What is marketing audit - Free Essay Example

Sample details Pages: 24 Words: 7094 Downloads: 10 Date added: 2017/06/26 Category Statistics Essay Did you like this example? 1.0 Critical Analysis of Marketing Audit 1.1 Introduction In todays dynamic telecommunication industry it is critical to analyze the dynamic environment and analyze key product/service offering to target customers. Further, the information gathered from marketing audit is used to critically analyze Dialog product line performance and current product management issues with relevant tools and models to identify the key opportunities/weakness which D-GSM could face in future. 1.2 General Issue Inefficient Channel Distribution Management The downstream distribution is a key part of achieving sales objectives for D-GSM. In other words, business-to-business (B2B) customers push the products of D-GSM to end customers. Currently D-GSM is operating with four major first tier distributors and 1200 retailers in 85 cities in Sri Lanka. Don’t waste time! Our writers will create an original "What is marketing audit ?" essay for you Create order In recent past further the retail distribution chain has declined in each province (Refer Appendix B 10.0). The long tier retail distribution has reduced the profit margin thus resulted the retailers willing to promote competitors products (Refer Appendix B 11.0). Another reason identified for this decline is high sales staff turnover which resulted for poor retail management. The issue highlighted above can be highlighted using Ishikawa Cause/Effect diagram shown below (Refer Figure 1.0) Model Adopted from (Albert, 1989) 1.3 Product Management Issue Current Health of Product Portfolio Figure 2.0 BCG Matrix Market Share High High Market Growth High Star Products Question Mark Products Low Cash cow Products Dogs product BCG Model Adopted from (Kotler, 2008) Healthy product portfolio is important for organization to gain competitive advantage. Further analyzing the Boston Consultancy Group (BCG) matrix (Refer Figure 2.0) its understood that D-GSM key products are positioned i0n cash cow. In long term these products could move to dogs section which could harm the product performance of the organization. Further products like Kids connection and Code-Division-Multiple-Access (CDMA) are currently in dogs section of BCG matrix needs to be removed from the product portfolio as they consume high cost to maintain the products and return low profit to the organization. Moving forward D-GSM needs to plan for product development to position in star segment of BCG matrix which is currently with few products. Star products are highly needed for organization to gain competitive position; eventually star products will become cash cow and dogs respectively, Further D-GSM needs to identify products are in the question-mark segment to invest to generate market share and returns. Now it is proved lack of product portfolio management has resulted developing low income generating products and thus D-GSM needs to follow a strategic system to have a balanced product portfolio management to gain competitive position in dynamic market. Inefficiencies in New Product Development(NPD) Model adopted from (Kotler, 2008) D-GSM is currently facing set back with competitors. Presently D-GSMs core products, which face severe competition from competitors, are in maturity stage. Thus these products are experiencing reduction in the profit margin (Refer Appendix B- 8.0). The marketing audit (Refer Appendix B) clearly indicates that Dialogs Mobile-broadband is currently in maturity stage and clearly indicates declining in profit. Further it is evident that no product-line-extensions are developed for the product survival which has created a quick decline stage for most of the product. There are few products and product-line-extension that are developed having long gap in introducing to the market in the new product development pipeline (Refer Appendix B- 11.0); as a result existing mature products (Cash-Cow) tends to decline faster. Moreover this is further evident that D-GSM has allocated low marketing budget allocated product innovation (Refer Appendix B- 12.0).Overall improper management in NPD has created threat for D-GSM of being a market leader and loosing first mover advantage for key products. Gap identified in mobile-broadband STP Strategy Today in telecom industry mobile-broadband is a core product and a matured product in the PLC; it is consumed in a very high level and has become a commodity in daily life. The marketing audit has identified that D-GSM has been targeting the same segment which are professionals/senior executive since inception their mobile services. This is a drawback for D-GSMs long term survival and its market leadership. Further competitors are able to manipulate this service and will lose its market share (Refer Appendix B; Appendix B- 4.0). The PESTEL analysis provides evidence that new potential segments are emerging such as entry level executives (1), undergraduates/students (2), travellers and businessmen (3). As result old segments are becoming outdated. (Refer Appendix B- 12.0). The below diagram illustrates the ability of D-GSM to cater and take necessary action for new segments (Refer Appendix B- 9.0). Figure 4.0 G.EMatrix Market Segment Attractiveness Unattractive Average Attractive Organizational Strength in positioning Weak Strongly Avoid Avoid Possibilities Average Avoid Possibilities Secondary Target Strong Possibilities Secondary Target Target Model adopted from (Business tools, 2007) The output of market segmentation matrix identifies the emerging new segment to generate more revenue and increase market share by repositioning the broadband (Refer Figure 4.0). Knowledge gap in customer preference Internet technology is continuously evolving and adapting to such changes is highly important to D-GSM. Continues adaptation to such technology and augmenting future technology is important for long term survival. The marketing audit explicitly specifies that D-GSM provides the core features of MBB to present customers. Further it is not providing the expected features or long term product augmentation of MBB (Refer Appendix B- 9.0). Referring to figure 5.0 clearly indicates gap between current feature offering of broadband and customer expectations. To fulfill this gap D-GSM needs to continuously evaluate customer expectation and adopt to provide new technologies to retain market leadership. 1.4 Conclusion of Critical Analysis Lack of information Knowledge gap in changing market Gaps in STP Potential New segments to target Deficiencies in the product portfolio 2.0 Recommendation Following recommendations are addressed below to overcome current drawbacks faced by D-GSM having critically analyzed using market audit. Recommendations are categorized to cater mobile-broadband and product portfolio management. 2.1 Recommendations for Mobile-broadband product Line Recommendation 1 Reposition Mobile-broadband Topic 1.3 above states that current segment targeted for mobile-broadband is declining. Following segments are identified as target audience who are students, travellers and undergraduates to be targeted to generate high revenue for mobile-broadband. Proposal in Detail Following recommendation is to reposition the mobile-broadband product line targeting new potential segments as the current segment is declining. This is also evident where 3 major UK telecommunication vendors has overall share of 30% mobile-broadband users as students and undergraduates affording on the go low-cost internet facility (Gabriel, 2011). Currently mobile-broadband is a cash cow product. Repositioning this product can help D-GSM to reach more customers and generate more revenue. Based on the proposed recommendation, following product forecast is analysed using net present value (NPV) analysis. Table 1.0 NPV Analysis for Mobile broadband reposition Year 1 Year 2 Year 3 Cost Cost of Product Reposition $ 20,000.00 Sales Forecast Do nothing to the product $ 120,000.00 $ 100,000.00 $ 95,000.00 Reposition the product $ 200,000.00 $ 250,000.00 $ 325,000.00 Incremental value $ 80,000.00 $ 150,000.00 $ 230,000.00 Cost of Sale at 10% of Sales revenue $ 8,000.00 $ 15,000.00 $ 23,000.00 Gross Profit at 40% of sales Revenue $ 32,000.00 $ 60,000.00 $ 92,000.00 Net Profit $ 24,000.00 $ 45,000.00 $ 69,000.00 Net Present Value Key Finding of NPV Analysis Return on Investment (ROI): The entire return on Investment on the repositioning the product will be fully recovered by the end of the first year. Forecasted sales performance: Repositioning the product will pave the way to the sales to increase notably. Nearly 67% increase in first year, 150% within two years and 200% within three years. NPV analysis indicates positive (+) result which mean reposition will be successful. The product can be expected to perform well in the market to gain more revenue and market share for Dialog mobile-broadband. Further D-GSM could follow the proposed product reposition process for mobile-broadband Further D-GSM could follow the proposed product reposition process for mobile-broadband Figure 6.0 Proposed product reposition process for mobile broadband product line To better position mobile-broadband D-GSM could adopt the following marketing mix to reach the newly identified segments since the current marketing mix for mobile broadband is outdated. Table 2.0- Proposed new marketing mix for mobile broadband product line Marketing Mix Description Product Product will be combination of value added service, Place Adopt intensive distribution strategy to reach new segments effectively Price Price penetration strategy will be targeted to avoided completion and gain ROI Promotion Promotional strategy will be high awareness using adverting in media and sales promotion to gain more user trials. Following perceptual map can be considered for the new repositioning strategy, 2.2 Recommendations for Product Management Recommendation 2 Appoint Product Management Team The present marketing structure is incapable of managing multiple product portfolios at D-GSM. This structure only focuses to cater existing product portfolio and provides low importance for NPD. Further, it is inefficient to support and manage more products by fewer staff which increases the existing workload. Proposal in Detail It is recommended to restructure existing marketing hierarchy to cater NPD, to conduct product management efficiently and reduce burden on staff of marketing department. This recommendation emphasises the creation of a product management team, which could be formed to better manage product portfolio for D-GSM. Below product team structure is recommended (Refer figure 7.0) Recommendation 3 Financial Resource Allocation to Product management Further to the critical analysis conducted it is understood low financial resource allocation as key reason for poor performance of product management in D-GSM. To overcome this issue more financial resource allocation has to be allocated for better product management in future. Proposal in Detail Following recommendation is to cater financial resource for product management team. Proposed financial resource will cater the team to conduct product portfolio management, new technology acquisition for product development, research development to introduce new products/service to market. It is recommended to allocate 10% of the annual sales revenue to facilitate product management team. The following financial allocation breakdown is proposed. Table 3.0-Proposed Financial Allocation breakdown for project management team Task Budget Allocation New Product development 45.0% Market Research 10.0% Acquisition/Upgrade of technology 20.0% Manage Existing product Portfolio management 15.0% Training on product management 10.0% Recommendation 4 -Implementation of Product Portfolio Management System (PPMS) In topic 1.3 identifies the lack of system and process in place to manage product portfolio and help senior management make strategic decision towards managing product portfolio as it consumes human and financial resources .This recommendation will highlight in implementing a PPMS for D-GSM. Proposal in Detail This recommendation is to implement PPMS for D-GSM. This system in place will help management make strategic decisions and allocate investments to individual products with the goal of optimizing the entire product portfolio. Also this system will provide a tool to maximize the performance of product portfolio in varies stages of PLC. The following system will help product management have a consistent view of product performance, products status in PLC, new product development pipeline progress, monitor product operation cost and more with product portfolio management. Further with the help of such system product development managers to align product roadmaps with market expectation and help to increase revenue, grow market share and reduce costs. Benefit for D-GSM by implementing PPMS Maximize the performance of D-GSM product portfolio PMSS in place will enable centralized management of product portfolio PMMS in place will enable product managers to align product roadmaps with marketing objectives to increase revenue, grow market share, and reduce costs PMMS will enable product management team gather historical information which is valuable information that will improve time to market of future products Recommendation 5 Expand Re-align Channel Distribution This recommendation will highlight in improvising the current retail management and introducing new retail partners for D-GSM to expand the channel distribution to compete with competition and in long term to penetrate Sri Lankan market. Proposal in Detail Proposed strategy of expanding the channel distribution to reach wider untapped market of D-GSM as competitors are aggressive in penetrating the market .This strategy will enable D-GSM to gain more consumers and boost profit through additional venues and expanding current channel distribution can be an effective tool to increase existing business for Dialog GSM. Benefit for D-GSM by Expanding Re-aligning Channel Distribution Channel expansion will cut down operational cost in every region and improve sales performance Current level of channel risk will be minimized and risk could be shared among many regional retailers Expanding channel distribution will help in brand building and make products available in more locations which will raise consumer awareness of D-GSM offerings. Recommendation 5 Implementation of Marketing Information System (MKIS) Further to the critical analysis conducted in 1.5 and 1.6 it is evident that there is no system and process in place to monitor dynamic market environment and consumer behavior, in current situation without a proper system in place D-GSM has not been able to understand consumer behavior and identify emerging segments and target potential new market. Proposal in Detail The following recommendation is to implement a MKIS. This system in place will help D-GSM to scan dynamic market environment constantly to make strategic decisions. Further this system will enable the marketing and product management team to analyze consumer behavior and act accordingly in competitive environment. In long term this system in place will enable the organization to be market oriented. Proposed key integrated feature of this system will be; Marketing intelligence Information Analysis Marketing research Internal Records The prototype of the proposed MKIS will be as shown in figure Benefit for D-GSM by implementing MKIS MKIS will enable organization to constantly monitor dynamic marketing environment Distribute marketing information within organization MKIS will enable to analyses consumer behavior, This will help D-GSM to better manage STP strategies for new products MKIS will facilitate towards product planning and control 3.0 Evaluation of Resource capability and Capacity Management 3.1 Introduction This section evaluates the resources and capability requirements to deliver the identified recommendations for product management of D-GSM. This analysis is based on drawbacks identified from the critical analysis and possible recommendations are proposed to re-align the current D-GSM resources and capabilities to desired level. 3.2 Analysis of current organizational capability and resource When conducting a project management in this scale it is important for D-GSM to evaluate current resource capability and capacity of the organization to deliver the recommendations proposed under heading 2.0. Further to evaluate the current strength of delivering the recommendations, a skill audit was conducted within marketing department against the expected skills and competencies required for the product management project (Refer Figure -9.0) Figure9.0 Marketing Team Current Skill vs. Expected Skill for product management project The skills audit analysis (Refer Figure 9.0) against the marketing audit (Refer Appendix B- 14.0 ) indicates there are lack of gap overall skills, therefore there is a need for skills improvement from external or internal sources which needs to be acquired to close the current skill gap. The marketing audit analysis indicates present marketing teams resources are limited and the current structure is incapable of managing the proposed project (Refer Appendix B- 5.0). Therefore it is recommended to recruit a new project management team to implement the recommendation made for D-GSM. To overcome the skill requirement a project management team can be formed from a cross functional basis of appropriate staff who will have relevant skills and knowledge to implement the proposed recommendation as a team. Further D-GSM could acquire required skill and expertise resources from external environment. 3.3 New Capability Resource required Provide Training in Product portfolio management Marketing team currently needs new skills in understanding the importance of organizational product portfolio management to achieve organizational objectives. By training the staff on portfolio management it will enable the marketing team to formulate effective product portfolio management strategies to cater dynamic market environment. Increase Financial Allocations for Portfolio Management To have an efficient product portfolio management more financial resource is needed to cater new product development. The current budget quota is insufficient for product portfolio management and therefore to implement the identified recommendations and to gain new capabilities and other needed resources which needs sufficient financial allocation for product portfolio management. Training on customer relationship management Marketing team is currently in need for training in customer relationship management. Currently in the highly competitive Sri Lankan telecom market relationship management with key customers, retailers and distributors are important to retain recurring business. By conducting such training D-GSM could retain customers to generate more revue for organization. 3.4 How to Acquire New Capability and Resource Internal Development Internal development refers to the changes that a firm undertakes by recombining its existing resources or developing new resources on its own (Capron and Mitchell, 2004). To acquire new capabilities at minimal cost marketing team along with human resource department could form an internal development team to provide key skill and mentoring to staff, this could be in the form of: Knowledge Sharing Session Internal Presentation One to One session Hiring External Consultant External sourcing means trading in a strategic capability that stems from external sources (Capron and Mitchell, 2004).The hiring of a consultant will help D-GSM in gaining external/industrial expertise on product portfolio management and enable the marketing team to build new strategies to increase performance for Dialog Mobile-broadband product line. Training and Development D-GSM could evaluate the option of on-demand training and development to cater highly critical skill and capability needs to manage competitive product portfolio to the market. Further D-GSM could follow the proposed model shown in Figure 10.0 to plan training development. Figure 10.0 Training and Development process Model Adopted from (Moskowitz, 2008) The Benefit of Training and Development Improved motivation Individuals see their skills base extending and their promotion prospects being enhanced. Opportunities for self-improvement, leads to people staying longer in one employment. Higher levels of performance Trained and motivated staffs are more likely to give of their best which in the end justifies the training budget. Recommendation for accruing new resource and capability The options discussed above to acquire new resources and capability to manage product portfolio for D-GSM is to hire external consultant to gain new ideas and industry expertise. Further hiring external consultant will help to reposition broadband product line effectively. Moreover, D-GSM needs to constantly identify new skill required for employers since marketing environment is dynamic and employees adapting to such changes instantly is important, therefor it is advisable to constant monitor required skill and plan to train and develop by external consultant. There is a high risk of outsourcing new resource and capability because it will create conflicts within internal employees and internal information could be considered as risk when outsourcing key resources from external environment 3.6 Financial Consideration Herewith financial proposal is addressed for future budgeting purpose to acquire new capability and resource to implement effective product portfolio management. Table 1.0 Financial Consideration for new resource and capability management Requirement Cost U$$ Budget allocation for annual Training and development program $5,000.00 Budget Allocation for Product Development and management $10,000.00 Budget allocation for hiring of External Consultant $5,000.00 Internal Development program $5,000.00 Total $25,000.00 4.0 Project Plan Introduction To the priority of recommendations provided above in topic 2.5, following project will focus to reposition mobile-broadband product line targeting newly identified segment with differentiated marketing mix and finally position the product as affordable product for consumers Project Initiation The following project is selected to increase the mobile-broadband. A stable project based approach is required. This therefore enables the management to monitor the manage performance, cost and time scales. Fore reference purpose this project will be named as Project 3G. Project Objectives The project objectives expected to be achieved by implementing project 3G are as followed, To successfully reposition Dialog Mobile-broadband product line To successfully create awareness to newly identified segments To increase mobile-broadband trial among new segments targeted To position the product to the new target segments using new differentiated value propositions within the period of six months. Project Scopeand creep The project scope refers to the work that must be accomplished to deliver the project objectives and successfully complete the project with quality, time and minimal cost (Hill, 2009). Project scope management will be used to make sure that project covers all the key tasks to deliver high efficiency of triple constraints [4] and focus of project. Further the management will resist and prevent scope creep as it will dent the achievement of triple constrains- budget, performance, and time as project creep could bring negative effects on the members (Kendrick, 2009). Therefore below matrix illustrates project boundary (Refer table 2.0). Table 2.0 Project Scope Matrix Project Scope Activities In Scope Activities Out of Scope Product Focus Dialog Mobile-broadband Other Products Time Duration Within 6 months July 1st 2011-December 30th 2011 Beyond December 30th 2011 Product Reposition Reposition Dialog Mobile-broadband Post reposition activities Channel Marketing Create awareness for retailers in Mobile-broadband reposition. Other products Advertising Campaign Channel merchandising for newly repositioned product Other Products Every project stakeholder must be educated about project scope from deviating. If there are any changes to the scope a request should be made to the project manager for consideration (Pritchard, 2004). Project Team The project manager will be General Manager- marketing and sales. He/she is selected for because of leadership skills and previous experience in handling similar projects. The key role of project manager is to manage the project team from initiation to evaluation stage, while leading and motivating the team towards achieving the objectives and clearly defining teams roles, responsibilities and performance, budget and time (Lock, 2007). The proposed project team structure is shown in Figure (9.0). The project team consists of seven members including staff from different department of Dialog GSM. This system will become a cross functional team for the project. Project Sponsor will be the Chief Financial Officer (CFO). According to Melton (2009), project sponsor is accountable for the delivery of the business case and to ensure that project is financially worthwhile. Project Managers and sponsors must work closely together to deliver the project and maintain control. External resources for the project team will be the outsourced marketing consultant and the advertising agencies key account manager for D-GSM for this Project. The consultant will guide the project team in implementing the project by providing training and in-depth guidance on product repositioning of Dialog Mobile-broadband. Furthermore, project manager will be responsible for driving the project team to achieve the project objectives by delegating the project tasks, proper resource allocation for the project through possible mediums and finally responsible to deliver project report for management. Project Beginning and end dates Project 3G will span for a period of 6 months and will be implemented from 1st of July 2011 till the 30th of December 2011. Project Key Deliverable Key deliverable of Project 3G could be highlighted in a work breakdown structure (WBS). The top of the WBS is the project itself. The next layer or level in the structure is work packages (Lock, 2007). WBS explains the key deliverables of the project in figure (10.0). Figure () Key deliverables for project 3G ProjectMethodology Project methodology adopted for project 3G is scalable methodology. The benefit of adopting this method allows the project to be more flexible for specific requirements such as time scale, budget and performance (Charvat, 2003). Therefore, by adopting this method project performance, budget and time period could be scaled down to a short term period. Further the project team could utilize Microsoft Project software to monitor the ongoing project activities of Project 3G. Project Limitation The major limitation are financial resources where current project 3G must be financed using additional funding apart from the annual marketing budget; time constrain where this project must be undertaken during the routine work for a period of six months. Therefore proper planning has to be conducted which will not harm the daily routine activities along with conducting the current project. Risk Management Project risk assessment and mitigation planning is also a key part of this project plan which is broadly reviewed in heading 5.0 Project Implementation Schedule Following GANNT chart in Figure () below illustrates the implementation schedule for project 3G Model Adopted from Project Task Sequence Task Sequence Diagram Resource Review Identifying resources required to complete the work of the project are the focus of resource reviewing process (Wysocki, 2004). The possible resources needed are people, finance and equipment. The resource reviewing process includes estimating what resources are needed, in what quantities and when. Resource availability may compromise project progress which needs to be identified and managed effectively throughout project life cycle. Following table (3.0) highlights the resource review for project 3G and acquisition process to fulfill the resource need Table 3.0- Resource Review acquisition process Resource Requirement Resource Availability Resource Acquisition process People Internal Resource Recruit intern employees from relevant department needed for the current project as per project team proposed in Figure Staff acquisition request will be send to HR department and Department Manager to release relevant staff for the project External Resource Marketing Consultant will hired to assist the project 4-6 External Consultant will be screened with relevant experience to fit into this project and hired based on their previous experience and skills Facilities New project department with furniture and boardroom facilities with projector. New Facilities requirement will be requested to Human resource manager with approval of project sponsor Finance Allocate Project Finance of U$ 33,000.00 Request for fund release to execute t project 3G From project sponsor Technical Infrastructure Computer facilities project team members with internet connectivity and implementation of Microsoft project server to monitor project progress 5-7 Vendor quotation will be evaluated and best price with high service vendor will be selected to purchase the needed technical infrastructure via purchasing department Model adopted from (Schwindt, 2005) Personal Requirement This project requires personnel from different departments such as IT, finance and human resources with following skills marketing, advertising, sales, research, finance, administration and IT. Table 4.0 highlights the key personnel required for the project team who addresses the key responsibilities and time allocation. Table 4.0- Personal Requirement for Project 3G Team Member Time Allocation Key Responsibility Project Manager 100% To Overlook project team activities, Manage resources and take responsibility for project performance External Consultant 100% To consult the project team with Product repositioning plan and guide for project success Key Account Manager (Advertising Agency) 50% To coordinate with Project team to create advertising campaign for repositioned Mobile-broadband product Finance Manager 20% To help project manager in utilizing project budget and monitor project costing Project Team admin 40% Coordinate routine work of project team , arrange communication and manage administrative task IT Executive 40% To help project team with relevant IT infrastructure Project Termination The project 3G will be terminated if the desired outcome is successfully achieved. On the other hand, the project could be also canceled prior to the achievement of project objectives. Following possible criteria could be considered to review termination of Project 3G Table5.0 Project Termination Criteria Termination Evaluation Criteria Possible Tools for evaluation Possibility of economic / technical success Market Research , Profit Loss analysis, Value analysis Return on Investment /Profitability/Market Potential Market Research , Profit Loss analysis, Value analysis Growth in project expenditure Budgeting , Expenditure variance analysis Changing competitive environment/Market/Customers Marketing intelligence Technical Issues Poor IT competency in organization Competing project within organization /Department investment performance analysis, Organization project reviews Project Delays Project Implementation plan analysis Model adopted from Dean (1968), Cited in McKee et al. (2009) Financial Consideration Estimated financial proposal is shown below based on objective and task budgeting method. Table 6.0 Financial Consideration for Project 3G Description Cost Project management team building activity $ 1,500.00 Hiring marketing consultant $ 5,000.00 Hiring of Advertising Agency $ 8,000.00 New project team office $ 4,000.00 New project management software implementation $ 2,000.00 Purchase of personal computers and servers for project team $ 6,500.00 Administrative Cost $ 3,500.00 Other Expenses $ 2,500.00 Contingency Expenses $ 4,500.00 Total $ 33,000.00 Project Monitor and Control Project monitoring and control should be a continues process during the entire project to maintain an efficient and effective workflow throughout the project progress (Cooper et al, 2005). Project manager will conduct review with the team which is explained below. Review Meetings Every Monday of the week the project manager will conduct meeting to review the project progress against the scheduled deliverables. Project team will use the following agenda for the project meeting scheduled every week. Description of the development of project tasks Budget, time management and performance evaluation Project related risk issues Project performance Project team could utilize a project dashboard integrated with traffic light system (TLCS) to monitor current status of project and enable the team to make decisions. Further monitoring can be done through progress check and variance analysis. Progress check will be used to monitor time related activates (Refer Gantt Chart) and variance analysis to monitor KPIs of Project 3G. Project Dashboard Project dashboard will be used constantly monitor KPI time, budget and performance, which could be evaluated using the TLCS. The task is evaluated against the deadline of the key tasks scheduled (Refer Gantt chat). TLCS monitor and control the project in the manner which is indicated task, KPI. Figure 10.0 below illustrates TCLS Figure 10.0 Examples of TCLS Task KPI Percentage Complete New Channel Distribution Appoint 25 New distributors 25% 50% 100% A task will be preceded only after successfully completing the earlier task which lays a foundation for the following tasks. Green signal will provide the sign for project team to move to next task. This method acts as a possible monitoring control mechanism. Further activities indicate in red and amber. TLCS help evaluate and take corrective action for proceeding. In each review meetings a report will be produced and forwarded to senior management informing the current progress of the project 3G. Project Evaluation Project evaluation will be the final activity of Project 3G evaluating the success/failures of the project. Project 3G will be evaluated by compiling of a project report to the organization as a guideline for future projects. Project evaluation will be conducted against the achievement of project objectives identified before highlighting key activities under taken to achieve the project objectives. Project Report will include the following details Project team Selection Training and Development of project team Reposition of Dialog Mobile-broadband Creating successful awareness to new segment Risks identifications for Project-3G Review and Control for Project-3G 5.0 Risk Management 5.1 Introduction Risk is key part of project process, it is important for project team to identify, assess and mitigate the risks as they may cause delay in achieving project objectives. This section of the report provides guidelines about risk management by identifying the likely risks associated with the proposed Project-3G and plan to prioritize and mitigate such risks. Gardiner (2005) highlights risk management that can be divided into two phases: risk assessment and controlling risk. Project team identifies, assess and control risks to adopt below process to overcome the identified risk (Refer Diagram 11.0). Figure 11.0 Proposed Risk Management Process for Project 3G Model Adopted From (Chapman and Ward, 2003) 5.2 Risk Identification This will be the initial phase of risk management process. In this phase project team will assess the possible risk which could occur in terms to Project-3G, therefore, following risks identification methods will be utilized to assess the possible risk Brainstorming Sessions In this session, members brainstorm the likely sources of risks and types of risks. This method enables all the members to contribute ideas from their perspective and experience in previous activities. Team Briefings The project manager will brief the possible risk and make the project team is aware of possible risk and proactively involve the team members towards risk identification process. This will be specially aimed at identifying risk while brainstorming session also will help to solve such risk issues. SWOT Analysis SWOT analysis enables the project team to identify the risks, which will emerge from the internal and external environment. 5.3 Risk Assessment Risk Ranking The risks are identified and ranked will be eliminated to complete the project successfully. Table 7.0 Risk Identification and Risk Ranking No. Risk Identified Identification method Risk Level Impact Level Score 1 Personal Availability Team Briefing 2 3 6 2 Delay in Mobile-broadband reposition Team Briefing 3 3 9 3 Existing Distributors and Retailers Leaving Risk Reviewing 3 3 9 4 Delays in resource acquisition Team Briefing 3 2 6 5 Member Conflicts Team Briefing 2 3 6 6 Poor Performance Team Briefing 2 2 4 7 Top Management Interference Team Briefing 2 2 4 8 Lack of team co-ordination Team Briefing 2 3 6 9 Inadequate Financing SWOT Analysis 3 3 9 10 Lack of Information SWOT Analysis 1 3 3 11 System Failure Risk Reviewing 2 3 6 12 Role Ambiguity Team Briefing 1 1 1 13 Scope Creep Team Briefing 2 3 6 14 Time Elapsing Team Briefing 3 3 9 15 Consultant Lacking Motivation Team Briefing 3 2 6 Risk Assessment Table 7.0 explains sources of risks are assessed in the form matrix. Following risk assessment matrix will be used to categorize the risk and plan accordingly (Refer Diagram 12.0). Scale: 6 9 critical risks would impact the project adversely (high priority) Scale: 3- 4 medium level risk (controllable) Scale: 1- 2 low risks and will be overlooked (low priority) Risk Assessment Matrix Impact Low (1) Medium (2) High (3) Probability Low (1) 1 2 3 Medium (2) 2 4 6 High (3) 3 6 9 Model adopted from (Mind tools, 2007) Evaluating risk assessment matrix, it is evident that internal factors have derived the most critical scores because it is a short term project. The analysis indicates; resource, capability issues, and proper project planning and communication which are drawbacks ranked as the most critical. Lock (2007) suggests it is useful to categorise risks which could occur in different phases of project life cycle to correctly set the risk control mitigation processes upfront. Further to his statement the following table is prepared and categories risk in project life cycle (Refer table 8.0) Table 8.0- Possible risk in Project life cycle Project Life Cycle (Stage) Risk Initiation Inadequate resource funding and top management interference. Planning In-proper feasibility study, Inadequate planning resource allocation resource. Execution Project team conflicts, team member leaving, Poor performance, Lack of coordination, Inappropriate information, Role ambiguity within project team, project scope creep, Consultant lacking motivation. Final Improper planning of prject implementation Further analyzing the risk factors in project life cycle, Risk identified in the initial stage will have to be fully mitigated by the project team and risks expected in implementation and final stage has to be mitigated as an overall team effort. Most critical risks summarized above will emerge from the internal environment and will threaten to the achievement of- performance budget, and time. 5.4 Risk Mitigation Risk mitigation section of this report provides guidelines to control mitigate the risks identified above and conduct risk assessment. Following risk mitigation process includes risk response planning, re-solution and finally risk monitoring and control Project team could utilize the following risk mitigation method to overcome risk on time for effective implementation of Project 3G Contingency Planning Contingency plan will address different course of actions which has to be taken by team if a prioritized risk occurs. This plan will include alternative set of task, resource allocations and alternative timeline for project task (McKee et al 2009). Table 9.0- Risk Mitigation Plan Risk Mitigation Approach Personal Availability Backup staff needs to be planned upfront to mitigate conflicts in personal availability Delay in mobile-broadband reposition Activities have to be highly monitored against the deadline, any delays out sourcing can be done to mitigate delays in launching the reposition product Existing Distributors and Retailers Leaving Appointing new retailers can harm relationship of existing retailers as channel conflict , there for proper communication and new partner program needs to be addressed properly Delays in resource acquisition Monitor purchasing requirement constantly and updating the relevant department upfront Member Conflicts Proper team development needs to performed and mentoring by the consultant/project manager. Poor Performance Motivate the project team staff and encourage their performance for better implementation of prject-3G Top Management Interference Top management needs to be constantly informed of on the project progress stating the importance of product management Lack of team co-ordination Internal marketing and transparent operations Inadequate Financing Allocation of $ 4,500 is made a contingency budget for the project Lack of Information Establishment of CRM, product management system, MKIS system and new processes System Failure Establishment of continues data backup and security Role Ambiguity Proper delegation of team role and address individual responsibility by the project manager Consultant Lacking Motivation Proper constant interaction and communication needs to planned to get the most from the consultant Time Elapsing Allocate additional month as a contingency plan for time Scope Creep Proper establishment of in scope document briefing the team members on the project boundaries Scenario Planning Scenario planning could be used as effective tool to overcome risk identified above. With the help of project team different scenario planning could be drafted develop to mitigate the risks. By conducting scenario it could help the team adapt any changes that could occur and mitigate the risks at different stages of project life cycle? Accepting the Risk It is important for project team to accept the risk level to better plan mitigation approach; furthermore possible risk acceptance will be important in facing internal and external environment emerged risks such as the changes in consumer behavior and wider macro environment. The high level of risk taken will return higher benefits for the project team. Sharing the Risk The risks identified for the project can be shared among the project team members in-charge to overcome the issue. This allows the project team to have clear sub division of risk into manageable levels of risk rather than tackling the risk without improper risk planning. Sharing the risk among team members and management relevantly allows the risk to be managed properly. Following Table 10.0 will highlight the Risk reviewing action planning and team responsibility to eliminate risk identified above in Table 2.2 Table 10.0- Possible risk in Project life cycle Risk Identified Action to be taken Responsible Person Personal Availability Plan for staff backup Project manager Delay in Mobile-broadband reposition Monitor progress and plan for alternative activities Product manager Existing Distributors and Retailers Leaving Plan for existing retailer communication program Brand manager Delays in resource acquisition Overlook acquisition progress and allocate finance on time Project Manager, Finance manager Member Conflicts Communicate staff role in project 3G Project manager Poor Performance Motivating team and identifying needed skills Project manager Inadequate Financing Allocate finance on time Project Sponsor System Failure Plan for data backup and security IT executive Scope Creep Distribute project scope activities Project manager Consultant Lacking Motivation Constantly communicate with external consultant Project manager 5.5 Risk Monitoring and Controlling This process of identifies, analyze, plan and control to manage risks. Elyse (2007) suggest constant risk monitoring and due diligence is key to the success for better project management. Throughout the process, the risk owners are responsible for identified risk and implement risk response plans. Risk Monitoring Effective risk monitoring is important and it will allow project team to properly overcome risks timely manner. To monitor risk effectively a systematic ongoing approach is important to put in place by project manager. Further the use of review meeting will allow the team to risk monitoring and control. Moving forward documentation of current level of risk occurred against the expected risk level will provide a possible solution for the project team to manage risk on time. Risk Controlling Final phase of risk management process is to control and manage risk in project management, Training To control risk effectively and to overcome risk D-GSM needs to train the project team to identify, manage and mitigate risks. Risk training for team members should be prioritized by project manager. Further this training program should improve skills to manage and mitigate risk and this tool should be managed as a continuous process. Leadership and risk culture The project manager should have leadership quality in managing risk and motivating employees to manage risk, further project manager should be able to implement a risk managing culture within employees to motivate to achieve project goals successfully. Risk Log A risk log mostly used in project management to update the risk incidence and will help the assessed risks. The risk will be updated as and when it is identified. Moreover, recorded risks will be used for future reference. This log will be maintained throughout the project life cycle. 6.0 Operational Implication for Not Implementing Proposed Recommendation It is important for management to alternatively evaluate implication of not implementing the proposed project. Direct and indirect implications could be expected by not implementing the proposed project. Direct implications are mobile-broadband product decline, loss of revenue and market share, while indirect implications to current product management which will harm the organization market position, organizational reputation and impact on other products. 6.1 Direct Implication for Not Implementing Project 3G Loss of Revenue Dialog mobile-broadband accounts to 20% of organizational revenue in 2011, Further should product decline as per the forecast revenue contribution will impact 20% loss in 2013 financial year Table Do Nothing Year 1 Year 2 Year 3 Sales Forecast Do nothing to the product $120,000.00 $100,000.00 $80,000.00 Total Cost of Sales at 40% of Incremental Sales revenue $48,000.00 $40,000.00 $32,000.00 Gross Profit at 60% of Incremental Sales Revenue $72,000.00 $60,000.00 $48,000.00 Present Value (at 10%) $65,454.55 $49,586.78 $36,063.11 Key Findings of NPV Analysis The trend of sale of DO NOTHING shows the risk of the product will decline to half in year 3 and to zero in year 6. So it reveals the importance of periodical repositioning of the product. Product Decline If this product (Mobile-broadband) is not repositioned by 2012, D-GSM could face product decline. This could damage the goodwill and loose its leadership. Loss of Market Share This product has the potential to increase present market share. STP strategy for this product is currently outdated thus leads this product to decline the market share. The marketing audit (Refer Appendix B -), declining trend of market share is forecasted in the following diagram. 6.1 Indirect Implication for Not Implementing Project 3G Loss of Market Leadership D-GSM is positioned as a market leader in telecommunication sector for introducing new products and services to market. Further poor product management and decline profitable of mobile-broadband offering of D-GSM will tarnish the image of being a market leader among stake holders will have an adverse effect over the organization. Organizational Reputation D-GSM is a well-known organization for introducing innovative technology in telecommunication sector, Poor efficiency in product management will not enable the organization to introduce products and manage existing product, Therefor by not implementing the proposed recommendations D-GSM could lose reputation of being an innovative telecommunication vendor in the industry. Impact On Other Products Implementing the proposed recommendation is important have better product management within the organization, by not implementing a PPMS product management team will face problems with regard to inappropriate resource and financial allocation to the overall product portfolio where in long term it will face problems to the organization. 7.0 Conclusion In Conclusion, this assignment emphasizes the importance of training and development and additional financial allocation for product management. Further this report suggests guidelines for project team to execute and mitigate risks which could arise for the proposed project. Risk mitigation flowchart is recommended. Critical analysis highlights recommendations for product repositioning of mobile-broadbandto increase product performance and suggestions to improve product management by implementing product management team, product portfolio and finally marketing information system. Based on the recommendation, mobile brand reposition was considered for the current project. Costing tools such as NPV analysis is used to evaluate the investment appraisal. From this analysis key finding suggests reposition will pay back the entire investment within first year. This analysis proposes the significance that by not implementing this project, mobile-broadband product line could decline in seven years time. This reveals importance of repositioning of the product.

Ethical Dilemmas Ethical Dilemma - 1285 Words

Every individual may have different perspectives on whether or not a decision is right or wrong. When it comes to ethical dilemma, there really are no correct answers but there are proper steps to take to reduce unethical behaviors. The ethical dilemmas that are presented in this case are: Hiding or Divulging Information, Balancing Ethical Dilemmas, Unfair Advantage, Violating Rules, Perpetrating Interpersonal Abuse, Condoning Unethical Actions. I, the executive of the drug company decided not to disclose information from a research scientist. By doing so, I am â€Å"Hiding or Divulging Information† I was told there is possible long-term effect that can lead to brain tumors. However, for my own job security, no further test were implemented and no words were to be told to the public I also engaged in â€Å"Balancing Ethical Dilemmas† On one hand the company is benefiting from producing the drug because it is expecting continuous high rate of return for the next several years. On the other hand,consumers are benefiting by continuing to produce the drug to help reduce the pain of migraine headaches, even though it can possibly cause brain tumor in the future. Another ethical dilemma is â€Å"Unfair Advantage† because I have a team of research scientist, I know more information about the drug than the customer. By not disclosing every bit of necessary information I have to the public, I have an advantage over them. Thus, I can manipulate the information so that the consumer will believe,Show MoreRelatedEthical Dilemmas Of The Workplace1538 Words   |  7 Pages1. Discuss an ethical dilemma that you have had to face in the workplace. Ethical dilemmas often occur when a manager or an employee is faced with two or more conflicting choices. Give as many facts and details as possible in describing your dilemma. The most difficult ethical dilemma I have dealt with was a summer job I had this past summer, while I was working for a bakery in my hometown. 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Industrial Policy free essay sample

A discussion on the industrial policy in the U.S. and the effect of governmental involvement on its economy. This paper discusses the effect the industrial policy in the US has on its economy. The writer debates whether governmental involvement in the industrial policy is necessary and beneficial to the economy. The writer recognizes governments need to redirect resources to research and development of new technologies and regulate industries such as telecommunications and aviation. Industry in United States has always had a funny feeling about industrial policy, yet it has been in some of the most comprehensive growth industries in the market. The US is currently in the process of rolling back this policy, whose main target was specific sectors with regard to infrastructure, whether they are telecommunications or utilities. However, due to the explosion of the information age, the United States Government felt the need to redirect these resources, and the result, so far, has been Advanced Technology Program (ATP) under the direction and control of Institute of Standards and Technology (NIST). We will write a custom essay sample on Industrial Policy or any similar topic specifically for you Do Not WasteYour Time HIRE WRITER Only 13.90 / page And even though the program has had a great deal of success and has been most instrumental in the research and development of promising new technologies like fiber optics and fuel cell development, it is simply just another form of corporate welfare as described by Stephen Moore, Director of fiscal policy studies for the Cato institute.[i] However, there is good justification to still experiment with this kind of industrial policy because of the degree of success that they have had in the US as well as its limited success in Japan and Germany during the1980s and 90s.[ii] Even though the ATP is a good compromise between regulating the industry and letting the market be the complete master of macroeconomic policy, there has got to be better ways of achieving the same results without the degree of corporate welfare.

Its March. Do You Know What Time It Is Its March Madness, The NCAA Me

It's March. Do you know what time it is? It's March Madness, the NCAA Mens Basketball Tournament. The time of the year when you see commercials on CBS announcing the Road to the Final Four, the pinnacle of the college basketball year. Each year 64 teams vie for a spot in the Final Four. Teams from the East, Midwest, Southwest, and West all compete for one spot from each division. The teams that play for one of these spots can be classified into four different groups. The Number 1 through 4 seeds, the Cinderella teams, the Bubble teams and the One Hit Wonders. The Number 1 through 4 seeds make up 1/4 of the tournament. These teams are the strongest teams in the nation and are usually figured to go to the Final Four. The teams ranked Number 1 in their bracket have the best chance of going to the Final Four. Since 1980 at least one Number 1seed has gone to the Final Four. The number one seeded team has also never been beaten in the first round of the NCAA tournament. The teams that are 1 through 4 this year, and figure to be playing for the National Championship, are Kentucky, UMass, Purdue, Georgetown, Cincinnati, Utah, Villanova, and Arizona. All of these teams had to have had tremendous regular seasons and conference tournaments to be seeded so high. On the other hand a Cinderella team is a team that had a so-so regular season and upset a higher ranked team in their conference tournament. They ride that wave of momentum into the Field of 64 and hope to upset another higher ranked team in the first and second rounds. These teams usually don't last farther than the Sweet Sixteen where their season usually comes to an end. Teams that can be classified into this group are the 10 through 14 seeds. Teams that fall into this category are Clemson, Virginia Commonwealth, Austin Peay, Cansius, and Santa Clara. Out of these Cinderella teams, many of them were teams on the Bubble. These teams finished with a so-so regular season also but also had a so-so conference tournament. They had to sweat it out and hope for other teams to falter and the selection committee to be generous for these teams to make it. Once in the tournament these teams can be transformed into a Cinderella team by beating two higher seeded teams. Teams on the Bubble are ranked 7 through 9. The teams that can be classified into this category or groupings are Michigan, Stanford, Bradley, Wisconsin-Green Bay, and Eastern Michigan. That leaves the last grouping of teams. The One Hit Wonders. Their describes them perfectly. They usually upset one team then bow out of the tourney in the second round. The teams in this category might prematurely be labeled a Cinderella team, but after exiting the tournament in the second round they cannot be given this title. These teams can be ranked anywhere from 6 through 15. Teams from this group are Mississippi Valley, Louisville, Iowa, Indiana, Princeton, and Monmouth. So as one can see there are many different ways to view the teams from the Field of 64. From the Number 1's through Number 4's to the One-Hit Wonders there are many teams with a shot at winning the NCAA National Championship. You might ask, Which team do you feel will win the National Championship? I feel the National Championship will go to the Georgetown Hoyas ( a Number 2 seed ) out of the East.

Creating Your College Wish List

Creating Your College Wish List Figuring out where to apply to college is exciting, but it can be a major challenge. After all, there are over 3,000 four-year colleges in the United States, and each school has its own unique strengths and defining features. Fortunately, you can rather easily narrow down your search to a much more manageable number of colleges with the help of our series, Creating Your College Wish List. Youll find a variety of articles, sorted in easy-to-follow sections  that will guide you in the college selection process. Whether youre doing a national or regional search, whether you care most about engineering or the beach, or the most selective and prestigious colleges in the country, youll find articles here that feature top schools that speak to your interests. Every college applicant has different criteria for selecting schools, and the categories featured here capture some of the most common selection factors. The articles are organized to focus first on  topics that will be relevant to all college applicants, and later sections are more specialized. Read below to learn which sections will be most relevant to your own college search.   Tips for Narrowing Down Your College List   The first step in coming up with your college wish list is to figure out what type of school you want to attend.  Understanding Different Kinds of Colleges  begins with an article that discusses 15 factors to consider when choosing a school. Along with the quality of the academics, you should consider a schools student / faculty ratio, financial aid resources, research opportunities, graduation rates, and more. Its also important to figure out if youll flourish at a small college or a large university. If youre a solid A student with strong SAT or ACT scores, be sure to look through the articles in the second section, The Most Selective Colleges.  Youll find a detailed list of the countrys most selective colleges and universities  as well as lists of the colleges that tend to top the national rankings. Whether youre looking for a top public university or one of the best liberal arts colleges, youll find information on a range of impressive schools.   Selectivity, of course, doesnt tell the whole story when choosing a college. Under  Best Schools by Major or Interest,  youll find articles  focused  on particular interests whether they be academic or co-curricular. Are you looking for a top engineering school? Or perhaps you want a college with a strong equestrian program. This third section can help guide your college search. Other colleges have a Distinct Student Body that might appeal to you. In the fourth section, youll find articles featuring schools with specialized missions including the top womens colleges and top historically black colleges and universities. The great majority of college students attend a school thats within a days drive from home. If youre restricting your search to a particular geographic region, youll find guidance in Best Colleges by Region.  Whether you want to learn about the top New England colleges or best schools on the West Coast, youll find an article identifying the top schools in your chosen area. If youre not a straight A student or your SAT or ACT scores are sub-par, dont worry. In  Great Schools for Mere Mortals,  youll find top colleges for B students and a list of test-optional colleges that dont consider standardized test scores when making admissions decisions. A Final Word on Creating Your College List Keep in mind that words like top and best are highly subjective, and the best school for your particular strengths, interests, goals, and personality may very well be a college that isnt at the top of the national rankings. Once youre found the colleges that match your selection criteria, make sure your list includes a realistic mix of match, reach, and safety schools. Many of the schools featured here are highly selective, and plenty of students with strong grades and standardized test scores get rejected.   You should always shoot for the top, but make sure you have a contingency plan. You dont want to find yourself in the spring of senior year with no acceptance letters.

Algebraic Operations on ACT Math Strategies and Formulas

Algebraic Operations on ACT Math Strategies and Formulas SAT / ACT Prep Online Guides and Tips Variables, exponents, and more variables, whoo! ACT operations questions will involve all of these (and so much more!). So if you ever wondered what to do with or how to solve some of those extra long and clunky algebra problems (â€Å"What is the equivalent to ${2/3}a^2b - (18b - 6c) +$ †¦Ã¢â‚¬  you get the picture), then this is the guide for you. This will be your complete guide to ACT operations questions- what they’ll look like on the test, how to perform operations with multiple variables and exponents, and what kinds of methods and strategies you’ll need to get them done as fast and as accurately as possible. You'll see these types of questions at least three times on any given ACT, so let's take a look. What Are Operations? There are four basic mathematical operations- adding, subtracting, multiplying, and dividing. The end goal for any particular algebra problem may be different, depending on the question, but the operations and the methods to solve them will be the same. For example, when solving a single variable equation or a system of equations, your ultimate objective is to solve for a missing variable. However, when solving an ACT operations problem, you must use your knowledge of mathematical operations to identify an equivalent expression (NOT solve for a missing variable). This means that the answer to these types of problems will always include a variable or multiple variables, since we are not actually finding the value of the variable. Let’s look at two examples, side-by-side. This is a single variable equation. Your objective is to find $x$. If $(9x-9)=-$, then $x=$? A. $-{92/9}$B. $-{20/9}$C. $-{/9}$D. $-{2/9}$E. $70/9$ This is an ACT operations problem. You must find an equivalent expression after performing a mathematical operation on a polynomial. The product $(2x^4y)(3x^5y^8)$ is equivalent to: F. $5x^9y^9$G. $6x^9y^8$H. $6x^9y^9$J. $5x^{20}y^8$K. $6x^{20}y^8$ (We will go through exactly how to solve this problem shortly) Let's break down each component of an operations problem, step-by-step. (Also, bonus French braid lesson!) Operation Question How-To's Let us look at how to identify operations questions when you see them and how to solve for your answer. How to Identify an Operations Problem As we said before, the end goal of an operations problem is not to solve for a missing variable. Because of this, you can identify an operations problem by looking at your answer choices. If the question involves variables (instead of integers) in the given equation and in the answer choices, then it is likely you are dealing with an operations problem. This means that if the problem asks you to identify an â€Å"equivalent† expression or the â€Å"simplified form† of an expression, then it is highly likely that you are dealing with an operations problem. How to Solve an Operations Problem In order to solve these types of questions, you have two options: you can either solve your problems by using algebra, or by using the strategy of plugging in numbers. Let’s begin by looking at how algebraic operations work. First, you must understand how to add, multiply, subtract, and divide terms with variables and exponents. (Before we go through how to do this, be sure to brush up on your understanding of exponents and integers.) So let us look at the rules of how to manipulate terms with variables and exponents. Addition and Subtraction When adding or subtracting terms with variables (and/or exponents), you can only add or subtract terms that have the exact same variable. This rule includes variables with exponents- only terms with variables raised to the same power may be added together (or subtracted). For example, $x$ and $x^2$ CANNOT be combined into one term (i.e. $2x^2$ or $x^3$). It can only be written as $x + x^2$. To add terms with variables and/or exponents, simply add the numbers before the variable (the coefficients) just as you would add any numbers without variables, and keep the variables intact. (Note: if there is no coefficient in front of the variable, it is worth 1. $x$ is the same thing as $1x$.) Again, if one term has an additional variable or is raised to a different power, the two terms cannot be added together. Yes: $x + 4x = 5x$ $10xy - 2xy = 8xy$ No: $6x + 5y$ $xy - 2x - y$ $x + x^2 + x^3$ These expressions all have terms with different variables (or variables to different powers) and so CANNOT be combined into one term. How they are written above is as simplified as they can ever get. Multiplication and Division When multiplying terms with variables, you may multiply any variable term with another. The variables do not have to match in order for you to multiply the terms- the variables instead are combined, or taken to an additional exponent if the variables are the same, after multiplying. (For more on multiplying numbers with exponents, check out the section on exponents in our guide to advanced integers) $x * y = xy$ $ab * c = abc$ $z * z = z^2$ The variables in front of the terms (the coefficients) are also multiplied with one another as usual. This new coefficient will then be attached to the combined variables. $2x * 3y = 6xy$ $3ab * c = 3abc$ Just as when we multiplying variable terms, we must take each component separately when we divide them. This means that the coefficients will be reduced/divided with regard to one another (just as with regular division), as will the variables. (Note: again, if your variables involve exponents, now might be a good time to brush up on your rules of dividing with exponents.) $${8xy}/{2x} = 4y$$ $${5a^2b^3}/{15a^2b^2} = b/3$$ $${30y + 45}/5 = 6y + 9$$ When working on operations problems, first take each component separately, before you put them together. Typical Operation Questions Though there are several ways an operations question may be presented to you on the ACT, the principles behind each problem are essentially the same- you must manipulate terms with variables by performing one (or more) of the four mathematical operations on them. Most of the operations problems you’ll see on the ACT will ask you to perform a mathematical operation (subtraction, addition, multiplication, or division) on a term or expression with variables and then ask you to identify the â€Å"equivalent† expression in the answer choices. More rarely, the question may ask you to manipulate an expression in order to present your equation â€Å"in terms of† another variable (e.g. â€Å"which of the following expressions shows the equation in terms of $x$?†). Now let’s look at the different kinds of operations problems in action. The product $(2x^4y)(3x^5y^8)$ is equivalent to: F. $5x^9y^9$G. $6x^9y^8$H. $6x^9y^9$J. $5x^{20}y^8$K. $6x^{20}y^8$ Here, we have our problem from earlier, but now we know how to go about solving it using algebra. We also have a second method for solving the question (for those of you are uninterested in or unwilling to use algebra), and that is to use the strategy of plugging in numbers. We’ll look at each method in turn. Solving Method 1: Algebra operations Knowing what we know about algebraic operations, we can multiply our terms. First, we must multiply our coefficients: $2 * 3 = 6$ This will be the coefficient in front of our new term, so we can eliminate answer choices F and J. Next, let us multiply our individual variables. $x^4 * x^5$ $x^[4 + 5]$ $x^9$ And, finally, our last variable. $y * y^8$ $y^[1 + 8]$ $y^9$ Now, combine each piece of our term to find our final answer: $6{x^9}y^9$ Our final answer is H, $6{x^9}y^9$ Solving Method 2: Plugging in our own numbers Alternatively, we can find our answer by plugging in our own numbers (remember- any time the question uses variables, we can plug in our own numbers). Let us say that $x = 2$ and $y = 3$ (Why those numbers? Why not! Any numbers will do- except for 1 or 0, which is explained in our PIN guide- but since we are working with exponents, smaller numbers will give us more manageable results.) So let us look at our first term and convert it into an integer using the numbers we selected to replace our variables. $2{x^4}y$ $2(2^4)(3)$ $2(16)(3)$ $96$ Now, let us do the same to our second term. $3{x^5}{y^8}$ $3(2^5)(3^8)$ $3(32)(6,561)$ $629,856$ And finally, we must multiply our terms together. $(2{x^4}y)(3{x^5}{y^8})$ $(96)(629,856)$ $60,466,176$ Now, we need to find the answer in our answer choices that matches our result. We must plug in our same values for $x$ and $y$ as we did here and then see which answer choice gives us the same result. If you are familiar with the process of using PIN, you know that our best option is usually to start with the middle answer choice. So let us test answer choice H to start. $6{x^9}y^9$ $6(2^9)(3^9)$ $6(512)(19,683)$ $60,466,176$ Success! We have found our correct answer on the first try! (Note: if our first option had not worked, we would have seen whether it was too low or too high and then picked our next answer choice to try, accordingly.) Our final answer is again H, $6{x^9}y^9$ Now let us look at our second type of problem. For all real numbers $b$ and $c$ such that the product of $c$ and 3 is $b$, which of the following expressions represents the sum of $c$ and 3 in terms of $b$? A. $b+3$B. $3b+3$C. $3(b+3)$D. ${b+3}/3$E. $b/3+3$ This question requires us to translate the problem first into an equation. Then, we must manipulate that equation until we have isolated a different variable than the original. Again, we have two methods with which to solve this question: algebra or PIN. Let us look at both. Solving Method 1: Algebra First, let us begin by translating our equation into an algebraic one. We are told that the product of $c$ and 3 is equal to $b$. A â€Å"product† means we must multiply $c$ and 3 and so our equation looks like this: $3c = b$ Now we are asked to find the sum of $c$ and 3. This means we must isolate $c$ so that we can add them together. So let us first isolate $c$ by using our knowledge of algebraic operations. $3c = b$ $c = b/3$ Now, we can sum $c$ and 3 by replacing our $c$ with $b/3$. $c + 3$ ${b/3} + 3$ Our answer matches answer choice E. Our final answer is E. Solving Method 2: Plugging in numbers Alternatively, we can use our technique of plugging in numbers. Because our question deals with variables, we can choose our own numbers (so long as they follow the rules of our given information.) We are told that the product of $c$ and 3 is equal to $b$. So let us assign a value to $c$ and use this information to find the value of $b$. So let us say that $c = 4$. (Why 4? Why not!) If $c = 4$, then the product of $c$ and 3 is: $3c = b$ $3(4) = b$ $b = 12$ So, when $c$ equals 4, $b$ equals 12. Now we must find the sum of $c$ and 3. $3 + c$ $3 + (4)$ $7$ Now that we have found our sum, we must identify the answer choice that gives us this sum. All of our answer choices are presented to us in terms of $b$, so we will use our found value of 12 to replace $b$ for each. As with all PIN questions, let us start with the middle answer option. Answer choice C gives us: $3(b + 3)$ We can tell just by looking at it that this will be far larger than 7, but we can always test this out. $3(12 + 3)$ $3(15)$ $45$ We can eliminate answer choice C. Just by glancing, we can see that answer choices A and B will also be larger than 12, which means we can eliminate them as well. Let us try answer choice D. ${b + 3}/3$ ${12 + 3}/3$ $15/3$ $5$ Answer choice D did not match our sum, which means we can eliminate it as well. By process of elimination, we are left with answer choice E, but let us test it to be sure. ${b/3} + 3$ ${12/3} + 3$ $4 + 3$ $7$ Success! We have found the answer choice that matches the sum we found. Our final answer is, once again, E, ${b/3} + 3$. As you can see, the answer to your operations questions will always be in variables and the problem will always require you to interpret and manipulate expressions with variables, but there are always multiple options for how to solve these types of problems. You've got the power to decide how you would like to solve and manipulate your operations problems. Magic! Strategies for Solving Operations Questions Now that we’ve seen the types of operations questions you’ll see on the ACT, let’s review our solving strategies. #1: Use PIN when needed (or to double-check your answer) If you ever feel concerned that you may be going down the wrong path while manipulating your operations problems, or if you simply want to double-check your answer, it's never a bad idea to use the strategy of plugging in numbers. Although it can take a little longer plug in your own numbers for your variables, you'll never have to fear misremembering how to manipulate your exponents, your variables, or your equations as a whole. Once you're able to use real numbers for your variables, the math will be a piece of cake. #2: Focus on one aspect of the term at a time It can become all too easy to lose yourself when working with multiple variables at once, especially when it comes to multiplication and division. The test-makers know this and will provide bait answers for any number of common mistakes. In order to keep all your components organized, focus on just one piece of each expression at a time. First, look at the coefficients, then look at the variables. This will help keep all your moving pieces in order and lessen the odds of mix-ups and mistakes. #3: Eliminate your answer options as you go Operations problems can sometimes mess with your head, not because they are inherently difficult, but because the ACT is a marathon and your brain can get tired and confused (and lazy). This, combined with the fact that all the answer choices generally look quite similar, with only small differences- a minus sign instead of a plus sign, one coefficient difference, etc.- can lead you to select the wrong answer, even when you know what the correct one should be. To avoid this kind of careless error (the worst kind of error!), eliminate your answer choices as you go through your problem. Know that the coefficient for your $y$ value must be 3? Immediately cross out any answer choices that give you anything other than $3y$. It may seem inefficient to solve problems this way, but it will keep your answers much more clear. #4: Keep careful track of your negatives Not only can it be difficult to keep track of multiple variables, but it's even easier to mix-up the proper negative and positive signs. Many students make careless errors with their negative signs and the ACT test-makers are all too aware of this. They will provide all manner of bait answers for anyone who misplaces even a single negative sign, so be very careful. $(a+2b+3c)-(4a+6b-5c)$ is equivalent to: A. $-4a-8b-2c$B. $-4a-4b+8c$C. $-3a+8b-2c$D. $-3a-4b-2c$E. $-3a-4b+8c$ For a problem like this, we are being asked to subtract the entire expression, $4a + 6b - 5c$, from the entire expression, $a + 2b + 3c$. This means that the negative sign will be negating every term in the expression $4a + 6b - 5c$. So we must put a negative sign in front of each term. $4a$ becomes $-4a$ $6b$ becomes $-6b$ $-5c$ becomes $- -5c$ or $+5c$. Now let us put these pieces together with the first expression. $a - 4a = -3a$ $2b - 6b = -4b$ $3c + 5c = 8c$ Our final expression will be: $-3a - 4b + 8c$ Our final answer is E, $-3a - 4b + 8c$. [Note: many (many!) students put a negative sign only in front of the first term in the parenthesis, which in this case the $4a$. If you had done this, you would have gotten: $a - 4a = -3a$ $2b + 6b = 8b$ $3c - 5c = -2c$. This would have given you answer choice C, $-3a + 8b - 2c$. Again the test-makers know this is a common error and there will always be a bait answer to tempt anyone who makes this kind of mistake.] Operations in the "real world." Hyuk, yuk, yuk. Test Your Knowledge Now that we’ve gone through the tips and tricks of operations questions, it’s time to put your knowledge to the test with more real ACT math problems. 1. Which of the following is an equivalent simplified expression for $2(4x+7)-3(2x-4)$? F. $x+2$G. $2x + 2$H. $2x+26$J. $3x+10$K. $3x+$ 2.Which of the following expressions is equivalent to ${1/2}y^2(6x+2y+12x-2y)$? A. $9xy^2$B. $18xy$C. $3xy^2 + 12x$D. $9xy^2-2y^3$E. $3xy^2+12x-y^3-2y$ 3.$t^2-59t+54-82t^2+60t$ is equivalent to: F. $-26t^2$G. $-26t^6$H. $-81t^4+t^2+54$J. $-81t^2+t+54$K. $-82t^2+t+54$ 4.The expression $-8x^3(7x^6-3x^5)$ is equivalent to: A. $-56x^9+24x^8$B. $-56x^9-24x^8$C. $-56x^18+24x^15$D. $-56^18-24x^15$E. $-32x^4$ Answers: H, A, J, A Answer Explanations: 1. As always, we can solve this question using algebra or using PIN. Let us look at both ways. Method 1: Algebra First, we must distribute out our terms. Only afterwards will we subtract them. Let us take each half of our expression by itself. $2(4x + 7)$ $8x + 14$ $ -3(2x - 4)$ $-6x + 12$ (Note: keep careful track of your negatives here, especially in the second half of our expression.) Now, we can put the two together. $8x + 14 - 6x + 12$ $2x + 26$ We cannot go any further, as we have combined all our like terms. Our final answer is H, $2x + 26$ Method 2: PIN As an alternative to algebra, we can always use plugging in numbers. So let us assign our own value to $x$, which we will call 3. (Why 3? Why not!) This means that we will replace any $x$ in our given equation with a 3. $2(4x + 7) - 3(2x - 4)$ $2(4(3) + 7) - 3(2(3) - 4)$ $2(12 + 7) - 3(6 - 4)$ $2(19) - 3(2)$ $38 - 6$ $32$ Now, let us find the answer choice that matches with our found answer of 32, once we replace the $x$ with 3. As usual, when using PIN, let us start with the middle answer option. $2x + 26$ $2(3) +26$ $6 + 26$ $32$ Success! We found our answer on the first try. But remember- when using PIN, always check your other answer options to make sure there are not repeat correct answers. We can see straightaway that answer choices F and G will be too small, since answer choice H was a match. So let us try answer choice J. $3x + 10$ $3(3) + 10$ $9 + 10$ $19$ This answer choice is too small and we can see just by looking that answer choice K will be too small as well (since they only differ by 1). This means we are safe with our answer choice H, as no others produced a match. Our final answer is H, $2x + 26$. As we saw from earlier in the guide and from the example problem above, we can always use algebra or PIN for our operations problems. Knowing that, we will only go through one method each for the rest of our answer explanations. 2: For this problem, let us do our solve using algebra (again, we could also use PIN, but for the sake of brevity, we are only choosing one method for each problem). We are given the equation: ${1/2}y^2(6x + 2y + 12x - 2y)$ Now, let us first make life easier by combining the like terms in the parenthesis. $(6x + 2y + 12x - 2y)$ $(6x + 12x + 2y - 2y)$ $(18x)$ The $y$ terms cancel one another out, so we are left with only $18x$ in the parenthesis. Now, we must multiply our $18x$ by ${1/2}y^2$. As always, when multiplying, we must multiply first the coefficients and then combine them with the combined variables. So: ${1/2}y^2 * 18x$ $(1/2) * 18 = 9$ $y^2 * x = y^2x$ Put the two together and we have: $9y^2x$ So our final answer is A, $9xy^2$ 3: Because we used algebra last time, let us try our hand at solving this question using PIN. Because we are using our own numbers, we don’t have to worry about whether or not we are matching up the right terms, or if we are combining them incorrectly; we can bypass all the mess and use numbers instead. We have one variable, $t$, so let us say that $t = 2$. (Why 2? As always, why not!) $t^2 - 59t + 54 - 82t^2 + 60t$ $(2)^2 - 59(2) + 54 - 82(2)^2 + 60(t)$ $4 - 8 + 54 - 328 + 120$ $-268$ Now, we must find the answer choice that matches our found answer of 102, once we replace $t$ with 2. Let us start in the middle, with answer choice H. $-81t^4 + t^2 + 54$ $-81(2)^4 + (2)^2 + 54$ $-81(16) + 4 + 54$ $-1296 + 58$ $-1238$ We can see just by looking that answer choice G will be too small as well ($-26 * 16 = -416$), and answer choice F will be too large (-26 * 4 = -104). So let us try answer choice J. $-81t^2 + t + 54$ $-81(2)^2 + 2 + 54$ $-81(4) + 56$ $-324 + 56$ $-268$ Success! And we can also see that the only difference between answer choices J and K are the coefficient in front of $t^2$ (-81 vs. -82), so we know that answer K would produce an incorrect and smaller number than answer choice J. Our final answer is J, $-81t^2 + t + 54$ 4: Because we used PIN last time, let us use algebra for this problem. Because we do not have like terms in the parenthesis, we must distribute out our expression using multiplication. $-8x^3(7x^6 - 3x^5)$ $-8x^3(7x^6) - -8x^3(3x^5)$ And take each piece separately. $-8x^3(7x^6)$ = $-8 * 7 = -56$ and $x^3 * x^6 = x^[3 + 6] = x^9$ (for more on this, look to the section on exponents in our advanced integers guide). So, combined, we have: $-56x^9$ And the other half of our expression will be the same. $- -8x^3(3x^5)$ $8x^3(3x^5)$ = $8 * 3 = 24$ and $x^3 * x^5 = x^[3 + 5] = x^8$ So, combined, we have: $24x^8$ Now our equation looks like this: $-56x^9 + 24x^8$ Our final answer is A, $-56x^9 + 24x^8$ (Take care! The only difference between answer choice A and B is the negative sign. If you weren’t careful with your double negatives, you may have fallen for this bait answer.) Ten thousand gold stars for solving your operations problems! The Take-Aways Though operations problems are easy to get wrong if you’re going too quickly through the test (or trying to solve them in your head), the basic elements are the same as any problem with variables- combine like terms, keep your work organized, and use PIN if you feel overwhelmed (or simply want to double-check your answer). You have a multitude of options for solving ACT algebra questions, so don’t be afraid to use them. What’s Next? Still in the mood for math? Well we've got you covered! First, take a gander at exactly what's tested on the ACT math section in order to get a feel for your strong and weak points. Next, dive right into our ACT math guides for any topic you feel you haven't quite mastered (or just any topic you want to refresh). From circles to ratios, slopes to polygons, we've got your back. Running out of time on the ACT math section? Check out our guide on how to help maximize your avaialable time in order to get your best score possible. Nervous about test day? Ease your mind by taking a look at what to do the night before and the day of the test. Trying for a perfect score? Look no further than our guide to getting a perfect 36 on the ACT math, written by a perfect-scorer. Want to improve your ACT score by 4 points? Check out our best-in-class online ACT prep program. We guarantee your money back if you don't improve your ACT score by 4 points or more. Our program is entirely online, and it customizes what you study to your strengths and weaknesses. If you liked this Math lesson, you'll love our program. Along with more detailed lessons, you'll get thousands of practice problems organized by individual skills so you learn most effectively. We'll also give you a step-by-step program to follow so you'll never be confused about what to study next. Check out our 5-day free trial:

Analyse the business environment of Japan Essay

Analyse the business environment of Japan - Essay Example In order to drive this growth, National Innovation System (NIS) plays a very important role. Innovation is one of the key drives that have led Japanese business corporations to this state of success. This paper presents a detailed study of the activities of NIS which helps to evaluate its impact on the business environment of the country. Business environment in Japan The Japanese business environment has been reflecting huge success during the late 1980s. The success of Japanese business enterprises is affected by the formation of the enterprise to a large extent. Three main types of companies can be recognized in Japan under Japan’s commercial code and another form of company is separately recognized under the Yugen Gaisha Law. Therefore, four different forms of a business company exist in Japan. These are Go-mei Gaisha (or commercial partnership), Go-shi Gaisha (or limited partnership), Kabushiki Kaisha (or general corporation) and finally Yugen Gaisha (or limited liability corporation) (Japanlaw, n.d.). ... Cheap exports made by Japan include particularly electronic devices, cars and computers (Japan-guide, 2013). This characteristic of Japanese business corporations is imparted by the human resource of these organizations. Human resource is considered a very important aspect in Japan. Hence, companies dedicate attention towards maintaining good human resource management system and employees provide the commitment of sustaining a long-term relationship with their respective corporations. Strong industrial relationship is one of the main factors that affect the performance of Japanese business firms in international context (Asetuc, 2003). This leads to improvement in the skills and employees might utilize their potential to the fullest extent for the growth of their organization. With globalization, Japan has been increasingly participating in the global business scenario. Japan is known on the global platform for its cheap exports. Japan mainly imports agricultural or intermediate good s, such as, culinary materials, wood, oil and other raw materials. Since the manufactured goods (imported) yield higher price than the raw materials imported by Japan (that requires lesser payments), Japan has a trade surplus. However, globalization makes the manufacturing units all around the world more cost efficient (Gu?jonsson, 2009). Thus, Japanese firms are currently facing intense competition in the global front. National Innovation System (NIS) Government component of the NIS The National Innovation System (or NIS) refers to the system of flow of information as well as the rapid transfer of technological knowhow amongst people residing in different parts of a country. It has been recognized by the Japanese government

The Exercise of Accounting Clothes Personal Statement - 2

The Exercise of Accounting Clothes - Personal Statement Example I thought that I had only few purchases that were made from China but I did not expect that majority of them were actually from China (there were 22 clothes that I bought coming from them). This misimpression is due to the fact that even if the brand is patently American, if we bother enough to check the label on where it is made, it is in fact made in China. For example, my sport apparel Nike. We know that Nike is an American company and we would like to think that it is also made in America. But no, check the labels and you cannot even read them because it is written in Chinese character. It is in fact made in China. This led me to think and do some basic research. I begun to understand the supply chain that companies employ in order to save cost and become competitive. But again, this led me to think if the main motivation really is to save on cost to sell their products more affordable then are their prices are saying otherwise? Nike is still priced at premium even if they had ou tsourced their manufacturing to some sweatshops in China. These companies are raking billions of dollars in profit. The motivation of having their manufacturing somewhere else must be the drive to profit more by finding ways to cut cost by looking for people who can do the job the cheapest way possible. Sadly, this takes jobs away from Americans and kills our local garment industry. This also makes the salary of those who works in our textile industry low because of competition of the dirt cheap salary of textile workers in Bangladesh and Cambodia. Worst, this outsourcing has brought new evils in the country that they were outsourced such as China and countries in South East Asia (Thailand, Indonesia, Philippines). News about the old labor, unreasonably long working hours and dangerous working conditions are prevalent that it defeats the benefit of giving people jobs because they are being exploited. Also, the quality of the textiles deteriorates because the manufacturing process of the countries they are from cut corners. Also, I noticed during the process of my accounting my clothes that some have labels of being recyclable (the ones made in USA) while many do not. I understood it because of our stringent laws about the environment and our general concern about the environment. I checked the labels on the other clothes that I have that were made overseas and there were no labels that the clothes can be recycled. This led me to think that these manufacturers must have no concern for the environment after making the sales or even during the manufacture of these clothes. Come to think of it, if they cared less about their workers, employing them in hazardous working conditions and giving them oppressive salaries whose ill effects can be immediately observed, how much more about the environment whose effect can only be felt many years ahead? Also, the quality of the fabric can readily be distinguished because those that came from the USA are noticeably of better quality. We just came from a financial crisis and to some extent, we are still reeling from it.