We are ready to represent the best custom paper writing assistance that can cope with any task like sex even at the eleventh hour. The matter is that we posses the greatest base of expert writers. Our staff of freelance writers includes approximately 300 experienced writers are at your disposal all year round. They are striving to provide the best ever services to the most desperate students that have already lost the hope for academic success. We offer the range of the most widely required, however, not recommended for college use papers. It is advisable to use our examples like sex in learning at public-education level. Get prepared and be smart with our best essay samples cheap and fast! Get in touch and we will write excellent custom coursework or essay especially for you.
Shirley Jackson title of her short story The Lottery” gives the reader the impression that it maybe about a person winning the lottery or something of that nature. As the story goes on the reader finds out that is not the case. The plot development of The Lottery is rather simple, on June 7th, people of a small village gather for the annual drawing of the lottery. Tessie Hutchinson arrives late, but in a good mood to know the results, when her family is selected she becomes hysterical. She begs for mercy as the village people beat her up with stones for she was the one that ended up winning the lottery.
The basic situation of the plot in the short story The Lottery is the gathering of the village people. “The morning of June 7th was a clear and sunny, with the fresh warmth of a full-summer…The people of the village began to gather in the square (Jackson 55). The way the day was described by Jackson lets the reader to believe that the lottery may be something good. Jackson sets up the men of the village as regular man, “the man began to gather…speaking of planting, and rain, tractors and taxes” (Jackson 55). She also sets up the women as regular women with nothing out of the ordinary, “they greeted one another and exchanged bits of gossip” (Jackson 55).
The plot continues to develop with the rising actions. When Mr. Summers enters the story Jackson gives the reader a hint that the lottery may not be so good after all, “when he arrived in the square, carrying the black wooden box, there was a murmur of conversation among the villagers” (Jackson 55). When Mr. Summers arrives with the black box the villagers do not show any sort of emotions to make the reader believe that they are happy to see Mr. Summers arrive with the box. In many forms of literature the color black tends to symbolize death, the black box may give the reader the idea that something bad will occur. Jackson mentions that a list had to be made for the head of each family in the village and the members of each household in each family (Jackson 56). Everyone in the village had to participate in the drawing of the lottery. Just before Mr. Summers turned to the assembled villagers, Mrs. Hutchinson hurried along to the path to the square (Jackson 56). Jackson makes it look as if Mrs. Hutchinson, although late really wants to be there. One by one the heads of the families goes up to the black box an pick out a folded paper (Jackson 58). After everyone has gone up the reader is left wondering who got it, “who is it, who got it?” (Jackson 5). The plot takes true form when the reader finds out who got it, “it’s Hutchinson. It’s Bill” (Jackson 5). By the reactions of Mrs. Hutchinson, “You didn’t give him time enough to take any paper he wanted I saw you it wasn’t fair” (Jackson 5), the reader now knows that the lottery can not be something good.
The climax of the story develops right after the Hutchinson family has to draw amongst themselves to see who from the family gets the lottery. One by one they unfold their luck. None of the children or Bill gets the mark that proclaims the winner. Mrs. Hutchinson is the last one with a folded paper (Jackson60). ““It’s Tessie” Mr. Summers said” (Jackson 60). Now that the reader knows that Mrs. Hutchinson is the winner of the lottery everything from that point on are falling actions and the resolution.
The falling actions of the plot are when Mr. Summers said “let’s finish quickly” (Jackson 60), “Mrs. Delacroix selected a stone so large she had to pick it up with both hands” (Jackson 60) and “the children had stones already, and some gave little Davy Hutchinson a few pebbles” (Jackson 61). All those are falling actions because the suspense that was build up by the plot is no longer there. The reader knows who will most likely get the stones. The final resolution of the plot is “Mrs. Hutchinson screamed, and then they were upon her” (Jackson 61).
The prize for winning the lottery turned out to be a stoning by the village people. Mrs. Hutchinson the winner or loser of that year’s lottery was eager to get to the square gathering for the drawing, but as it turned out she would have been better of staying home. The plot development in The Lottery by Shirley Jackson was one with a simple basic situation, many rising actions, an unexpected climax, few falling actions and a horrifying final resolution.
Mind that the sample papers like sex presented are to be used for review only. In order to warn you and eliminate any plagiarism writing intentions, it is highly recommended not to use the essays in class. In cases you experience difficulties with essay writing in class and for in class use, order original papers with our expert writers. Cheap custom papers can be written from scratch for each customer that entrusts his or her academic success to our writing team. Order your unique assignment from the best custom writing services cheap and fast!
Friday, August 24, 2012
Thursday, August 23, 2012
Conflict Resolution
We are ready to represent the best custom paper writing assistance that can cope with any task like Conflict Resolution even at the eleventh hour. The matter is that we posses the greatest base of expert writers. Our staff of freelance writers includes approximately 300 experienced writers are at your disposal all year round. They are striving to provide the best ever services to the most desperate students that have already lost the hope for academic success. We offer the range of the most widely required, however, not recommended for college use papers. It is advisable to use our examples like Conflict Resolution in learning at public-education level. Get prepared and be smart with our best essay samples cheap and fast! Get in touch and we will write excellent custom coursework or essay especially for you.
Conflict Resolution
The use of teams in the workplace brings a collaboration of ideas and thoughts that can produce an improved result. Teams are made of varied individuals that come from different backgrounds, experiences, and values, bringing depth and vision to projects being developed; these differences can also bring about conflict. There are varying types of conflict, some beneficial and some detrimental; likewise, there are many reasons that conflicts arise. In a team environment taking simple steps to recognize issues and keep communication among members open helps to avoid negative conflict before it can eclipse the project. Generally, this is preferable to the arduous task of conflict resolution.
I. Recognizing Conflict
Almost every team experiences conflict at some point or another. The key is to recognize conflict exists, and depending on the situation and type of conflict, employ a viable solution that will effectively negate the conflict. Many areas of conflict can lead to ineffectiveness within a team environment. Each area has its own unique set of circumstances and can affect every situation differently.
Conflict in a team environment usually is not beneficial. Conflict within the team exists because there is a problem that can debilitate the processes of the team making it ineffective. A rift between the team members may create a void or gap. It may start small, such as an individual not performing their portion of the work. This small rift can itself lead to a very large problem or it can catapult into others areas of the team processes if it is not resolved. What was once a small problem, can lead to a severe problem threatening the foundation of the team. That is why communication and the ability of team members to work cohesively are vital. The foundation of any team is the ability to communicate and act as one to complete an assigned task. When there is failure in one of these areas, the team is unable to function properly. Being able to communicate with each other will help get issues and problems out into the open. Only then will conflict be resolved.
One of the largest forms of conflict within a team environment is the lack of individual productivity; this can also be one of the easiest types of conflicts to resolve if confronted. When an individual is not performing their portion, it can have a negative affect on the other team members. A few scenarios can take place when this happens.
• The lack of production is ignored and the slack is picked up by another person or split between the team.
• The problem is confronted with this individual and a solution has been agreed to.
• The problem cannot be resolved and removal of the individual from the team is necessary.
The ideal scenario would be to confront the individual to get them to contribute. It would be harder on the rest of the team to perform the work of the individual and loosing or replacing a team member can be costly. It would take more time and money getting the new individual caught up to the current state of the team. Unfortunately, this is what has to happen to have an effective team.
Lack of leadership can be another source of team conflict. There are several types of team environments, but leadership or direction is a necessity for any team. The team must jointly direct and guide its efforts even if the team functions without a titled leader. The leadership role is to assure that the team is progressing at a rate meeting the required goal. Deadlines exist in every type of assignment or project. The guidance that the leader provides by managing the team environment is critical to assure the teams meets the deadline. The leader also helps resolve conflicts if the team cannot make the decision for themselves. The overall team effectiveness is the primary responsibility of the leader.
At times there can be members in a group which take over and try to perform all of the work or try to wield power that is not theirs to give, these types of members are classified as dominant members. The personality of an individual determines if they are going to be a dominant member. Most people understand the importance of a team concept but there are those who have the “I” mentality. This type of mentality negatively affects the team. The advantage of team-oriented endeavors includes, sharing new ideas and cooperatively completing projects, thereby reducing the load of each person. This results in a better overall project. The role that each member plays is equally important in a team.
II. Identifying Types of Conflicts
In recognizing conflict within the team environment, the team or team leader, needs to identify and understand what type of conflict exists when it evolves. The difference between conflicts affects the decision-making process and performance of the team. Two basic types of conflict are cognitive and emotional or affective. Conflict can affect a team’s performance positively or negatively.
Cognitive conflict is functional and provides good stimulus for team productivity. Cognitive conflict is identifiable by differences in perspectives, ideas, plans, or judgments in reaching a decision. Cognitive conflict involves argumentation on team-related issues stimulating creativity, innovating new ideas, or rethinking through problem issues. Quality decision-making, constructive criticism, high level of commitment, and stimulating discussion are effective attributes of cognitive conflict. Cognitive conflict is beneficial to a team’s performance when understanding issues and members accept the decisions derived through positive confrontations.
The contrast to cognitive conflict is emotional or affective conflict. As cognitive conflict is depersonalized, affective conflict is rooted with anger, personal criticism, emotions, selfishness, defensiveness, and resentment. This is a dysfunctional conflict threatening a team’s productivity. Affective conflict is evident in showing emotional persuasion, verbal attack to another team member, pointing the finger with accusations of fault, or argumentation for selfish reasons. Emotional conflict preoccupies team members in resolving personal issues instead of the team’s original commitment in accomplishing a goal. Affective conflict is detrimental to the team’s productivity and effectiveness. Poor outcomes result in the quality of decisions made and team cohesion is conflicted with emotions. Disagreements among team members can lead to negative and positive outcomes. Debates on team-related issues allow the team to grow constructively with acceptance of diverse opinions enhancing positive productivity in a cognitive conflict environment. When emotions and personal threats evolve within a team, this affective conflict obstructs team cohesion and negative productivity. Conflict causing dissatisfaction, ill feelings and lack of cooperation needs to be resolved for a team to be effectively productive.
III. Defusing Conflict
Success comes when a team is functioning well. Lack of cooperation, communication, and individual respect causes dysfunctional team behavior. When one or more team members are confused on their responsibilities, lack of identity, voice differences of values or attitudes, or selfish arguments, conflicts can surface. When conflict situations evolve, it is important that the team identify the conflict and deal in resolving the problem before it gets out of control.
Competitive conflict focuses not on a team goal or the relationships of the team members as a whole, but on selfish motives for personal needs or wants. The competitive view is a win-lose perception. In this situation, the person is forceful or assertive in their viewpoint as being the right one using argumentative style statements or persuasion to get acceptance. This type of conflict causes the team to stray away from the focus of their goal in attempting to resolve the conflicting issue. Competitive conflict affects team cohesion and lack of commitment.
Taking control of competitive conflict, the team or team leader needs to use an assertive approach presenting a clear understanding of the team’s goal and a focus on commitment to achieving it. When acknowledging a disagreement exists within the team environment, constructive action needs to take place in resolving the issue. Alternative solutions can be voiced and challenged to reach a resolution favorable to all team members. Team members lose their identity in a team environment not built on mutual respect, trust, and a positive shared vision. Handling conflict in a non-effective way causes hostility.
Minimizing conflict needs a strong identity of team members recognizing their individual efforts of performance. Hostility emerges into conflict when a person’s actions or feelings erupt as a team responds negatively, not accepting their views or ideas. Being objective, reinforcing support, team commitment, listening and having open lines of communication maximizes the welfare of the team. Team members can contribute in a positive manner and be committed if their own performance and the performance of the team as a whole can be given incentives. To preserve continuity within a team, the attitudes and commitment of each member must be positive, flexible to compromise in the decision-making process, respect values of other team members, and share the team vision. An effective team works in harmony.
In presenting a win-win situation, a team pledges to be committed to a common goal. Disagreements often arise in the decision-making process. An action plan should be in place to help in this process. If a consensus is not working, adopting a voting rule can help alleviate conflicts, by placing a voting tool mechanism the team accepts either a majority or unanimous voting rule. Team members often find fault in voting to finalize decisions due to unfairness of the votes or members collaborate towards a specific idea. Team members must agree on the adopted voting process within the decision-making process. Voting does not guarantee a resolution, but provides a way in which members can resolve within the group an outcome that is a team decision. Voting can be a good process to avoid conflicts, but it reduces the creativity among members to seek alternatives. Promoting trade-offs is not permitted insuring that no one can benefit if one gives something up to get what he wants. Not all interests are satisfied. In striving for a win-win outcome, a team must focus on priorities and resolution. A perception of what is fair for the team to succeed stimulates a team environment with positive cooperation, effective behavior, commonality, good communication, and an objective for a win-win outcome.
IV. Conflict Resolution
As varied are the personality styles of the individuals on a team, so are varied reasons that conflicts arise and the ways these conflicts can be resolved.
Negotiation is the key to many group conflicts. Negotiation involves the utilization of a third party, which has no stake in the outcome; someone who can take into consideration all the views involved and arrives at an outcome. Negotiations are a last resort when members cannot come to a consensus; the team agrees that the decision by the negotiator is final. This seems like a reasonable solution to even the most difficult situations, but even negotiation sometimes does not work. Members may have an attitude that no outcome is better than one they disagree with, i.e. if I do not get the outcome I want, then no one will get what they want either. Teams often are so caught up in what they are giving up they do not see what they are gaining. This all or nothing negotiation often does not produce the best result for either party. For instance, a group of workers wanted flexible hours, onsite day care, and an increase in pay. The company was willing to negotiate with flexible hours and onsite day care but not pay. If the workers held firm on their requirements for all or nothing, the workers’ outcome could be nothing. The company walked away from the negotiation without giving them anything.
Coalitions may seem like a way to gain the support an individual needs to sway the majority; they are generally not an effective means to solving conflicts. A coalition is when several members band together to increase their advantage against the group. Continued conflicts often arise, as the coalition must then allocate the resources they have leveraged. This point is reaffirmed by the television game “Survivor”. The forming of coalitions initially may be a means to winning the game for many, but there is ultimately only one person remaining when they are handing out the prize.
Like coalitions, problems can arise when a team determines that the best results for the majority come through voting on issues of conflict. Voting may be an effective means to resolving a conflict, but it leaves out elements of negotiation where points for both sides increase the chances that all team members will support the final decision.
Communication is the key to avoiding conflict and the best means of resolving conflicts when they arise. The most effective team attitude in resolving conflict is one of openness and trust within the group. The team as a whole is more likely to find a resolution that is fair and equitable when members on both sides of disagreement offer information supporting their views, share candidly the points negotiable, engage the group as a whole, and have ultimate goals in line with one another.
V. Fairness/Equality
When conflict arises, the heat of the moment can blind what is fair or equal in resolving the situation. Of course, we all feel our opinion is the fair or equal answer to the problem. How can we tell what should be done with this conflict? Just like anything else, what is fair is the opinion of the individual or team. There are some easily identifiable principles that can help teams consider what they feel is fair.
• Keeping things simple will allow all the team members to understand the root of the conflict. Explanations should be made very explicit so everyone can understand.
• Making sure statements are made clearly eliminates most chances of any misunderstanding.
• The decision that is made should be able to be justified by the same rules applying each time, with each person, at every situation.
• The team as a whole should consent to how these decisions are reached. Guidelines for such decisions come from what the team feels is effective in the society in which they live. These guidelines can change as the team member’s change.
• How the team comes to these decisions should be generic and applicable in any situation.
Even if all the team members feel the solution is fair or equal, it does not mean it is. Society can predicate what is the normal guideline for fair or equal, but there are several societies within our world. Each team needs to come to a mutual understanding of what they all believe to be fair or equal. If a team is together for a length of time, it is important for them to establish a good, clean reputation for being fair and equal. This builds credibility for the team and each individual team member.
Conflict is a natural part of the world we live in. Recognizing this factor and being aware of the different types of conflict will help each of us to know what might have sparked a disagreement and how to handle it. People will not always agree, but the way to defuse conflict is with clear concise communication. When we can identify conflict, learn to defuse conflict and work things out to an agreement between all the individuals involved. We can feel good about the world we live in and the team can make positive progress. If a conflict escalates, there are various ways to resolve it. The team can have a member capable in stepping back and negotiating a resolution. Bringing someone from outside the team may bring cohesion within the group. When there is conflict, most people do not see what is fair or equal to all, they only see the point of view they want to make. This is why before a conflict evolves the team should agree on how to resolve a tense situation. With all these factors in mind there is still the possibility of someone just having a bad day, and that is ok. Remember when working in a team, conflicts can happen. The entire team needs to share in resolving conflict and working together for the benefit of the team.
Mind that the sample papers like Conflict Resolution presented are to be used for review only. In order to warn you and eliminate any plagiarism writing intentions, it is highly recommended not to use the essays in class. In cases you experience difficulties with essay writing in class and for in class use, order original papers with our expert writers. Cheap custom papers can be written from scratch for each customer that entrusts his or her academic success to our writing team. Order your unique assignment from the best custom writing services cheap and fast!
Conflict Resolution
The use of teams in the workplace brings a collaboration of ideas and thoughts that can produce an improved result. Teams are made of varied individuals that come from different backgrounds, experiences, and values, bringing depth and vision to projects being developed; these differences can also bring about conflict. There are varying types of conflict, some beneficial and some detrimental; likewise, there are many reasons that conflicts arise. In a team environment taking simple steps to recognize issues and keep communication among members open helps to avoid negative conflict before it can eclipse the project. Generally, this is preferable to the arduous task of conflict resolution.
I. Recognizing Conflict
Almost every team experiences conflict at some point or another. The key is to recognize conflict exists, and depending on the situation and type of conflict, employ a viable solution that will effectively negate the conflict. Many areas of conflict can lead to ineffectiveness within a team environment. Each area has its own unique set of circumstances and can affect every situation differently.
Conflict in a team environment usually is not beneficial. Conflict within the team exists because there is a problem that can debilitate the processes of the team making it ineffective. A rift between the team members may create a void or gap. It may start small, such as an individual not performing their portion of the work. This small rift can itself lead to a very large problem or it can catapult into others areas of the team processes if it is not resolved. What was once a small problem, can lead to a severe problem threatening the foundation of the team. That is why communication and the ability of team members to work cohesively are vital. The foundation of any team is the ability to communicate and act as one to complete an assigned task. When there is failure in one of these areas, the team is unable to function properly. Being able to communicate with each other will help get issues and problems out into the open. Only then will conflict be resolved.
One of the largest forms of conflict within a team environment is the lack of individual productivity; this can also be one of the easiest types of conflicts to resolve if confronted. When an individual is not performing their portion, it can have a negative affect on the other team members. A few scenarios can take place when this happens.
• The lack of production is ignored and the slack is picked up by another person or split between the team.
• The problem is confronted with this individual and a solution has been agreed to.
• The problem cannot be resolved and removal of the individual from the team is necessary.
The ideal scenario would be to confront the individual to get them to contribute. It would be harder on the rest of the team to perform the work of the individual and loosing or replacing a team member can be costly. It would take more time and money getting the new individual caught up to the current state of the team. Unfortunately, this is what has to happen to have an effective team.
Lack of leadership can be another source of team conflict. There are several types of team environments, but leadership or direction is a necessity for any team. The team must jointly direct and guide its efforts even if the team functions without a titled leader. The leadership role is to assure that the team is progressing at a rate meeting the required goal. Deadlines exist in every type of assignment or project. The guidance that the leader provides by managing the team environment is critical to assure the teams meets the deadline. The leader also helps resolve conflicts if the team cannot make the decision for themselves. The overall team effectiveness is the primary responsibility of the leader.
At times there can be members in a group which take over and try to perform all of the work or try to wield power that is not theirs to give, these types of members are classified as dominant members. The personality of an individual determines if they are going to be a dominant member. Most people understand the importance of a team concept but there are those who have the “I” mentality. This type of mentality negatively affects the team. The advantage of team-oriented endeavors includes, sharing new ideas and cooperatively completing projects, thereby reducing the load of each person. This results in a better overall project. The role that each member plays is equally important in a team.
II. Identifying Types of Conflicts
In recognizing conflict within the team environment, the team or team leader, needs to identify and understand what type of conflict exists when it evolves. The difference between conflicts affects the decision-making process and performance of the team. Two basic types of conflict are cognitive and emotional or affective. Conflict can affect a team’s performance positively or negatively.
Cognitive conflict is functional and provides good stimulus for team productivity. Cognitive conflict is identifiable by differences in perspectives, ideas, plans, or judgments in reaching a decision. Cognitive conflict involves argumentation on team-related issues stimulating creativity, innovating new ideas, or rethinking through problem issues. Quality decision-making, constructive criticism, high level of commitment, and stimulating discussion are effective attributes of cognitive conflict. Cognitive conflict is beneficial to a team’s performance when understanding issues and members accept the decisions derived through positive confrontations.
The contrast to cognitive conflict is emotional or affective conflict. As cognitive conflict is depersonalized, affective conflict is rooted with anger, personal criticism, emotions, selfishness, defensiveness, and resentment. This is a dysfunctional conflict threatening a team’s productivity. Affective conflict is evident in showing emotional persuasion, verbal attack to another team member, pointing the finger with accusations of fault, or argumentation for selfish reasons. Emotional conflict preoccupies team members in resolving personal issues instead of the team’s original commitment in accomplishing a goal. Affective conflict is detrimental to the team’s productivity and effectiveness. Poor outcomes result in the quality of decisions made and team cohesion is conflicted with emotions. Disagreements among team members can lead to negative and positive outcomes. Debates on team-related issues allow the team to grow constructively with acceptance of diverse opinions enhancing positive productivity in a cognitive conflict environment. When emotions and personal threats evolve within a team, this affective conflict obstructs team cohesion and negative productivity. Conflict causing dissatisfaction, ill feelings and lack of cooperation needs to be resolved for a team to be effectively productive.
III. Defusing Conflict
Success comes when a team is functioning well. Lack of cooperation, communication, and individual respect causes dysfunctional team behavior. When one or more team members are confused on their responsibilities, lack of identity, voice differences of values or attitudes, or selfish arguments, conflicts can surface. When conflict situations evolve, it is important that the team identify the conflict and deal in resolving the problem before it gets out of control.
Competitive conflict focuses not on a team goal or the relationships of the team members as a whole, but on selfish motives for personal needs or wants. The competitive view is a win-lose perception. In this situation, the person is forceful or assertive in their viewpoint as being the right one using argumentative style statements or persuasion to get acceptance. This type of conflict causes the team to stray away from the focus of their goal in attempting to resolve the conflicting issue. Competitive conflict affects team cohesion and lack of commitment.
Taking control of competitive conflict, the team or team leader needs to use an assertive approach presenting a clear understanding of the team’s goal and a focus on commitment to achieving it. When acknowledging a disagreement exists within the team environment, constructive action needs to take place in resolving the issue. Alternative solutions can be voiced and challenged to reach a resolution favorable to all team members. Team members lose their identity in a team environment not built on mutual respect, trust, and a positive shared vision. Handling conflict in a non-effective way causes hostility.
Minimizing conflict needs a strong identity of team members recognizing their individual efforts of performance. Hostility emerges into conflict when a person’s actions or feelings erupt as a team responds negatively, not accepting their views or ideas. Being objective, reinforcing support, team commitment, listening and having open lines of communication maximizes the welfare of the team. Team members can contribute in a positive manner and be committed if their own performance and the performance of the team as a whole can be given incentives. To preserve continuity within a team, the attitudes and commitment of each member must be positive, flexible to compromise in the decision-making process, respect values of other team members, and share the team vision. An effective team works in harmony.
In presenting a win-win situation, a team pledges to be committed to a common goal. Disagreements often arise in the decision-making process. An action plan should be in place to help in this process. If a consensus is not working, adopting a voting rule can help alleviate conflicts, by placing a voting tool mechanism the team accepts either a majority or unanimous voting rule. Team members often find fault in voting to finalize decisions due to unfairness of the votes or members collaborate towards a specific idea. Team members must agree on the adopted voting process within the decision-making process. Voting does not guarantee a resolution, but provides a way in which members can resolve within the group an outcome that is a team decision. Voting can be a good process to avoid conflicts, but it reduces the creativity among members to seek alternatives. Promoting trade-offs is not permitted insuring that no one can benefit if one gives something up to get what he wants. Not all interests are satisfied. In striving for a win-win outcome, a team must focus on priorities and resolution. A perception of what is fair for the team to succeed stimulates a team environment with positive cooperation, effective behavior, commonality, good communication, and an objective for a win-win outcome.
IV. Conflict Resolution
As varied are the personality styles of the individuals on a team, so are varied reasons that conflicts arise and the ways these conflicts can be resolved.
Negotiation is the key to many group conflicts. Negotiation involves the utilization of a third party, which has no stake in the outcome; someone who can take into consideration all the views involved and arrives at an outcome. Negotiations are a last resort when members cannot come to a consensus; the team agrees that the decision by the negotiator is final. This seems like a reasonable solution to even the most difficult situations, but even negotiation sometimes does not work. Members may have an attitude that no outcome is better than one they disagree with, i.e. if I do not get the outcome I want, then no one will get what they want either. Teams often are so caught up in what they are giving up they do not see what they are gaining. This all or nothing negotiation often does not produce the best result for either party. For instance, a group of workers wanted flexible hours, onsite day care, and an increase in pay. The company was willing to negotiate with flexible hours and onsite day care but not pay. If the workers held firm on their requirements for all or nothing, the workers’ outcome could be nothing. The company walked away from the negotiation without giving them anything.
Coalitions may seem like a way to gain the support an individual needs to sway the majority; they are generally not an effective means to solving conflicts. A coalition is when several members band together to increase their advantage against the group. Continued conflicts often arise, as the coalition must then allocate the resources they have leveraged. This point is reaffirmed by the television game “Survivor”. The forming of coalitions initially may be a means to winning the game for many, but there is ultimately only one person remaining when they are handing out the prize.
Like coalitions, problems can arise when a team determines that the best results for the majority come through voting on issues of conflict. Voting may be an effective means to resolving a conflict, but it leaves out elements of negotiation where points for both sides increase the chances that all team members will support the final decision.
Communication is the key to avoiding conflict and the best means of resolving conflicts when they arise. The most effective team attitude in resolving conflict is one of openness and trust within the group. The team as a whole is more likely to find a resolution that is fair and equitable when members on both sides of disagreement offer information supporting their views, share candidly the points negotiable, engage the group as a whole, and have ultimate goals in line with one another.
V. Fairness/Equality
When conflict arises, the heat of the moment can blind what is fair or equal in resolving the situation. Of course, we all feel our opinion is the fair or equal answer to the problem. How can we tell what should be done with this conflict? Just like anything else, what is fair is the opinion of the individual or team. There are some easily identifiable principles that can help teams consider what they feel is fair.
• Keeping things simple will allow all the team members to understand the root of the conflict. Explanations should be made very explicit so everyone can understand.
• Making sure statements are made clearly eliminates most chances of any misunderstanding.
• The decision that is made should be able to be justified by the same rules applying each time, with each person, at every situation.
• The team as a whole should consent to how these decisions are reached. Guidelines for such decisions come from what the team feels is effective in the society in which they live. These guidelines can change as the team member’s change.
• How the team comes to these decisions should be generic and applicable in any situation.
Even if all the team members feel the solution is fair or equal, it does not mean it is. Society can predicate what is the normal guideline for fair or equal, but there are several societies within our world. Each team needs to come to a mutual understanding of what they all believe to be fair or equal. If a team is together for a length of time, it is important for them to establish a good, clean reputation for being fair and equal. This builds credibility for the team and each individual team member.
Conflict is a natural part of the world we live in. Recognizing this factor and being aware of the different types of conflict will help each of us to know what might have sparked a disagreement and how to handle it. People will not always agree, but the way to defuse conflict is with clear concise communication. When we can identify conflict, learn to defuse conflict and work things out to an agreement between all the individuals involved. We can feel good about the world we live in and the team can make positive progress. If a conflict escalates, there are various ways to resolve it. The team can have a member capable in stepping back and negotiating a resolution. Bringing someone from outside the team may bring cohesion within the group. When there is conflict, most people do not see what is fair or equal to all, they only see the point of view they want to make. This is why before a conflict evolves the team should agree on how to resolve a tense situation. With all these factors in mind there is still the possibility of someone just having a bad day, and that is ok. Remember when working in a team, conflicts can happen. The entire team needs to share in resolving conflict and working together for the benefit of the team.
Mind that the sample papers like Conflict Resolution presented are to be used for review only. In order to warn you and eliminate any plagiarism writing intentions, it is highly recommended not to use the essays in class. In cases you experience difficulties with essay writing in class and for in class use, order original papers with our expert writers. Cheap custom papers can be written from scratch for each customer that entrusts his or her academic success to our writing team. Order your unique assignment from the best custom writing services cheap and fast!
Supervisor
We are ready to represent the best custom paper writing assistance that can cope with any task like Supervisor even at the eleventh hour. The matter is that we posses the greatest base of expert writers. Our staff of freelance writers includes approximately 300 experienced writers are at your disposal all year round. They are striving to provide the best ever services to the most desperate students that have already lost the hope for academic success. We offer the range of the most widely required, however, not recommended for college use papers. It is advisable to use our examples like Supervisor in learning at public-education level. Get prepared and be smart with our best essay samples cheap and fast! Get in touch and we will write excellent custom coursework or essay especially for you.
Introduction
Special Olympics Ireland 00 � A fine example of effective Supervisory Management, involving organisations within and between many nations.
In our fast evolving economy the roles played by supervisors is changing on a daily basis. Ever since the days of the Industrial Revolution when the supervisor’s primarily role was to maintain authority over their subordinates. In today’s environment where change is constant, the supervisor’s responsibilities have never been greater. To be a successful supervisor in an organisation with positive or negative cash flow requires varied attributes.
As (Harvey 14, pp 15) states, supervision can be defined
‘Anyone at the first level of management who has responsibility for the work of others’.
Effective supervisors are persons who are good at doing their job and at getting other people to do theirs. As Gillespie (14, p1) comments
‘The supervisor gets the people in their departments to do what they want done, when it should be done and the way they want it done, because they want to do it’.
The supervisor is the link between senior management and shop floor operatives. As Likert (167) wrote
‘Supervisors are the linking pins between senior management and employees’.
The supervisor is responsible for ensuring work schedules are met, productivity i.e. input versus output levels achieved by his / her group of shop floor operatives.
In order for productivity to be met the supervisor must have the necessary skill, knowledge and ability to communicate, plan, organise, motivate his / her group of operatives and integrate with other groups within the organisation. In today’s ethos of Total Quality Management (TQM) advocated by Demming and Juran ‘Just In Time’ manufacturing concept is highly dependant on inter-company departments / groups working from the same schedule lead time / delivery due dates.
This document analysis the main skills, knowledge and ability required by today’s supervisor.
Discussion
Central to the classical management theories was the supervisor’s role to rule or maintain authority over their subordinates. For companies to maintain competitiveness in today’s marketplace they must be flexible and adaptable to change. The supervisor is seen as the key person ensuring the organisation’s ability to implement change by effectively motivating and leading their workforce. Therefore in today’s environment the classical theory of authority is not longer the norm. Today’s supervisor plays more a facilitator’s role.
To achieve organisational goals managers perform several major functions or activities planning, organising, staffing and personnel, leading, and controlling.
As Katz (1740-10) stated, there are three core competencies of management. Depending on his / her level within the hierarchy.
Human Skills
Technical Skills
Conceptual Skills
1. Human Skill
In order to work well with other people a supervisor requires good human skills. For supervisors to deal with their subordinates effectively, they must develop their abilities to motivate and communicate with others. Human skill is required by all supervisor’s and managers as they have to deal with others.
. Technical Skill
Technical skill is the ability to perform a specialised task involving a particular method or process. Most people develop a set of technical skills; the daily activities of most personnel involve the use of some technical skills. As people rise within the organisation they spend less time using technical skills.
. Conceptual Skill
Conceptual skills involve the ability of personnel to see the organisation as a whole, to recognise complex and dynamic issues and to examine factors that influence these problems and resolve such situations.
To be able to communicate, get on well with subordinates and other department supervisors, each supervisor requires good human skills. For supervisors to manager subordinates effectively they must develop their abilities to motivate and communicate. From my experience the human skills factor is the most important attribute to the successful delivery of output against required specifications.
Once the subordinates respect your decision or direction the greater drive or momentum will be present in achieving the common goal within the organisation. When speaking about the common goal it is imperative that all subordinates understand what exactly the common goal is. Effective communications is the ‘life blood’ of an organisation. Organisations that are highly successful have strong communications. One of the first signs that an organisation is struggling is when communications between top management and general operatives breaks down. In today’s every changing environment it can be quite a task for the supervisor to keep all his / her subordinates up to date. From my previous employment been a supervisor I found daily and weekly planned communication forum’s as the most effective means of keeping all informed. Holding daily and weekly meetings documenting action complete during the previous day and week, planning activities for the coming day and week to be most effective. Also utilising this forum for receiving feedback from the shop floor. En-stilling believe in subordinates that been the supervisor you are interested in the welfare of the subordinates.
A good supervisor must place high priority on coaching operatives. Good coaching involves working with operatives to establish suitable goals, action plans and time lines.
Supervision includes conducting basic management skills (decision making, problem solving, planning, delegation and meeting management), organising subordinates, noticing the need for and designing new job roles in the organisation, hiring new operatives, training new operatives, operative performance review (setting goals, observing and giving feedback, firing operatives, etc.) and ensuring conformance to personnel policies and other internal regulations
The supervisor delegates and also provides ongoing guidance and support to the subordinates as they complete their action plans. Rarely can job goals be established without considering other aspects of an subordinate’s life, e.g., time available for training, career preferences, personal strengths and weaknesses. A supervisor is sometimes confronted with walking a fine line between being a supervisor and the operative’s confident.
Often, the supervisor is the first person to tell subordinates about new policies and programs from management. Its not uncommon that subordinates are confused or frustrated by these new actions, and need further clarification and support from supervisors. In the rapidly changing world of todays organisations, it can be a major challenge to present new programs to subordinates without they being frustrated or even cynical. The supervisor must be authentic, yet tactful.
The supervisor has got to the balance right between the utilisation of each of the management theories. While Fayol’s fourteen principles where very much thought of as rules and were very inflexible they still serve as good guidelines to today’s supervisor. Taylor’s ‘scientific management’ breaks down each job into its simplest elements, this theory is still relevant in setting up workflows.
However, today’s supervisor must be careful not to transmit the feeling to his / her subordinates that they are basically a pair of hands and only take the place of a robot. The supervisor must contrive the fact that the subordinates own the process. I do not believe subordinates can be directly motivated, but must be empowered so they feel they contribute to the process.
From my own experience based on previous employment, I was tasked with the introduction of an automated system, which made the manual process redundant. Taylor’s ‘scientific management’ syndrome could have set in to the detriment of the organisation, however through effective communication, coaching and training there was a seamless introduction of the automated system. So much so that due to the extensive training provided and operative empowerment operatives contributed to substantial process improvements and subsequent cost savings. Cost savings that operatives were made aware of and rewarded for.
Having researched the different management style theories, I feel every supervisory situation requires the utilisation of elements from each theory and using ones own past experience. From a lecture
Byrnes (00) Roles of the supervisor’. Lecture. NCIR, October.
‘The skills of a supervisor are 70/0/10, 70% experience, 0% reading, 10% training’.
Real skill in working with others must become a natural, continuous activity, since it involves sensitivity not only at times of decision-making but also in the day-by-day behaviour of the subordinate(s). Human skill cannot be a ‘something’. Techniques cannot be randomly applied and personality traits be put on or removed like changes in the weather.
The supervisor is often responsible to represent the subordinate(s) requests to management, also representing the subordinate(s) case for deserving a reward. For example, if a subordinate deserves a promotion, the supervisor often must justify the case for promotion to management. If the subordinate has a rather unique personal situation that warrants special consideration by the rest of management, the supervisor must explain this situation and how it can be handled. Its not unusual for subordinates to sometimes see the supervisor as part of ‘management’ while at other times seeing the supervisor as a personal friend
Supervisors receive orders from top management, structure the order and implement it in an effective user friend way as possible is a fundamental ability for the successfully supervisor.
As Peter Ducker once wrote (The Peter Drucker interview www.business.com)
There is a 1th-century German proverb “Don’t go near your prince unless he calls for you twice.” You go ahead and do things. You don’t ask for permission because that implies the other fellow can say no. Yes, you risk ending up in jail. You have to take that risk.
In my view the risk that Drucker refers to can be significantly reduced by what I feel is the second most important supervisory skill, technical skill.
Conclusion
The role of supervisory management has come full circle in recent years. The origins of management suggests the need for an authoritative and commanding person, today’s supervisor is more of a coach or mentor to people rather than a director (or dictator).
The effective supervisor needs to learn how to approach each situation, and select from a body of skills and knowledge. Knowledge gained from training and experience, and in particular an understanding of people, processes and the law, are the keys to successful supervision. The art is in applying them.
Of all the skills required to be an effective supervisor it’s unrealistic to think that these skills are not interrelated, however I feel its well worthwhile developing them independently.
Mind that the sample papers like Supervisor presented are to be used for review only. In order to warn you and eliminate any plagiarism writing intentions, it is highly recommended not to use the essays in class. In cases you experience difficulties with essay writing in class and for in class use, order original papers with our expert writers. Cheap custom papers can be written from scratch for each customer that entrusts his or her academic success to our writing team. Order your unique assignment from the best custom writing services cheap and fast!
Introduction
Special Olympics Ireland 00 � A fine example of effective Supervisory Management, involving organisations within and between many nations.
In our fast evolving economy the roles played by supervisors is changing on a daily basis. Ever since the days of the Industrial Revolution when the supervisor’s primarily role was to maintain authority over their subordinates. In today’s environment where change is constant, the supervisor’s responsibilities have never been greater. To be a successful supervisor in an organisation with positive or negative cash flow requires varied attributes.
As (Harvey 14, pp 15) states, supervision can be defined
‘Anyone at the first level of management who has responsibility for the work of others’.
Effective supervisors are persons who are good at doing their job and at getting other people to do theirs. As Gillespie (14, p1) comments
‘The supervisor gets the people in their departments to do what they want done, when it should be done and the way they want it done, because they want to do it’.
The supervisor is the link between senior management and shop floor operatives. As Likert (167) wrote
‘Supervisors are the linking pins between senior management and employees’.
The supervisor is responsible for ensuring work schedules are met, productivity i.e. input versus output levels achieved by his / her group of shop floor operatives.
In order for productivity to be met the supervisor must have the necessary skill, knowledge and ability to communicate, plan, organise, motivate his / her group of operatives and integrate with other groups within the organisation. In today’s ethos of Total Quality Management (TQM) advocated by Demming and Juran ‘Just In Time’ manufacturing concept is highly dependant on inter-company departments / groups working from the same schedule lead time / delivery due dates.
This document analysis the main skills, knowledge and ability required by today’s supervisor.
Discussion
Central to the classical management theories was the supervisor’s role to rule or maintain authority over their subordinates. For companies to maintain competitiveness in today’s marketplace they must be flexible and adaptable to change. The supervisor is seen as the key person ensuring the organisation’s ability to implement change by effectively motivating and leading their workforce. Therefore in today’s environment the classical theory of authority is not longer the norm. Today’s supervisor plays more a facilitator’s role.
To achieve organisational goals managers perform several major functions or activities planning, organising, staffing and personnel, leading, and controlling.
As Katz (1740-10) stated, there are three core competencies of management. Depending on his / her level within the hierarchy.
Human Skills
Technical Skills
Conceptual Skills
1. Human Skill
In order to work well with other people a supervisor requires good human skills. For supervisors to deal with their subordinates effectively, they must develop their abilities to motivate and communicate with others. Human skill is required by all supervisor’s and managers as they have to deal with others.
. Technical Skill
Technical skill is the ability to perform a specialised task involving a particular method or process. Most people develop a set of technical skills; the daily activities of most personnel involve the use of some technical skills. As people rise within the organisation they spend less time using technical skills.
. Conceptual Skill
Conceptual skills involve the ability of personnel to see the organisation as a whole, to recognise complex and dynamic issues and to examine factors that influence these problems and resolve such situations.
To be able to communicate, get on well with subordinates and other department supervisors, each supervisor requires good human skills. For supervisors to manager subordinates effectively they must develop their abilities to motivate and communicate. From my experience the human skills factor is the most important attribute to the successful delivery of output against required specifications.
Once the subordinates respect your decision or direction the greater drive or momentum will be present in achieving the common goal within the organisation. When speaking about the common goal it is imperative that all subordinates understand what exactly the common goal is. Effective communications is the ‘life blood’ of an organisation. Organisations that are highly successful have strong communications. One of the first signs that an organisation is struggling is when communications between top management and general operatives breaks down. In today’s every changing environment it can be quite a task for the supervisor to keep all his / her subordinates up to date. From my previous employment been a supervisor I found daily and weekly planned communication forum’s as the most effective means of keeping all informed. Holding daily and weekly meetings documenting action complete during the previous day and week, planning activities for the coming day and week to be most effective. Also utilising this forum for receiving feedback from the shop floor. En-stilling believe in subordinates that been the supervisor you are interested in the welfare of the subordinates.
A good supervisor must place high priority on coaching operatives. Good coaching involves working with operatives to establish suitable goals, action plans and time lines.
Supervision includes conducting basic management skills (decision making, problem solving, planning, delegation and meeting management), organising subordinates, noticing the need for and designing new job roles in the organisation, hiring new operatives, training new operatives, operative performance review (setting goals, observing and giving feedback, firing operatives, etc.) and ensuring conformance to personnel policies and other internal regulations
The supervisor delegates and also provides ongoing guidance and support to the subordinates as they complete their action plans. Rarely can job goals be established without considering other aspects of an subordinate’s life, e.g., time available for training, career preferences, personal strengths and weaknesses. A supervisor is sometimes confronted with walking a fine line between being a supervisor and the operative’s confident.
Often, the supervisor is the first person to tell subordinates about new policies and programs from management. Its not uncommon that subordinates are confused or frustrated by these new actions, and need further clarification and support from supervisors. In the rapidly changing world of todays organisations, it can be a major challenge to present new programs to subordinates without they being frustrated or even cynical. The supervisor must be authentic, yet tactful.
The supervisor has got to the balance right between the utilisation of each of the management theories. While Fayol’s fourteen principles where very much thought of as rules and were very inflexible they still serve as good guidelines to today’s supervisor. Taylor’s ‘scientific management’ breaks down each job into its simplest elements, this theory is still relevant in setting up workflows.
However, today’s supervisor must be careful not to transmit the feeling to his / her subordinates that they are basically a pair of hands and only take the place of a robot. The supervisor must contrive the fact that the subordinates own the process. I do not believe subordinates can be directly motivated, but must be empowered so they feel they contribute to the process.
From my own experience based on previous employment, I was tasked with the introduction of an automated system, which made the manual process redundant. Taylor’s ‘scientific management’ syndrome could have set in to the detriment of the organisation, however through effective communication, coaching and training there was a seamless introduction of the automated system. So much so that due to the extensive training provided and operative empowerment operatives contributed to substantial process improvements and subsequent cost savings. Cost savings that operatives were made aware of and rewarded for.
Having researched the different management style theories, I feel every supervisory situation requires the utilisation of elements from each theory and using ones own past experience. From a lecture
Byrnes (00) Roles of the supervisor’. Lecture. NCIR, October.
‘The skills of a supervisor are 70/0/10, 70% experience, 0% reading, 10% training’.
Real skill in working with others must become a natural, continuous activity, since it involves sensitivity not only at times of decision-making but also in the day-by-day behaviour of the subordinate(s). Human skill cannot be a ‘something’. Techniques cannot be randomly applied and personality traits be put on or removed like changes in the weather.
The supervisor is often responsible to represent the subordinate(s) requests to management, also representing the subordinate(s) case for deserving a reward. For example, if a subordinate deserves a promotion, the supervisor often must justify the case for promotion to management. If the subordinate has a rather unique personal situation that warrants special consideration by the rest of management, the supervisor must explain this situation and how it can be handled. Its not unusual for subordinates to sometimes see the supervisor as part of ‘management’ while at other times seeing the supervisor as a personal friend
Supervisors receive orders from top management, structure the order and implement it in an effective user friend way as possible is a fundamental ability for the successfully supervisor.
As Peter Ducker once wrote (The Peter Drucker interview www.business.com)
There is a 1th-century German proverb “Don’t go near your prince unless he calls for you twice.” You go ahead and do things. You don’t ask for permission because that implies the other fellow can say no. Yes, you risk ending up in jail. You have to take that risk.
In my view the risk that Drucker refers to can be significantly reduced by what I feel is the second most important supervisory skill, technical skill.
Conclusion
The role of supervisory management has come full circle in recent years. The origins of management suggests the need for an authoritative and commanding person, today’s supervisor is more of a coach or mentor to people rather than a director (or dictator).
The effective supervisor needs to learn how to approach each situation, and select from a body of skills and knowledge. Knowledge gained from training and experience, and in particular an understanding of people, processes and the law, are the keys to successful supervision. The art is in applying them.
Of all the skills required to be an effective supervisor it’s unrealistic to think that these skills are not interrelated, however I feel its well worthwhile developing them independently.
Mind that the sample papers like Supervisor presented are to be used for review only. In order to warn you and eliminate any plagiarism writing intentions, it is highly recommended not to use the essays in class. In cases you experience difficulties with essay writing in class and for in class use, order original papers with our expert writers. Cheap custom papers can be written from scratch for each customer that entrusts his or her academic success to our writing team. Order your unique assignment from the best custom writing services cheap and fast!
Tuesday, August 21, 2012
Charles Schwab Case Study
We are ready to represent the best custom paper writing assistance that can cope with any task like Charles Schwab Case Study even at the eleventh hour. The matter is that we posses the greatest base of expert writers. Our staff of freelance writers includes approximately 300 experienced writers are at your disposal all year round. They are striving to provide the best ever services to the most desperate students that have already lost the hope for academic success. We offer the range of the most widely required, however, not recommended for college use papers. It is advisable to use our examples like Charles Schwab Case Study in learning at public-education level. Get prepared and be smart with our best essay samples cheap and fast! Get in touch and we will write excellent custom coursework or essay especially for you.
Charles Schwab was incorporated as a brokerage firm in 171 in California. A defining moment for the firm came in 175, when the government deregulated brokerage commissions. Charles Schwab took advantage of the deregulation by focusing on providing informed investors with low-cost access to security transactions.
From the beginning, Schwab invested heavily in technology as a way to lower cost. In 185, Schwab was one of the first firms to recognize that the personal computer could be used as a distribution channel for financial services. In the late 180’s and 10’s, Schwab developed several technology based services that would become central components of its business. These technologies include, the TeleBroker, which is a fully automated telephone system that allowed customers to retrieve real-time stock quotes and place orders. The Schwab Link provided fee-based advisors with back-office custodial services. In addition, Schwab started Advisor Source, a referral service that charges customers an annual fee to manage their investment portfolios. In 1, Schwab introduced the Schwab mutual fund One Source program that helped Schwab customers and non-Schwab customers get mutual funds with great ease and without paying transaction fees. Schwab had solidified its reputation as a low cost broker. Heavy investments in technology and automation systems, Schwab used its low cost structure to fund aggressive marketing campaigns. By the mid-0’s, Schwab appealed to the educated investors who was educated, felt comfortable trading securities without advice, sought lower prices and comfortable using technology.
In early 16, Schwab became the first major brokerage company to offer trading via the Internet. By mid-16, competition among on line traders had increased and prices dropped rapidly. By 18, 14 percent of stock trades were conducted online.
The immediate advantage of trading on line for investors was cost savings. Also, the Internet made the investment information broadly available to many investors. The Internet forced the full service investment firms to adapt the online brokerage in order to gather more customer assets. In addition, the Internet forces the companies to move towards providing the same service provided by the full service investment companies on line.
In 1 Schwab was facing many varied competitors like Merrill Lynch , ETrade and Wingspan bank. In order for Schwab not to be squeezed in the middle, Schwab needs to distinguish itself from the competition and create a category of their own. Customers usually like to deal with offices where they can have access to their consultants and visit them at their locations. The smaller on line companies lacks this feature. Schwab can build on this advantage and widely market it. Also, Schwab can widen the base of its customers by targeting a different category of investors, instead of focusing on the educated investors only, Schwab can tab on the inexperienced customers too. Offering easy to use and understand online brokerage and offering tutorials and easy to navigate web pages can encourage untrained investors who like to be exposed to the trading area. Many of these new investors can turn into educated investors once they have enough exposure and trading experience. Targeting young professionals and young couples is a good starting point. Also, by lowering its trading cost to be lower than Merrill Lynch and by offering full service brokerage online, Schwab could maintain its customer base and add more to it to achieve trading volumes consistent with its financial goals.
Mind that the sample papers like Charles Schwab Case Study presented are to be used for review only. In order to warn you and eliminate any plagiarism writing intentions, it is highly recommended not to use the essays in class. In cases you experience difficulties with essay writing in class and for in class use, order original papers with our expert writers. Cheap custom papers can be written from scratch for each customer that entrusts his or her academic success to our writing team. Order your unique assignment from the best custom writing services cheap and fast!
Charles Schwab was incorporated as a brokerage firm in 171 in California. A defining moment for the firm came in 175, when the government deregulated brokerage commissions. Charles Schwab took advantage of the deregulation by focusing on providing informed investors with low-cost access to security transactions.
From the beginning, Schwab invested heavily in technology as a way to lower cost. In 185, Schwab was one of the first firms to recognize that the personal computer could be used as a distribution channel for financial services. In the late 180’s and 10’s, Schwab developed several technology based services that would become central components of its business. These technologies include, the TeleBroker, which is a fully automated telephone system that allowed customers to retrieve real-time stock quotes and place orders. The Schwab Link provided fee-based advisors with back-office custodial services. In addition, Schwab started Advisor Source, a referral service that charges customers an annual fee to manage their investment portfolios. In 1, Schwab introduced the Schwab mutual fund One Source program that helped Schwab customers and non-Schwab customers get mutual funds with great ease and without paying transaction fees. Schwab had solidified its reputation as a low cost broker. Heavy investments in technology and automation systems, Schwab used its low cost structure to fund aggressive marketing campaigns. By the mid-0’s, Schwab appealed to the educated investors who was educated, felt comfortable trading securities without advice, sought lower prices and comfortable using technology.
In early 16, Schwab became the first major brokerage company to offer trading via the Internet. By mid-16, competition among on line traders had increased and prices dropped rapidly. By 18, 14 percent of stock trades were conducted online.
The immediate advantage of trading on line for investors was cost savings. Also, the Internet made the investment information broadly available to many investors. The Internet forced the full service investment firms to adapt the online brokerage in order to gather more customer assets. In addition, the Internet forces the companies to move towards providing the same service provided by the full service investment companies on line.
In 1 Schwab was facing many varied competitors like Merrill Lynch , ETrade and Wingspan bank. In order for Schwab not to be squeezed in the middle, Schwab needs to distinguish itself from the competition and create a category of their own. Customers usually like to deal with offices where they can have access to their consultants and visit them at their locations. The smaller on line companies lacks this feature. Schwab can build on this advantage and widely market it. Also, Schwab can widen the base of its customers by targeting a different category of investors, instead of focusing on the educated investors only, Schwab can tab on the inexperienced customers too. Offering easy to use and understand online brokerage and offering tutorials and easy to navigate web pages can encourage untrained investors who like to be exposed to the trading area. Many of these new investors can turn into educated investors once they have enough exposure and trading experience. Targeting young professionals and young couples is a good starting point. Also, by lowering its trading cost to be lower than Merrill Lynch and by offering full service brokerage online, Schwab could maintain its customer base and add more to it to achieve trading volumes consistent with its financial goals.
Mind that the sample papers like Charles Schwab Case Study presented are to be used for review only. In order to warn you and eliminate any plagiarism writing intentions, it is highly recommended not to use the essays in class. In cases you experience difficulties with essay writing in class and for in class use, order original papers with our expert writers. Cheap custom papers can be written from scratch for each customer that entrusts his or her academic success to our writing team. Order your unique assignment from the best custom writing services cheap and fast!
Sunday, August 19, 2012
help
We are ready to represent the best custom paper writing assistance that can cope with any task like help even at the eleventh hour. The matter is that we posses the greatest base of expert writers. Our staff of freelance writers includes approximately 300 experienced writers are at your disposal all year round. They are striving to provide the best ever services to the most desperate students that have already lost the hope for academic success. We offer the range of the most widely required, however, not recommended for college use papers. It is advisable to use our examples like help in learning at public-education level. Get prepared and be smart with our best essay samples cheap and fast! Get in touch and we will write excellent custom coursework or essay especially for you.
lopInstructions for Love and Joy
Who is Who Love is the bigger cat - gray and white. Joy is the other cat. She is diabetic. Love is pretty shy. He may hide under the bed. Both cats are very friendly.
Feeding - Wet food. Morning and night - take out two small plates from the cabinet above the cat food in the kitchen. Put 1/ can of fancy feast on one plate, 1/4 on the other. Put the 1/ can plate in the kitchen on the napkin - thats for Joy. Put Loves (the 1/4 can) in my bedroom. Wet food leftovers go in a baggie in the fridge.
Feeding - Dry food. I leave dry food out at all times. The bowl (its out) is in Joys food area in the kitchen. Keep it filled with the whiskas dry food.
Feeding - Water. I leave a big bowl of water out in the kitchen. Please replace it with fresh tap water daily. I also leave both toilet seats up because they like to drink from the bowl.
Clean up. Dirty dishes are rinsed and go into dishwasher; empty cans go into wastebasket under kitchen sink; needles go in sharps container on the counter.
Insulin. After Joy eats, give her 5 ccs of insulin. Its on the refrigerator door. The needles are in a small jar on the counter. Note I am expecting new boxes of needles. They should arrive on Thursday and will be on the doorstep. Please open and use them as I believe you will run out before I return.
Litter Box. The litter box is in the guest bathroom in the hall. I have put bags in the sink for the waste.
Mind that the sample papers like help presented are to be used for review only. In order to warn you and eliminate any plagiarism writing intentions, it is highly recommended not to use the essays in class. In cases you experience difficulties with essay writing in class and for in class use, order original papers with our expert writers. Cheap custom papers can be written from scratch for each customer that entrusts his or her academic success to our writing team. Order your unique assignment from the best custom writing services cheap and fast!
lopInstructions for Love and Joy
Who is Who Love is the bigger cat - gray and white. Joy is the other cat. She is diabetic. Love is pretty shy. He may hide under the bed. Both cats are very friendly.
Feeding - Wet food. Morning and night - take out two small plates from the cabinet above the cat food in the kitchen. Put 1/ can of fancy feast on one plate, 1/4 on the other. Put the 1/ can plate in the kitchen on the napkin - thats for Joy. Put Loves (the 1/4 can) in my bedroom. Wet food leftovers go in a baggie in the fridge.
Feeding - Dry food. I leave dry food out at all times. The bowl (its out) is in Joys food area in the kitchen. Keep it filled with the whiskas dry food.
Feeding - Water. I leave a big bowl of water out in the kitchen. Please replace it with fresh tap water daily. I also leave both toilet seats up because they like to drink from the bowl.
Clean up. Dirty dishes are rinsed and go into dishwasher; empty cans go into wastebasket under kitchen sink; needles go in sharps container on the counter.
Insulin. After Joy eats, give her 5 ccs of insulin. Its on the refrigerator door. The needles are in a small jar on the counter. Note I am expecting new boxes of needles. They should arrive on Thursday and will be on the doorstep. Please open and use them as I believe you will run out before I return.
Litter Box. The litter box is in the guest bathroom in the hall. I have put bags in the sink for the waste.
Mind that the sample papers like help presented are to be used for review only. In order to warn you and eliminate any plagiarism writing intentions, it is highly recommended not to use the essays in class. In cases you experience difficulties with essay writing in class and for in class use, order original papers with our expert writers. Cheap custom papers can be written from scratch for each customer that entrusts his or her academic success to our writing team. Order your unique assignment from the best custom writing services cheap and fast!
Tuesday, August 14, 2012
PFIZER STRATEGY
We are ready to represent the best custom paper writing assistance that can cope with any task like PFIZER STRATEGY even at the eleventh hour. The matter is that we posses the greatest base of expert writers. Our staff of freelance writers includes approximately 300 experienced writers are at your disposal all year round. They are striving to provide the best ever services to the most desperate students that have already lost the hope for academic success. We offer the range of the most widely required, however, not recommended for college use papers. It is advisable to use our examples like PFIZER STRATEGY in learning at public-education level. Get prepared and be smart with our best essay samples cheap and fast! Get in touch and we will write excellent custom coursework or essay especially for you.
EXECUTIVE SUMMARY
Pfizer, one of the world¡¦s most valuable companies in terms of market value has positioned itself to become a ¡§transforming force¡¨ in the global healthcare, CEO Mckinnel tells at the annual meeting of shareholders.
On the way to become a global transforming force, Pfizer formed new ¡§Human Health Care Organization¡¨ combining three formerly separate organizations namely; Pfizer Global Research and Development, Pfizer Global Pharmaceuticals and Pfizer Global Manufacturing units. New organizational changes will allow Pfizer to effectively leverage its global scale in our most important business, human pharmaceuticals which almost account for 0% of the companies revenues derived from medicines discovered, developed or licensed for the benefit of patients worldwide. With the acquisition of Pharmacia complete Pfizer is targeting to convert from an industry leader to a transforming force in the global health care. Combined product portfolio includes 14 medicines that are No. 1 in their therapeutic categories and 1 products with annual revenue of more than $1 billion.
Company expects to submit 0 new major medicines for regulatory approval in a five-year interval. Pfizer has more than 400 projects in its discovery pipeline and is building the industry¡¦s largest library of chemical compounds.
Pfizer¡¦s consistent over-the-industry growth even in the years of recession, its emphasis on Research and Development and its high competence in adapting itself to changes in the business environment creates a promising future view on its way to fulfill its mission.
MISSION and PURPOSE
Our Mission;
We will become the worlds most valued company to patients, customers, colleagues, investors, business partners, and the communities where we work and live.
Our Purpose;
We dedicate ourselves to humanitys quest for longer, healthier, happier lives through innovation in pharmaceutical, consumer, and animal health products.
INDUSTRY STRUCTURE
The pharmaceutical industry is one of the world¡¦s most dynamic and lucrative in terms of sales volume. Worth an estimated US$50 billion in 001, the industry enjoyed an annual growth rate of 10% in 000 when the rest of the market slumped. According to a report by IMS Health, the industry can expect annual growth rates of over percent through 006 worldwide. According a survey conducted by ¡¥yahoo finance¡¦ industry analysts expect an annual growth rate of 11.0% for the next 5 years.
Mergers and product turnover continue to refashion the companies and products that lead the industry, but all of the top companies have historical ties to the industry often dating 50 years or longer. Because there are numerous specialties within the industry--numerous forms of cancer, AIDS, hypertension, cholesterol, and neurological drugs to name a few--many of the leading producers may at first only compete with one or two others on a product-by-product basis. This pattern derives primarily from the enormous research costs usually involved with producing a new drug, a reality that has made many drug makers to specialize in a few specific fields.
Pharmaceutical preparations are commonly divided into two categories ethical and over-the-counter (OTC). Worldwide, most ethical drugs are paid for by governments or consumers (patients) indirectly through third-party payers like health insurance companies. The top six classes of prescription (ethical) drugs are central nervous system and sense organs; cardiovascular; digestive and genitourinary; neoplasms, endocrine and metabolic diseases; parasitic and infectious diseases; and respiratory.
These classes of finished-form drugs commanded the highest profit margins (0% of sales was commonplace), but also demanded high research and development and marketing expenses--15 percent and 4 percent of sales, respectively. Pharmaceutical firms used two primary methods to maximize the profit potential of their discoveries marketing and patenting.
There are specialized marketing techniques unique to the pharmaceutical industry. Since doctors usually made the purchase decision for the customer or patient, and (in most countries) ethical drugs could not be advertised to the general public, most pharmaceutical marketing is directed to health care professionals. Branding is the primary method of product differentiation. Knowledgeable sales forces make regular calls and visits on doctors in order to sway their prescribing decisions. Most pharmaceutical firms also employed advertising in medical journals, direct mail, conference sponsorships, and promotional giveaways. In 000, pharmaceutical companies spent US$15.7 billion on promotion of ethical drugs, over half the amount they spend on research and development.
Over-the-Counter drugs makes a relatively small contribution to industry-wide sales and profits, they have the potential to increase faster than forecasted as consumers increasingly turned to self-diagnosis (i.e., at home pregnancy and cholesterol-testing kits) and self-medication.
The United States is the worlds top producer and consumer of pharmaceutical preparations with 48 percent of the global market in 000. In terms of dollar sales, the largest prescription categories in 1 were ulcer drugs (US$15.8 billion), cholesterol treatments (US$1.4 billion), antidepressants (US$11.7 billion), calcium blockers (US$. billion), and anti-rheumatics (US$7.7 billion). The countrys relatively open market also made it the leader in research and development, funding more than a third of the worlds R&D.
Europe is the second largest consumer of healthcare preparations following U.S. with a market share of 4 percent of the worldwide pharmaceutical preparations market. The harmonization of the drug approval process in member countries, performed under the European Medicines Evaluation Agency based in London, in addition of rollout of new European currency, the Euro, is seen as the beginning of Europe¡¦s competition with U.S. in health care market.
The rise in market share for European pharmaceutical firms, the United Kingdoms GlaxoSmithKline, Switzerlands Novartis, and Frances Aventis and Roche Holdings, bodes well for continued competition in that market.
To summarize the industry in Porter¡¦s terms; it is a highly competitive industry with seven major competitors - detailed information provided in the following table- Suppliers don¡¦t have any significance within the industry. When we consider the structure of the industry, and the histories of the major players in the industry, it is not surprising that there are no Entrants. The high capital oriented nature of the industry makes it almost impossible for the new companies to enter the market. Thus it can be claimed that the industry is monopolized by the major players. Mergers and acquisitions are very common and through these mergers new firms are being constructed but these are not considered as Entrants in this analysis. Genetics engineering and biotechnology are new methods for unraveling the causes and treatments of such complicated diseases as cancer and AIDS, which accaunt for a massive share of ongoing research efforts. Although treatment through these new techniques can be categorized as supplements, all these researches are conducted by the major pharmaceutical firms. Channels can be classified as conventional pharmacies and on-line drug stores which is a rising trend in the industry. In this industry defining the customers is a little complicated in relative to other industries.
Even though primary customers are patients who need treatment, the decision of which medicine to choose is made by doctors while the payments, in most cases, are made by third-party payers either the governments or health insurance companies. Thus the marketing and sales efforts are concentrated on practitioners and social-security organizations of the governments.
COMPANY POSITION
STRENGTHS
�æ Formation of new ¡§Human Healthcare Organization¡¨, a critical organizational restructure¡K
Pfizer formed new ¡§Human Health Care Organization¡¨ combining three formerly separate organizations namely; Pfizer Global Research and Development, Pfizer Global Pharmaceuticals and Pfizer Global Manufacturing units. New organizational changes will allow Pfizer to effectively leverage its global scale in our most important business, human pharmaceuticals which almost account for 0% of the companies revenues derived from medicines discovered, developed or licensed for the benefit of patients worldwide.
�æ ¡§Back to Core¡¨ business strategy via M&A Activities
Over the past four years Pfizer acquired some global health care businesses; Warner Lambert and recently Pharmacia and divested a group of non-core businesses to focus even more intensely to its core human pharmaceutical business, which generates 0% of the total revenues.
�æ Acquisition of Pharmacia
1. With the acquisition of Pharmacia complete Pfizer is targeting to convert from an industry leader to a transforming force in the global health care.
. Acquisition expands company¡¦s deep and broad product line, increases operational flexibility, and improves research and development opportunities.
. Company expects to realize cost synergies of $1 billion in 00, rising to $ billion in 00, and approaching $4 billion in 005.
4. Pharmacia establishes Pfizer¡¦s animal-health business as No. 1 worldwide.
5. Combined product portfolio includes 14 medicines that are No. 1 in their therapeutic categories and 1 products with annual revenue of more than $1 billion.
�æ Distinctive Sales Force
The depth and experience of Pfizer¡¦s distinctive sales force offers the company an important competitive advantage for sustaining growth and will be used to increase the already strong position of company in its current markets and the new markets entered by current acquisition.
WEAKNESSES
�æ Lack of competitiveness in the ¡§Pharmacy-Benefit-Management¡¨ Services¡K
Although Pfizer is ranked as the world¡¦s fourth most valuable company in terms of market value its revenues is less than Merck whose market value is less than half of Pfizer¡¦s. Merck & Co. has recorded $51.8 billion revenue, including its pharmacy-benefit-management company Medco Health. Medco health contributed Merck Medco¡¦s revenues with $0.16 billion (5%) in 00.
What¡¦s Pharmacy Benefit Management?
Medco Health Solutions, Inc. is a pharmacy benefit manager (PBM) that provides sophisticated programs and services for its clients and the members of their pharmacy benefit plans, as well as for the physicians and pharmacies that the members use. The Companys programs and services help its clients control the cost and enhance the quality of the prescription drug benefits that they offer to their members. The Company accomplishes this primarily by negotiating competitive rebates and discounts from pharmaceutical manufacturers, obtaining competitive discounts from retail pharmacies and administering prescriptions filled through its national networks of retail pharmacies or its own home delivery pharmacies. In 00, the Companys national network of home delivery pharmacies filled approximately 8 million prescriptions.
Although this sector can be perceived as out of the core business, Medco Health solutions Inc. demonstrates how lucrative this business can be if operated properly. Pfizer¡¦s lack of competitiveness in this industry affects its overall competitiveness.
OPPORTUNITIES
�æ Distinctive Effectiveness of Research & Development, promises a sunny prospect¡K
Pfizer¡¦s global research and development is the largest privately funded biomedical organization in the world. The research and development group has more than 00 projects in the development pipeline, including more than 100 distinct new molecular entities and more than 100 projects to evaluate new indications or delivery systems for marketed medicines. Pfizer expects to submit 0 new major medicines for regulatory approval in a five-year interval. Pfizer will have more than 400 projects in its discovery pipeline and building the industry¡¦s largest library of chemical compounds.
Pfizer is using a variety of new tools to better predict the success of early-stage clinical compounds. These tools include biomarkers and imaging approaches in humans that permit clinicians to evaluate much earlier if a new investigational medicine is producing the expected response before proceeding with larger, more expensive clinical trials.
�æ Lipitor, the major Cash Cow¡K
Lipitor is the world¡¦s number one selling medicine with sales of nearly $8 billion in 00. Pfizer estimates that, while 64 million Americans have elevated cholesterol, only around one third are treated. The market has another significant growth potential through evolving treatment guidelines that encourage the user of statin (Lipitor) therapy; under diagnosis and under treatment of dyslipidemia, and new clinical data support the early use of statins.
�æ Genomics¡K
Pharmaceuticals embraced genetic engineering and biotechnology as new methods of unraveling the causes and treatments of such complicated diseases as cancer and AIDS, which account for a major share of ongoing research efforts. Genomics or gene-based research is expected to drive up the drug discovery rate. Pfizer, having the world¡¦s largest privately funded R&D department and heavily investing in genetic researches, is expected to have a big stake in the future drug developments through genetic engineering.
THREATS
�æ Patent protection¡K
Majority of payments made to the pharmaceutical companies are from the social security systems of the countries, indirectly by the governments. With the health care costs rising to double digit percentages in U.S. and E.U., law makers are considering reducing the patent protection time among other remedies, to allow greater competition by generics¡K
�æ Brand-Name patent expirations¡K
After the expiration of patent terms and the drug is open to generic competition, market forces usually bring prices down substantially from the levels obtained during the founding company¡¦s monopoly. Although Pfizer also have some brands expiring in middle term, this doesn¡¦t look like a major problem in company¡¦s future as it is to its competitors. Thus this threat may turn into an advantage according to the new drug developments of the companies.
�æ Cheap drugs from Canada...
In 00, the House of Representatives voted to legalize the import of cheap drugs from Canada. Considering that U.S. accounts for 48% of global healthcare industry, this legislation poses a serious threat. Some of the states already began importing drugs from Canada, since it is legal, for their social health care systems. The United States is the last industrialized country where drug manufacturers are allowed to set prices without government interference. The pharmaceutical industry earns half of its revenues and most of profits in the U.S.- profits that are claimed to be essential to pay for drug research. In 00 drug prices in U.S. were 67% higher than in Canada. Possible new regulations on the benefit of government may have substantial effects on drug manufacturers.
FUTURE POSITION
After a series of strategic restructurings in its organization and in its portfolio of businesses, Pfizer sees itself ready to master the challenges ahead, challenges that range from unlocking the Human Genome to bringing lifesaving medicines to areas that have yet to see a paved road. The ultimate goal is the healthy aging of people. The company positioned itself to become a ¡§transforming force¡¨ in the global healthcare CEO Mckinnel tells at the annual meeting of shareholders.
When Pfizer¡¦s organizational transformation is assessed, the company has done its duties to avoid almost all environmental jolts. Pfizer¡¦s consistent over-the-industry growth even in the years of recession, its emphasis on Research and Development and its high competence in adapting itself to changes in the business environment creates a promising future view on its way to fulfill its mission. Company¡¦s long-term performance is characterized by four hallmarks strong revenue growth driven by existing and new products; ongoing investment in support of these products¡¦ profit margin expansion stemming from operating leverage and productivity initiatives; and strong revenue growth.
MAJOR COMPETITORS 1/00
Annual Sales Market Value
Merck $ 51,70 $100,568
Pfizer $ ,7 $45,66
Novartis AG $,151 $6,15
Bristol-Myers Squibb $18,11 $4,7
Johnson & Johnson $6,8 -----
Glaxo SmithKline $4,0 -----
Aventis $17,51 -----
Roche $1,77 -----
In the short-run company wants to become the leader of the industry in terms of sales too where it currently is behind Merck. Rising revenues can only be provided by new major drug introductions. Thus company aims to make 0 major drug applications within the regulatory authorities in the five-year period.
Another goal of the company is being less dependent on any individual product, therapeutic category or market and increase its operating flexibility.
One other important objective is to continue to deliver outstanding financial performance. Company expects to expand its operating margin through ongoing cost-saving initiatives and achievement of merger-related cost synergies.
Company targets successful integration of Pharmacia¡¦s medical and Sales organizations in order to maximize its benefits from the synergies generated by the acquisition.
EXECUTION
Current Products
Pfizer expects its portfolio of current products to keep growing through more effective sales operations worldwide by the improved sales force with the contribution of Pharmacia¡¦s sales force.
Lipitor accounts for about half of the statin market in the U.S., more than double of its nearest competitor. We estimate 64 million Americans have elevated cholesterol where only around one third is treated. This creates an enormous growth opportunity for this product.
The launch of Crestor by AstraZeneca is a threat for Pfizer in this market. Currently Pfizer¡¦s Lipitor and Merck¡¦s Zocor, two worldwide best selling drugs, are leading the market According to an article in Forbes Magazine estimated sales of Crestor in 007 will be .7 billion compared to Lipitor¡¦s 7.5 billion sales at that time. Sales efforts of this product should be enforced in order not to loose market share.
Viagra remains the worlds most recognized pharmaceutical brand among the most widely prescribed medications, with more than 10 million prescriptions having been written since launch by physicians for more than 0 million men worldwide, including 1 million in the U.S.. We expect Viagra¡¦s growth trend to continue since there is no major challenger in the market.
NEW PRODUCTS IN THE PIPELINE
Pfizer expects to submit 0 new major medicines for regulatory approval in a five-year interval. Pfizer will have more than 400 projects in its discovery pipeline and building the industry¡¦s largest library of chemical compounds.
Pfizer is using a variety of new tools to better predict the success of early-stage clinical compounds. These tools include biomarkers and imaging approaches in humans that permit clinicians to evaluate much earlier if a new investigational medicine is producing the expected response before proceeding with larger, more expensive clinical trials.
Below tables represent company¡¦s R&D efforts.
Major Drug Approvals and Launches Year-To-Date
Q1 Replax Launched in U.S.
Q1 Spiriva Launched in Spain, Australia, Canada, and other markets co-promoted by Pfizer and Boehringer Ingelheim
Q1 Zoloft Obtained an exclusive license in an agreement with Daiichi Pharmaceutical
Q1 Somavert Approval in the U.S. for social anxiety disorder.
Q DK-507k (Pharmacia) received marketing approval in the U.S. - a novel, extended-spectrum quinolone antibiotic
Q Inspira FDAapproved Inspra for treatment of heart failure
Major FDA Filings
Q1 Submitted a filing for the dual therapy of Lipitor and Norvasc.
Q1 Pfizer submitted a filing in the European Union in March for pregabalin for treatment of neuropathic pain and adjunctive therapy in epilepsy
Q1 Submitted a supplemental filing in the U.S. Inspra for treatment of congestive heart failure.
Q1 Pfizer submitted a supplemental filing in the U.S. for use of Zithromax in sinusitis
Q Submitted an sNDA for use of Pfizers anti-psychotic Geodon for a new indication, the treatment of mania in patients with bipolar disorder.
Q Submitted an NDA with the FDA for pregabalin for treatment of neuropathic pain and adjunctive therapy in epilepsy
Major R&D improvements
Q Varenicline, a promising new compound for smoking cessation, advanced into Phase III testing
Q Pfizers novel anti-cancer compound SU-1148 advanced to Phase testing
Q Edotecarin, an anti-cancer compound moved into Phase development, (brain tumors).
Q Torcetrapib/atorvastatin, the one-pill fixed-dose combination drug candidate to both lower LDL cholesterol and to raise HDL cholesterol 40-50 percent, has begun Phase clinical studies.
Q Pfizer announced that it had entered into a global agreement with Organon Ltd. For the exclusive worldwide development and commercialization of asenapine
M&A opportunities¡K
In the hypercompetitive healthcare industry, Pfizer plans to strengthen its position with new mergers to expand its product line in its core business.
In the hypercompetitive healthcare industry, Pfizer plans to strengthen its position within the industry with new mergers to expand its product line in its core business. Pfizer¡¦s success in integrating Warner-Lambert and recently Pharmacia proves that the company is competent at creating the synergies related to these mergers and this success encourages the Pfizer management to seek new opportunities. Below table represents the major M&A activities corresponding with its ¡§back to the core¡¨ business.
MAJOR MERGER ACQUISITION ACTIVITIES
Company Date To $
Acquired Warner-Lambert 000 ------ $ 80,000
Sold Tetra Acquarium and Pond Suppliers 00 Tritron Fund $ 84
Sold Shick-Wilkinson Sword 00 Energizer Holdings $ 0
Sold Adams Confectionary Business 00 Cadbury Schwepps $ 4,00
Acquired Pharmacia 00 ------ $ 60,000
More Pressure on Canadian Pharmacies
Pfizer is already collaborating with other U.S. pharmaceutical companies, such as GlaxoSmithKline, Wyeth and AstraZeneca, in tracking orders from Canadian pharmacies to see that they do not exceed prescriptions from Canadian doctors. According to New York Times, the company is eliminating the Canadian wholesalers and requires Canadian pharmacies to begin ordering directly from Pfizer. In the upcoming years we expect these measures to be tightened by the company considering the deregulation in the industry.
Pharmacy Benefit Management
In the next five years we also expect the company to focus its efforts on exploring its strategic opportunities in the Pharmacy-Benefit-Management market. As stated earlier, Pfizer¡¦s biggest rival generates almost 60%, app. billion, of its revenues in this market and keeps growing.
Online Drugs
A recent trend in pharmaceutical marketing is the rise of online drugstores and mail order pharmaceuticals. According to pharmaceutical market research firm IMS Health, prescription drug orders to US mail order pharmacies rose 7 percent to US$1.6 billion the year ending in June 000. The total market, including traditional retail pharmacies, rose 17 percent to US$8 billion. The typical mix of name-branded to generic sales in those pharmacies is 5 percent to 41 percent, respectively. Mail order drug stores, however, typically fill name-branded prescriptions 7% of the time ¡V a significant difference for maintaining or increasing brand market share. I believe there are substantial strategic benefits in focusing on-line operations in the middle term.
FINANCIALS
Pfizer is expected to grow at a rate of 1% in the next 5 year priod according to a survey conducted by Yahoo finance among industry analysts where industry growth rate is expected to be 11% at the same time period. Pfizer expects to be the market leader in terms of revenues by the end of 008 and a fierce global competition especially with Merck. in the next five years period.
With the integration of Pharmacia Pfizer now expects to realize cost synergies of $1 billion in 00, rising to $ billion in 004 and approaching to $ 4 billion in 005 through a broad range of sources including streamlined organization, reduced operating expenses, the consolidation of sites, and procurement savings. With the strong revenue growth and a full-year contribution from Pharmacia, company is to accomplish a % growth in 00.
Pfizer had the highest gross margin within the industry in 00 (1%), and is expected to preserve its high gross margin throughout the next 5 years. The company also the shared the highest rates of Net Profit Margin (16.%), with Novartis (16.%). There is an expected expansion of Net profit margin with the full integration of Pharmacia, and the realization of expected cost synergies. The effect of cost-synergies created with the acquisition cannot be seen in the gross margin but can be clearly detected in the net profit margin. This is because the cost synergies will probably be in the Sales General Administrative Expenses and the Research and Development Expenses items of the income statement influences the new profit margin of the company. Company¡¦s Return on Assets ratio, 5%, is lower than the industry average which is 11.% because of its high level of current assets. In 00 5% of company¡¦s assets were consisted of current assets where only % of the assets were fixed assets. This ratio has fallen to 8% as of September 00 after the merger.
Income Statement Dec 08 Dec 07 Dec 06 Dec 05 Dec 04 Dec 0 Dec 0 Dec 01 Dec 00
Revenue 88,6 78,46 6,41 61,47 54,60 45,000 ,7 ,5 ,574
Cost of Goods Sold 10,55 , 8,65 7,14 6,47 5,58 ,07 4,06 4,05
Gross Profit 78,07 6,07 61,148 54,11 47,888 ,64 ,6 8,10 5,515
Gross Profit Margin 0.88 0.88 0.88 0.88 0.88 0.88 0.1 0.87 0.86
Operating Income 7,1 ,861 ,081 5,75 1,50 16,10 1,78 10,76 8,670
Operating Margin 41.0% 41.0% 41.0% 41.0% 0. 0.6 7.% 4.00% .0%
Total Net Income 1,068 7,44 4,1 1,5 16,400 1,600 ,16 7,788 ,76
Net Profit Margin 5.05% 5.05% 5.05% 5.05% 0.17% 8.00% 8.0% 4.10% 1.60%
Diluted EPS from Continuing Operations ($) . .5 .1 .76 .1 1.7 1.47 1. 0.5
Balance Sheet Dec 08 Dec 07 Dec 06 Dec 05 Dec 04 Q 0 Dec 0 Dec 01 Dec 00
Assets
Total Current Assets 116,41 8,8 84,05 71,4 60,78 4,744 4,781 18,450 17,187
Net Fixed Assets 55,00 46,778 ,771 ,814 8,74 18,7 10,71 10,415 ,45
Total Assets 7,705 7,807 0,186 171,00 146,150 14,58 46,56 ,15 ,510
Liabilities and Shareholders Equity
Total Current Liabilities 67,816 58,760 50,1 44,114 8, ,157 18,555 1,640 11,81
Long-Term Debt 11,57 10,60 8,76 7,778 6,7 6,710 ,140 ,60 1,1
Total Liabilities 110,57 5,767 8,78 71,86 6,5 5,76 6,406 0,860 17,44
Shares Outstanding (mil.) 7,71 7,71 7,71 7,71 7,71 7,786.0 6,16.00 6,77 6,14
Cash Flow Statement Dec 08 Dec 07 Dec 06 Dec 05 Dec 04 Dec 0 Dec 0 Dec 01 Dec 00
Net Operating Cash Flow ,556 6,156 ,147 0,484 18,000 1,000 10,18 ,6 6,15
Sources;
�æ www.pfizer.com
�æ Business and Company Resource Center data base, Encyclopedia of Industries, NAICS Code 541 ¡V Pharmaceutical Preparation Manufacturing
�æ R&D Business Magazine, R&D Directions, May 00
�æ Pharmacy News Magazine. August 18,00
�æ Pfizer Annual Financial Performance Reports 001,00,00
�æ Pfizer Annual Financial Performance Reports Q1 00,Q 00,Q 00
�æ Pfizer investor news releases
�æ Business and Company Resource Center; www.galenet.galegroup.com
�æ Hoovers online business database; www.hoovers.com
�æ The New York Times, August 7, 00. ¡§Pfizer Moves to Stem Canadian Drug Imports¡¨
�æ Yahoo Finance/ Pfizer/Estimates
�æ www.merck.com
�æ www.ft.com
�æ www.fda.gov
Notes;
„� Tables involved in this report are derived from these resources and constructed by the author.
„� In estimating the future revenues; companies own growth estimates and a survey conducted by yahoo.finance.com among industry analysts are used interchangeably.
„� Industry growth rate is also taken from the same survey in yahoo.finance.com
„� In estimating balance sheet items; historical weighted average rate of that item to the related category has been used. To elaborate; when estimating the current assets, historical weighted average ratio of current assets to total assets has been used.
„� The same rationale is applied to the income statement items too.
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EXECUTIVE SUMMARY
Pfizer, one of the world¡¦s most valuable companies in terms of market value has positioned itself to become a ¡§transforming force¡¨ in the global healthcare, CEO Mckinnel tells at the annual meeting of shareholders.
On the way to become a global transforming force, Pfizer formed new ¡§Human Health Care Organization¡¨ combining three formerly separate organizations namely; Pfizer Global Research and Development, Pfizer Global Pharmaceuticals and Pfizer Global Manufacturing units. New organizational changes will allow Pfizer to effectively leverage its global scale in our most important business, human pharmaceuticals which almost account for 0% of the companies revenues derived from medicines discovered, developed or licensed for the benefit of patients worldwide. With the acquisition of Pharmacia complete Pfizer is targeting to convert from an industry leader to a transforming force in the global health care. Combined product portfolio includes 14 medicines that are No. 1 in their therapeutic categories and 1 products with annual revenue of more than $1 billion.
Company expects to submit 0 new major medicines for regulatory approval in a five-year interval. Pfizer has more than 400 projects in its discovery pipeline and is building the industry¡¦s largest library of chemical compounds.
Pfizer¡¦s consistent over-the-industry growth even in the years of recession, its emphasis on Research and Development and its high competence in adapting itself to changes in the business environment creates a promising future view on its way to fulfill its mission.
MISSION and PURPOSE
Our Mission;
We will become the worlds most valued company to patients, customers, colleagues, investors, business partners, and the communities where we work and live.
Our Purpose;
We dedicate ourselves to humanitys quest for longer, healthier, happier lives through innovation in pharmaceutical, consumer, and animal health products.
INDUSTRY STRUCTURE
The pharmaceutical industry is one of the world¡¦s most dynamic and lucrative in terms of sales volume. Worth an estimated US$50 billion in 001, the industry enjoyed an annual growth rate of 10% in 000 when the rest of the market slumped. According to a report by IMS Health, the industry can expect annual growth rates of over percent through 006 worldwide. According a survey conducted by ¡¥yahoo finance¡¦ industry analysts expect an annual growth rate of 11.0% for the next 5 years.
Mergers and product turnover continue to refashion the companies and products that lead the industry, but all of the top companies have historical ties to the industry often dating 50 years or longer. Because there are numerous specialties within the industry--numerous forms of cancer, AIDS, hypertension, cholesterol, and neurological drugs to name a few--many of the leading producers may at first only compete with one or two others on a product-by-product basis. This pattern derives primarily from the enormous research costs usually involved with producing a new drug, a reality that has made many drug makers to specialize in a few specific fields.
Pharmaceutical preparations are commonly divided into two categories ethical and over-the-counter (OTC). Worldwide, most ethical drugs are paid for by governments or consumers (patients) indirectly through third-party payers like health insurance companies. The top six classes of prescription (ethical) drugs are central nervous system and sense organs; cardiovascular; digestive and genitourinary; neoplasms, endocrine and metabolic diseases; parasitic and infectious diseases; and respiratory.
These classes of finished-form drugs commanded the highest profit margins (0% of sales was commonplace), but also demanded high research and development and marketing expenses--15 percent and 4 percent of sales, respectively. Pharmaceutical firms used two primary methods to maximize the profit potential of their discoveries marketing and patenting.
There are specialized marketing techniques unique to the pharmaceutical industry. Since doctors usually made the purchase decision for the customer or patient, and (in most countries) ethical drugs could not be advertised to the general public, most pharmaceutical marketing is directed to health care professionals. Branding is the primary method of product differentiation. Knowledgeable sales forces make regular calls and visits on doctors in order to sway their prescribing decisions. Most pharmaceutical firms also employed advertising in medical journals, direct mail, conference sponsorships, and promotional giveaways. In 000, pharmaceutical companies spent US$15.7 billion on promotion of ethical drugs, over half the amount they spend on research and development.
Over-the-Counter drugs makes a relatively small contribution to industry-wide sales and profits, they have the potential to increase faster than forecasted as consumers increasingly turned to self-diagnosis (i.e., at home pregnancy and cholesterol-testing kits) and self-medication.
The United States is the worlds top producer and consumer of pharmaceutical preparations with 48 percent of the global market in 000. In terms of dollar sales, the largest prescription categories in 1 were ulcer drugs (US$15.8 billion), cholesterol treatments (US$1.4 billion), antidepressants (US$11.7 billion), calcium blockers (US$. billion), and anti-rheumatics (US$7.7 billion). The countrys relatively open market also made it the leader in research and development, funding more than a third of the worlds R&D.
Europe is the second largest consumer of healthcare preparations following U.S. with a market share of 4 percent of the worldwide pharmaceutical preparations market. The harmonization of the drug approval process in member countries, performed under the European Medicines Evaluation Agency based in London, in addition of rollout of new European currency, the Euro, is seen as the beginning of Europe¡¦s competition with U.S. in health care market.
The rise in market share for European pharmaceutical firms, the United Kingdoms GlaxoSmithKline, Switzerlands Novartis, and Frances Aventis and Roche Holdings, bodes well for continued competition in that market.
To summarize the industry in Porter¡¦s terms; it is a highly competitive industry with seven major competitors - detailed information provided in the following table- Suppliers don¡¦t have any significance within the industry. When we consider the structure of the industry, and the histories of the major players in the industry, it is not surprising that there are no Entrants. The high capital oriented nature of the industry makes it almost impossible for the new companies to enter the market. Thus it can be claimed that the industry is monopolized by the major players. Mergers and acquisitions are very common and through these mergers new firms are being constructed but these are not considered as Entrants in this analysis. Genetics engineering and biotechnology are new methods for unraveling the causes and treatments of such complicated diseases as cancer and AIDS, which accaunt for a massive share of ongoing research efforts. Although treatment through these new techniques can be categorized as supplements, all these researches are conducted by the major pharmaceutical firms. Channels can be classified as conventional pharmacies and on-line drug stores which is a rising trend in the industry. In this industry defining the customers is a little complicated in relative to other industries.
Even though primary customers are patients who need treatment, the decision of which medicine to choose is made by doctors while the payments, in most cases, are made by third-party payers either the governments or health insurance companies. Thus the marketing and sales efforts are concentrated on practitioners and social-security organizations of the governments.
COMPANY POSITION
STRENGTHS
�æ Formation of new ¡§Human Healthcare Organization¡¨, a critical organizational restructure¡K
Pfizer formed new ¡§Human Health Care Organization¡¨ combining three formerly separate organizations namely; Pfizer Global Research and Development, Pfizer Global Pharmaceuticals and Pfizer Global Manufacturing units. New organizational changes will allow Pfizer to effectively leverage its global scale in our most important business, human pharmaceuticals which almost account for 0% of the companies revenues derived from medicines discovered, developed or licensed for the benefit of patients worldwide.
�æ ¡§Back to Core¡¨ business strategy via M&A Activities
Over the past four years Pfizer acquired some global health care businesses; Warner Lambert and recently Pharmacia and divested a group of non-core businesses to focus even more intensely to its core human pharmaceutical business, which generates 0% of the total revenues.
�æ Acquisition of Pharmacia
1. With the acquisition of Pharmacia complete Pfizer is targeting to convert from an industry leader to a transforming force in the global health care.
. Acquisition expands company¡¦s deep and broad product line, increases operational flexibility, and improves research and development opportunities.
. Company expects to realize cost synergies of $1 billion in 00, rising to $ billion in 00, and approaching $4 billion in 005.
4. Pharmacia establishes Pfizer¡¦s animal-health business as No. 1 worldwide.
5. Combined product portfolio includes 14 medicines that are No. 1 in their therapeutic categories and 1 products with annual revenue of more than $1 billion.
�æ Distinctive Sales Force
The depth and experience of Pfizer¡¦s distinctive sales force offers the company an important competitive advantage for sustaining growth and will be used to increase the already strong position of company in its current markets and the new markets entered by current acquisition.
WEAKNESSES
�æ Lack of competitiveness in the ¡§Pharmacy-Benefit-Management¡¨ Services¡K
Although Pfizer is ranked as the world¡¦s fourth most valuable company in terms of market value its revenues is less than Merck whose market value is less than half of Pfizer¡¦s. Merck & Co. has recorded $51.8 billion revenue, including its pharmacy-benefit-management company Medco Health. Medco health contributed Merck Medco¡¦s revenues with $0.16 billion (5%) in 00.
What¡¦s Pharmacy Benefit Management?
Medco Health Solutions, Inc. is a pharmacy benefit manager (PBM) that provides sophisticated programs and services for its clients and the members of their pharmacy benefit plans, as well as for the physicians and pharmacies that the members use. The Companys programs and services help its clients control the cost and enhance the quality of the prescription drug benefits that they offer to their members. The Company accomplishes this primarily by negotiating competitive rebates and discounts from pharmaceutical manufacturers, obtaining competitive discounts from retail pharmacies and administering prescriptions filled through its national networks of retail pharmacies or its own home delivery pharmacies. In 00, the Companys national network of home delivery pharmacies filled approximately 8 million prescriptions.
Although this sector can be perceived as out of the core business, Medco Health solutions Inc. demonstrates how lucrative this business can be if operated properly. Pfizer¡¦s lack of competitiveness in this industry affects its overall competitiveness.
OPPORTUNITIES
�æ Distinctive Effectiveness of Research & Development, promises a sunny prospect¡K
Pfizer¡¦s global research and development is the largest privately funded biomedical organization in the world. The research and development group has more than 00 projects in the development pipeline, including more than 100 distinct new molecular entities and more than 100 projects to evaluate new indications or delivery systems for marketed medicines. Pfizer expects to submit 0 new major medicines for regulatory approval in a five-year interval. Pfizer will have more than 400 projects in its discovery pipeline and building the industry¡¦s largest library of chemical compounds.
Pfizer is using a variety of new tools to better predict the success of early-stage clinical compounds. These tools include biomarkers and imaging approaches in humans that permit clinicians to evaluate much earlier if a new investigational medicine is producing the expected response before proceeding with larger, more expensive clinical trials.
�æ Lipitor, the major Cash Cow¡K
Lipitor is the world¡¦s number one selling medicine with sales of nearly $8 billion in 00. Pfizer estimates that, while 64 million Americans have elevated cholesterol, only around one third are treated. The market has another significant growth potential through evolving treatment guidelines that encourage the user of statin (Lipitor) therapy; under diagnosis and under treatment of dyslipidemia, and new clinical data support the early use of statins.
�æ Genomics¡K
Pharmaceuticals embraced genetic engineering and biotechnology as new methods of unraveling the causes and treatments of such complicated diseases as cancer and AIDS, which account for a major share of ongoing research efforts. Genomics or gene-based research is expected to drive up the drug discovery rate. Pfizer, having the world¡¦s largest privately funded R&D department and heavily investing in genetic researches, is expected to have a big stake in the future drug developments through genetic engineering.
THREATS
�æ Patent protection¡K
Majority of payments made to the pharmaceutical companies are from the social security systems of the countries, indirectly by the governments. With the health care costs rising to double digit percentages in U.S. and E.U., law makers are considering reducing the patent protection time among other remedies, to allow greater competition by generics¡K
�æ Brand-Name patent expirations¡K
After the expiration of patent terms and the drug is open to generic competition, market forces usually bring prices down substantially from the levels obtained during the founding company¡¦s monopoly. Although Pfizer also have some brands expiring in middle term, this doesn¡¦t look like a major problem in company¡¦s future as it is to its competitors. Thus this threat may turn into an advantage according to the new drug developments of the companies.
�æ Cheap drugs from Canada...
In 00, the House of Representatives voted to legalize the import of cheap drugs from Canada. Considering that U.S. accounts for 48% of global healthcare industry, this legislation poses a serious threat. Some of the states already began importing drugs from Canada, since it is legal, for their social health care systems. The United States is the last industrialized country where drug manufacturers are allowed to set prices without government interference. The pharmaceutical industry earns half of its revenues and most of profits in the U.S.- profits that are claimed to be essential to pay for drug research. In 00 drug prices in U.S. were 67% higher than in Canada. Possible new regulations on the benefit of government may have substantial effects on drug manufacturers.
FUTURE POSITION
After a series of strategic restructurings in its organization and in its portfolio of businesses, Pfizer sees itself ready to master the challenges ahead, challenges that range from unlocking the Human Genome to bringing lifesaving medicines to areas that have yet to see a paved road. The ultimate goal is the healthy aging of people. The company positioned itself to become a ¡§transforming force¡¨ in the global healthcare CEO Mckinnel tells at the annual meeting of shareholders.
When Pfizer¡¦s organizational transformation is assessed, the company has done its duties to avoid almost all environmental jolts. Pfizer¡¦s consistent over-the-industry growth even in the years of recession, its emphasis on Research and Development and its high competence in adapting itself to changes in the business environment creates a promising future view on its way to fulfill its mission. Company¡¦s long-term performance is characterized by four hallmarks strong revenue growth driven by existing and new products; ongoing investment in support of these products¡¦ profit margin expansion stemming from operating leverage and productivity initiatives; and strong revenue growth.
MAJOR COMPETITORS 1/00
Annual Sales Market Value
Merck $ 51,70 $100,568
Pfizer $ ,7 $45,66
Novartis AG $,151 $6,15
Bristol-Myers Squibb $18,11 $4,7
Johnson & Johnson $6,8 -----
Glaxo SmithKline $4,0 -----
Aventis $17,51 -----
Roche $1,77 -----
In the short-run company wants to become the leader of the industry in terms of sales too where it currently is behind Merck. Rising revenues can only be provided by new major drug introductions. Thus company aims to make 0 major drug applications within the regulatory authorities in the five-year period.
Another goal of the company is being less dependent on any individual product, therapeutic category or market and increase its operating flexibility.
One other important objective is to continue to deliver outstanding financial performance. Company expects to expand its operating margin through ongoing cost-saving initiatives and achievement of merger-related cost synergies.
Company targets successful integration of Pharmacia¡¦s medical and Sales organizations in order to maximize its benefits from the synergies generated by the acquisition.
EXECUTION
Current Products
Pfizer expects its portfolio of current products to keep growing through more effective sales operations worldwide by the improved sales force with the contribution of Pharmacia¡¦s sales force.
Lipitor accounts for about half of the statin market in the U.S., more than double of its nearest competitor. We estimate 64 million Americans have elevated cholesterol where only around one third is treated. This creates an enormous growth opportunity for this product.
The launch of Crestor by AstraZeneca is a threat for Pfizer in this market. Currently Pfizer¡¦s Lipitor and Merck¡¦s Zocor, two worldwide best selling drugs, are leading the market According to an article in Forbes Magazine estimated sales of Crestor in 007 will be .7 billion compared to Lipitor¡¦s 7.5 billion sales at that time. Sales efforts of this product should be enforced in order not to loose market share.
Viagra remains the worlds most recognized pharmaceutical brand among the most widely prescribed medications, with more than 10 million prescriptions having been written since launch by physicians for more than 0 million men worldwide, including 1 million in the U.S.. We expect Viagra¡¦s growth trend to continue since there is no major challenger in the market.
NEW PRODUCTS IN THE PIPELINE
Pfizer expects to submit 0 new major medicines for regulatory approval in a five-year interval. Pfizer will have more than 400 projects in its discovery pipeline and building the industry¡¦s largest library of chemical compounds.
Pfizer is using a variety of new tools to better predict the success of early-stage clinical compounds. These tools include biomarkers and imaging approaches in humans that permit clinicians to evaluate much earlier if a new investigational medicine is producing the expected response before proceeding with larger, more expensive clinical trials.
Below tables represent company¡¦s R&D efforts.
Major Drug Approvals and Launches Year-To-Date
Q1 Replax Launched in U.S.
Q1 Spiriva Launched in Spain, Australia, Canada, and other markets co-promoted by Pfizer and Boehringer Ingelheim
Q1 Zoloft Obtained an exclusive license in an agreement with Daiichi Pharmaceutical
Q1 Somavert Approval in the U.S. for social anxiety disorder.
Q DK-507k (Pharmacia) received marketing approval in the U.S. - a novel, extended-spectrum quinolone antibiotic
Q Inspira FDAapproved Inspra for treatment of heart failure
Major FDA Filings
Q1 Submitted a filing for the dual therapy of Lipitor and Norvasc.
Q1 Pfizer submitted a filing in the European Union in March for pregabalin for treatment of neuropathic pain and adjunctive therapy in epilepsy
Q1 Submitted a supplemental filing in the U.S. Inspra for treatment of congestive heart failure.
Q1 Pfizer submitted a supplemental filing in the U.S. for use of Zithromax in sinusitis
Q Submitted an sNDA for use of Pfizers anti-psychotic Geodon for a new indication, the treatment of mania in patients with bipolar disorder.
Q Submitted an NDA with the FDA for pregabalin for treatment of neuropathic pain and adjunctive therapy in epilepsy
Major R&D improvements
Q Varenicline, a promising new compound for smoking cessation, advanced into Phase III testing
Q Pfizers novel anti-cancer compound SU-1148 advanced to Phase testing
Q Edotecarin, an anti-cancer compound moved into Phase development, (brain tumors).
Q Torcetrapib/atorvastatin, the one-pill fixed-dose combination drug candidate to both lower LDL cholesterol and to raise HDL cholesterol 40-50 percent, has begun Phase clinical studies.
Q Pfizer announced that it had entered into a global agreement with Organon Ltd. For the exclusive worldwide development and commercialization of asenapine
M&A opportunities¡K
In the hypercompetitive healthcare industry, Pfizer plans to strengthen its position with new mergers to expand its product line in its core business.
In the hypercompetitive healthcare industry, Pfizer plans to strengthen its position within the industry with new mergers to expand its product line in its core business. Pfizer¡¦s success in integrating Warner-Lambert and recently Pharmacia proves that the company is competent at creating the synergies related to these mergers and this success encourages the Pfizer management to seek new opportunities. Below table represents the major M&A activities corresponding with its ¡§back to the core¡¨ business.
MAJOR MERGER ACQUISITION ACTIVITIES
Company Date To $
Acquired Warner-Lambert 000 ------ $ 80,000
Sold Tetra Acquarium and Pond Suppliers 00 Tritron Fund $ 84
Sold Shick-Wilkinson Sword 00 Energizer Holdings $ 0
Sold Adams Confectionary Business 00 Cadbury Schwepps $ 4,00
Acquired Pharmacia 00 ------ $ 60,000
More Pressure on Canadian Pharmacies
Pfizer is already collaborating with other U.S. pharmaceutical companies, such as GlaxoSmithKline, Wyeth and AstraZeneca, in tracking orders from Canadian pharmacies to see that they do not exceed prescriptions from Canadian doctors. According to New York Times, the company is eliminating the Canadian wholesalers and requires Canadian pharmacies to begin ordering directly from Pfizer. In the upcoming years we expect these measures to be tightened by the company considering the deregulation in the industry.
Pharmacy Benefit Management
In the next five years we also expect the company to focus its efforts on exploring its strategic opportunities in the Pharmacy-Benefit-Management market. As stated earlier, Pfizer¡¦s biggest rival generates almost 60%, app. billion, of its revenues in this market and keeps growing.
Online Drugs
A recent trend in pharmaceutical marketing is the rise of online drugstores and mail order pharmaceuticals. According to pharmaceutical market research firm IMS Health, prescription drug orders to US mail order pharmacies rose 7 percent to US$1.6 billion the year ending in June 000. The total market, including traditional retail pharmacies, rose 17 percent to US$8 billion. The typical mix of name-branded to generic sales in those pharmacies is 5 percent to 41 percent, respectively. Mail order drug stores, however, typically fill name-branded prescriptions 7% of the time ¡V a significant difference for maintaining or increasing brand market share. I believe there are substantial strategic benefits in focusing on-line operations in the middle term.
FINANCIALS
Pfizer is expected to grow at a rate of 1% in the next 5 year priod according to a survey conducted by Yahoo finance among industry analysts where industry growth rate is expected to be 11% at the same time period. Pfizer expects to be the market leader in terms of revenues by the end of 008 and a fierce global competition especially with Merck. in the next five years period.
With the integration of Pharmacia Pfizer now expects to realize cost synergies of $1 billion in 00, rising to $ billion in 004 and approaching to $ 4 billion in 005 through a broad range of sources including streamlined organization, reduced operating expenses, the consolidation of sites, and procurement savings. With the strong revenue growth and a full-year contribution from Pharmacia, company is to accomplish a % growth in 00.
Pfizer had the highest gross margin within the industry in 00 (1%), and is expected to preserve its high gross margin throughout the next 5 years. The company also the shared the highest rates of Net Profit Margin (16.%), with Novartis (16.%). There is an expected expansion of Net profit margin with the full integration of Pharmacia, and the realization of expected cost synergies. The effect of cost-synergies created with the acquisition cannot be seen in the gross margin but can be clearly detected in the net profit margin. This is because the cost synergies will probably be in the Sales General Administrative Expenses and the Research and Development Expenses items of the income statement influences the new profit margin of the company. Company¡¦s Return on Assets ratio, 5%, is lower than the industry average which is 11.% because of its high level of current assets. In 00 5% of company¡¦s assets were consisted of current assets where only % of the assets were fixed assets. This ratio has fallen to 8% as of September 00 after the merger.
Income Statement Dec 08 Dec 07 Dec 06 Dec 05 Dec 04 Dec 0 Dec 0 Dec 01 Dec 00
Revenue 88,6 78,46 6,41 61,47 54,60 45,000 ,7 ,5 ,574
Cost of Goods Sold 10,55 , 8,65 7,14 6,47 5,58 ,07 4,06 4,05
Gross Profit 78,07 6,07 61,148 54,11 47,888 ,64 ,6 8,10 5,515
Gross Profit Margin 0.88 0.88 0.88 0.88 0.88 0.88 0.1 0.87 0.86
Operating Income 7,1 ,861 ,081 5,75 1,50 16,10 1,78 10,76 8,670
Operating Margin 41.0% 41.0% 41.0% 41.0% 0. 0.6 7.% 4.00% .0%
Total Net Income 1,068 7,44 4,1 1,5 16,400 1,600 ,16 7,788 ,76
Net Profit Margin 5.05% 5.05% 5.05% 5.05% 0.17% 8.00% 8.0% 4.10% 1.60%
Diluted EPS from Continuing Operations ($) . .5 .1 .76 .1 1.7 1.47 1. 0.5
Balance Sheet Dec 08 Dec 07 Dec 06 Dec 05 Dec 04 Q 0 Dec 0 Dec 01 Dec 00
Assets
Total Current Assets 116,41 8,8 84,05 71,4 60,78 4,744 4,781 18,450 17,187
Net Fixed Assets 55,00 46,778 ,771 ,814 8,74 18,7 10,71 10,415 ,45
Total Assets 7,705 7,807 0,186 171,00 146,150 14,58 46,56 ,15 ,510
Liabilities and Shareholders Equity
Total Current Liabilities 67,816 58,760 50,1 44,114 8, ,157 18,555 1,640 11,81
Long-Term Debt 11,57 10,60 8,76 7,778 6,7 6,710 ,140 ,60 1,1
Total Liabilities 110,57 5,767 8,78 71,86 6,5 5,76 6,406 0,860 17,44
Shares Outstanding (mil.) 7,71 7,71 7,71 7,71 7,71 7,786.0 6,16.00 6,77 6,14
Cash Flow Statement Dec 08 Dec 07 Dec 06 Dec 05 Dec 04 Dec 0 Dec 0 Dec 01 Dec 00
Net Operating Cash Flow ,556 6,156 ,147 0,484 18,000 1,000 10,18 ,6 6,15
Sources;
�æ www.pfizer.com
�æ Business and Company Resource Center data base, Encyclopedia of Industries, NAICS Code 541 ¡V Pharmaceutical Preparation Manufacturing
�æ R&D Business Magazine, R&D Directions, May 00
�æ Pharmacy News Magazine. August 18,00
�æ Pfizer Annual Financial Performance Reports 001,00,00
�æ Pfizer Annual Financial Performance Reports Q1 00,Q 00,Q 00
�æ Pfizer investor news releases
�æ Business and Company Resource Center; www.galenet.galegroup.com
�æ Hoovers online business database; www.hoovers.com
�æ The New York Times, August 7, 00. ¡§Pfizer Moves to Stem Canadian Drug Imports¡¨
�æ Yahoo Finance/ Pfizer/Estimates
�æ www.merck.com
�æ www.ft.com
�æ www.fda.gov
Notes;
„� Tables involved in this report are derived from these resources and constructed by the author.
„� In estimating the future revenues; companies own growth estimates and a survey conducted by yahoo.finance.com among industry analysts are used interchangeably.
„� Industry growth rate is also taken from the same survey in yahoo.finance.com
„� In estimating balance sheet items; historical weighted average rate of that item to the related category has been used. To elaborate; when estimating the current assets, historical weighted average ratio of current assets to total assets has been used.
„� The same rationale is applied to the income statement items too.
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Mind that the sample papers like PFIZER STRATEGY presented are to be used for review only. In order to warn you and eliminate any plagiarism writing intentions, it is highly recommended not to use the essays in class. In cases you experience difficulties with essay writing in class and for in class use, order original papers with our expert writers. Cheap custom papers can be written from scratch for each customer that entrusts his or her academic success to our writing team. Order your unique assignment from the best custom writing services cheap and fast!
Sunday, August 12, 2012
theorist
We are ready to represent the best custom paper writing assistance that can cope with any task like theorist even at the eleventh hour. The matter is that we posses the greatest base of expert writers. Our staff of freelance writers includes approximately 300 experienced writers are at your disposal all year round. They are striving to provide the best ever services to the most desperate students that have already lost the hope for academic success. We offer the range of the most widely required, however, not recommended for college use papers. It is advisable to use our examples like theorist in learning at public-education level. Get prepared and be smart with our best essay samples cheap and fast! Get in touch and we will write excellent custom coursework or essay especially for you.
Theorist 1
Henri Fayol
Henri Fayol was a key figure in the theorist 1. He saw a manager’s job as planning, organizing, commanding, controlling and coordinating, by which he laid down fourteen principles which he called the principles of management. The 14 principles laid down by Fayol are;
1. Division of work-specialization increases output by making employees more efficient.
. Authority-authority gives managers the rights to make orders. To be effective a manager authority must equal his or her responsibility.
. Discipline-good discipline is the result of effective leadership, a clear understanding between management and workers regarding the organizations rules and the penalties infraction of the rules.
4. Unity of command-each employee should only receive orders from only one superior.
5. Subordination of individual interest to the general interest-interest of one should not over take the interest of the organization.
6. Unity of direction-each organization with the same objective should be directed by one manager using one plan.
7. Remuneration-workers should be paid a fair wage amount for their services.
8. Centralization-this involves decision making, whether it is centralized to management or decentralize to subordinates.
. Scalar chain-the line of authority should follow from top management to the lowest ranks.
10. Order-people and materials should be in the right place at the right time.
11. Equity-managers should be kind and fair to their subordinates.
1. Stability of tenure of personal-high employee turnover is inefficient.
1. Initiative-employees who are allowed to originate and carry out plans will exert high levels of effort.
14. Esprit de corps-promoting team spirit will build harmony and unity within the organization.
Out of the 14 principles stated, the most important elements are specialization, unity of command, scalar chain, and coordination by managers. There are many others in type 1 theorist. Some of them are Max Weber, Ralph Davis and Frederick Taylor. From theorist type 1 the evolution moved on to theorist type who are frequently referred to as forming the human relations school, view organizations as made up of both tasks and people.
Mind that the sample papers like theorist presented are to be used for review only. In order to warn you and eliminate any plagiarism writing intentions, it is highly recommended not to use the essays in class. In cases you experience difficulties with essay writing in class and for in class use, order original papers with our expert writers. Cheap custom papers can be written from scratch for each customer that entrusts his or her academic success to our writing team. Order your unique assignment from the best custom writing services cheap and fast!
Theorist 1
Henri Fayol
Henri Fayol was a key figure in the theorist 1. He saw a manager’s job as planning, organizing, commanding, controlling and coordinating, by which he laid down fourteen principles which he called the principles of management. The 14 principles laid down by Fayol are;
1. Division of work-specialization increases output by making employees more efficient.
. Authority-authority gives managers the rights to make orders. To be effective a manager authority must equal his or her responsibility.
. Discipline-good discipline is the result of effective leadership, a clear understanding between management and workers regarding the organizations rules and the penalties infraction of the rules.
4. Unity of command-each employee should only receive orders from only one superior.
5. Subordination of individual interest to the general interest-interest of one should not over take the interest of the organization.
6. Unity of direction-each organization with the same objective should be directed by one manager using one plan.
7. Remuneration-workers should be paid a fair wage amount for their services.
8. Centralization-this involves decision making, whether it is centralized to management or decentralize to subordinates.
. Scalar chain-the line of authority should follow from top management to the lowest ranks.
10. Order-people and materials should be in the right place at the right time.
11. Equity-managers should be kind and fair to their subordinates.
1. Stability of tenure of personal-high employee turnover is inefficient.
1. Initiative-employees who are allowed to originate and carry out plans will exert high levels of effort.
14. Esprit de corps-promoting team spirit will build harmony and unity within the organization.
Out of the 14 principles stated, the most important elements are specialization, unity of command, scalar chain, and coordination by managers. There are many others in type 1 theorist. Some of them are Max Weber, Ralph Davis and Frederick Taylor. From theorist type 1 the evolution moved on to theorist type who are frequently referred to as forming the human relations school, view organizations as made up of both tasks and people.
Mind that the sample papers like theorist presented are to be used for review only. In order to warn you and eliminate any plagiarism writing intentions, it is highly recommended not to use the essays in class. In cases you experience difficulties with essay writing in class and for in class use, order original papers with our expert writers. Cheap custom papers can be written from scratch for each customer that entrusts his or her academic success to our writing team. Order your unique assignment from the best custom writing services cheap and fast!
Friday, August 10, 2012
Comparison of Research Methods
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Comparison of Research Methods
Experimental methods, the questionnaire and observation methods
¢ñ. Experimental Method
Experimental method focuses on cause and effect. There are two kinds of experimental methods true experimentation, which is often used in areas such as psychology, and quasi-experimentation, which is more popular in management research. However, the processes of manipulating, comparing, and looking for differences are at the heart of experimental logic, whether expressed in true experimental or quasi-experimental form. In experiments researchers try to keep all experimental variables constant except the independent variable, which is changed in a precise way while measuring the dependent variables.
Advantages of experimental method
1. Experiments are the only means by which cause and effect can be established. It has already been noted that an experiment differs from non-experimental methods in that it involves the deliberate manipulation of one variable, while trying to keep all other variables constant; thus it enables us to study cause and effect and allows us to draw conclusions with far more certainty than any non-experimental method. Sometimes the independent variable (IV) is thought of as the cause, and the dependent variable (DV) as the effect.
. It allows for the precise control of variables, especially in laboratory conditions. The purpose of control is to enable the experimenter to isolate independent variables and to observe their effects on dependent variables. Precise control allows us to determine whether the IV is influencing the DV.
. Experiments can be replicated. The more often an experiment is able to be repeated with identical results, the greater the likelihood the theory being tested is valid. The experimental method consists of standardized procedures and measures which allow it to be easily repeated.
4. An experiment yields quantitative data which can be analyzed statistically. These tests indicate the probably accuracy of the results.
5. It is cheaper to perform than other research methods.
Disadvantages of experimental method
1. Experiments are representative of real life. Most experiments are conducted in laboratories¡ªartificial environments where people perform unusual tasks. The artificiality of laboratories may distort reality. It is therefore difficult to make generalized conclusions from experiments because they often do not represent real life.
. Precise control of variables greatly restricts the range of laboratory behavior. This problem, however, can be alleviated by a quasi-experimental research method performed in natural settings. This is not a true experimental method because of the inability to manipulate variables. It is possible, though, to compare two groups, the equivalent of an experimental and a control group. This method carries the added advantage that participants are unaware that they are part of an investigation.
. A major difficulty with the experimental method is demand characteristics. Some of the confounding variables in a management experiment stem from the fact that management experiments involve social situations in which subjects and observers are active, not passive, individuals. Subjects may unintentionally attempt to decipher what experimenters hope to observe. Experimenters, too, have expectations about what their results will likely be. This expectation of experimenters affects the test subjects and may skew experimental data.
4. It has already been noted that an advantage of the experimental method is the amount of control which experimenters have over variables. It must however also be noted that it is impossible to control completely all variables. There may other relevant variables which the experimenter is unaware of. It is, in particular, unrealistic to control completely the thought processes of subjects taking part in an experiment.
5. Since the acceptability of experimental results is theory-dependent, judgments about the adequacy of experimental results are not straightforward. Experiments are adequate only if the experimental set-up is appropriate and disturbing factors have been eliminated. This in turn requires knowledge of what those disturbing factors are and how they can be discarded. Any inadequacies in the relevant knowledge about these factors could lead to inappropriate experimental measures and faulty conclusions. Experimental facts and theory are therefore considerably interrelated. Experimental results can be faulty if the conditions producing them are deficient. It must be acknowledged, then, that the relationship between theory and experiment may involve a circular argument.
¢ò.The Questionnaire
Questionnaires are one of the most important quantitative research tools available. It is ¡°a form that people fill out, used to obtain demographic information and views and interests of those questioned¡± [Brehob, 001] or, in a more structural way, ¡°a method for the elicitation, and recording and collecting information¡± [Kirakowski, 18]. There are two main types of questionnaires mail questionnaires and online questionnaires.
Mail questionnaires are sent to respondents via postal service. They carry the following advantages
1. Questionnaires are cost-effective compared to face-to-face interviews. This is especially true for studies involving large sampling populations and large geographic areas. Written questionnaires become even more cost-effective as the number of research questions increases.
. Questionnaires are easy to analyze. Data entry and tabulation for nearly all surveys can be easily done with many commercial software packages.
. Questionnaires are familiar to most people. Nearly everyone has had some experience completing questionnaires, and they generally do not make people apprehensive.
4. Questionnaires reduce bias. There is a uniform presentation format so researchers¡¯ opinions will not bias a respondent¡¯s answers. There are no verbal or visual clues to influence the respondent.
5. Questionnaires are less intrusive than telephone or face-to-face surveys. Mail questionnaires allow subjects to respond at leisure, whereas phone or personal interviews obligate respondents to answer within the timeframe provided by the interviewer.
Disadvantages of Questionnaire
1. One major disadvantage of written questionnaires is the possibility of low response rates. Low response rates can destroy statistical analysis. They can dramatically lower our confidence in the results. Response rates vary widely from one questionnaire to another (10% - 0%); well-designed studies, however, consistently produce high response rates.
. Another disadvantage of questionnaires is the inability to ¡°probe¡± responses. Questionnaires are structured instruments; they allow respondents little flexibility with respect to response format. As such, they often lose the flavor of the response (i.e., respondents often want to qualify their answers). By allowing extended space for comments, researchers can partially neutralize this disadvantage. Comments are among the most helpful of all pieces of information on a questionnaire and they usually provide insightful information that would otherwise be absent.
. Nearly 0 percent of all communication is visual. Gestures and other visual cues are not available with written questionnaires. The lack of personal contact will have varying effects depending on the type of information being requested. A questionnaire asking for factual information will probably not be affected by lack of personal contact. A questionnaire probing sensitive issues or attitudes, however, may be severely affected.
4. When returned questionnaires arrive in the mail, its natural to assume that the respondents are, in fact, the same people you initially sent the questionnaires to. This may not actually be the case, however. Business questionnaires often get handed down to inferiors for completion. Housewives sometimes complete questionnaires for their husbands. Kids may respond to them as pranks. For a variety of reasons, respondents may not be those initially targeted.
5. Finally, questionnaires are simply not appropriate for some people. A written survey to a group of poorly educated people, for instance, may not succeed because of poor reading skills within the group. More frequently, however, people are turned off by written questionnaires because of misuse.
As Internet usage increases, online questionnaires are rapidly gaining popularity. Online questionnaires can be divided into three categories e-mail questionnaires, computer-direct questionnaires, and web-based questionnaires. They have the significant advantages of speed, cost-efficiency, and flexibility, but also carry sampling limitations.
Advantages of Online Questionnaires
1. Online questionnaires are extremely fast. A questionnaire posted on a popular website can produce thousands of responses within a few hours. E-mail questionnaires can produce similar responses within days.
. There is practically no cost involved once the set-up has been completed. Large samples do not cost more than smaller ones.
. You can attach pictures and sound files. Some web survey software can play video as well. If you want to show video or both sound and graphics, a web-based questionnaire may be the only practical way to have many people view and respond to video.
4. A significant number of people will to, when giving their answers to a computer, instead of to a person or on paper. (I HAVE NO IDEA WHAT THIS MEANS.)
5. You will get more accurate answers to sensitive questions, such as drug use or sex. Recent studies have shown that respondents are more likely to provide honest feedback on a computer surveys than on paper questionnaires or with human interviewers. The National Institute of Justice has found that computer-aided surveys among drug users get better results than personal interviews.
6. Ensuring skip patterns are accurately followed. The Survey System can ensure people are not asked questions they should skip based on their earlier answers. These automatic skips are more accurate than relying on an interviewer reading a paper questionnaire.
Disadvantages of Online Questionnaires
1. The interviewees must have access to a computer.
. As many people still do not possess online access, online questionnaires may have serious response rate problems in populations of older, lower-income, and lower-educational demographic groups.
. Although Internet usage is growing rapidly, it is far from universal. Online questionnaires therefore may not represent the entire population. This is true even if a sample of Internet users is selected to match the general population in terms of age, gender, and other demographics.
4. Online questionnaires could lead to biased samples because there is often little control over respondents. People with varying backgrounds from all over the world can complete a questionnaire. Moreover, some may respond to a single questionnaire multiple times.
Online questionnaires are probably most helpful when one¡¯s target population consists mostly of Internet users. Business-to-business research and employee attitude surveys often meet this requirement. Surveys of the general population usually do not.
¢ó.Observation Method
There are two main types of observation methods Direct (Reactive) Observation and Unobtrusive Observation. The commonly used methods in the former are Continuous Monitoring and Time Allocation, whereas the methods of the latter include Behavior Trace Studies and Disguised Field Observations¡£
In direct observations, people know they are being monitored. The associated drawback is that individuals may alter their natural behavior. The Hawthorne Effect states that workers react to the attention they are getting from researchers and, consequently, productivity increases. However, such artificial behavior may reveal aspects of social desirability or privacy in a relationship. Moreover, replicated observation can overcome this problem. Direct observation is relatively easy but a time consuming endeavor.
Unobtrusive observation is performed when individuals are unaware that they are being observed. When conducting unobtrusive observations, issues of validity may arise. A large amount of observation of a representative sample needs to be conducted in order to generalize findings. This is especially difficult when studying a specific group. Such findings are therefore often not strong in validity. Replication is also difficult in unobtrusive observation. The main problem with unobtrusive observation, however, concerns issues involving invasion of privacy.
Advantages of Observation Methods
1. Observations are usually flexible and do not require theoretical hypotheses. Before undertaking structured research a researcher may conduct observations to form a research question, and then find a relative theory.
. Observational research findings are considered valid because researchers are able to collect much first-hand information about a particular behavior.
4. With the observation method, one can obtain information in cases where language and culture pose as research obstacles.
5. The observation method can be used to compensate for deficiencies in other research methods, supply more specific information, or test the results of other research methods.
Disadvantages of Observation Methods
1. Waiting for certain behavior to recur can be a time-consuming task. Many people dont realize that observational research may be time-consuming. In order to obtain reliability, behavior must be observed multiple times. It is in a researcher¡¯s best interest to observe for long periods of time.
. In observational research, findings may only reflect a unique population and therefore cannot be generalized against the population at large.
. There are also problems with research bias. It is often assumed that researchers may see what they want to see. What one interprets is considerably influenced by one¡¯s past experiences. Individuals may pay extra attention to surprising or intense events while ignoring repetitive events. Past experiences can also have influence our expectations about the relative importance of various situations. Events may be noticed or ignored depending on an observers biases.
4. Conditions, sampling populations, and time are difficult to control. Quantitative and statistical analyses are therefore also difficult to perform.
Mind that the sample papers like Comparison of Research Methods presented are to be used for review only. In order to warn you and eliminate any plagiarism writing intentions, it is highly recommended not to use the essays in class. In cases you experience difficulties with essay writing in class and for in class use, order original papers with our expert writers. Cheap custom papers can be written from scratch for each customer that entrusts his or her academic success to our writing team. Order your unique assignment from the best custom writing services cheap and fast!
Comparison of Research Methods
Experimental methods, the questionnaire and observation methods
¢ñ. Experimental Method
Experimental method focuses on cause and effect. There are two kinds of experimental methods true experimentation, which is often used in areas such as psychology, and quasi-experimentation, which is more popular in management research. However, the processes of manipulating, comparing, and looking for differences are at the heart of experimental logic, whether expressed in true experimental or quasi-experimental form. In experiments researchers try to keep all experimental variables constant except the independent variable, which is changed in a precise way while measuring the dependent variables.
Advantages of experimental method
1. Experiments are the only means by which cause and effect can be established. It has already been noted that an experiment differs from non-experimental methods in that it involves the deliberate manipulation of one variable, while trying to keep all other variables constant; thus it enables us to study cause and effect and allows us to draw conclusions with far more certainty than any non-experimental method. Sometimes the independent variable (IV) is thought of as the cause, and the dependent variable (DV) as the effect.
. It allows for the precise control of variables, especially in laboratory conditions. The purpose of control is to enable the experimenter to isolate independent variables and to observe their effects on dependent variables. Precise control allows us to determine whether the IV is influencing the DV.
. Experiments can be replicated. The more often an experiment is able to be repeated with identical results, the greater the likelihood the theory being tested is valid. The experimental method consists of standardized procedures and measures which allow it to be easily repeated.
4. An experiment yields quantitative data which can be analyzed statistically. These tests indicate the probably accuracy of the results.
5. It is cheaper to perform than other research methods.
Disadvantages of experimental method
1. Experiments are representative of real life. Most experiments are conducted in laboratories¡ªartificial environments where people perform unusual tasks. The artificiality of laboratories may distort reality. It is therefore difficult to make generalized conclusions from experiments because they often do not represent real life.
. Precise control of variables greatly restricts the range of laboratory behavior. This problem, however, can be alleviated by a quasi-experimental research method performed in natural settings. This is not a true experimental method because of the inability to manipulate variables. It is possible, though, to compare two groups, the equivalent of an experimental and a control group. This method carries the added advantage that participants are unaware that they are part of an investigation.
. A major difficulty with the experimental method is demand characteristics. Some of the confounding variables in a management experiment stem from the fact that management experiments involve social situations in which subjects and observers are active, not passive, individuals. Subjects may unintentionally attempt to decipher what experimenters hope to observe. Experimenters, too, have expectations about what their results will likely be. This expectation of experimenters affects the test subjects and may skew experimental data.
4. It has already been noted that an advantage of the experimental method is the amount of control which experimenters have over variables. It must however also be noted that it is impossible to control completely all variables. There may other relevant variables which the experimenter is unaware of. It is, in particular, unrealistic to control completely the thought processes of subjects taking part in an experiment.
5. Since the acceptability of experimental results is theory-dependent, judgments about the adequacy of experimental results are not straightforward. Experiments are adequate only if the experimental set-up is appropriate and disturbing factors have been eliminated. This in turn requires knowledge of what those disturbing factors are and how they can be discarded. Any inadequacies in the relevant knowledge about these factors could lead to inappropriate experimental measures and faulty conclusions. Experimental facts and theory are therefore considerably interrelated. Experimental results can be faulty if the conditions producing them are deficient. It must be acknowledged, then, that the relationship between theory and experiment may involve a circular argument.
¢ò.The Questionnaire
Questionnaires are one of the most important quantitative research tools available. It is ¡°a form that people fill out, used to obtain demographic information and views and interests of those questioned¡± [Brehob, 001] or, in a more structural way, ¡°a method for the elicitation, and recording and collecting information¡± [Kirakowski, 18]. There are two main types of questionnaires mail questionnaires and online questionnaires.
Mail questionnaires are sent to respondents via postal service. They carry the following advantages
1. Questionnaires are cost-effective compared to face-to-face interviews. This is especially true for studies involving large sampling populations and large geographic areas. Written questionnaires become even more cost-effective as the number of research questions increases.
. Questionnaires are easy to analyze. Data entry and tabulation for nearly all surveys can be easily done with many commercial software packages.
. Questionnaires are familiar to most people. Nearly everyone has had some experience completing questionnaires, and they generally do not make people apprehensive.
4. Questionnaires reduce bias. There is a uniform presentation format so researchers¡¯ opinions will not bias a respondent¡¯s answers. There are no verbal or visual clues to influence the respondent.
5. Questionnaires are less intrusive than telephone or face-to-face surveys. Mail questionnaires allow subjects to respond at leisure, whereas phone or personal interviews obligate respondents to answer within the timeframe provided by the interviewer.
Disadvantages of Questionnaire
1. One major disadvantage of written questionnaires is the possibility of low response rates. Low response rates can destroy statistical analysis. They can dramatically lower our confidence in the results. Response rates vary widely from one questionnaire to another (10% - 0%); well-designed studies, however, consistently produce high response rates.
. Another disadvantage of questionnaires is the inability to ¡°probe¡± responses. Questionnaires are structured instruments; they allow respondents little flexibility with respect to response format. As such, they often lose the flavor of the response (i.e., respondents often want to qualify their answers). By allowing extended space for comments, researchers can partially neutralize this disadvantage. Comments are among the most helpful of all pieces of information on a questionnaire and they usually provide insightful information that would otherwise be absent.
. Nearly 0 percent of all communication is visual. Gestures and other visual cues are not available with written questionnaires. The lack of personal contact will have varying effects depending on the type of information being requested. A questionnaire asking for factual information will probably not be affected by lack of personal contact. A questionnaire probing sensitive issues or attitudes, however, may be severely affected.
4. When returned questionnaires arrive in the mail, its natural to assume that the respondents are, in fact, the same people you initially sent the questionnaires to. This may not actually be the case, however. Business questionnaires often get handed down to inferiors for completion. Housewives sometimes complete questionnaires for their husbands. Kids may respond to them as pranks. For a variety of reasons, respondents may not be those initially targeted.
5. Finally, questionnaires are simply not appropriate for some people. A written survey to a group of poorly educated people, for instance, may not succeed because of poor reading skills within the group. More frequently, however, people are turned off by written questionnaires because of misuse.
As Internet usage increases, online questionnaires are rapidly gaining popularity. Online questionnaires can be divided into three categories e-mail questionnaires, computer-direct questionnaires, and web-based questionnaires. They have the significant advantages of speed, cost-efficiency, and flexibility, but also carry sampling limitations.
Advantages of Online Questionnaires
1. Online questionnaires are extremely fast. A questionnaire posted on a popular website can produce thousands of responses within a few hours. E-mail questionnaires can produce similar responses within days.
. There is practically no cost involved once the set-up has been completed. Large samples do not cost more than smaller ones.
. You can attach pictures and sound files. Some web survey software can play video as well. If you want to show video or both sound and graphics, a web-based questionnaire may be the only practical way to have many people view and respond to video.
4. A significant number of people will to, when giving their answers to a computer, instead of to a person or on paper. (I HAVE NO IDEA WHAT THIS MEANS.)
5. You will get more accurate answers to sensitive questions, such as drug use or sex. Recent studies have shown that respondents are more likely to provide honest feedback on a computer surveys than on paper questionnaires or with human interviewers. The National Institute of Justice has found that computer-aided surveys among drug users get better results than personal interviews.
6. Ensuring skip patterns are accurately followed. The Survey System can ensure people are not asked questions they should skip based on their earlier answers. These automatic skips are more accurate than relying on an interviewer reading a paper questionnaire.
Disadvantages of Online Questionnaires
1. The interviewees must have access to a computer.
. As many people still do not possess online access, online questionnaires may have serious response rate problems in populations of older, lower-income, and lower-educational demographic groups.
. Although Internet usage is growing rapidly, it is far from universal. Online questionnaires therefore may not represent the entire population. This is true even if a sample of Internet users is selected to match the general population in terms of age, gender, and other demographics.
4. Online questionnaires could lead to biased samples because there is often little control over respondents. People with varying backgrounds from all over the world can complete a questionnaire. Moreover, some may respond to a single questionnaire multiple times.
Online questionnaires are probably most helpful when one¡¯s target population consists mostly of Internet users. Business-to-business research and employee attitude surveys often meet this requirement. Surveys of the general population usually do not.
¢ó.Observation Method
There are two main types of observation methods Direct (Reactive) Observation and Unobtrusive Observation. The commonly used methods in the former are Continuous Monitoring and Time Allocation, whereas the methods of the latter include Behavior Trace Studies and Disguised Field Observations¡£
In direct observations, people know they are being monitored. The associated drawback is that individuals may alter their natural behavior. The Hawthorne Effect states that workers react to the attention they are getting from researchers and, consequently, productivity increases. However, such artificial behavior may reveal aspects of social desirability or privacy in a relationship. Moreover, replicated observation can overcome this problem. Direct observation is relatively easy but a time consuming endeavor.
Unobtrusive observation is performed when individuals are unaware that they are being observed. When conducting unobtrusive observations, issues of validity may arise. A large amount of observation of a representative sample needs to be conducted in order to generalize findings. This is especially difficult when studying a specific group. Such findings are therefore often not strong in validity. Replication is also difficult in unobtrusive observation. The main problem with unobtrusive observation, however, concerns issues involving invasion of privacy.
Advantages of Observation Methods
1. Observations are usually flexible and do not require theoretical hypotheses. Before undertaking structured research a researcher may conduct observations to form a research question, and then find a relative theory.
. Observational research findings are considered valid because researchers are able to collect much first-hand information about a particular behavior.
4. With the observation method, one can obtain information in cases where language and culture pose as research obstacles.
5. The observation method can be used to compensate for deficiencies in other research methods, supply more specific information, or test the results of other research methods.
Disadvantages of Observation Methods
1. Waiting for certain behavior to recur can be a time-consuming task. Many people dont realize that observational research may be time-consuming. In order to obtain reliability, behavior must be observed multiple times. It is in a researcher¡¯s best interest to observe for long periods of time.
. In observational research, findings may only reflect a unique population and therefore cannot be generalized against the population at large.
. There are also problems with research bias. It is often assumed that researchers may see what they want to see. What one interprets is considerably influenced by one¡¯s past experiences. Individuals may pay extra attention to surprising or intense events while ignoring repetitive events. Past experiences can also have influence our expectations about the relative importance of various situations. Events may be noticed or ignored depending on an observers biases.
4. Conditions, sampling populations, and time are difficult to control. Quantitative and statistical analyses are therefore also difficult to perform.
Mind that the sample papers like Comparison of Research Methods presented are to be used for review only. In order to warn you and eliminate any plagiarism writing intentions, it is highly recommended not to use the essays in class. In cases you experience difficulties with essay writing in class and for in class use, order original papers with our expert writers. Cheap custom papers can be written from scratch for each customer that entrusts his or her academic success to our writing team. Order your unique assignment from the best custom writing services cheap and fast!
Wednesday, August 8, 2012
1984 and Animal Farm
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Napoleon, the leader of all the animals of the Rebellion, can be compared and contrasted with Big Brother, the leader of all the people of 184. Both Big Brother and Napoleon show the qualities of a cruel ruler. Similar to Big Brother, Napoleon is a secretive plotter who works behind the scenes rather than openly. However, unlike Napoleon, Big Brother periodically appears on the television screen. Napoleon and Big Brother both work continually to weaken their rivals, whether it is by removing Snowball or eliminate Rutherford. Both place importance on complicated ceremonies and parades to prevent their workers from thinking about their schemes. Napoleon’s control over animal farm is not as powerful as Big Brothers control over the workers in 184 (Oceania).
In the service of their ruler, Squealer and Winston both revise history. Winstons task at the Ministry of Truth is to alter the past to suit the present. Squealers duty is to amend the Seven Commandments also to suit the present. However, Squealer supports the views and beliefs of Napolean wheras Winston does not support the rules of Big Brother.
Parson and Boxer are both characterized by their willingness to work, constantly volunteering for work whenever something needed to be done. Boxer worked constantly to build the windmill and Parson worked endlessly organizing marches and parades. Preparation for Hate Week was described a Processions, meetings, military parades, lectures, film shows, screen programs all had to be organized The most striking between Boxer and Parson is their faithfulness to their master. At the end, one is presumably vaporized.
The characters in Animal Farm and Nineteen Eighty-Four have similar and distinct characteristics, which put towards in the growth of theme. Big Brother and Napolean, unrelenting and sly, established a totalitarian group. Winston and Boxer are true followers of their leaders, they always thing the leader is right.
All together these two books share many features, George Orwell is trying to show Totalitarianism/Animalism and fascism. He has set the two stories very well in the way he has compared and contrasted the characters to show different points of political aspects.
Mind that the sample papers like 1984 and Animal Farm presented are to be used for review only. In order to warn you and eliminate any plagiarism writing intentions, it is highly recommended not to use the essays in class. In cases you experience difficulties with essay writing in class and for in class use, order original papers with our expert writers. Cheap custom papers can be written from scratch for each customer that entrusts his or her academic success to our writing team. Order your unique assignment from the best custom writing services cheap and fast!
Napoleon, the leader of all the animals of the Rebellion, can be compared and contrasted with Big Brother, the leader of all the people of 184. Both Big Brother and Napoleon show the qualities of a cruel ruler. Similar to Big Brother, Napoleon is a secretive plotter who works behind the scenes rather than openly. However, unlike Napoleon, Big Brother periodically appears on the television screen. Napoleon and Big Brother both work continually to weaken their rivals, whether it is by removing Snowball or eliminate Rutherford. Both place importance on complicated ceremonies and parades to prevent their workers from thinking about their schemes. Napoleon’s control over animal farm is not as powerful as Big Brothers control over the workers in 184 (Oceania).
In the service of their ruler, Squealer and Winston both revise history. Winstons task at the Ministry of Truth is to alter the past to suit the present. Squealers duty is to amend the Seven Commandments also to suit the present. However, Squealer supports the views and beliefs of Napolean wheras Winston does not support the rules of Big Brother.
Parson and Boxer are both characterized by their willingness to work, constantly volunteering for work whenever something needed to be done. Boxer worked constantly to build the windmill and Parson worked endlessly organizing marches and parades. Preparation for Hate Week was described a Processions, meetings, military parades, lectures, film shows, screen programs all had to be organized The most striking between Boxer and Parson is their faithfulness to their master. At the end, one is presumably vaporized.
The characters in Animal Farm and Nineteen Eighty-Four have similar and distinct characteristics, which put towards in the growth of theme. Big Brother and Napolean, unrelenting and sly, established a totalitarian group. Winston and Boxer are true followers of their leaders, they always thing the leader is right.
All together these two books share many features, George Orwell is trying to show Totalitarianism/Animalism and fascism. He has set the two stories very well in the way he has compared and contrasted the characters to show different points of political aspects.
Mind that the sample papers like 1984 and Animal Farm presented are to be used for review only. In order to warn you and eliminate any plagiarism writing intentions, it is highly recommended not to use the essays in class. In cases you experience difficulties with essay writing in class and for in class use, order original papers with our expert writers. Cheap custom papers can be written from scratch for each customer that entrusts his or her academic success to our writing team. Order your unique assignment from the best custom writing services cheap and fast!
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