Benefits and Effectiveness of Accounting Essay Example for Free

Benefits and Effectiveness of Accounting Essay The research was based on two variables these are computerized accounting systems which comprise of definitions, components of computerized accounting software and benefits and limitation of computerized system and financial reporting which also comprises of definitions of financial reports, benefits and effectiveness of accounting system used at National Water and Sewerage Corporation. The study will enable management to understand the significance of preparing quality and reliable financial reports. The study will point out weakness in the accounting system which management needs to address. The Government of Malaysia through the Department of Accountant General (MDAG) has instructed MARA to implement the Standard Accounting System for Government Agencies (SAGA). This is a total Enterprise Resource Planning (ERP) System, developed based on web-based application and is using an accrual basis of accounting. The SAGA financial system enables its users, particularly the government agencies to close their accounts on a daily basis, monitor their daily financial activities as well as produce standardized financial reports to the stakeholders at any place and any time. However, upon completion of the SAGA financial system analysis, MARA identifies that the system could not cater all MARA business activities. Processes such as disbursement of scholarship and loans to students and entrepreneurs are not covered by the system. As such, MARA still has to maintain its existing databases and therefore made special request to the MDAG to exclude the implementation of SAGA while awaiting MARA ICT consultant’s recommendations on the development of a new MARA Total Information and Financial System. As a conclusion, the SAGA financial systems could not be used by MARA on its own. The end-users in MARA need to operate both, SAGA and its own systems at the same time. This situation could lead to users’ confusion if they are to use different type of system when updating certain type of financial transaction. This is because the end-user of MARA Computerized Accounting System could only utilized the SAGA Financial System just for ordinary operating expenditures whilst any disbursement of expenditure pertaining to subsidiary system, they still need to use the existing MARA Financial Systems. Consequently, internal controls and security functions may not be easily built in the systems. Concurrent use of both systems may affect job satisfaction and performance of the end-users. Introducing Computerized Accounting Information Systems in a Developing Nation: Egyptian International Motors This study aims to assess the implementation of accounting information system on a company in a developing nation. To answer this question this manuscript attempts to do the following: (1) identify the reasons for the shift to an automated system and the main goals that the company aim to achieve form this shift, (2) determine the company’s strategic decisions like choices between outsourcing versus in-house development, and ready made packages versus tailor made software, (3) describe the steps of implementation, (4) understand the reaction of the employees to the new automated system, (5) study the required changes on the organizational chart and human resources qualifications that are required, (6) recognize the problems that the company met during the process, (6) point the advantages of the shift to the automated system. A computerized accounting System provides many advantages over manual systems, for example entries do not have to be recorded in multiple ledgers so as to fulfill the cardinal rules of financial reporting.A single entry is made and the system will populate all the appropriate corresponding accounts automatically. Computerized accounting also makes it possible for people in other departments,not just accounting to enter data.It does not require avast amount of accounting knowledge for a payroll clerk to enter wages details into the accounts,a basic understanding of how to use the system is sufficient The study intends to find out the effect of a computerized accounting system on the quality of financial reports generated by an organization. To examine the effect of computerize accounting systems quality financial reporting. To determine the challenges encountere by organizations before and after implementing a computerized accounting system. To identify strategies/measures of ensuring quality financial reporting. An accounting system is part of the organisation’s management information system therefore a good or decent accounting system must be able to produce reports like trial balance, aged debtors and aged creditors. Accounting systems must provide data that should enable the production of management accounts, statutory accounts and must also assist the managers and accountants in discharging their stewardship roles. Production Of Accounts A good system should enable the firm to produce its management reports and management accounts at short notice. This will enable the organisation to monitor performance, to take decisions quickly and to make decision based on objective and verifiable information. Audit Trail Audit trail is very important as it will enable auditors and senior managers to monitor transactions entered in the accounting system and this will ensure that there is information integrity. A good system should document the changes that have been made in the system, who made the changes and it should also be able to track what was changed. Compatibility With Other Programmes A strong characteristic of a good accounting system is that it must be compatible with other systems. For example, it should easily be configurable so that it can communicate with other programmes like Excel or Crystal. An accounting system should be able to export transactions and reports into Excel and it should allow data and transactions to be imported from an external source. This will lead to time savings as there will be no need to duplicate a role or process. Error Detection If an accounting system does not dictate errors then it is not a good accounting package as it is failing to perform a basic functionality. An accounting package should decline to post transactions that do not balance for example the total debits should equal the total credits and if this is not the case, then the accounting system should automatically flag this error. Internal Controls Internal controls are the eyes and ears of the organisation and a good accounting system should embed these internal controls into the system. Internal controls enable prevention and detection of fraud and error. An accounting system should enable internal control tools like segregation of duties, reconciliations and account allocations. A good accounting system should not allow users to delete data that has been posted into the system. Manual Vs Computerized Accounting Computerized accounting systems provide more benefits than manual ones, allowing for more accurate calculations, in less time. Compared to manual accounting, with a computerized system errors are far less common, eliminating human error. And with accounting programs that are industry-specific, you can benefit from various preset templates for your general ledger, saving more time. You can store virtually endless information, without any trouble at all. And if you later want to review financial information from several years ago, with a computerized accounting system you can do it easily, while with a manual one you would have to sort through stacks of paper ledgers. Bottom line, both systems may be useful to some extent. But for more accurate bookkeeping and increased efficiency, a computerized accounting system seems to have more advantages. You can find several free versions online, as well as more proficient accounting software available for purchase. Search online for such accounting systems, read about their features and decide which one would be better for your particular business needs. Although they will not allow you to physically handle the ledgers, it will provide a better accounting solution. The advantages of Computerized Accounting seem to be unknown by business owners and individuals who are in doubt of purchasing Accounting Software. Accounting Software has been a trend nowadays. With the vast Computerized System Providers and wide range of versions to choose from, Accounting System has evolved to be one of the trends in information technology. Computerized Systems are designed to create more value in Financial Accounting. Value can be relayed in terms of speed, accuracy and reliability of accounting data. With Computerized System, invoices can be transmitted in an instant through email; inventories are appropriately monitored; and disbursements are tracked for payments to be done before due dates. It helps Bookkeepers to reduce manual activities. When transactions are entered in the Accounting System, automatic entries are posted to generate data needed for financial reporting. Accounting Software enables Bookkeepers and Accountants to adjust necessary accounts to reflect the correct amount of each Account. Computerized Accounting allows Accountants to trace erroneous data and entry in a creative and organized manner through the help of summaries, list of accounts and original entries. Article Source: http://EzineArticles.com/?expert=Jason_Tsang Article Source: http://EzineArticles.com/7017983 Computers are extensively used in accounting and there are multitude of computer software for Accounting, MIS, CRM. HiTech Financial Accounting is one such software which has been customized for users in many segments in business and services. Payroll accounting was the first commercial area to become widely computerized. The calculation of wages or salaries involves a number of variables which relate to the personal details of each employee, such as gross pay or rate for the job, individual deductions, tax liabilities of the employees and so on. These facts can be retained in the computers and processed every month of produce pay slips for the employees. The computer helps to exercise the type of stock control needed by the organization. It up to dates the sales and purchases records, determines optimum re-order levels for different items and prints out the stock lists when desired. The system can be so designed that it triggers orders when stock level reaches order point for variou s material items; tests those item which are slow moving or gives list for over stock items. Programming can be done for any sales accounting system. The computer will pin point defaulting debtors, determine the right limit for credit for each debtor and maintain stores ledger. Costing and budgetary control can be affected through the computer, the computer will point out the variations from the planned performance.The computer also helps greatly in production planning and control. It is possible that scheduling of the work may become necessary due to break downs etc. A new critical path may have to be worked out. A critical path is the shortest path to be followed in production to achieve production objectives. The computer helps the management lay down this new critical path. The increasing competition and the highly demands of globalization, Malaysia government attempt for Small Medium Enterprise, SME for the development of innovative, competitive with high technology. Computerized accounting system (CAS) adoption may be decisive factor for an organization to be success and also to survive. This research project which aimed to investigate SME practice of CAS and to identify the factor affecting the adoption among SMEs in Melaka. A survey was carried out through a set of questionnaires to examine the CEO Innovativeness Factors Scale, Perceive Usefulness Factors Scale, Perceive Ease of Use Factors Scale and Business Competitiveness. The sample selected comprised of CEOs of SMEs in three districts in Melaka, namely Melaka Tengah, Alor Gajah and Jasin. The data gathered were coded and analyzed using descriptive statistics, linear regression analysis, Pearson Correlation analysis and Analysis of Variance (ANOVA).This study reveals that CAS adoption rate in SMEs in Melaka is high. Results from the analysis also shown the significant of independent variables and proved the relationships have been substantiated to the dependent variable which contribute to the usage of CAS adoption between SMEs in Melaka. The findings indicate that CEO innovativeness; perceive ease of use and business competitiveness negatively correlated to the adoption of CAS. Results reveals that only perceive usefulness are significantly positive correlated to CAS adoption. Therefore it can be deduced that adoption of CAS among SMEs in Melaka is caused by its usefulness. The findings reveal that types of business and business location influence the adoption of CAS. However, size (paid up capital, sales turnover and number of employee) do not influence the adopter. Results also indicate that CEO literacy on ICT, accounting and CAS has influence the responded CEO to adopt CAS in their business. However, the advantages by using the accounting systems software were not fully utilized by CAS adopters. http://www.ccsenet.org/journal/index.php/ijbm/article/view/18273

circumstances in make lemonade Essay -- essays research papers

Circumstances   Ã‚  Ã‚  Ã‚  Ã‚  Circumstances; they rule our lives. One has if not no control, then VERY little control, over their actions when they are placed in harsh circumstances. It is very difficult to break through your surroundings, to beat everyone around you.   Ã‚  Ã‚  Ã‚  Ã‚  There is a quote â€Å"Circumstances rule men and not circumstances.† The idea of this quote, that one doesn’t have control over their turnout when they are placed in harsh circumstances, shows up in other places as well. There is another quote which is similar to this one. The quote is â€Å"Circumstances define us; they force us on one road or another then they punish us for it†. â€Å"Circumstances define us†¦Ã¢â‚¬  we are only who the people around us make us out to be. We take after our surroundings. It is hard to stay away from bad things, if all that surrounding us is bad. It is difficult to resist peer pressure. In the novel Make Lemonade, by Virginia Ewer Wolf, LaVaughn wants out. She wants to get away from all of the violence, all the drugs. She wants to get out of where she lives, which is very similar to the projects, some neighborhoods near her ARE the projects, and to go to college. She wants to escape from all of the peer pressure. She understands that she is not capable of becoming the type of woman she wants to be if she never experiencing life outside of her circumstances, life outside of drugs, violence and other things of the sort. Her surroundings, the circumstance...

Landlines vs Cell Phones Essay

The global community is dependent on efficient communication in order to function in daily life. Through modern day technology the telephone has evolved immensely. Landlines and cell phones are both efficient ways of communication, each with their own strengths and weaknesses. Power supply methods vary greatly between cell phones and land lines. Landlines are able to function when the power goes out and are a reliable steadfast form of communication. In contrast, a cell phone will only last without a power supply until the battery dies. Both forms, however; are ultimately dependent on the main electrical grid to supply them with power. Despite varying degrees of power dependence, both methods of communication maintain popularity among the masses. The decision to own a cell phone, land line, or both, is determined based on what each device can offer a consumer. The older generation seems to prefer having a landline over a cell phone. Land lines offer larger numbers on their keypads, which is more convenient for the elderly who typically have deteriorating eyesight. Furthermore, landlines are a more straightforward means of communication. It serves only the purpose to call people, whereas cell phones tend to have extra applications, such as internet access that target a younger generation. Just as the elderly are attracted to land lines for their simplicity, today’s youth find cellular devices more appealing. While land lines and cell phones appeal to different target audiences, both are more convenient then using a tin can and string. The portability of landlines and cell phones is another aspect of convenience that should be taken into consideration. Landlines are set at a fixed point and cannot range far from their general location. Cell phones, however, have a range within the confines of their network provider, which may encompass an entire continent. Although a cell phone has a wider range, a landline can also be featured as cordless, which allows the user more freedom of range. The price of cell phone and landline service seems to increase in accordance with their range. Having a landline and cell phone can be an added expense, which explains why a vast majority of the population have one or the other. There appears to be a large generational difference in which type of phone people choose. This could be due to the cost difference in the type of phone or the simplicity difference between modern technology and what some generations are accustom to using. Companies such as Comcast are offering voice services for around $29. 99 a month, a much cheaper rate than what most cell phone companies can offer, ranging from anywhere between $40. 00- $90. 00 a month. This is a large price difference, but the capabilities of a cell phone are much more sophisticated than a landline. With a cell phone you are paying for voice services, text messaging and internet services; with a landline you are paying for local and long distance calling. Cell phones can have additional, unplanned added expenses. Most cell phone companies require a two year contract giving the potential to have an added cost if you need to shut off your phone, known as a cancelation fee. When a consumer signs a two year contract they are agreeing to use a certain amount of minutes and gigabytes, if you go over the allocated minutes or gigabytes the phone carrier will charge costly additional fees. Cell phones run off of towers which gives the opportunity for roaming to occur and for an unforeseen charge to show up on your monthly bill. This could easily happen in the northern part of Vermont where Canadian towers can be used for reception and international rates can be charged. Landlines are cheaper to replace than a cell phone, although if insurance is purchased for a cell phone replacing the cell phone could be cheaper. Both landlines and cell phones help keep social circles intact. Not all families and/or friends live close, having phones allow people to communicate even when they are far apart. Both cell phones and landlines can make communication harder because they are unable to read an individual’s body language or facial expressions, which can cause misunderstandings. A positive to having a cell phone is that you can use Skype or FaceTime to communicate and you do have the opportunity to read body language. Cell phones do have a down fall with reading body language as well. There are a lot of people who communicate through text messaging and then the user is not only unable to read body language, but cannot hear things such as sarcasm in the voice, leaving landlines as a better means for preventing miscommunications. The versatility of the landline is much less than the cell phone. Because landlines are less complicated then cell phones, they are easier to use. A cell phone permits the user to send text messages when he/she is in a public area and cannot talk or needs to say something that is private. Though landlines were used once to dial into the Internet from a home computer and took forever, including the annoying buzzing sound, with one touch on a cell phone, there is immediate access to the Internet and no reason to be annoyed. The global community depends greatly on communication, therefore cell phones and landlines are devices that are in high demand. Being able to communicate with other people is important. Cell phones and landlines Differences Telephones have been around for a long time, and with modern technology, the way people communicate has improved. Unfortunately, landlines and cell phones have decreased face to face interaction, though increased communication. Both landlines and cell phones have played a positive and negative role in society. Landlines might be facing extinction, but for now seem to still have many benefits. Cell phones definitely are improved on a regular basis, but have a few set back, like how fragile they are. Phones have been around for a long time, for its very important for people to be able to communicate all over the world. Without landlines or cell phones people would have to travel far distances to talk to one another, and who wants to do that?

Global Changes in the World - 567 Words

The periods between 1450- 1750 brought global changes that revolutionized society on many levels. The changes surrounding commercial trade, advanced maritime technology, and slave trade brought different trends in this Western European history. The Protestant Reformation along with the Renaissance transformed the church’s involvement with societal issues in politics, arts and science. In Asia, Neo-Confucianism stressed the importance of morals, education and hierarchical order in the government and society. Societal views regarding the education and economic status of children somewhat differed in many countries. Regional and cultural differences outweighed the commonalities in various societal issues towards children. The European, American, and Japanese cultures had many differences in their societies. In Document 1, the Europeans introduced bills that focused on protecting â€Å"children who were enticed away from their parents and were kept and detained in ships.† In Document 2 and 5, the Americans made agreements for poor children and apprentices. Document 2 talks about an agreement made between a boy’s parents and a slave master. â€Å"Finding and allowing unto his said servant meat, drink, apparel, washing, lodging, and all other things during the said term of seven years† along with issues regarding fornication and holy matrimony were discussed in this document. â€Å" It was ordered that notice be given to the several persons under-written that they, within one month afterShow MoreRelatedThe Effects Of Global Climate Change On The World1118 Words   |  5 Pageseffects of global climate change are everywhere from major cities to the under populated arctics. Most people just call it global warming, but it is not. By calling it global warming people are assuming that everywhere in the world, temperatures are rising and that it will be hotter all year long, but this is not the case. This is why the scientific community calls it global climate change, because it can be hotter in the Summer time and colder in the Winter time. Global climate change occurs naturallyRead MoreThe Management Of Change At The Global Organization World Of Xyz Co1500 Words   |  6 PagesExecutive Summary The aim of this report was to investigate and to analyze the management of change in the global organizational world of XYZ Co. a major player in the global market where it started losing its touch in the market losing customers then it had to follow a tough analysis and change of its internal managerial process, the overall company goal and culture and finally the operational factor whereas all their outcomes emphasized at that level to succeed. And it was highly recommended toRead MoreThe World Is Struggling With Environment Change And The Issue Of Global Warning1117 Words   |  5 PagesToday the world is struggling with environment change and the issue of global warning. The world has never been like this before because of so many reasons. The biggest problem is increasing temperatures year to year. Increasing temperature further creates issues with public health and economy. Governments and nongovernmental organizations are working to change the situation this planet is facing. In this case, most human daily activities have a big impact on the atmosphere. One of the biggest problemRead MoreGlobal Climate Change Causes And Effects On The Environment And The World s Oceans916 Words   |  4 Pagesknow about global climate change? Do you think we create this problem in the twentieth-first century to damage our planet. This problem started at the beginning of civilization and became worse during the Industrial Revolution of the eighteenth century. Older generations generated more carbon dioxide into the atmosphere due to the burning of fossil fuel and deforestation. More carbon dioxide had a negative impact on the ecosystems of the planet. And the scientific definition of global climate representsRead MoreA Citizen of the World: A Global Citizen Essay1053 Words   |  5 Pagestopic ‘global citizenship’. A broad based topic that had no exact definition tied to it. In and out of class we have been asked to read a number of articles and book passa ges to help us form a definition of what exactly the term global citizenship means to us. So exactly what is global citizenship? Global citizenship is not simply defined as one thing; it is a large array of various definitions. The basis of it is global citizenship is being a responsible and active member of the global communityRead MoreGlobal Warming And Its Impact On Our Earth1676 Words   |  7 PagesIn many parts of the world, there are an abundance of factors that add to the destruction of our Earth. These issues include air, water, and environmental problems that we, as a global society, contribute to everyday. These concerns create major impacts that pertains to much of the globe and the world in which we inhabit today, compared to the world we lived in 50 years ago. Frequent statements that contribute to the overall thought of global warming include the following: how the community suppliesRead MoreHow Can An Injustice Be Changed?1186 Words   |  5 Pagesinjustice be changed? First, one must have the knowledge of the injustice. Global climate change is an injus tice because it brings damage and harm to animal, human, and environmental habitats. â€Å"Global climate change affects Earth’s capacity to sustain life†. Global climate change refers to the alteration of the Earth’s atmosphere temperature (Glossary). Utilitarianism is a theory to find alternatives to combat global climate change. Utilitarianism focuses on the positives influences that come to the greatestRead MoreGlobal Warming: Fiction or Truth? Essay example1369 Words   |  6 PagesTrue or false; global warming is a catastrophic event that is occurring by natural and human means that is causing global temperature to rise and that can lead to many disasters? This has been an issue that hundreds and maybe thousands of scientists and citizens have debated about back and forth. The thought of global warming existing is a strong claim that many and most people have been backing up. Reliable sources have claims and evidence that is sufficient to prove global war ming but other reliableRead MoreThe Threat Posed by Global Warming Essay examples1359 Words   |  6 PagesGlobal Warming Introduction The environmental situation in the world is worsening on a regular basis mostly due to the pollution caused by human-made activities. The global warming and climate change do not only affect people’s health and nature but also the economy forcing people to invent ways in order to reduce the negative impact of this natural catastrophe. This paper will describe the nature of global warming, as well as the basic causes and effects of this continuous rise of the Earth’sRead More Exemplification Essay: Why The World Is Doomed1086 Words   |  5 Pagesquite an impression on our world, and has transformed the earths resources into tools to make life easy. However, mans manipulation on earth has become detrimental to the health of our planet and the safety of mankind. Through the use and production of resources such as oil and energy, man is gradually poisoning the earth. Pollution has become such a dilemma in society; there is no real control or a feasible solution to society s recklessness. Without complete change, our system will collapse.

The Cost Of College Worth A Degree - 1220 Words

Many young people see going to school as a chore and only go because they have to, some students skip school because it’s boring and â€Å"unnecessary†. Many individuals are raised with the belief that one needs a college education in order to succeed in life. There’s a saying by John Green that says â€Å"every year, many, many stupid people graduate from college and if they can do it, so can you,† but as technology is constantly advancing and computers running 24/7, is a college education really necessary? There are some people who have never been to college and are doing better than people who have achieved a master’s degree. These people (Bill Gates, Steve Jobs) portray unrealistic expectations in youth. Is the cost of college worth a degree? The possibilities are endless because there are views from both sides that contain a valid argument. Some people may argue that the main reason people go to college is not because they want to but because they â€Å"have† to. Could this be parents forcing their children out the door every day to college? Although many people dropout before graduating high school, there are a lot of high school seniors that persuaded or otherwise â€Å"peer pressured† by guidance counselors and parental guardians to attend college because it’s merely rightful. In â€Å"College Isn’t for Everyone,† W.J. Reeves argues that the concept of student and educator apathy is central to the issue of a four-year education not being a viable option for students, and open admissionsShow MoreRelatedIs a College Degree Worth the Costs? Essay945 Words   |  4 Pagesbelieve that a college education is a worthy investment. The ability to become a college graduate will result in making more money. There are more jobs in today’s society that require college degrees. Colleg e graduates develop more and better employment opportunities within earning a degree. Self-discipline is a major element in becoming a successful graduate. Also, college graduates are healthier and live longer. Adults-young and old, male and female-who have a bachelor’s degree or higher haveRead MoreCollege Education Worth The Cost960 Words   |  4 Pages College Education Worth the Cost What you guys think does College Education Worth the Cost? In the article â€Å"The Wall Street Journal† edited by Riley, she said that a college education does not worth the cost. Again, she claims that most of the colleges are doing their business, they did not care about the student (Riley). Those types of colleges have lack serious core curriculum, they did not know their responsibility towards the student. Moreover, I willRead MoreIs College Education Worth The Cost For Students?1385 Words   |  6 Pagesvalue of a college education is a topic that strikes debates across the nation. People wonder if the debt and time will be worth in helping them obtain a career to pay off the debt and generate a larger income for themselves than if they did not have a four-plus year college degree. My whole life, I have always valued a college education. At the same time, I know that the higher education is not as important to others. I never understood why someone does not want to obt ain a college degree, but afterRead MoreCollege Is Not Worth It?1139 Words   |  5 PagesIn the debate about whether college is worth attending, many argue that college is worth it but others argue that college is not worth it. Those who argue that college is worth it contend to say that college graduates make more money, college allows students to explore career options, and not going to college will cost people more money in the future but on the other hand, those who argue that college is not worth it contend to say that college graduates are employed in jobs that do not require degreesRead MoreCollege Education Is All This Really Worth It?850 Words   |  4 Pagesseven years in college, with that magic piece of paper clutched triumphantly in my fist, the best job I was able to get was night watchman on a sewer project in Babylon, N.Y. guarding a hole in the ground to prevent anyone from stealing it. God bless the American educational system!† ― Spider Robinson (G oodReads.com). While many are excited about starting college and beginning a new chapter in their lives, too often the college freshman wonders â€Å"Is all this really worth it?†. Is a college educationRead MoreIs A College Education Worth It?1443 Words   |  6 PagesOne 23 March 2016 Is a College Education Worth It? Is the American dream just a dream?The worth of a college education is arguably one of the most controversial topics in the country. Over the years, the American education system seems to emphasize and underline the importance of college education. The reality of the situation is that a college education can be appreciated through looking at the statistical numbers of people that have enrolled in to college education. A college education is valued becauseRead MoreIs College Worth It?923 Words   |  4 Pages is college worth it? Many people question this especially high school students who are about to graduate. This debate is still taking place today. The common misunderstood saying is, if you have a degree you will then have a good job. But this is not the case because in today’s society there are so many people with degrees who still cannot find a job. The rate of unemployment is increasing rapidly on a yearly basis. High school students see it this way, if I can’t find a job with a degree thenRead MoreCollege Education Is Worth The Cost846 Words   |  4 PagesMany recent college graduates have faced record levels of unemployment. This situation has lead people to question what they value about higher education. Some high school students and their parents are wondering if a college education is worth the cost. Others, however, believe that a college prepares students for more than just a job or career. Many people then present the counter argument that people like Bill Gates, Steve Jobs, and Mark Zuckerberg did not have a college degree, but unlike themRead MoreIs College Cost Too Much?938 Words   |  4 Pagesthat â€Å"you have to go to college† and â€Å"stay in school†, but is it worth it? It seems that society in a way pressures everyone to get a college degree like it’s the right thing to do and there’s no other option. The question that goes around is, does college cost too much? Well college is what an i ndividual makes of it and depending on the circumstances, it can be worth it, but, can also not be. Before addressing the situation, there is the question of why people go to college. According to CarolineRead MorePersuasive Essay1334 Words   |  6 PagesMeyer AP English 11 February 22, 2013 Is it really worth going to college, owing hundreds of dollars in order to get a degree in a profession to become successful and experienced in the real world? Today, as tuition costs increase students are questioning whether college is fit for them or not. For one, college can be really expensive, for example at the University of Minnesota for an undergraduate during the academic year of 2011-2012, the cost for one credit was $448.08 and $5,825 for a total of

Social Enclaves What Neighborhood Are You From - 1330 Words

Throughout the past few years, there has been tension in Los Angeles between the neighborhoods. In an originally African American enclave, a Latino gang intimidated original inhabitants to leave Compton, California in a violent trend seen in recent years. In January of 2013, the friend of a newly residential Compton family was both physically and verbally abused by 4 Latino men in efforts to scare away the black family that had just moved in. The men of the Latino gang â€Å"called him a ‘nigger’, saying black people were barred from the neighborhood’† and â€Å"jumped out, drew a gun on him and beat him with metal pipes† (LA Times). Thirty minutes after the 19-year-old family friend managed to escape into the house, a crowd of as many as 20†¦show more content†¦If they do break into the mainstream, they are oftentimes stuck in low-wage, low-skilled jobs such as taxicab driving. While it would seem that the workers in these low paying j obs would be native high-school dropouts, â€Å"disproportionate numbers of cab drivers are recent immigrants† as recent studies found that â€Å"77 percent of those applying for new hack licenses in New York were born outside of the continental United States† (Reischauer). Due to enclaves, immigrants are oftentimes unable to be out in the working world, learning things and gaining social capital. Thus the artificially sufficing enclave economies become mobility traps, which limit growth and upward mobility. The language barriers built upon those who live in cultural neighborhoods are also a large issue connected to the economic issues. For example, the inhabitants of Chicago’s large Spanish barrio live and work in a society that requires very little change or growth as everyone speaks Spanish and has brought with them customs that make the people within it complacent. Due to this subtle segregation, these people oftentimes do not learn the English language a nd/or American customs that are prevalent in Chicago’s culture. In the Fifth Ward of Houston, the residents are stuck in an artificial society in which they are around people who speak the same and have the same cultures resulting in a language barrier with the upper classes of Houston. The people of the Fifth Ward would more than likely haveShow MoreRelatedStepping Out Of Your Comfort Zone2044 Words   |  9 Pagesassimilated by having to learn dominant language, but this challenge led them to create ethnic enclaves that make them feel more welcomed. Many enclaves in the United States, for example the Latino population in San Francisco’s Mission District, give a sense of comfort and nostalgia of home because people from that community have similarities to their homeland. Newcomers do not need to step out of their enclave because they have all the support they need in their communities. Although many immigrantsRead MoreThe Epiphany Of Race And Race1445 Words   |  6 Pagespossible white Europeans needed a justification to enslave blacks, but it does not justify the atrocities they committed. However, people have been judged solely on their looks alone since the dawn of time. From their bone structure, hair, eye and skin color, even if you were of mixed race; you belong to one race based on your physical appearance. Race and power relations affect the socio-economic systems which construct the racial inequality that exist today. People in power are the greatest influencersRead MoreUrban Planning Models1712 Words   |  7 Pagesinclude justice but still believes in their intentions and role in building the best community. Thomas (2005) writes, about the tenacity of urban planners. She states, in spite of false steps and inadequate tools, in spite of political turmoil and social upheaval, local efforts continued. At no time during this half century did such efforts stop, although sometimes they slowed and became practically invisible. Someone was always trying to plan and develop a better city, and someone always will, forRead MoreRace and Ethnic Stratification Essay1910 Words   |  8 Pagesmajority and minority groups, hate groups, ethnic enclaves, segregation, income differences, and have even experienced mass genocide in our world (Carl, 2011). All of these are direct effects of a persons race or ethnicity. These all provide humans with a struggle between each other for various resources. Race and ethnic stratification is an integral example of conflict theory because a competition for resources takes place between people coming from different walks of life (Carl, 2011). In AmericaRead MoreDifferences Between The Social And Private Spaces Essay1526 Words   |  7 Pagessegregation dividing the city and its urbanites. Derek Pardue’s â€Å"In Motion: Transportation and Knowledge in Sà £o Paulo† discusses the relationship between the social differences and spaces in Sà £o Paulo. Throughout the article, he examines the spaces of the city to gain an understanding of the urbanites and their life regarding their mentality, customs, social class, and etc. He emphasizes the clear division between the poor and wealthy and the impact it relays as a result. One of the important points he imploresRead MoreResidential Segregation In America Essay1950 Words   |  8 PagesDefinition and Measurement of Residential Segregation According to Massey and Denton (1988), residential segregation â€Å"is the degree to which two or more groups live separately from one another, in different parts of the urban environment†(282). Now this is a pretty general definition, but it gives basic but good insight as to what residential desegregation is talking about. In this paper, I will mostly be focusing on residential segregation as it relates to the black and white populations in relationRead MoreFinding Coverage at Rutgars University Essay619 Words   |  3 Pagesup in the rural town of Browns Mills, being a Black girl was like a dime a dozen; it held no signifying factors for me. Whether you were White, Black, Spanish, or any other group, the people I grew up with accepted everyone despite it. Such acceptance while enjoyable, did not fortify me for the later struggles I would confront after leaving the socially idyllic neighborhood. Since my town was accepting of everyone there was never a need to learn abo ut or claim aspects of my diversity. My biggest personalRead MoreThe County Of Kill A Mockingbird By Harper Lee1312 Words   |  6 Pagestime of vague optimism for some of the people: Maycomb County had recently been told it had nothing to fear but fear itself. (Lee 6)†Maycomb is an extremely confined town itself, so it is isolated. There are no close-by towns or towns so are distant from everyone else. This makes the town so exhausting and tired. Nothing extremely energizing happens in Maycomb, if there is something sensibly unique in relation to Maycomb s typical routine then the group get both energized additionally frightened (LifeRead MoreBusiness Plan for Small Cafe9665 Words   |  39 PagesDistribution 13 Selling Incentives 13 Location Analysis 13 New Product Development 13 Sales Forecast: 14 Market Share: 15 Marketing Salaries Budget: 15 Competition 16 Legitimize claims and assertions 17 Marketing Budget 17 Operations Plan- The Enclave Bistro 17 Mission 18 Positioning Statement 18 Product and Service 18 Products of the business: 19 Keys to Success 19 Sales Literature 20 Legal Organization 20 Reasons for forming an LLC 21 Credibility of the Management Team 21 Employee policiesRead MoreArticle Review on John Hagedom ´s The Global Impact of Gangs1830 Words   |  7 Pagesthat just affects the United States, but one that affects countries around the world. When researchers study gangs in the United States they must look at them in a global context. Especially, since these gangs have some of their cultures originating from outside the United States (Hagedorn, 2005: 153). It is possible that there is at least ten million gang members in the world today (Hagedorn, 2005: 156). When studying gangs researchers must look at how gangs interact with the state, law enforcement

New Product Launch Free Essays

NEW PRODUCT LAUNCH: UB GROUP – SOFT DRINK â€Å"MIST† COMPANY OVERVIEW United Breweries Limited (UBL) – has assumed undisputed market leadership with a national market share in excess of 50%. Through a process of aggressive acquisition and market penetration, The UB Group today controls 60% of the total manufacturing capacity for Beer in India. The flagship brand, Kingfisher is now sold in over 52 countries worldwide having received many accolades for its quality. We will write a custom essay sample on New Product Launch or any similar topic only for you Order Now MACRO-ENVIRONMENTAL ANALYSIS Political Factors The political forces affect the beer industry to a large extent. The rates of the beer in various parts of the country are affected by the taxes and duties applied by the Govt. The political forces also affect the pricing of the beer by lowering the duties or deregulating the distribution channel. This leads to lower margins for the distribution channel partners. But, as 75% of the Indian market is covered by two players, there hasn’t been a reduction in the margins of the manufacturers. The taxation policies also affect the consumption patterns. Economic Factors India is home to nearly one-sixth of the global population and is one of the most attractive consumer markets in the world today. The total worth of Indian Beer Market is Rs 750 crore. This market is expected to expand by 39% by 2010. The beer consumption has been growing at a CAGR of 7% over last nine years. India provides attractive profit margins due to the consolidated nature of the industry. Various research studies have shown that a rise in the income levels has a direct positive effect on beer consumption. The National Council for Applied Economic Research (NCAER) projects India’s ‘very rich’, ‘consuming’ and ‘climbers’ classes to grow at a CAGR of 15 per cent, 10 per cent and 2 per cent respectively. Thus, India gives ample opportunities for the UB Group to grow. Social Factors A deep-seated traditional social aversion to alcohol consumption has been a traditional feature of the Indian society. However, as urban consumers become more exposed to western lifestyles, through overseas travel and the media, their attitude towards alcohol is relaxing. Social habits are undergoing a transformation as mixed drinks are becoming more popular. The greatest evidence of this trend is the increase in beer consumption among women. More and more women are consuming beer – the penetration in metropolitan areas is almost twice as high as the penetration in other large cities – implying that the greater tolerance towards alcohol consumption in metropolitan areas facilitates the consumption of beer. With increasing urbanisation, this acceptance is only going to rise. As a consequence of the high birth rates prevalent until the 1990s, a large proportion of the Indian population is in the age group of 20-34 years. This age group is the most appropriate target for beer marketers. This population trend will give a further boost to the growth of beer consumption in India. Technological Beer industry is not technology specific. As the UB group is one of the oldest players in the market, they have achieved economies of scale. Thus, technological factor is not of great importance for the beer market. SWOT ANALYSIS PORTER’S FIVE FORCES MODEL Threat of new Entrants – Low In India, beer industry is growing with 11% CAGR making it attractive for new players. Strong brands like Kingfisher and Hayward’s which are already established and have strong brand recall will make it tough for new entrants and they are expected to struggle to expand their consumer base as they try to penetrate the beer market in India. Foreign brewers have been eyeing the Indian market for some years now since India is widely acknowledged to be the last untapped big growth market. Several international brewers have built brand associations and are marketing their brands aggressively through various point-of- sale promotions throughout their distribution networks. But with strong players in the market any new entrant will face problems of: a) Economies of scale – For example benefit associated with bulk purchases and sales – create high barriers to the national and global markets ) Cost of entry – For example investment in technology, costs associated with sales c) Distribution channel For example ease of access for competitors d) Government Legislations -Introduction of new laws might weaken have adverse effects e) Differentiation – For example certain brands that cannot be copied f) Supplier power – Possibility of forward integration by supplier Bargaining power of suppliers â₠¬â€œ Low Due to increasing costs of raw material and decreasing cost of barley suppliers, bargaining power of suppliers was high but by doing backward integration, done by acquiring Maltex Malsters Ltd. and shifting their production of beer on malt the company has achieved a hold on its raw material and considerably reduced supplier strength and dependency. Company has also entered into collaboration with Government of Punjab and Haryana for supply of its raw material. Bargaining power of buyers – Moderate This factor measures the extent to which customers are successful in forcing prices down, or securing high quality or more service at the same price. Customers tend to be powerful when the quantities they purchase form a large portion of the seller’s total sales. Buyers do have a very clear understanding about the quality and as there are very few players in the market the customer cannot influence the price in any significant way. But while this is true a decline in consumable income shifts consumer preferences away from premium brands to lower-priced brands since the switching costs is low. Due to this the bargaining power of buyer tends to increase. Threat of substitutes – Moderate India is predominantly a spirits market and beer has traditionally been a minority preference for those who consume beverage alcohol. Therefore substitutes are the biggest threat as preference for beer among alcohol beverage drinkers is less but also the low penetration in beer consumption in comparison to international levels offers the potential for substantial and sustainable growth in demand for beer in India for years to come. Rivalry amongst Competitors – Low to Moderate Rivalry is the means through which competitors fight for position by using tactics such as price, competition, advertisement battles, and new product introduction, to lower the profits of competitors in the industry. As stated above CAGR of 11% is expected for beer in the next 5 years due to which many MNCs are eyeing the Indian market. Currently the major rivals for Kingfisher Premium are Budweiser, Carlsberg, Foster and Tiger and for Kingfisher Strong it’s Hayward 2000, Hayward 5000, Palone. SABMiller who came to India by acquiring small breweries and has made its hold as best-selling strong beer brand but still Kingfisher has managed to remain the largest-selling strong beer brand with 29% market share. There are also some small local players hat are in the market but are not much of a threat to Kingfisher. STRATEGIC FIT OF MIST WITH UNITED BREWERIES GROUP The UB Group (United Breweries Group) is a multi-faceted conglomerate with business interests in Beverage Alcohol, Pharmaceuticals, Media, International Trading, Aviation, Fertilizer, Research Development, and Infrastructure Development with a major focus on the brewery (beer) and alcoholic beverages industry most of which is markete d under the Kingfisher brand. UB Group is already planning to venture into the mineral water segment via the Kingfisher Himalayan Water Brand. Thus strategically thinking Mist will be a perfect fit in the UB Group’s expansion plans. In fact introduction of a soft drink will make UB Group present in all versions of drinks and will be a wonderful way to reach out to customers who admire the Kingfisher brand but do not consume alcoholic beverages. Launching Mist will be a form of line extension and will help it respond to customer’s needs favorably. If we see the attributes of Mist, i. e. adventure, energy, fun and the â€Å"Hat Ke† attitude; it is very much in sync with the existing brand image of UB Group. Mist being a soft drink, it is very necessary to ensure proper distribution of the product. This is where UB Group can use its core competency of having a strong distribution network and bank upon its reputation regarding the stringent quality control measures it follows. Also if we look at the soft drink market, the only direct competitor of Mist is Mountain Dew and the market for soft drinks providing the set of benefits as Mist is in a growth stage. That makes it a perfect moment to introduce a drink like Mist under the Kingfisher brand name. Considering the sync between Mist attributes and Kingfisher’s brand image, we can also use the events held by the UB Group like the Derby, Kingfisher Calendar, IPL matches , functions like the Incredible India Party held last year at Cannes and the TV channel NDTV Good Times to increase awareness about Mist. It can make use of the cricket and Bollywood stars already associated with Kingfisher brand to endorse the product and help build a strong connect with its loyal customers. Added to that serving Mist in the Kingfisher Airlines will be a reat way of making future customers try out the drink. PRODUCT INTRODUCTION Mist is a soft drink that is being launched by UB group under Kingfisher brand. It is a citrus flavoured drink and unlike other soft drinks, it is more carbonated and has high levels of caffeine. MARKETING STRATEGY SEGMENTATION Demographic Segmentation 1. AgeA consumer needs and wants change with age. Hence this segmentation is important for this product. On the bas is of age, we can divide the population into the following categories a. 6-25 years b. Teenagers c. 25 years and above 2. Gender This is an important segmentation since both genders behave and respond differently to same situations. Geographic Segmentation This segment primarily refers to the location of the segments. For our product there will be three segments. a. Urban b. Semi-Urban c. Rural PsychographicSegmentation Here different groups are identified on the basis of personality traits, lifestyle or values. The following segments can be formed: a. Excitement, Adventure seeking, Risk lovers b. Health Conscious . Rebellious d. Fashsionable and stylish For our product, we can begin with demographic segmentation. These segments would be further divided using psychographic segmentation. The product is soft drink, but we will not go in for mass marketing and rather target based on psychographic segmentation. The target would also be different from those of already existing soft drink s. TARGETING Evaluating the above segments on the parameters like Measurable, Substantial, Accessible, Differentiable and Actionable, the target segment for MIST would be: Individuals (both genders) in age range 15-29 in urban areas (this is because the promotional activities would be focused on urban areas only). †¢ Based on market research data, we decided to target people who embrace excitement, adventure and fun. Reasons for choosing this target segment are: †¢ Our market research showed us that there were primarily five different target groups in the market. There was considerable presence of other soft drinks in the other target groups. †¢ Also in urban areas there are very few individuals in the age group 15-29 years who have not heard of Kingfisher; hence this would be our target age group. This segment in India is substantial and would be profitable. †¢ Kingfisher already has large distribution networks for selling its other products in urban areas. Hence there would be little cost of adding distribution channels. †¢ It is also easier to involve people from the aforementioned age group in various promotional activities and also they are easily accessible through internet. So it would be easier reaching across to them. POSITIONING Salient Attributes  · Offer from the Kingfisher brand Higher price for perception of premium quality and difference  · Available only in stylised cans  · Invigorating effect due to higher caffeine  · Tingling taste and flavor  · Selective availability in retail outlets, pubs, clubs, discos and other socializing places Values  · Adventure Seeking  · Thrill  · Different from competition  · Aspiration for youngsters to be associated with Kingfisher brand. Competition Mountain Dew As compared to Mountain Dew, we will po sition MIST as an exclusive brand and it will only be available through selective outlets. We are going for value-based offering that is premium in nature due to higher quality and reflects the values of aspiration for Kingfisher. Coke and Pepsi Both Coke and Pepsi are brands that differentiate themselves on the basis on the endorsements eg. Pepsi targets the youth market through endorsements from young celebrities. Price is not a discriminating factor between these two. We shall charge a higher price as compared to Coke and Pepsi and put forth quality as a prime concern while manufacturing MIST. This should help us differentiating from Coke and Pepsi since they have had troubles in the past regarding their quality. Media Influence  · Extensive promotion schemes across different media (using teasers, events and web portals)  · Advertisement frequency  · Brand endorsement Based on the above factors, our positioning of Mist vis-a-vis its main competitor (Mountain Dew) and other similar lime and lemon flavoured drinks (Coca cola was also included as a reference) has been quantitatively depicted in the cobweb diagram below. Some of the attributes are – 1. Ingredients – Mist is an augmented product over other citrus flavoured drinks, being packed with higher carbonation and caffeine. So, we rated this attribute above the other drinks. 2. Awareness – As Mist is a new product to be launched, we cannot gauge its awareness. However, we intend to bring it to the desired level based on our extensive promotional campaign which will be explained in the Marketing Mix. As of now, awareness is being measured based on the current awareness level for Kingfisher. 3. Availability – Unlike the extensive mass distribution and availability of the other drinks, we intend to have a selective distribution for Mist. 4. Refrigeration – This is based on the amount of refrigeration required and the level of service given by the companies by providing refrigerators. As Mist is selectively available, we intend to provide refrigeration facilities at all points of sale. This refrigerators will be small and exclusively for Mist. It will have eye-popping displays labelled with the title Mist and will be painted in its colours. MARKETING MIX | | |PRODUCT | | | | | | | |Functional |Great taste | | | | | | |Ity |Quench Thirst | | | | | | | | | | |Features |†¢ Invigorating effect due to higher caffeine | | | | | | | |†¢ Tingling taste and flavor | | | | | | |Appearanc |Available in Stylised cans | | | | | | |E | | | | | | | PRICING Competitor based pricing The price of a can of Mountain Dew and other soft drinks is Rs. 20. We may c hoose to price it higher than this since we are not going in for mass marketing but rather selecting a specific target segment. Cost Based pricing Cost Based pricing is integral to establish the lowest point of a new product’s price range. By accurately analyzing cost per unit and taking into account a margin that corresponds to the lowest satisfactory return on investment, companies can define a new product’s floor price. If the market cannot support this price, then the company must reconsider if the product is feasible. If we take the major cost components as manufacturing, advertising and distribution we can come to a rough estimate of the variable cost of Mist. This will not include the costs associated with machinery installation, R D of the product and other associated capital expenses. This shall be collected through contribution per can. Using estimates for the major variable cost components we take: i. Advertising Cost per can – Rs. 8 – 10 ii. Manufacturing Cost per can – Rs. 4-5 iii. Administrative Costs and other overheads per can – Rs. 2-3 iv. Distribution Costs – estimated to be Rs. 1 per level Therefore the total cost of producing one can comes out approximately to be Rs. 17-19. Value Based Pricing While some benefits have values that can be readily quantified, others such as brand reputation and premium are more difficult to measure and must be probed using market research. Since we are positioning Mist as a premium brand it should be priced higher than its direct competitor (in this case Mountain Dew) in order for the target group to it as a premium brand. Since a can of a cola costs Rs. 0 then we will price it at Rs. 24 (we are trying simultaneously to take advantage of bundles of five pricing and have the customers perceive it as a premium brand). As shown by the market research, customers are willing to pay more for a product like Mist. Moreover, considering the aspiration value of the produc t and the parent company, we have decided to follow value based pricing. PROMOTION According to the positioning of the Mist, a promotional campaign will be designed to create awareness and pull in the market. AIDA model will be followed for the promotional campaign. The steps taken in each stage will make consumers to â€Å"Think, feel and do†. How to cite New Product Launch, Papers