeking the best way to ensure better and safer health care. While a larger bulk of the efforts has been channelled towards ensuring quality improvement, the patient safety issues still dominate the greater reform forum. At the same time, the control of abatement of risks to the communities as a key purpose has also emerged as the focus of these regulations. Advances have been seen in the approach to these regulations (Roughead, 2008). While the medical professional has traditionally been based on self-regulation, such a complacent approach is today being challenged by the growing regulatory bodies globally. Additionally, there is also interest in adopting external regulatory levers aimed at improving performance within the organisations, instead of assuming that such remedies should be left solely to voluntary behaviour change on the part of individual physicians, to ensure safe processes and systems.

Networked governanceAmong the achievements in patient safety include networked governance of healthcare to promote patient safety. Government capacities have evolved in a range of directions. Today, the strategic planning performed by government departments takes consideration of the plans of various governmental and private sector players’ interests in order to ensure that their concerns on patient safety are considered (Roughead, 2008).

This however does not point to the idea of State Health Department or Commonwealth government aiming to wield power it is not mandated. Networked governance has achieved meaningful planning of healthcare provision by taking into consideration different other levels of the government, the hospital industry as well as pharmaceutical industry. This approach has been pursued by the Australian Council for Safety and Quality in Health Care, which the Australian Government Health Minister established in 2000 (Emslie et al. 2002). The Council functions through networked governance to gather different actors in healthcare provision to promote patient safety. The concept of networked governance is essentially suitable for pluralist health sector, such as that of Australia with multiple interest groups.

Advances in error reportingSeveral achievements have been made in reporting of errors. Reporting of events and standardised collection of data yields crucial data that is applied in medical practices to promote patient safety (Duguid, 2012). In Australia, this has been facilitated through federal efforts in creating patient safety organisations (PSOs) that are authorised to receive and review patient safety data, while at the same time engaging healthcare providers to improve healthcare delivery, without the fear of legal consequences (Clancy, 2009). Australian Council for Safety and Quality in Health Care also works to detect the safety and quality issues from the patient records. This has improved the ability of the government to monitor whether its objectives of ensuring safe healthcare is met.

Creation of a culture of safetyAustralian Council for Safety and Quality in Health Care has managed to reinforce a culture of safety among nursing homes, hospitals and medical offices in monitoring, evaluating and improving patient safety performance in Australia. In the United States, the AHRQ has reiterated the need for healthcare providers to use its suit of patient safety culture survey. The tool offers a baseline for organisations to monitor changes over time and to assess the patient safety intervention impacts. At present, some 6000 hospitals have established a mechanism that allows them to share culture survey data. This allows these hospitals to compare the efforts they make and to improve in consistency with the date, from the better performing hospitals. At the same time, peer-reviewed web-based journal, patient safety developed through the tool, helps organisations to espouse a blame-free culture and to assist the physicians to learn from each other’s mistakes (Clancy, 2009).

Reduced infections associated with healthcareAustralian Council for Safety and Quality in Health Care supports the development of patient-safety checklist that has been proved to deter, costly and deadly central line-associated bloodstream infections by some 66 percent (Clancy, 2009). Such promoted interventions include compulsory hand-washing along with other sanitary activities that aid in significant and sustained infection reductions (Graves et al., 2009). At the same time, increased use of intensive toolkit that contains the checklist among other tools has helped hospitals to reduce the infections by 75 percent (Clancy, 2009).

Development of safety standardsThe creation of the Safe and Quality Use of Medicine in Australia in the 1990s triggered the review of traditionally-accepted practices that surround medication administration and reconfigured research-based safe use of medicines. This has indeed led to the origination of the term medication administration errors, which defines the deviation from the doctor’s medication orders as indicated by the patient charts. Other countries, such as New Zealand, followed a similar trend to that of Australia (Roughead, 2008). In 2003, the country’s healthcare providers started to adopt the Australian strategy to address the medication issues that hampered patient safety. Such strategies have presented nurses with opportunities to contribute to practical initiatives at the national policy level and to improve patient safety. It is critical to note that nurses engage actively in the debate, as well as donate enormous knowledge in this area.

Use of IT systemsApplication of information technology systems in medication management has simplified the complex medical processes that are error-prone. This is particularly significant since clinical decision-making is a complex process that relies heavily on the ability of humans to concentrate and recall or process large amounts of date. The IT systems have improved access to patient information, such as medical history, which are vital for patient-care decision-making. For instance, the use of computerised physical order entry (CPOE) has been applauded for reducing errors in decision-making. Among the preventable errors that risk patient safety deterred by CPOE include wrong dosage form, wrong use of drugs, wrong dose calculation and instances where allergies are not checked while prescribing medication. Such systems make sure that orders are complete and legible (Henry & Fourer, 2009).

Further advances have been made in Australia. For instance, National Health Information Management Advisory Council (NHIMAC) was established to encourage collaboration between the States, Territories and Commonwealth to attain a national approach to the development, adoption and execution of online technologies in the health care, with the goal of improving patient safety (Emslie et al. 2002).

Intensified teamwork in healthcare provisionSeveral computer softwares have been developed to promote patient safety and quality healthcare, through teamwork, among them being TeamSTEPPS™. This evidence-based system has improved communication and teamwork among the healthcare practitioners through a complete set of training curricular. In the United States for instance, it has been distributed to over 14,000 organisations (Clancy, 2009). Several other programs, such as Team-oriented Medical Simulation (TOMS) and Anesthesia Crisis Resource Management (ACRM) are today used in Australia and the United States in training teamwork skills to the healthcare professionals, so as to promote patient safety.

Advances in patient safety trainingTo prepare healthcare practitioners for high-risk events, Australian Council for Safety and Quality in Health Care has supported numerous programs that make of simulation technology to improve communication, safety culture, teamwork, technical and diagnostic skills and other numerous features of safe healthcare (Baker et al., 2005). Among the projects include the Patient Safety Education Project (PSEP), which seeks to promote shift in patient care by promoting ‘train-the-trainer” curricular used in teaching the physicians to train patients on self-care. The program that was developed in 2007 is today widely used in Australian and the United States (Emanuel et al., 2008).

Reduced medical resident fatigueIn Australia, the Australian Council for Safety and Quality in Health Care supports studies into medical resident fatigue and its correlation to medical errors. The researches have highlighted why resident fatigue is a key risk factor for medical errors. Progresses have achieved in the Australia leading to adjustment of hours per week that the medical residents should work (Agrawal, 2009).

Barriers to achieving 100% safe health services BarriersLack of effective information-sharingA key challenge to promoting patient safety and healthcare quality is the lack of information on what should comprise ‘best practices’ or minimum satisfactory standards. Despite this, there is limited information on the degree of serious or adverse incidents. At the same time, error reporting systems have not been well established, in spite of the efforts to set up adverse events registers, as well as to document and review safety events. It should be observed that the lack of information has constrained the application of benchmarking, of the continual process of measuring the performance against standards (Roughead, 2008). These could have promoted the basis for continual quality improvement. Indeed, the issues that surround error-reporting include whether it should be made voluntary or compulsory. For instance, if physicians fail report errors based on fear of professional solidarity and litigation solidarity, then it follows that consumer complaints can become increasingly significant while a range of initiatives are ongoing to improve the capacity of patients to monitor the healthcare.

Failure in communication is also a major barrier to improved patient safety. Complex information systems require information systems that offer free-flow communication, in and among the medical professionals. Lack of communication may be caused by insufficient discussions of medical cases and oversight on the part of the medical staff in varied departments to coordinate patient safety.

Additionally, while improved reporting of events and standardised collection of data has promoted awareness of patient safety problems, documenting of improved performance is still challenging, since it can be difficult to interpret the increased rates of reporting the progress made in the actual events (Clancy, 2009).

Preference to internal regulatory strategiesOrganisations in the health care sector also tend to prefer internal and not external regulatory strategies. Additionally, adoption of the safety-oriented practices is voluntary rather than obligatory, whether it concerns benchmarking, reporting of incidents caused by medical errors or lack of compliance clinical protocols. The main challenge at this stage is that the ‘voluntarist approach’ regards healthcare providers, such as hospitals, as if they are separate from its environment. In any case, the behaviour of the hospital and its staff is greatly susceptible to external pressures and organisational structure and culture interactions (Agrawal, 2009).

Failure to safeguard automation

Errors resulting from failure to safeguard automation have been a barrier to promotion of patient safety. A range of medical procedures are presently performed by automated systems through programmable machines. The significance of automating error-prone tasks through application of technology is broadly recognised. With automation having significant promise for improved patient safety, it should therefore be noted that technologies bring about the potential for novelty adverse events. Hence, any new automated system should be tested for operational settings. Examples of automation error include infusion pump free-flow causing overdose.

Shortage of staffStaff shortage is also a major barrier to promotion of patient safety. Hospitals that are understaffed experience overworking of personnel, resulting to sleeplessness, stress and impaired thinking. This may cause lapse in performance. In the United States, many hospitals require nurses to work for more than 12 hours in a day. A national survey of medical residents hours of working revealed that some 50 percent of the first-year residents and another 30 percent of second-year residents worked for between 30 hours per shift. Unquestionably, this affects the performance of and quality of healthcare provision.

Error-prone environmentThe prevalent complexity of the present-day modern medical care is among the factors barring promotion of patient safety. Modern-day hospitals are stocked with hazardous substances, which are operable by individuals with high stress levels performing intricate technical procedures. These define a risky environment. Studies have indicated that intensive care in complex clinical environments is more vulnerable to adverse events. At the same time, heavy workloads, insufficient staff and limited access to essential medical equipment also define factors in the work environment that bar patient safety.

Organisational culturesOrganisational cultures can also be unfavourable to the realisation of total patient safety. For instance, punitive organisational culture is a key barrier to promotion of patient safety, as workers tend to feel endangered by the ‘blame and shame’ cultures. This prevents the likelihood of identifying and addressing problems. Improved patient safety is dependent on review of and learning from the discovered adverse events. However, the ‘blame and shame’ culture may discourage the healthcare practitioners from reporting them. Hence, an organisational culture that is punitive is deterrent to the realisation of the flaws of the healthcare system and the efforts to improve patient safety.

ConclusionDespite the existing errors, in the global health industry, developed nations, such as Australia, United Kingdom and United States have made several advances over the last two decades. Achievements made in patient safety include development of patient safety regulations, networked governance, advances in error reporting, creation of a culture of safety, reduced infections associated with healthcare, development of safety standards, use of IT systems, intensified teamwork in healthcare provision, advances in patient safety training and reduced medical resident fatigue. The barriers to achieving 100% safe health services barriers include lack of effective information-sharing, preference to internal regulatory strategies, failure to safeguard automation, shortage of staff, error-prone environment and organisational cultures

ReferencesAgrawal, A. (2009). Medication errors: prevention using information technology systems. Br J Clin Pharmacol. 67(6), 681–686.

Australian Transport Safety Bureau. (2003). Road Fatalities, Australia: Monthly Bulletin. Canberra: Australian Transport Safety Bureau

Baker, D., Gustafson, S., Beaubien, M., Salas, E. & Barach, P. (2005). Advances in Patient Safety: From Research to Implementation (Volume 4: Programs, Tools, and Products). Rockville: Agency for Healthcare Research and Quality (US)

Braithwaite, J., Healy, J., Dwan, K. (2005). The Governance of Health Safety and Quality. Commonwealth of Australia,

Clancy, C. (2009). Patient Safety: One Decade after To Err Is Human. Patient Safet and Quality Healthcare. Retrieved: <http://www.psqh.com/septemberoctober-2009/234-september-october-2009-ahrq.html>

Duguid, M. (2012). The importance of medication reconciliation for patients and practitioners. Aust Prescr 35, 15-9

Emanuel, L., Walton, M., Hatlie, M. & Lau, D. (2008). Advances in Patient Safety: New Directions and Alternative Approaches (Vol. 2: Culture and Redesign). Rockville: Agency for Healthcare Research and Quality (US)

Emslie, S, Knox, K & Pickstone, M 2002, Improving Patient Safety: Insights from American, Australian and British Healthcarse, ECRI Europe, Herts

Graves, N., Halton, K., Paterson, D. & Whitby, M. (2009). The economic rationale for infection control in Australian hospitals. Healthcare Infection, 14(3), 81-88

Henry, K & Fourer, M. (2009). Medication Administration Errors: Understanding The Issues. Australian Journal of Advanced Nursing 23(3). 34-41

Hughes, R. (2008). Tools and Strategies for Quality Improvement and Patient Safety. Rockville: Agency for Healthcare Research and Quality

Reed, D. & Kemmerly, S. (2009). Infection Control and Prevention: A Review of Hospital-Acquired Infections and the Economic Implications. Ochsner J. 9(1), 27–31.

Roughead, L. (2008). Literature review: medication safety in acute care in Australia. Adelaide: University of South Australia

The Value of Fair Treatment in the Workplace

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The Value of Fair Treatment in the Workplace

Federal laws that are most important for protecting employees from workplace discrimination. Provide a compelling argument for the effectiveness of the legislation in protecting employees and two case law examples to support your assessment.

Fair treatment in the workplace has over the years been upheld mostly to give the employees job satisfaction and a work environment that promotes productivity. There are several federal laws that have been put in place so as to promote equality in a working environment (Jennings, 1). One of these laws is the Civil Rights Act’s Title VII, which has undergone numerous revisions (Cheun et al., 2). It guards against discriminatory practices related to racial, ethnic, religious, gender, and country of origin for both staff and work candidates. People who are forty years old and above are protected against age-based job discrimination under the Age Discrimination in Employment Act (ADEA), as modified.

Babbitt, et al. v. Albertson’s is a case law discrimination example worth mentioning. A lawsuit was filed in California challenging the exclusion of inferiors and females from promotions and employment prospects at large grocery shop companies (Kawasali, 3). Another example was that of the case law of Cahill et al V. Nike Inc. On behest of 4 complainants and a potential class of women employed by the Nike, Inc. headquarters and claim that Nike treated them unfairly terms of pay, promotions, and initial job assignments based on their sex, Goldstein, Borgen, Dardarian & Ho filed the lawsuit for satisfactory standard with co-counsel (Klein et al., 4). Both cases were filed because the women employed were treated differently from their male counterparts which is unfair and illegal.

Explain the actions employers must take to verify legal employment in the United States.

People are often drawn to live illegally in the United States to pursue employment opportunities. The legislation that imposes fines on companies has the goal of removing this magnet by compelling firms to recruit only those who are lawfully able to work in the US: United State citizens, noncitizen nationals, legal permanent residents, and noncitizen immigrants who are permitted to perform all qualify. Therefore, the employer must determine if a newly recruited worker has the legal authority necessary to be employed in the United States (Jennings, 1). Employers must take the following actions to ensure that they comply with the law in the United States by verifying legal employment. First, all employers must verify the employment authorization and the identity of all the employees they recruit. To do this, employers must fill out and keep a copy of Form I-9, Employment Eligibility Verification, for every employee they hire. When an employer completes the I-9 procedure, they authenticate an employee’s identification and employment authorization by reviewing the employee’s original papers and choosing the employee from a list of eligible documents. Lastly, to verify legal employment in the US, employers must refrain from treating people differently based on their citizenship or national origin (King et al., 5).

Some states do not allow undocumented workers, or those not legally permitted to work in the United States, to receive workers’ compensation benefits. Provide the law in your home state and a compelling and supported (with research) argument advocating for or against your state’s practice of allowing or denying workers’ compensation benefits to undocumented or illegal workers.

The Fair Labor Standards Act (FLSA) is a federal law that, by its words, applies to any person who works for a company, as that term implies under the FLSA. There is no exception or exclusion in the FLSA for people who are not nationals of the United States or who are here unlawfully (Luckstead & Devados, 6). Because of this, the court system that have addressed the matter have consistently concluded that any employee of a company, regardless of immigration status, may bring a claim under the FLSA for work that was executed. In the Texas state, the lowest pay permitted by law must be paid to undocumented people. Only if the company provides the worker at minimum one and a half times the normal pay rate for the additional hours performed, they are not permitted to work more than 40 hours each week (Luckstead & Devados, 6). If their wage and hourly compensations are not satisfied, they may also file complaints with the district’s office.

Provide a comprehensive summary of the employment-at-will (EAW) doctrine that includes all possible legal exceptions to fight wrongful termination.

The Employment-at-will doctrine refers to an employment contract that states that the employee will be employed for an unspecified period and that the employment can be ended by either the employer or the worker (Jennings, 1). According to Jennings, most workers are subject to their employers’ whims and commands in the Employment-at-will doctrine (8). Thus, workers are subject to dismissal without any prior warning from their employer. In addition, the workers are free to quit whenever they like and will face no legal consequences. In the case of employment subject to the worker’s discretion, a clause to this effect would generally be inserted explicitly in the applicable employment contract. Although an employment contract may include an at-will provision, there are certain cases where termination of employment could still be unjust. According to the National Conference of the State Legislature, the Employment-at-will doctrine contains three main exceptions, likely to vary by state (7).

The public Policy Exception is the first exception to the Employment-at-will doctrine. The Public policy exception prohibits employers from firing workers violating recognized state public policy. This implies that an organization cannot fire a worker for refusing to do anything that would be against the interests of society. For example, a worker may not be fired in some states for submitting an employee’s compensation claim following an injury sustained at work. According to the National Conference of State Legislatures (7), the Public Policy exception contains four main categories: a worker declines to do anything against the law in a particular state. An employee is whereby employee refuses to lie in court when being sworn in. The second category is in reporting an employer’s illegal behavior. An example is a case where a company is manipulating its accounting documents so that it can seem to be more profitable. The third category is whereby a worker engages in actions that benefit the general public, like joining military service or serving jury duty. The final category is performing a stator right. An example is when an employee files a claim under the state employee compensation law after getting injured while working.

The next exception to the Employment-at-will doctrine is the Implied Contract exception. An employee may rely on the supervisor’s actions to infer a promise of continued employment for a certain period or even indefinitely under the implied contract exception. This might be in the form of a promise made by the employer, the company’s policy of only terminating workers for a reason, or a statement made in the employee handbook. An illustration of an implied contract is when a manager promises an employee that they have a permanent job in the company. Another example of an implied contract would be when an employer guarantees the worker that no matter how serious the wrongdoing, they would always be allowed to fix it before being fired. This rather general phrase might have negative consequences if the employee decides to steal from the firm. It’s worth noting that even in the absence of a formal contract; the employee may reasonably conclude that their job will continue indefinitely.

The final exception to the Employment-at-will doctrine is the Implied Covenant of Good Faith and Fair Dealing (National Conference of State Legislatures, 7). Currently, only a small number of states recognize this exception. A termination of employment for cause by the employer falls under this exception. An example of this exception is when there wasn’t any genuine cause for the termination. Still, the employee was due to earn a big bonus, and the employer dismissed the worker so that they would not have to spend the expenditure of paying the bonus to the employee after the termination. Two standard law exceptions to the EAW exist, both of which are difficult to show in court but worth discussing. The first one is promissory estoppel which arises when a potential employer makes a direct offer of employment. For example, the employees and their families have relocated to another state, and the company decides to rescind the job offer before the individual can start. The other exception is the intentional infliction of emotional distress. An employer causes an employee emotional stress that goes above and beyond what is considered “normal” for the position, and the employee responds by resigning.

Cite and support (with research) an appropriate EAW exception that the employee in the following scenarios could reasonably argue to save their job.

Scenario 1: JoAnn, a manager, started a blog on the company website for employee grievances and problems. She noticed that a worker was protesting that allegedly no Asian American employees had gotten a raise in two years at the company. Christine, the employee, also criticized how much CEO Elon had made last year and how he was “out of touch” with the realities of his employees. JoAnn reminded Christine that she was an employee-at-will. The next day, Christine talked to her co-workers about forming a union. JoAnn fired Christine and Christine is suing for wrongful termination.

Since Christine did not violate any laws when she voiced her thoughts about the firm and pay rate, I would say that it would be wrong to terminate her from her position from an ethical standpoint. Christine was likely being truthful when she stated that Asian-Americans did not receive a boost in salary in the past two years while their non-Asian colleagues got a raise in pay rate. Employees have every right to debate the possibility of creating a union in their workplace. The National Labor Relations Board states that if your workplace allows you to discuss other non-work-related subjects during working hours, your employer cannot restrict you from discussing the union within working hours (9). Since JoAnn has already informed Christine of her status as an employee-at-will, it is impossible to terminate Christine’s employment legally. It is possible to establish in court that JoAnn threatened to fire Christine and that Christine’s employment was terminated while she was having conversations with other workers about the possibility of joining a union. According to the National Labor Relations Institute, it is against the law to make threats or to carry them out against a worker who promotes a union (9).

 

Scenario 2: Steven, a department supervisor, fired his secretary, Ann. Ann, a devout Christian, had been putting Right-to-Life flyers in the employee breakroom. Steven talked to Ann twice and reiterated her actions were not appropriate. Ann continued to leave the pamphlets and took time away from work to pray at her desk during the busiest times of the morning. Ann is suing for wrongful termination.

Provided that Steven dismissed Ann, his secretary, purely because of her pro-life beliefs and the fact that she was conducting her prayers at her desk in the workplace, it was not ethical for Stephen to fire his secretary. For it to be presumed ethical for him to terminate Ann’s employment, it would need to be thoroughly investigated that Stephen had noted numerous instances in which Ann was not conducting to written expectations and guidelines, absenteeism, or any other legal means that could be used to terminate an employee’s employment.

According to the law, Ann is permitted to pray at her workplace provided that doing so does not place an unreasonable burden or one greater than the minimum necessary burden, on the company’s operation. Ann can pray at her desk, and several acceptable solutions exist. For example, a schedule switch or change could be made to help her out as she wants to pray during the busiest hours in the office. Some employees are pretty serious about their religion and beliefs and should be allowed to pray at work. In this case, instead of Stephen firing Ann, he could have vacated one room that can be used by all employees when they need to pray so that their religious needs can be accommodated.

Sources

Jennings, Marianne. 2022. Business: It’s legal, ethical, and global environment (12th edition) Mason, OH: Cengage Learning.

Cheung, Ho Kwan, et al. 2016. Understanding and reducing workplace discrimination. Retrieved from https://www.researchgate.net/profile/Ho-Kwan-Cheung-2/publication/305356387_Understanding_and_Reducing_Workplace_Discrimination/links/5ad5411c0f7e9b285936b0dc/Understanding-and-Reducing-Workplace-Discrimination.pdfKawasaki, Kenta C. 2016. A Genetic Analysis of Cichlid Scale Morphology. Retrieved from https://scholarworks.umass.edu/cgi/viewcontent.cgi?article=1452&context=masters_theses_2

Klein, Felice B., et al. 2021. The gender equity gap: A multistudy investigation of within-job inequality in equity-based awards. P 734. Retrieved from https://psycnet.apa.org/doiLanding?doi=10.1037%2Fapl0000809King, J. W., Kersey, N. A., & Burritt, J. E. (2012). The essentials

Luckstead, Jeff, and Stephen Devadoss. 2019. The importance of h-2a guest workers in agriculture. P 1-8. Retrieved from file:///C:/Users/user/Downloads/cmsarticle_679.pdf

National Conference of State Legislatures

https://www.ncsl.org/research/labor-and-employment/at-will-employment-overview.aspxMarianne M. Jennings. (2018). Business: Its Legal, Ethical, and Global Environment (11th ed.). Cengage.

National Labor Relations Board https://www.nlrb.gov/about-nlrb/rights-we-protect/the-law/employees/your-rights-during-unionorganizing

The Value of the Circular Economy Concept in Achieving Sustainable DevelopmentStudent’s Name

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Introduction

The circular economy has turned out to be a feasible replacement to the unfeasible linear status quo when it comes to responding to the worldwide difficulties of the twenty-first century. Rather than being depleted, materials are restored in a system that is both constant and long-running, with the purpose of ensuring that they continue to function at their maximum capability. When a product is used, rather than losing its worth, it is repurposed or recycled several times to ensure that it retains its value in the long run. Entrepreneurs will require new business strategies as well as inventive product development that take utilizes non-toxic materials that have the potential of being recycled indefinitely in order to achieve this goal. Prosperity and wealth are transferred from the current modes of consumerism to a system that is both constant and long-term in nature within the circular economy. It is a system that is designed to be cyclical in nature, where the wants of all individuals are met through the use of the world’s natural resources. The main aim of this paper is assessing the value of the circular economy concept in achieving sustainable development. Taking the case of China, the paper will evaluate how far and to what extent circular economy has achieved towards sustainable development goals (SDG).

Principles For a Sustainable Circular Economy

As Kirchherr et al. (2017) demonstrates, there have been many definitions of circular economy as there are circular economy academics, hence making it difficult to pin down a single definition of circular economy. The pursuit of more efficient resource utilization is, perhaps, the single thing that all interpretations have in common, but the concept of “better” is still up for debate (Velenturf & Purnell, 2021). Although it is obvious that the worldwide exhaustion of natural resources and accompanying GHG (greenhouse gas) emissions are continuing to intensify, piles of waste and related emissions are still accumulating as demonstrated by Velenturf and Purnell, (2017), it is also rational that a CE concept could perhaps seek to minimize the exploitation of natural resource and maximize waste prevention in order to achieve greater sustainability. Although depletion and environmental damage pose significant dangers to the long-term sustainability of an environment conducive to the survival of the species, circular economy must aim to reinstate and revitalize the environment by making a contribution to sustainability from a whole-system standpoint by optimizing the economic, technical, social, and environmental values of products and materials in societal structure.

The Presently Proposed Circular Economy Concept

The present circular economy concept formulated by the business world is provided in the figure below.

The present circular economy concept

The CE concept message is that the inner circles of the figure, which represent reuse of products, remanufacturing, and refurbishing, consume less resources and energy while being cost-effective in comparison to typical recycling process as inferior-grade raw materials. As Korhonen, Honkasalo and Seppälä (2018) points out, it is important to optimize the amount of time the value of the resources lives in the inner circles. First and foremost, materials must be salvaged for repurposing, refurbishing, and repair, followed by remanufacturing, and only subsequently should they be recovered for raw material utilisation, which has traditionally been the primary objective of recycling (Van Kruchten & Van Eijk, 2020). In the standpoint of CE, combustion for power ought to be the second to last alternative choice, with landfill disposal being the final alternative. Thus, the commodity value chain as well as life cycle preserve the absolute highest quality and value for the longest possible period of time while also being as energy efficient as is reasonably practical.

The use of the value produced for as long as possible ends up making business and economic sense the moment a raw material has been obtained, refined, and manufactured at the regular expenses. This means keeping the product value and service in economic circulation for as long as it lasts is a good way to maximize profits. When contrasted to the usual linear status quo and energy flow paradigm of the present universal economic system, this frequently leads to environmental improvements as well. In contrast to the traditional waste and by-product consumption and recycling methods, the CE concept emphasizes the usage of the value ingrained in raw material, thus extending the reach of traditional waste and by-product usage and recycling methods. Additionally, it contributes to conventional regeneration, which typically recycles items in their raw form, that is, in applications when a significant portion of their monetary worth has already been depreciated.

Circular Economy Concept Contribution to SDGs

The CE is crucial to the global sustainability agenda pushed by international agencies such as the United Nations and has the potential to contribute to a number of sustainable development goals (SDGs). The CE is definitely focused on SDG 12 and its implementation relating to the accountability in consumption and production (Heshmati, 2017). Yet, due to its wide reach, it also links to SDG 2 (ending hunger as evidenced in Italy (Principato et al., 2019)), which will be attained via sustainable and responsible food production, SDG 6 (availing clean water), SDG 7 (availing clean and affordable energy), SDG 13 (addressing climate change), and SDG 15 (life on land) (Van Kruchten & Van Eijk, 2020). These are all goals that a CE may help achieve. Certain sub-targets of the SDGs can also be linked to the CE concept. For example, CE advocates for prolonged material usage, resource efficiency, and redesign (Rodriguez-Anton et al., 2019). Ultimately, the CE concept is specifically designed to achieve goals that are consistent with the SDGs to ensure an environmental conscious world in the future.

The ultimate objectives of the sustainable development are inclusive of prospering lives and livelihoods, enhancing the security of food and water, global access to renewable energy, a productive ecosystem, as well as the development of sustainable societies, among other things. Part of the Sustainable Development Goals (SDGs) can be achieved through the adoption of CE that benefit the economy, society, and the environment as a whole while also promoting the well-being of human race for both current and future generations (Schroeder, Anggraeni, & Weber, 2019). The conventional economy development is heavily reliant on the environment and the economy in general. Higher resource efficiencies, resource regeneration, and the use of renewable resources are being advocated in industrial hubs throughout the globe, such as China, in order to decouple economic development from the environment and natural resources.

Resource Efficiency Enhancement

Recently, the circular economy has gained in popularity as a means of addressing some of the world’s most pressing sustainable development concerns, including climate change. One of the most promising parts of the circular economy concept is its emphasis on avoiding waste and pollution from being created in the first place, as well as on reusing and rebuilding natural systems once they have been destroyed. The circular economy is a critical component of the global effort to accomplish the goals of the Paris Agreement (Heshmati, 2017), and it is being promoted as such. Reduced waste, reduced consumption, and the restoration of natural capital are all proclaimed aims of the circular economy, and they are all achievable. Financial resources are also required to aid in the development of these new business models and concepts, which are now in development.

Higher efficiencies in resource utilization implies that a greater GDP can indeed be produced with fewer resources, raw materials, and energy inputs. In broad sense, resource productivity has increased remarkably since 2005, as evidenced by improvements in the efficiency of mineral resources, energy, and water (Berndtsson, 2015). On the basis of product value, it has been confirmed that a ton of coal can generate 12.4 thousand RMB in 2010, compared with a ton of coal generating 10 thousand RMB in 2005. Over the period 2005-2010, the intensity of water use extended by 59 percent, and it is anticipated to rise even further in the next coming decades. It has also been observed that there has been a significant improvement in efficiency of energy consumption. The amount of energy needed to generate 10,000 RMB in gross domestic product reduced to 0.76 tons of coal from 1.22 tons of coal.

Achievement in Resource Comprehensive Utilization

Because of the paucity of natural resources, the cost of basic energy, raw materials, and natural resources continues to rise. Sustainable resource conservation, resource comprehensive use, and renewable resource regeneration are all potential solutions to the increasing manufacturing cost. Those strategies have the potential to reduce the amount of raw materials and fundamental resources required. In particular, the rapid expansion of extensive resource usage, encompassing mineral resources, waste, and renewable resources, is the most significant direct impact of adopting circular economy. Since 2005, the complete usage rate of entire resources has increased at an annual rate of 1 percent, with the highest increase occurring in 2013. (The State Council, 2013). The development of extensive resource usage resulted in the reduction of approximately 6700 hectares of land for the storage of waste material. Comparing with utilizing fundamental resources, it is approximated that the use of renewable resources like steel and non-ferrous materials could save 0.25 billion tons of coal annually, as well as decrease waste water discharge by 17 billion tons, carbon pollution by 0.6 billion tons, and generation of solid waste by 5 billion tons (NDRC, 2014). 3.8 million tons of oil and more than 220 thousand hectares of agricultural land were spared as a result of the recycling of waste textile.

Renewable Resource Recycling

Three components of resource extensive use and recycling of renewable resources are expressed in the benefits of resource comprehensive utilization. As a preliminary step, circular economy advocates for the use of 30 by-products and waste, as well as renewable resources, in place of basic energy and resources (Heshmati, 2017). People will be able to extract less resources from the environment, such as minerals, timber, and fossil fuels, as a result of which less destruction will be made to the ecosystem (Corona et al., 2019). Second, the remanufacturing of metals, like steel and non-ferrous materials, may cut down the amount of coal needed in the processing of metallic materials, and as a result, can contribute to the minimization of carbon dioxide emissions. Third, by repurposing waste and by-products as resources, reduced solid waste is generated, which reduces the amount of solid trash that must be disposed of. If industrial waste material is not properly disposed of, it will contaminate the soil, water, and air, posing a health risk. As a result, the circular economy contributes to the enhancement of the practices to manage waste. It has also been mentioned previously that land for the rehabilitation of solid waste has been spared, which will help to reduce the cities’ land burden. As a whole, these advantages are critical in the development of cities that are inclusive, secure, resilient, and environmentally sustainable.

Water and Carbon Recycling

The reuse of wastewater is also advocated, in conjunction to its disposal. Each year, large quantities of water are consumed by industrial activities, exacerbating the already severe water scarcity concerns (Mathews & Tan, 2016). The recycling and reuse of water has the potential to significantly cut down the exploitation of water resources. According to some estimates, the yearly rate of recycling mine water reached 62 percent between 2010 and 2013, and the yearly recycling quantity of mine water exceeded 6 billion tons m3 over this time span (NDRC, 2014; Centeno & Portillo, 2018). Wastewater reuse can also help to reduce the amount of polluted water that is released into surface water systems and aquifers, which can contribute to promote water security up to a specific degree. As of 2013, the CO2 recycling capability had increased to approximately 10 million tons, which is more than quadruple the carbon recycling capability in 2000. (NDRC, 2014). The average carbon pollution was 7.2 billion tons in 2010, and it is expected to continue to rise (United Nations, 2016). As a result, it is anticipated that carbon recycling can decrease carbon dioxide emissions by 0.1 percent annually. If carbon recycling can be pushed even further, it is feasible to realize more success in reducing carbon dioxide emissions.

Agricultural and Forestry Waste Recycling

Forestry and agricultural waste are as well entailed. The circular economy development model, as well as the latest plan of action, establish unequivocally that the state mission of changing agriculture into a circular mode is a national priority (The State Council, 2013). In 2013, more than 600 million tons of straw were utilized in its entirety, representing for 77.1 percent of total straw production in the year. A total of 95 percent of the forestry waste was utilized, with the majority of it being utilized in biomass energy and making of paper. More than 40% of the livestock manure was recycled to produce methane, which is a greenhouse gas.

Constraints and Limitations of the CE Concept

Other than the fact that the circular economy concept its still in its infancy stages, there are several limitations and constraints that slows down its implementation. There are several aspects to these challenges and constraints, including a poor information system, a lack of advanced technology, poor economic bonuses, a lack of legislative enforcement capacity, infantile management, an incomplete system for performance evaluation, and a lack of public awareness.

Conclusion

CE appears to be a promising approach since it has been successful in attracting the attention of the corporate community to support sustainable development. When one harvest a resource from environment and work to transform it into a service or commodity with a commercial benefit, it is natural sense to expect to be able to utilize that value on a number of occasions rather than just once. This is very logical from a commercial standpoint. It is also straightforward and logical to make an argument that by utilizing the value ingrained in resources multiple times, rather than just once as is commonly done in the linear material flow pattern of the financial system, one can reduce the amount of virgin input as well as the amount of waste and emissions produced by the business activity.

References

Berndtsson, M. (2015). Circular economy and sustainable development. Retrieved from

https://www.diva-portal.org/smash/get/diva2:847025/FULLTEXT01.pdfCenteno, M. E. C., & Portillo, M. D. P. L. (2018). One Man’s Trash is Another Man’s

Treasure: How the Circular Economy Contributes to Achieving SDGs-The Case of Used Tires in Spain. European Journal of Marketing and Economics, 1(3), 32-38.

Corona, B., Shen, L., Reike, D., Carreón, J. R., & Worrell, E. (2019). Towards sustainable

development through the circular economy—A review and critical assessment on current circularity metrics. Resources, Conservation and Recycling, 151, 104498. https://doi.org/10.1016/j.resconrec.2019.104498Heshmati, A. (2017). A Review of the Circular Economy and its Implementation. International Journal

of Green Economics, 11(3-4), 251-288. Retrieved from https://ftp.iza.org/dp9611.pdfKirchherr, J., Reike, D., & Hekkert, M. (2017). Conceptualizing the circular economy: An

analysis of 114 definitions. Resources, conservation and recycling, 127, 221-232. https://doi.org/10.1016/j.resconrec.2017.09.005Korhonen, J., Honkasalo, A., & Seppälä, J. (2018). Circular economy: the concept and its

limitations. Ecological economics, 143, 37-46. https://doi.org/10.1016/j.ecolecon.2017.06.041Mathews, J. A., & Tan, H. (2016). Circular economy: lessons from China. Nature

News, 531(7595), 440. https://doi.org/10.1038/531440aNDRC, MEP, Ministry of Science and Technology, Ministry of Finance, Ministry of

Commerce, Bureau of Statistics. 2014. List of approved national Circular economy demostration unit (first batch) [Online]. Available: http://www.sdpc.gov.cn/zcfb/zcfbgg/201411/t20141119_648505.htmlPrincipato, L., Ruini, L., Guidi, M., & Secondi, L. (2019). Adopting the circular economy

approach on food loss and waste: The case of Italian pasta production. Resources, Conservation and Recycling, 144, 82-89.

Rodriguez-Anton, J. M., Rubio-Andrada, L., Celemín-Pedroche, M. S., & Alonso-Almeida,

M. D. M. (2019). Analysis of the relations between circular economy and sustainable development goals. International Journal of Sustainable Development & World Ecology, 26(8), 708-720.

Schroeder, P., Anggraeni, K., & Weber, U. (2019). The relevance of circular economy

practices to the sustainable development goals. Journal of Industrial Ecology, 23(1), 77-95.

The State Concil. 2013. Development strategy of circular economy and plan for recent

actions.

United Nations. (2016). Role of Circular economy in achieving SDGs ~ Case of China.

(2016). Retrieved 28 December 2021, from https://www.uncrd.or.jp/content/documents/4414Background%20paper-Jinhui%20Li_Final-PS-1.pdfVan Kruchten, S., & Van Eijk, F. (2020). Circular economy and SDGs: how circular

economy practices help to achieve the sustainable development goals. Retrieved from https://circulareconomy.europa.eu/platform/sites/default/files/3228_brochure_sdg_-_hch_cmyk_a4_portrait_-_0520-012.pdfVelenturf, A. P., & Purnell, P. (2017). Resource recovery from waste: Restoring the balance

between resource scarcity and waste overload. Sustainability, 9(9), 1603. https://doi.org/10.3390/su9091603Velenturf, A. P., & Purnell, P. (2021). Principles for a sustainable circular

economy. Sustainable Production and Consumption, 27, 1437-1457. https://doi.org/10.1016/j.spc.2021.02.018

Accounting Service Product/Market Business and Marketing

Name of Student

Course

Tutor

Date of Submission

I. Product

A. Rationale for selection

Global e-commerce services is the solution to the increasing demand for accounting problems poised to various companies. It is against this background that E-Commerce Accounting Service is selected to provide accounting solutions for all year round accounting services to our clients. The business will assist small scale and home based business and individual clients in finding accounting solutions.

B. Tangible component

The product will be highly significant as it would provide;

General accounting and book keeping services: – management of accounts payable and receivable, employee payroll accounts, designing of flexible internal control and working capital management.

Business Consulting & Advisory Services:- business and market plans development, training employees on use of accounting packages, and consultancy on payment systems to adopt

Financial Controller/CFO Services:- end year Financial Statement Analysis, budgetary and budgeting control, preparation of stakeholders reports , and filing of tax returns

C. Intangible component

The product will inherently;

Offer professional and competitive accounting services to the satisfaction of our clients

Assist clients to comply with various regulatory and administration accountancy regulation and rules and,

Act as referring agent of other accounting firms

D. Intellectual property

Our brand will be protected under intellectual property rights an initiative that will serve to protect our brand of services. This will involve protection of the copyrights and the trademarks such as the brand name protection. The unfair competition law will also be applied to the shapeup our brand so as to hinder unfair protection that would result to the closure o the business. Intellectual property rights of the E-Commerce Accounting Service will also be protected by security systems on the internet that are highly technological. The patent licensing and the product licensing will also be done to ensure that the company trades effectively.

E. Involvement

In view of the fact that customers can must have a complete confidence with global e-commerce accounting services due to the sensitivity involved in the field, high involvement will be required at all levels. There is high in the management team as well as in the research team as they all engage to learn about the customers and also to identify the niche market. The high involvement also arises as the team reaches out to find about the possible online and offline competition that arises and acts as a threat to the company.

F. Theory-based characteristics/considerations1.) Product life cycle

The current industry trend indicates that the services to be provided by the firm stand a good chance to successfully generate revenue. This positive trend is reinforced by relatively recent, May 22, 2009, survey by PaySimple and Market Platform Dynamics (MPD) that was released through the PRLog Press Release indicating that ‘over the next two years, small businesses believe more of their commerce will be done using electronic payments’ up from the current 50% users

a.) Affect on price

Our pricing will be affected by the relatively complexity of our product as it will aim at covering all the costs involved in; remunerations, running departments, taxation. It is however imperative to note that there would be lower overhead cost since being a service oriented company, there would be minimal manufacturing constraints.

b.) Affect on promotion

This analysis shows that there is potential growth in the adoption of modern payment methods that would necessitate professional and technical assistance to implement. The product life cycle will also affect the choice of how to promote our product. Creation of awareness is key to a successful entry into the market hence considerable finances will be attached to that effect. II. Market

A. Market

Though not the first entrant in the market, market analysis and surveys show existence of unrecognized yet potential clients as that can sustain the business. The Venture also bases the analysis on its unique products and plans to offer flexible consultancy service and also to incorporate expert information system to aid clients in decision making. 1.) Business to Consumer

Retail segment: this segment represents the small scale traders who mainly handle consumer goods. Given their number in United States, it is projected that a careful and aggressive marketing would ensure that the largest sales volumes are realized from this segment.

2.) Business to business

Service based business: this represents businesses which offer different services to their clients at a fee such car tracking companies. These companies use automated payment systems and would require set up as well as advisory services of the same.

B. Market segmentation

The potential clientele base has been segmented into three groups based on data from the established similar entities (Division of clients into groups). It is estimated that it will take 3 months to find customers and get established.1.) Demographic(s)

As noted above, the firm’s demographic profile will mainly be inclusive of; individuals in need of accounting services, small scale businesses and corporate clients. The three groups will have varying accounting needs, for example corporate clients may require check deposit and acceptance, tax advisory and end year accounting advisory services some of which may not be applicable to individual clients. 2.) Psychographic(s)

Our clients will be seeking highly qualified professionals with extensive theoretical knowledge with competent workforces who have undergone institutionalized training. We therefore indent to employ extremely well trained and competent individuals so as to enable us serve our clients with prestige and dignity. 3.) Geodemographic(s)

Geodemographics will be applicable as our firm will classify clients into different categories since geodemographic profile functions will help the firm make a number of choices. The location of our clients in addition to the clientele type; whether individual or corporate will be put into consideration since in our line of business, differences within these groups will be instrumental in proper service delivery thereby guaranteeing ultimate customer satisfaction. 4.) Diffusion of innovation

The company will develop and implement an Enterprise Resource Planning. This will ensure effective and efficient management of the organization and its customers as well as other stakeholders.

Website

The company will develop and implement a website which will serve the purpose of marketing as well online service requests.

Hardware

The company will utilize PCs and laptops. Printers for the necessary work will also be utilized although the company intends to be as paperless as possible. The scanners will be part of the hardware among other computer related accessories.

Recovery system

The company will acquire software which can assist in data recovery as well as use of Linux to ensure data security.

C. Place

a) Own-Web Based

By borrowing the latest technology our business will be web based, hence the business will construct interactive website, and have a 24 hour reliable online support to provide fast and efficient services as a tool for attracting and retaining customers. Seasoned ICT experts and experienced outsiders will be consulted before major decisions are made. Latest Computers with high speed and resolution will be bought to ensure fast and efficient Internet connectivity. Specifically, the various technical aspects that will enable the company to realize its goals effectively and efficiently.b.) Outsourced

The marketing and PR services will be outsourced. Each departmental head will be qualified and experienced so as to ensure competency in management and service delivery. The possible weaknesses like ineffectiveness of the management team will be addressed through regular trainings, succession management, change management and external consultancy. Conflicts will be addressed through arbitration, courts system, and enforcement of disciplinary2.) Telephone access

The company will control all its telephone access with all telephone networks handled by qualified technicians. The technicians will be able to respond from the branches where they will be managed from the main office through the development of the virtual office.3.) E-mail access

The company will utilize the use of emails in order to ensure that it reaches the largest number of clients within its area of operation. The area of operation is not restricted as the company intends to expand in future but for the start it will start with Connecticut.

D. Distribution

Both direct and indirect (though relatively shorter chains) will be employed.

Our business could use direct distribution system, where the services are directly offered by our employees such as tax returns and tax payment advisory services.

Indirect distribution system can be employed in the setting up of the electronic payment system where we would contract a thirds party to supply the soft wares to be installed. 1.) Logistics

A number of Service Delivery Procedures will be implemented once an engagement has been agreed. These would include;

drafting and delivery to the clients a formal business engagement letter detailing:-

Type and terms of engagement

Proposals of the initial plan for performing the contract

Outline of our expectations from the client during the contract period

Highlights the client’s responsibilities during implementation

Estimated project time line and normal cost on completion

Underlying legal and professional requirements from each party

The engagement letter represents a proposal of the contracts’ terms and can still be amended before commencement of the project.

The actual services are delivered according to the agreed on schedule.

Modes of Delivery

A number of delivery channels will be used after the completion of client’s accounting needs. These would include; Online delivery which will enable the materials to be delivered via the internet and CD-ROMs. E-mails, bulletins and online chats will be applied when communicating with the clients.

The company will also deliver products in form of parcels since over the recent years; parcel and express delivery have gained great significance in the global B2C eCommerce market as the medium has been embraced by both businesses and consumers. b.) Storage

The business will run as departmental functions, two departments, though matrix reporting relationship will be encouraged based on its mission statement. It is in the two departments that any accounting need specifications of the client will be stored furthermore; the functions will be divided into finance and administration, and research and development and resources management.c.) Shipment tracking capability

The engagement is reviewed periodically by AMS and the client to ensure that the goals are being met, deviations are recognized, and corrective controls and measures taken

Billing for the services rendered will be done upon completion of the engagement though notional recognition of revenue may be done when a significant portion of the work has been approved by client.

Follow ups will be made as after sales services for up to three months while upgrades will be done request under new terms.III. Promotion

A. Media/medium

To create awareness, a specified sum will be spent on promotional strategies. There will be discounts for frequenting clients during inception periods. Space will be bought on magazines and newspapers to market the entity. Aggressive marketing will also be carried out in social and business functions.

Paid ads will also feature in the local print and mass media, posters and brochures. Calendars promoting our business will also be published and distributed freely.

B. Appeals1.) Price/thrift-based

In order to promote our products and meet our sales goals, the enterprise will mainly apply a number of price based methods. Key among them will be price matching guarantees; hence we will analyze the pricing of our rivals and offer significant price cuts while maintaining our high level of services thereby not only attracting new customers but also creating customer loyalty. The enterprise also aims at implementing modern day price slashing strategy to reduce the ultimate prices to our customers thereby eliminating competition. 2.) Emotional, sentimental (affective) promotion strategies

The enterprise will attract customers by giving them ‘more than they expect.’ Bonuses will be a key strategy furthermore; personalization and follow-ups, especially calling them to ask whether they are satisfied by our services will be a key promotion strategy. IV. Price

Pricing of our services will be very competitive relative to the competitors’ rates and the prevailing industrial averages. The fees charged are based on professional projection of the expected returns. A benchmark rate will be a return of 10% on the service offered. Any support work not related to new implementations that is requested outside of normal hours will be charged at a 50% premium to the normal rate for that service or client.

A.) Discounts

The firm will also offer discounts especially to corporate clients with multiple accounting services needs. V. Strategic PlanA. Purpose1.) Vision statement

E-Commerce Accounting Service has the vision of providing quality solution and quality results to our esteemed customers by applying informed expertise to respond to our customer with precise specialized and thorough accounting services.2.) Mission statement

Our mission is to offer competitive and affordable accountancy, tax and auditing services, with the help of the latest technology and customer friendly-competent staff to the maximum satisfaction of all our clients and develop strategic plans to expand to other foreign markets.

B. Product value creation

1.) Competitive advantage

The provision of these service though remain very competitive and require personalized approach to marketing, the industry analysis shows that new players can still create innovative products and services and be able to survive competitively. The Operating Competitive Advantages for E-Commerce Accounting Service include;

Techniques

The operations described above are proven techniques similar to those used while performing similar consulting work during the course of my employment with a local accounting firm, an experience which extends to four decades. However, adjustments have been factored in a bid to reflect the current market situation, the technological changes, new customer requirements, the legal and professional accounting bodies’ rules and regulations.

Experience

Based on this analysis, both direct and indirect rivals posses similar experience as E-Commerce Accounting Service management’s as well as ability to pool more resources and human capital for their ventures. Advantageously, Economics of scale and direct costs of production do not exist for this industry thereby enabling us to compete effectively through;

Possible referral networks of clients (power of verbal communication)

Adoption and regular up grade of new versions of accounting software at affordable costs

However, extreme caution will be taken especially in both the use of several vendors’ products due to potential existence of business rivalry and open source software as well as trial versions because of lack of reliability and accountability. 2.) Customer satisfaction

The site is very strategic due to its close proximity to the target customers, accessibility and affordability of utilities and rental premises.

V. Tactical Plan

A. Strategy implementation

The three areas of market segmentation have been arrived at based on market research which identified existing gaps to be filled competitively. The study revealed that the small scale accountancy and related services clients are normally overlooked by large and established firms. These clients however have potential and capability to generate revenue in return for the services offered. 1.) Deploymenta.) Product

E-Commerce Accounting Service aims to offer accounting solution for all entries including taxation services, preparation of ledger accounts, accounts receivable and accounts payable, consistence evaluation of balance sheets as well as preparation of employees payrolls and companies billings and accounting, consulting & CFO services.

B. Product and Service description

Systems audit: the Company carries out regular and random systems audit for clients to verify and authenticate the integrity of their systems and the susceptibility to the internal control system to fraud. The areas checked include routine recording maintenance, invoicing, payroll updates among others

End of financial year consultancy services: in the process of making their end year financial reports, the firm acts as a one-off consultant to assist in making technical and legislative subjective decisions like treatment and estimation of depreciation, valuation of end year inventory, treatment of suspense accounts and adjustments of ledger entries.

In summary, we aim to offer all year round Accounting Services to our clients including;

General Accounting and Bookkeeping services:-

management of accounts payable and receivable

employee payroll accounts,

Designing of flexible internal control and.

Working capital management.

Business Consulting & Advisory Services:-

business and market plans development,

training employees on use of accounting packages, and

consultancy on payment systems to adopt

Financial Controller/CFO Services:-

end year Financial Statement Analysis,

budgetary and budgeting control,

preparation of stakeholders reports , and

Filing of tax returnsb.) Promotion

The establishment of the marketing department will not only offer competitive advantage bit also ensure that the target group is aware of our services. This shall be achieved through;

Personal visits to potential clients to create awareness

Secondly, we shall use posters, media, flyers and social networking sites like face book to create awareness on our services

To create awareness, a specified amount will be spent on promotional strategies. There will be discounts for frequenting clients during inception periods.

Space will be bought on magazines and newspapers to market the entity. Aggressive marketing will also be carried out in social and business functions

c.) Place

Operations for Accounting Management Systems are based in home office in CT. Most of the actual consulting services and meetings with clients will be performed at the client’s place of business.

The Equipment and materials required include the printing machines, photocopiers, computers, stationery, physical space, office suppliers, and internet access. Most of the materials will be purchased while the space will be rented before the launch of the business.C.) Goals and Objectives

Our working clientele based objectives to make E-Commerce Accounting Service a successful and competitive entity are:

To offer professional and competitive accounting services to the satisfaction of our clients

To assist clients to comply with various regulatory and administration accountancy regulation and rules

To act as referring agent of other accounting firms

References

Ahlstedt, M. (2007). Implementation of an IT based Marketing information system in a

High tech company. Hogskolan, Economics Department

Barone, L. (2009). Webinar: State of small Businesses in the United States. Retrieved

June 14, 2009, from HYPERLINK “http://smallbiztrends.com/2009/05/state-of-small-businesses.html” http://smallbiztrends.com/2009/05/state-of-small-businesses.html

Edward G, Malison, (1999).Writing up a Business Plan, London, McGraw Hill

Companies.

Horton, J.L., (2008). The Secret of service marketing. Accessed April 6, 2009, from

HYPERLINK “http://www.online-pr.com/Holding/ServiceMarketingSecret.pdf”http://www.online-pr.com/Holding/ServiceMarketingSecret.pdf.

Joyce P, Jennet, (2005).Creating Outlines for Small Business Plan. New York, University

Press

PRLog. (2008). Survey Finds Major Trend of US Small Businesses Looking to Adopt

Electronic Payments. Retrieved June 14, 2009, from

HYPERLINK “http://www.prlog.org/10074252-survey-finds-major-trend-of-us-small-businesses-looking-to-adopt-electronic-payments.html” http://www.prlog.org/10074252-survey-finds-major-trend-of-us-small-businesses-looking-to-adopt-electronic-payments.html

Accounting Standards

Institution

Student’s Name

Answer to Question 1

Development of accounting has a significant impact on the development of a country’s economy. Instead of leading to a lag in economic development of a nation, advancement in accounting standards lead to a meaningful contribution to economic growth of a country. Contribution of accounting development to economic development could be seen from the fact that local and international bodies of accountancy collaborate with an aim of promoting contribution to growth or success or various economies (Afterman, 1995). Much contributions of accountancy to economic development are seen from the various meetings set to establish key areas of economic development globally. An example of these meetings is a high-level meeting organized in Qatar on Accounting for Development.

In the Qatar meeting, a report was established to point out the possible capacities, global standards, integrated reporting, global standards, as well as business standards from which professional bodies could contribute to economic development through accounting standards development. in any case, it is established that well planned financial infrastructure is highly useful in aiding development of major emerging economies. The reason behind this argument is that quality financial infrastructure provides investor with a sense of acceptability in terms of high assurance level. Assurance becomes greater when resources used in economic development are accounted for (Alia, 2011). A combination of historical records through accounting methodologies and projections of future trends in econometrics or statistical economics brings in a perfect road for economic development. This implies that accounting has to be incorporated in economic development but the standards have to be developed to maintain pace with the prevailing technologies.

Answer to Question 2Culture has a significant extent to its explanation on the relative importance of stock exchange as well as its explanation on professional accounting globally. In this case, a person has to establish the existing differences in cultures how these different cultures influence the accounting standards as well as the stock exchange regimes. Experts establish that there exists varying accounting behavioral patterns that are applied to various countries that apply them in groups. From this aspect of culture and difference in accounting practices, it is possible to group various countries in groups with respect to the accounting practices they employ (Afterman, 1995).

The culture of a country determines the accounting system to employ due to country’s regulations on the accounting standards employed (Alia, 2011). Most countries in the world employ the European cultures in various aspects of life including accounting systems. The same differences come in when pointing out that some countries employ the French culture while others employ the English culture and so on. The same happens to accounting principles and in the development of accounting. The United State has its own accounting principles but cultural influence on many countries by the American culture and economy can be used as ground for indicating that culture has a significant influence on accounting principles. Similarly, stock exchange is done in cultural and economic blocks. Trading in the stock market with China would call for some application of the Chinese culture or have the Chinese culture represented whether in language of business, economic, or accountancy behavior (Alia, 2011). It follows that culture explains much on accounting development, practices, as well as playing a key role in the stock market.

Answer to Question 3

Accounting is the language of business and it is through accounting that organizations can communicate effectively about their financial position. Prospects in accounting may look at the global scope where uniformity is growing quickly with the harmonization of culture and ethnic division. Accounting has been found to vary in standards and applicability as countries grew up in developing their own accounting standards in the recent past (Collins, 1989). While this differences in accounting principles came in within the past few years, most countries are adopting the two major accounting principles, which include the United States GAAP and the IFRS. The US Generally Accepted Accounting Principles and the International Financial Reporting Standards seem to be adopted by many countries in a great capacity. This happens with many countries wanting to be associated economically with the United States as well as wanting to do well in the global market. Most accounting professional firms that were not within the US GAAP or the IFRS are increasingly recognizing the benefits of uniform global accounting standards (Collins, 1989). A single set of accounting standards can be used to compare the financial positions of various firms irrespective of their locations or the countries they are situated. This trend confirms that the future trend in accounting standards would be uniform and complying to the international standards of accounting.

Answer to Question 4

Saudi Arabia as a country has its own regulation as far as accounting practices are concerned. All professionals and professional bodies related to business and economic development are required to be licensed by the country’s Ministry of Commerce. The professional bodies are not limited to accounting and this aspects gives an implication of high level of the country’s professionalism and statutory control. It is also established that the Saudi Arabian regulatory framework for its market securities has highly developed after the enactment legislations that regulate the country’s capital market (IMF Country Report No. 12/93, 2012). Regulation in Saudi Arabia extent to the accounting standard since the resolution of accounting regulations by the country’s Minister of Commerce in 1968 in which practicing accounting or auditing has to be in accordance with CPA regulations (IMF Country Report No. 12/93, 2012). The Saudi Arabian business environment is characterized by regulations and transparency in accounting despite its unique accounting principles from those of the GAAP or IFRS.

References

Afterman, A. B. (1995). International Accounting, Financial Reporting, and Analysis. . New York: Warren, Gorham & Lamont.

Alia, J. B. (2011, March 7). The Effect of Environmental Factors on Accounting Diversity – A Literature Review. Retrieved February 23, 2013, from papers.ssrn.com: http://papers.ssrn.com/sol3/papers.cfm?abstract_id=1780479

Collins, S. H. (1989). The Move to Globalization. Journal of Accountancy , 95-104.

IMF Country Report No. 12/93. (2012). Saudi Arabia: Reports on the Observance of Standards and Codes. IMF Country Report No. 12/93 , 1-45.

Name

Tutor

Course

Date

The Vegan Culture

Vegans are described by their commitment to not consuming animal products. Vegans consider the consumption of animal products as being unnecessary as well as unethical. Therefore, the vegan culture is founded on principles that are thought of as superior to the rest of the population in terms of their moral soundness. Usually, many examples support why people should be vegan. For example, the vegan culture is endorsed because it is more sustainable and results in little environmental pollution. For all the arguments that support the vegan culture, the main thing that they have in common is their appeal to moral superiority. Since societies are based on norms influenced by ethics and morals, vegans suggest that the rational culture for society to endorse is the vegan culture.

The first argument that supports the vegan culture is its contribution to sustainability. Sustainability describes the support for the survival of the planet so that the future generation will find a habitable planet. This usually means that for sustainability to be attained, actions that degrade the planet should be avoided. Consequently, all actions which result in pollution should be avoided. One of the activities that result in pollution of the environment is agriculture, especially livestock keeping. Livestock such as beef cattle or dairy cattle is usually kept in large numbers to satisfy the demand for dairy and beef products. However, as the livestock digest the grass and other feed materials, they produce methane gas released into the atmosphere. As methane accumulates in the atmosphere, it leads to global warming because of the heat that the methane gas molecules trap in the atmosphere. The consequences of global warming mean that future generations will find an inhabitable planet that will not adequately cater to their needs. Apart from the high global temperatures that the planet may experience due to global warming, the planet will also be more susceptible to extreme weather conditions, which would impact their survival. Since the demand for dairy and beef leads to the supply and consequently livestock farming, vegans propose switching from animal products to save the planet as a moral duty.

The second argument which vegans propose is that an alternative diet supports undue cruelty on animals. Human beings, in their interactions, pride themselves on being humane. However, vegans argue that consuming animal products makes humans guilty of cruelty. One manifestation of the cruelty is the fact that animals have to die for the diet of humans to be satisfied. Vegans would ask how one would feel if their pet was killed to prepare a meal. Since all animals can be considered the same, the argument that beef cattle should be reared to be butchered and dogs and cats should be regarded as pets does not hold. The second manifestation of the cruelty is the growth conditions that animals are subjected to maximize profits. Usually, animals are conditioned to reproduce to their limits, while animals such as poultry are made to grow as quickly as possible through genetic modification and growth hormones. Thirdly, animals are reared in crowded conditions, which significantly limits their freedom and quality of life. These arguments of cruelty point to a larger overarching argument of speciesism. Just like racism should be discouraged because it is founded on an untrue perception of supremacy, some species should not be considered deserving of better treatment than others.

Vegans also argue that a diet that is made up of animal products is entirely unnecessary. A vegan diet can supply all the nutritional needs that one needs. This can be evidenced by the existence of vegan athletes, considering that sports usually require a comprehensive diet to sustain performance. The argument, therefore, condemns the eating of animal products as an unnecessary set of cultures. For example, different tribes consume different animal products despite broadly accepted beef, dairy, and fish diets. However, some exotic diets, such as dog meat consumption, could be considered inappropriate in some cultures. This points to diets as cultures. Instead of blindly following these cultures, one should consider whether eating animal products is necessary, considering that it results in animal cruelty and unsustainability.

All that vegans suggest is that we should be better humans. We should ascribe to higher morals, especially in a world faced with current issues such as global warming. By switching to a vegan diet, the world would become more sustainable, humane, and healthy.