Business Should Always Be Ethically and Socially Responsible

Corporate scandals in business world have been more and more common, which damages the interest and profits of stakeholders, employers, community or society. The corporate scandals pull the public to focus on the ethic of managers and the firm itself. Comparing to the past, customers are focusing more and more on the reputation of the firms and they prefer to select the brands that are environmentally friendly and socially responsible when they buy products or service.This change pushes firms to maintain their reputations with more efforts. Corporate social responsibility has been a hot topic in business world today, which is an important part of building brand image while brand image is a value for firms. This essay holds the statement that business should always be ethically and socially responsible. Firstly, it gives the several definitions of business ethic and corporate social responsibility briefly. Subsequently, it outlines the pros and coins for addressing corporate social re sponsibility.Following this, it discusses the negative effects caused by corporate scandals with several real cases likeToyota, Bernard Madoff and Enron. Finally it discusses the benefits when business is ethically and socially responsible with the examples of Procter & Gamble and Li Ka-shing. Definitions of business ethics and Corporate Social Responsibility Ethics is the code of values and principles to govern people’s behaviours to verdict what is right or wrong. Business ethic is the application of personal moral in commercial enterprise.Comparing to the vague definition of business ethics, the definition of corporate social responsibility (CSR) is clearer. As stated by The World Business Council for Sustainable Development(2014), corporate social responsibility is the commitment of business to contribute to the economic development and the welfare of employees and the family, the community and the whole society. European Commission (2014) defines this concept as follow: the firms integrate concerns of social and environment with stakeholders in the economic decisions and actions voluntarily.The definitions of business ethics and corporate social responsibility state that business firms are acting ethically and socially responsible means in the economic operations they should consider the interests of stakeholders, environment and society and they should concern the welfare of employees and the family instead of concerning only the profits of firms and personal interest. The proponents of CSR include the moral obligation, license to operate, sustainability and reputation (Porter, 2004).According to Lahovnik (2008), there are three levels of corporate social responsibility. The first level is the obligation to meet the material for shareholders, employees, customers, creditorsand suppliers. The second level is the responsibility to benefit the human resource of community and avoid the damage to environment. The last one is the responsibility to the s ociety. Even though there is not clear definition how far firms should address the social responsibility, there is indeed a fact that firms should take the social responsibility in their economic operations.Against and For Corporate Social Responsibility There is a hot debating on whether firms should address their corporate social responsibility or not. For the objectors, business is just business that maximize profits is the economic responsibility of management instead of being the social role in society. The social problems should not be resolved by firms and firms are not designed to handle these issues. Corporate social responsibility could be an important tool wielded by firms.Stated by The Wall Street Journal, the addressing of CSR may be anillusion and a dangerous one because when there is a conflict between private profit and social interest; firms tend to select the former one (Karnani,2010). Even though the firms say they are doing the projects with charity purposes, the investment or cost of these projects may be owned by other ways, which may harm the interest of environment or society. Different from the objectors, there are a variety of reasons to support the idea that firms should address the corporate social responsibility and be ethical.The first reason is that the human and social problems are largely led by industrialization and business firms own the social resource that business has the obligation to reduce and solve these issues. Firms have been important parts of the society and they own a huge resource, which means they also carry the obligation to solve the problems in the society especially these problems led by their economic operations. The second reason is that business firms can get benefits from addressing corporate social responsibility.CSR directly benefits the financial bottom line and improve the competitiveness of firms. CSR can enhance reputation and brand image of firms. The survey of PWC 2002 showed that 90% of responde nts said that corporate social responsibility can enhance the corporate reputation. The 2002 Cone Corporate Citizenship Study also showed that 84 percent of American would change brands to those with good reputation in the similar price and quality (Kotler and Lee 2005).When companies address corporate social responsibility, it will bring positive impacts on retention, recruitment and motivations of employees for the firms. For example, Timberland is always encouraging its employees to offer community service called Path of Service, which has been ranked by Fortune and Timberland is named as one of the 100 Best Companies to Work For (Provictus, 2012). The third reason is the social benefits brought by business firms when they address corporate social responsibility and act ethically.When business firms act ethically, the firms can reduce the negative impacts on stakeholders, employees, customers and the society, which will be discussed below with real cases. When business firms perf ormance well in CSR, they can bring huge benefits to the investors, stakeholders, customers, community and society, which will be discussed below with examples as well. Negative Effects of Corporate Scandals When business firms or managers of firms act unethically and ignore their corporate social responsibility, the negative effects can outburst internally and externally.The negative effects of corporate scandals can influence the reputation of firms, the interests of stakeholders, employees, customers, environment and society. In 2009, Toyota recalled over 9 million cars over the world in two separate recalls because of the quality issue, which led to billions of dollars in operating losses andcharges. The reputation of top quality in car industry faced a heavy hit globally. Even though Toyota would not collapse completely, the reputation was threatened, which has been built through decades (Connor, 2010).The share price dropped down and customers distrusted Toyota in quality. The unethical action of Toyota to produce unsafe cars pulled Toyota in a dangerous place that it brought side effects on the reputation globally, which definitely reduced its market share and sales globally. In June 2009, the unethical behavior of Bernard Madoff damaged the interest of investors by using the Ponzi scheme. The similar case with Bernard Madoff exist more in business world, which brings huge side effects to investors. As a top audit firm, Enron met the corporate scandal.Enron lied about the profits and the success of Enron was brought by creative accounting. In 2013, the building collapse of Rana Plaza killed more than 1,100 people and this event involved many famous clothes brands into corporate scandals. Wal-Mart is one of them because it received clothes from Banned Bangladesh Factories, which has been defined as unethical operation (Grabell, 2013). The unethical behaviours of Wal-Mart damaged the interest of workers in Banned Bangladesh Factories. Meanwhile, Wal-Martà ¢â‚¬â„¢s brand image has been affected because Wal-Mart is treated as a firm with social responsibility.In 2010, BAE Systems plc (BAES) pleaded guilty for overseas corruption (The United States Department of Justice, 2010). The real cases that business firms or managers act unethically without corporate social responsibility are more than these mentioned above over the world. The side effects of these corporate scandals are widely spread. The corporate scandals can hurt the reputation of firms, the interests of investors and stakeholders, welfare of employees, the life damage or property losses of customers and the damage of environment.The side effects are so great that the society urges that the business should always be ethically and socially responsible. Positive Effects of Acting Ethically and Socially Responsible The positive effects of acting ethically and socially responsible support the statement that business should always be ethically and socially responsible. Just like t his essay stated above, there are various benefits firms and the whole society can get when firms address the corporate social responsibility and act ethically.Procter & Gamble is an excellent case of multinational firms that address corporate social responsibility well. There are few corporate scandals of Procter & Gamble in business world. Instead, there are many pieces of news on how Procter & Gamble is an excellent citizen in business world that addresses corporate social responsibility well. For example, Procter & Gamble provides PUR technology to purify dirty water for people in Africa and helps kids to live and get education (Procter &Gamble, 2013).Children’s Safe Drinking Water Program (CSDW) has reached over 70 countries to save tens of thousands of lives (Procter & Gamble, 2014a). Apart from this;Procter & Gamble (2013) donated money and encouraged employees to help the poor kids to get education in China. To protect environment, Procter & Gamble(2014b) is committed to design recycled products with innovation. Procter & Gamble (2014c) is also trying to make zero waste a reality from manufacturing and designing. There is no report on how Procter & Gamble benefit from addressing its corporate social responsibility.However, Procter & Gamble build its great reputation in business world globally. The reputation enhances the brand image of Procter & Gamble and meanwhile it increases the sales of Procter & Gamble the cohesion of employees in the firm. The investors may tend to join in Procter & Gamble because Procter & Gamblehas great corporate citizenship. In addition to Procter & Gamble, Coca Cola, Pepsi and other multinational firms are doing greatly in addressing the corporate social responsibility and get benefits from it even though it takes some cost.The money used in corporate social responsibility is another form of investment, which will come out profits with intangible asset. In China, there is a famous rich person called Li Ka-shing, who is always acting ethically and socially responsible. Because of his ethical business behavior and good morality, Li Ka-shing built his reputation and the reputation of his firm in business world, which has contributed a lot to his success. Meanwhile, the ethical behavior of Li Ka-shing avoided the side effects on the stakeholders, employees, customers and society.From the real case of Procter & Gamble and Li Ka-shing, it shows that when business firms or businessmen act ethically and socially responsible, they get payback with good reputation and brand image, which will be switched to products sales and intangible asset. This supports the idea that why business should always be ethically and socially responsible. Conclusion In conclusion, business should always be ethically and socially responsible because the negative efforts of corporate scandals can hurt the interest of society while the impact of acting ethically and socially responsible can be positive to the society.The essay provides the definition of business ethics and corporate social responsibility to outline how firms and managers are acting ethically and socially responsible. Subsequently, it offers two sides for the argument whether firms should address corporate social responsibility to support the thesis of this essay. The real cases of corporate scandals show the results and side effects when firms behave unethically in economic operations to urge the need to be ethically and socially responsible.Meanwhile, the real cases of Procter & Gamble and Li Ka-shing show that when firms or businessmen behave ethically and socially responsible, they can get payback in economy as well and the address corporate society will benefit the investors, employees, community, customers and environment. The negative impacts of acting unethically and the positive impacts of firms’ acting ethically and socially responsible to the firms, community and environment finally support the idea that business should a lways be ethically and socially responsible.

Dramatic features The Crucible Essay

‘The Crucible’ is always played exactly in its historical context with Puritan clothes and sets, it is rarely updated. What dramatic features does Miller employ to ensure the play maintains its relevance for a 21st century audience? In this essay I intend to discuss how Arthur Miller ensures that his play, which is set in Salem, Massachusetts, in the late 17th century, is still appealing and pertinent to a 21st century audience. Miller wrote ‘The Crucible’ in 1953, during the zenith of the McCarthy affairs in America. In 1692, the hysteria was owing to the alleged infiltration of witches under the command of Satan, while Joseph McCarthy was concerned with the supposed infiltration of Communists into American society. In both cases there were many innocent people accused and arrested, and panic bit into both communities. The play is relevant nowadays for many reasons: because it links with the situation in Afghanistan, it is exciting to watch because of the high tension and quite fast pace throughout, it incorporates dramatic irony to make the audience part of the action, and because it can appeal to so many different types of people. The reason why the whole Salem tragedy came about was because of an ancient paradox: a paradox still thriving and very relevant today. The paradox was the balance between individual freedom and prohibitive rules. The people of Salem had a religious theocracy, which was designed to keep the community together and to prevent any disunity in the neighbourhood. In this respect, the theocracy worked well. However, all governing systems must have rules of prohibition, or they simply will not work. Evidently, in Salem, the time had come when the repressions of order became too harsh in comparison to the dangers against which the order was set. The witch-hunt was a sign of the disarray when the balance began to swivel towards more individual freedom. An example of this paradox in modern society is the war in Afghanistan. Afghanistan was ruled by a religious theocracy, under the command of the Taliban. In order for the theocracy to be effective, the Taliban imposed prohibitive rules, such as the rule that all men must wear beards. Perhaps it was excessive individual freedom that led to the September 11th tragedy. Clearly, ‘The Crucible’ is a parable for many events like the Afghanistan situation with the Taliban. Just imagine the reaction of the Taliban if a child had started playing at ‘being an American’, like in ‘The Crucible’ children play at being witches. The anger and fear generated would have been just the same, despite being separated by over three hundred years. Even though times have changed since 1692, human nature is still identical, and tragic events like these will continue to happen because of our nature. It is futile writing a play that has a very relevant message to give to its audience, if the audience doesn’t stay until the end of the play. By using a structure that builds the tension progressively through the play, Miller ensures that his audience are kept firmly on the edges of their seats. He uses a climactic curtain at the end of each act, to entice the audience back to their seats after the interval. An example of this is the ‘cliff-hanger’ at the end of the first act, when the girls are hysterically accusing other women of being with the Devil.

Storytelling can help making the brand means much to the audience Essay

Storytelling can help making the brand means much to the audience because the stories just like a bridge which create a real connection between the work and the audience - Essay Example Storytelling presupposes that a consumption story protagonist tells a personal story in which he consciously or unconsciously intertwines a brand. Most often the existence of the brand influences and changes protagonist`s life for better (Woodside et al., 99). Storytelling in business is exceptionally important because it creates credibility of the brand making the product more real. Good myth can deliver the main message less persistently and more naturally. It is impossible to create something that will not breed similar concurrent products; however, it is possible to make the of the product unique. Myths shape information about the product in an effective way- not with facts but with coherent experiences of people. We all are prone to believe more to what we read or what feel and experience, and storytelling and myths in marketing is the most reliable way of facts presentation. It is also important to mind that stories are usually shared, not facts, and the probability of the advertisement with a good story to go viral is much higher (Thomas 1). Whole Foods, one of the biggest health food companies in the United States is good example of effective storytelling. Their myth is about healthy benefits of their products that change life of consumers. They claim that natural food is much better for the body and you as you will feel more energetic and healthier eating it. Those who consume this food care about themselves while those who prefer other products do not (Mathews & Wacker, 13) Nike is another example of an effective storytelling in marketing. The company is selling the myth about personal perseverance and resistance to the world and the following success. Nike has created a philosophy based on sportsmen who dedicate their lives to fighting with ordeals, rivals, and themselves finally and achieving success in this fight. In the story the product itself is placed on the

Photos Essay Example | Topics and Well Written Essays - 1500 words

Photos - Essay Example A Selfie can be defined as a self-portrait photograph that is usually taken with a hand-held camera device of a digital nature and are often shared on social networking platforms like Facebook and Instagram. They are characteristically unpremeditated and are taken using cameras that are at arm’s distance or from the image reflection of a mirror. This kind of photography was initially popular with the young people but it has gained considerable popularity over the years. At the end of 2012, the Selfie was considered to be among the top ten buzzwords of the year by the Time magazine and even though they had been in existed for long, it was in this year that the term grew in popularity. From a survey that was conducted in 2013, more than sixty percent of the women in Australia who are aged between eighteen and thirty five take selfies that end up on Facebook. A poll that was conducted by the maker of the popular smartphone company, Samsung, found that almost a third of the photos by people aged between eighteen and twenty four were selfies. With the increase in technologies that are portable like mobile phones and cameras, the ways photographs can be taken are now accessible to many people. Social media has developed to be a portal for an online identity and the selfie gives the users a chance to present themselves in the ways they want. The use of social media by various celebrities levels the playing field as far as proliferation of identity is concerned and the only difference between a young girl posing for a picture the same way Rihanna would do is the amount of audience she will get. The perception of fame as well as audience have been changed by the means of communication and delivery and the capability to have followers from all over the world is a modern phenomenon that has seen the perception of fame develop across borders. Why are people becoming continually obsessed

The application of consumer behaviour theory in the practice of Essay

The application of consumer behaviour theory in the practice of Marketing - Essay Example Consumer behaviour is an effective approach to analyse the decision making process of consumers individually and in groups. This concept gives particular focus to individual consumer characteristics including demographics and behavioural variables in order to identify consumers’ needs. This paper will discuss the application of consumer behaviour theories in the practice of marketing. For this purpose, the paper will consider two theories including Maslow’s hierarchy of needs and Noel’s consumer behaviour model. Maslow’s Hierarchy of Needs Maslow’s hierarchy of needs is a psychological approach developed by Abraham Maslow in his paper ‘A Theory of Human Motivation’ published in 1943. When human behaviour is influenced by culture, family background, and other relationships, consumer behaviour is shaped by different needs. Maslow’s hierarchy of needs gives a basic framework to evaluate why a consumer makes a particular purchase dec ision. The visual representation of the Maslow’s model is given below. (Source: Sorensen, n.d.) The Maslow’s model suggests that unmet need is the fundamental motivation for people’s every action. In addition, individuals try to meet their needs and desires in a particular hierarchy. According to the Maslow’s model, people should seek to meet their most fundamental needs before they can find solutions for their more sophisticated needs. In the pyramid above, most fundamental needs are portrayed at the bottom whereas the top part represents the need for self actualisation. Other layers reflect the need for security, love and belonging, and esteem. Maslow collectively calls the basic four layers of the pyramid as deficiency needs. Here, psychological needs represent basic physical requirements (air, food, and water) necessary for the human survival. Security needs may include personal security, financial security, health safety, security against unforeseen events like accidents (Koontz & Weihrich 2006). Likewise, the love and belonging needs represent relationships like friendship, intimacy, and family. The esteems needs indicate the human desire to feel respected. In the view of Maslow, self actualisation reflects the human desire to know what his full potential is and to achieve everything that he can (ibid). Referring to this model, psychological needs have the prime priority in an individual’s life. If an individual’s psychological needs are not met properly, he would de-prioritise all other needs and desires until these fundamental needs are met (ibid). For instance, breathing is more important for an individual to survive than financial security and friendship. If this highly prioritised need is not met, the individual’s physical condition will become worse and he will die eventually. In other words, an individual cannot try to satisfy needs like security and love and belonging unless his most fundamental ne ed (here breathing) is not met. Maslow’s hierarchy of needs can be used to explain consumer behaviour and hence it has greater applicability in the practice of marketing. This model is greatly assistable for marketers to determine what kinds of marketing efforts have to be taken to promote various products and services. Maslow claims that consumer behaviour and decision making are driven by any of the five levels of need in the hierarchy. Therefore, a marketer

Australian contract law problem question Case Study

Australian contract law problem question - Case Study Example The offer may be oral, written or implied from conduct. Offers are of two kinds: a specific offer is made to a specific offeree. No one else can accept it. 'If you propose to make a contract with A, then B cannot substitute himself for A without your consent and to your disadvantage, securing to himself all the benefit of the contract': see Pollock, CB, Boulton v Jones (1857)1. A general offer can be accepted by anyone, and usually without prior notification of acceptance: Carlill v Carbolic Smoke ball Co. (1893)2. It was found in Carlil that there was: 'an offer made to all the world'; 'to ripen into a contract with anybody who comes forward and performs the condition'; and that 'as notification of acceptance is required for the benefit of the person who makes the offer, the person who makes the offer may dispense with notice to himself if he thinks it desirable to do so.' In the given situation, Elaine's statement 'I will give that bike to anyone who can fix my neck', was clearly a general offer. However, neither it was shown that Kramer has validly communicated his acceptance to Elaine nor it was shown that the latter has dispensed with the notice of acceptance. Clearly, there was no valid and enforceable contract between Elaine and Kramer considering that there was no agreement between the parties. However, it can be argued that acceptance may be done by positive conduct of the offeree as long as the acceptance must be active and that there must be some positive act by the offeree: Felthouse v Bindley (1862)3. Hence, Kramer may argue that by massaging Elaine, he has communicated his acceptance by positive conduct to Elaine. Furthermore, a valid offer has certain characteristics: certainty (a promise to pay an extra 15 or 10 buy another horse if a horse 'proves lucky to me' is too vague to amount loan offer: Guthing v Lynn [1831])4 and communication (an offer must be communicated to the offeree before it can be accepted.) Thus, if a seaman helps to navigate a ship home without informing the owners in advance, he cannot insist on payment, since the owners have not had notice of his offer, and, therefore, no opportunity to accept or reject it: Taylor v Laird (1856)5. Thus, in the given situation, the promise 'I will give that bike to anyone who can fix my neck' lacks the requirement of certainty. Such promise is similarly too vague as the promise to pay an extra 15 or 10 buy another horse if a horse 'proves lucky to me' to amount to a loan offer: Guthing v Lynn [1831]) In several cases, it has been ruled that preliminary statement may not amount to an offer. An invitation to treat which is a statement that is intended to elicit an offer from someone else has been ruled to have no legal force as the offer it elicits can be accepted or not without obligation: Gibson v Manchester City Council (1979).6 Moreover, a statement of the price at which one is prepared to consider a selling a piece of land or any communication of information in the course of negotiations is a mere preliminary statement which were held not to be an offer. In the given situation, it can be argued that Elaine's statement was a mere preliminary statement which does not constitute a valid offer. Moreover, another requirement in the creation of a valid and enforceable contract is an intention to create legal relations. In an agreement between friends in a domestic arrangements, there is a presumption

Ddp3 Essay Example | Topics and Well Written Essays - 250 words

Ddp3 - Essay Example According to Cambridge Dictionaries Online (2003), a research is â€Å"a detailed study of a subject, especially in order to discover (new) information or reach a (new) understanding.† Clearly, I have gained a better understanding of organisational research and more importantly its usefulness to the organisation. I have come to appreciate the fact that the growth and development of an organisation depends largely on the amount of effort that is put into researching on issues that concern the organisation. My thinking about the structures of an organization and how they operate has greatly been affected. Due to lesson taken in this module, I have come to learn about organizational structures, division of labour and the need to respect organizational protocols. This means that in practicality, I am going to be a better functionary of any organization I find myself. Clark (2010) has it that â€Å"Leadership is a process by which a person influences others to accomplish an objective and directs the organization in a way that makes it more cohesive and coherent.† As a leader of people and as a manager of an organizational, I have learnt out of this module that organizational leadership is all about team work. This is to say that as a leader, I am not supposed to assume that I have the power to get all things done. Rather, I have to believe in the competences of my subordinates and give them much room to also put their capabilities to use. My major original contribution has to do with supportive coexistence. In my opinion, organisations can be managed better if each member of the organisation lived and worked the proverbial ‘being each other’s keeper’. Organisational structures must work must each person must be available to support the other

Case Analysis - Greene Gardens Study Example | Topics and Well Written Essays - 1000 words

Analysis - Greene Gardens - Case Study Example Answer # 2 I would firstly think about tracking the source of the infection, since the matter concerns human life it is of an intricate nature and I would want to get to the bottom of it quickly, for example I would give a lab test of the soil and manure used on my ranches to see if strains of the bacteria were present. Fresh vegetables such as spinach have frequently been said to be infected with the E. coli bacteria (World Health Organization, 2011). Therefore the probability of Greene Garden’s ranches being responsible also increases. I would next try and brainstorm with my team the measures which Greene Garden can take to reduce the threat to our vegetables, for example spraying the fields with pesticides etc and using better quality fertilizers in stead of animal manure (Mukherjeea, Spehb, & Diez-Gonzaleza, 2007). However, an important concern over here would be the cost constraints, I would most certainly want to do all I can to ensure that my vegetables are not at risk, yet I would want to be cost effective in my actions. Answer # 3 The new information further increases the possibility of Greene Garden’s spinach being implicated. I would first want to get in touch with someone who is involved in the investigation and has first hand knowledge regarding the method being used to test the samples. Furthermore, I would like to find out what the FDA thinks might be the source of the bacteria, for example water is known to be a carrier of the E. coli bacteria (Uzoigwe, O’Brien, & Brown, 2007) so may be getting the water tested would reveal the source of the pathogen. I would keep talking to the FDA officials and make my concerns evident to them so that they are aware of the fact that I am genuinely interested in finding out the cause and taking corrective action if my spinach is implicated because in such fragile situations it is important to have a good rapport with officials in strong positions. Additionally, I would make it a priority to run a public relations campaign regarding the safety precautions the consumers can take in order to keep themselves safe for example humans can get exposed to the E. coli strain through food, animal contact, and drinking water and also from one person to another (European Food Safety Authority, 2011). Therefore, till the FDA is able to come to a conclusion, warning people of all the possibilities and safety measures would do the customers well and also render Greene Garden a good name. Answer # 4 I would talk to my contact person at Tossed Fresh and try to convince them to recall the product. It might be hard because recalling so many products leads to a lot of losses yet if the long term and short term goals are weighed against each other, the benefit from recalling the product far exceeds the long term loss of reputation if the spinach from Greene Garden was actually tested positive for E. Coli. I would also try to convince Tossed Fresh on the grounds that since GRT Salads along with two other companies had recalled products it would now reflect badly on Tossed Fresh if it did not recall its products. It is understandable that the products have a small shelf life and that losses would be incurred, however,

Not decided yet.. Read the instruction.. kindly decide the topic Research Paper

Not decided yet.. Read the instruction.. kindly decide the topic - Research Paper Example The water becomes unsafe for human and animal consumption. Both human, animals and plants may die off because of water pollution. In addition, environmental degradation affects the quality of air. The air is mostly polluted by industrial emissions of carbon and sulfur compounds that may be toxic for both plants and animals. The issue of environment features in every government debate and election campaigns. It shows that the Americans take the environment issue seriously. In fact, the American electorate can shift towards favoring any candidate that is conscious about the environment. The people of the United States contribute a lot of resources towards cleaning the environment and enforcing of environmental policies. As such, the United States has seen a reduction in environmental pollution. However, the increasing economic growth is still taking a toll on the environment. The United States economy experienced massive industrialization in the 19th century. People realized the importance of natural resources that were in abundance. As a result, people cleared forests and grasslands for agricultural and industrial use. The environment was heavily degraded as the exploitation of resources continued. Clearing forests, cultivation in the prairies and hunting of exotic animals called for action to protect the environment. The resultant issues arose public consciousness into the impact of extraction and manufacturing activities on the environment. The successive governments have tried to overcome the problem by making environmental policies. The government of the day has revamped its efforts to combat the causes and the effects of environment degradation at the national level, state level and local level. Some of the elements in the United States environmental policies include; increased budgetary allocation towards the

Auditory system and optical system Essay Example for Free

Auditory system and optical system Essay Two of the most important sensory systems in human body are optical system and auditory system. Optical system or sometime called visual system involved in the process of taken amount of stimuli and transfer it into some figure that we can perceive as images that make senses. Auditory systems involved in sound wave that transduced by drum ear into some kind of vibration that eventually gets converted back into wave what we perceive as noise. There are a lot of similarities in their mechanisms of how they gather, carry and prepare those informations from sensory neurons. However, there are also a lots of differences on how each system operated and where does it takes information into difference area of the brain. For both systems, optical and auditory, the information comes from our environment in many forms. For example, optical system detected all still images and image in motion as far as human eyes can see. The auditory is ready to absorb any noise or sound for twenty-four hours a day. Their structures and mechanisms are similar in a way they gather information, prepare and perceive those information into something that make sense in our brain. After the sensory neurons carry information into specific system each detect, transduce and coding those information before they being send to central system, the brain. Both systems have similar structure that transmit those information to the final destination, the brain. Even though, both system basic the same. Each system perceive those information that perceive from sensory neuron in totally different way. For instance, optical system receive visible spectrum of wave of electromagnetic radiation. The frequency of wave created color and distinguish brightness by amplitude. In auditory system, the frequency of wave created tone ( pitch) and loudness by amplitude. For the optical system, the cornea gather light rays that pass into inferior of the eyes. The information such as lights brightness, hue/color or motion are translate into coded neural impulse. The codes then carried by optic nerves to the brain. However, the information from one side are send to the opposite side of hemisphere but stimuli go to the same side hemisphere. The optical information are stored in occipital lobes where it was process and try to make sense of those information base on experience and individual perception. For the auditory system, the sounds wave goes through the ear canal and hit the ear drum. They activate the the drum and the information being send through the fluid as a result it bents the hair cell in the cochlea and the information then translate into neural impulse. The intensity of sound waves determine by how many hair cell are fire as well as how frequently they fire. The auditory information then carried by auditory nerve from one side of the ear are sent to the opposite hemisphere. The auditory information are stored in temporal lobes where it was process and try to make sense of those information base on past experience and pattern. In conclusion, the optical and auditory systems have basically the same structure and mechanism but they both different in how they gathering, preparing, detecting, and translating those information. Each system are unique and unbelievably complex structure that we need to learn more.

Overview Of Skincare Industry India Marketing Essay

Overview Of Skincare Industry India Marketing Essay The preference of Indian consumers is changing from the merely functional products to the preferential products. The average annual spending of Indian consumers on cosmetics and toiletries in 2005 is just over US$3. The cosmetics and toiletries saw its value share rising from 27% in 1999 to 31% in 2005. This trend also continued after that with consistent increase in the share. The entry of many multinationals also fuelled the growth in the industry as foreign players focussed more on product innovation. It is seen that global companies after coming to India trying to explore the traditional skin care products in India. Indian consumers are increasingly looking to international personal care brands as lifestyle enhancement products which will create a sophisticated and upper class image. The total skin care market is estimated to be around Rs. 3,400 Cr. The total size of the Indian retail beauty and cosmetics market is currently estimated at $950 million.   The overall beauty and wellness market, which includes beauty services, is $2.68 billion.   The cosmetics market in India is growing twice as fast as that of the United States and European market. However, The skin care market is at a primary stage in India. The penetration level of this segment in India is around 20 per cent. The improvement of medical technology also fuels the growth of the market in India. Major companies active in this segment include Hindustan Lever; Godrej Soaps, Colgate-Palmolive, Marico, Dabur and Procter Gamble. The skin care market can be segregated into toners, cleansers, sunscreens, anti-wrinkle creams, dark circle removing creams, astringents, f acial creams, moisturizers, fairness creams, day and night-creams. The penetration level for both the urban and rural market is low. Many people still prefer to use traditional products to cure the skin More than 25% growth every year in the Skin Care Industry Facial skin care products have become an essential part of the beauty market Gradual Adoption of the western culture The chart below shows major players in the skin care industry and their respective market shares International Skin Care market The skin care industry worldwide is a 50 Billion Dollar plus business. Caring for the skin of people throughout the world is a popular business. It is a business where people are passionate about their work, because it matters. It matters to their families, to their communities, to their profession and the whole world. It is a business where unmet needs still abound and where people around the world are waiting for new and better solutions. The major product segments in the market are Face Care Products, Body Hand Care, and Depilatories, and, Sun Care Products. The sub product segments include Facial Moisturizers, Facial Cleansers, and Hand Body Lotions/Creams. At present there are about 889 companies in the international market including many key and niche players worldwide such as Amway Corp. Asian markets ( 2007 Euromonitor Report) Rank Country Skin Care Value per Capita Country %Growth 1 Japan 102 US $ Indonesia 26 2 Hong Kong 73 US $ China 16 3 Taiwan 58 US $ Vietnam 15 4 South Korea 57 US $ India 13 5 Singapore 41 US $ Singapore 10 6 Thailand 14 US $ Malaysia 10 7 Malaysia 10 US $ Thailand 9 8 Philippines 5 US $ Philipines 7 9 China 4 US $ Taiwan 5 10 Indonesia 1 US $ Hong Kong 4 11 Vietnam 1 US $ South Korea 4 12 India 1 US $ Japan 2 From the above table it is clear that, The people in India spent least amount of money on the skin care with respect to the other Asian countries, However India has shown a very rapid growth in the personal care segment with a growth of 13% and is ahead of 8 prominent Asian nations. That shows that India has a tremendous potential for growth. The chart mentioned below tells about the Per Capita Skin care product Consumption of the India in comparison to other Asian countries( The values are in US $). This There is a huge potential market for skin care products in India as compared to other Asian countries as Indian market is still to be explored. Percentage of Skin care products in total cosmetics products segments Skin Care: 16% approximately Hair Care: 16% approximately Bath and Shower products: 46% approximately Colour Cosmetics: 6% approximately Fragrances: 1% approximately Drivers of the Industry Growing worldwide wealth Changing consumer lifestyle Globalisation Celebrity endorsement increases consumers awareness and interest The total disposable income of the people in Asia is 21% of that of the world which is estimated to increase to a value of the 23%( Euro monitor Report) The major Skin Care Segments and their Drivers Strong Desire for the fair skin Drivers Asians beliefs White hides three ugly bits Fairer equals to upper class Stressful lifestyle Busy lifestyle resulting in less sleeping time Stress hormone sends the skins oil glands into overdrive Development and Outlook These beliefs and the strong desire for the skin whitening products led to the development of technology and evolution of new whitening products and formulations. The whitening creams are also produced for men. In recent years the fairness cream is combined with the anti-aging formulations which bring the satisfaction and feel good factor to the customer. Also with rise in work-stress and pollution people are more inclined to these products. Not only that, baby skin care products, sun protection products, bleach and facials also gained popularity among people. Anti Agers Drivers Growth in Aging Population Accelerated Aging Rising Pursuit of Agelessness Development and Outlook Target young consumers: Prevention better than cure Super-premium : From global to local brands Mass brands developments Cosmeceuticals : Collaboration between cosmetics and pharmaceutical company New technology and ingredient More regulated industry to ensure the safety of cosmeceuticals Facing strong competition from aesthetic beauty service industry Skin Care Applications Drivers Increased consumer knowledge on skin care application TV beauty programs educates consumers on different products benefits Technology advancement Skin care evolution thanks to technology and research Beauty web blogs to allow consumers to exchange ideas New Routine Cleansing Liquid Cleanser Lotion AC Essence Mask Emulsion Effector White Essence Cream Trends and development Usual Routine Cleanser Toner Moisturiser Development of more powerful products Consumers may outsource personal care and pay for spas and treatment India has the maximum growth in the resort/hotel spa( 107% growth annually in 2007) Natural and ethical products Drivers Massive awareness of health wellness Safety scares and recalls Consumers look for guarantee of authenticity Rising greensumerism Technology facilitate the development of more effective products Key Trends and Developments Edible, natural and herbal ingredients Environmentally friendly packaging New retail concepts Minerals and precious materials, including gold Packaging innovation: eco-friendly packaging Same consumer buying both high technology and natural products Emergence of at-home-make products Venture into other products, such as sun care Well-known designers and celebrities increase consumers knowledge on natural ethical products Men Skin Care Drivers Workplace: Pressure from competition in workplace led to the emergence of Metro sexual man Greater acceptance in developing nations Move to more advanced products Key trends and Development Stronger growth than skin care: In 2007, the Asian Skin Care Market has grown at a rate of 8%, where as the men skin care market has grown at a rate of 14%. Similarly projected growth in 2012 is 6%, whereas the growth of the men skin care segment is 8%. Moving away from 3 basic cleaning steps Macho-sexual vs metrosexual Increasing popularity of sportsmen Lower acceptance of mens colour cosmetics Main focus will still be skin care and other mens grooming products New technology Focusing on convenience Cosmetics surgery for men Getting popular in countries like Japan and South Korea Inhibitors of the Skin Care Industry Environmental Standards In 2003, Unilever, had been exposed by The Environmental Investigation Agency (EIA) and Friends of the Earth in an article in the Observer newspaper today for sourcing talc illegally quarried by an Indian mining company. The mining company has also listed US multinationals, Johnson Johnson, Revlon and Avon among its clients. The quarrying not only destroys tiger habitats but also devastates the forest and watersheds vital for the well being of local people. This is one of the examples of how the environmental protection standards can affect the business in skin care industry. Laws Regulations of the government Cosmetics directly affect peoples life. Hence, the regulations for the cosmetics match to that of the drugs considering the sensitivity of the skin care cosmetic products and their possible side effects. The Drugs and Cosmetics Act 1940 is there to impose standards on the cosmetics manufacturing industries. Government import export taxes and regulations for the foreign companies also affect the skin care market. High end customers prefer MNC skin care products. Stringent government regulations are certainly inhibitors of the development of the skin care market in India. Trends Opportunities in India Growth in the young population (RBI report): Changing demographics in India 2/3rd Population below age of 35 Favourable Consumption Pattern: The share of private consumption for personal care products increases consistently over the years( Economic Survey 2009) Increase in Urbanization in India: The skin care products are not in the basic need category. Hence, the urban people whose basic needs are fulfilled are more inclined to these products and are potential customers to buy the skin care products. Urban Population in Millions Urban Population as a percentage of total population 1971 109 19.9 1981 160 23.3 1991 218 25.7 2001 285 27.8 Porters five forces analysis of International Skin Care Industry The manufacturing of skin care products is currently dominated by a small number of multinational corporations that originated in the early 20th century. The three largest skin care product companies in the world in terms of market share are Procter and Gamble, Loreal and Unilever. But they face stiff competition from the likes of Estee Lauder, Colgate Palmolive, Avon, Shisiedo, Johnson and Johnson, Beiersdorf. There are also a large number of local players within each market. In this analysis we will be analyzing the forces which affect the global skin care industry as a whole because many of the forces have similar effects across the world. Nature of Competition: The industry is a highly fragmented market, marked by the presence of a few companies with a global presence, which control a significantly larger share of the cosmetics market. The top 3 companies (LOreal, PG, and Estee Lauder) control around 35% of the share. The top 10 companies control nearly the 50% of the market. The rest of the market is distributed between small players who have a highly local presence. The industry is highly competitive due to the presence of a large no. of SMEs (France alone has over 850 firms with 10 employees or less). Another form of competition is from direct selling companies like Avon and Amway. The high end of the market is characterized by low volume, high product differentiation and large brand strength, which restricts the competition. While the low end market with limited differentiation allows opportunities for smaller companies to make their mark. Natural cosmetics in particular are rapidly gaining popularity and present an opportunity for SMEs and new entrants can compete against established giants. The industry is characterized by a high rate of product development and product obsolescence. Bargaining power of Buyers Due to the strong brand power of most of the large brands, buyer power of retailers and distributors is reduced as they must stock the most popular brands. But in operations where the retailers have a stronger position, markets where competition is intense, then buyer power increases. We can also analyze buyer power from the perspective of the end consumer because it is they who dictate the market trends. The customers do not always stick to one brand of makeup or perfume or any variant offered because the switching costs are very low. This means that buyer power is high and demand for favourable prices. Bargaining power of suppliers With global sales of nearly $300 billion in the cosmetic industry(2007 report), skin care products present one of the most complex global sourcing challenges. Much of the sourcing for the industry involves a fragile web of small, fragmented suppliers that must be linked together using a sophisticated and effective logistics technology. Suppliers are often small in scale compared to the largest manufacturers and consequently their power is reduced, but this countered by the fact that chemical producers gain revenues from a wide variety of sources, reducing their dependence on skin care product manufacturers. The trends seem to indicate similar conditions for the future. Overall, supplier power with respect to the cosmetic market is moderate. Threat of close substitutes: There are substitute products, but they are not fully developed in the Indian market as well as globally. There is a rise in popularity of the herbal and Ayurvedic products. People are more inclined to use skin care products that are made from natural herbs, rather than chemicals. Also some Ayurvedic medicines are believed to purify blood and bring good health to skin. The products made from chandan, haldi, rose water are used in villages to bring fairness in both girls and boys. These products are cheap and risk free. Hence , these products might act as substitutes to the skin care products produced by the companies. As the market of these herbal products is in the nascent stage, the threat from the substitute products is low. The same case is with the global skin care market. Threat from New Entrants Large firms generally have significant advantages over new entrants. Large firms scale economies allow them to compete more effectively on price, and invest in their own business; companies entering the market may find it difficult to compete. The brand strength of the major manufactures is considerable, which may negate much of the effect of low switching costs. New entrants may be able to start on a small scale, operating within a particular niche, such as make-up with anti-ageing components, for example, stressing natural ingredients. Hence, threat of new entrants is low. Barriers to Entry Product testing and research is both time-consuming and costly. New entrants also need to persuade stores to stock their products, and major retailers, aware of their importance in the distribution chain, may be unwilling to risk displacing existing brands for the sake of new ones. Substantial funds are needed to start up a business in this market, with capital required for investment in production, distribution, and also advertising which is crucial to success in the market. Hence, barrier to entry is high and needs high initial spending. Industry regulation: The companies are usually forced deal with strict regulations on issues like animal testing and environmental protection. Also cosmetic products have to face the highest level of scrutiny (almost the same level as pharmaceuticals) with regard to their safety levels. Strategy to be followed: They should try and target niche markets in the beginning and follow strategies like direct selling. Local penetration is required before moving for internationalization. Regulatory Landscape Current Indian cosmetic regulations are complex and there are multiple regulations under different regulatory bodies. There is a need to simplify the regulations and there is also a need to address the growing issue of spurious products and counterfeits. Indian cosmetic industry is mature and responsible enough to ensure safety quality of its products and the industry can take up joint responsibility with the Regulator for cosmetic regulations in India. European and ASEAN countries have adopted this model of self regulation successfully and the same is being suggested here in the Indian context. There is a negative list of ingredients which cant form a part of any cosmetic composition. There is also a restricted list of ingredients; such ingredients can be used only under specific concentration range in specific products and under specific conditions of pack declaration. In addition, there is a positive list of preservatives and UV filters thus restricting the choice of such ingredients and their concentrations. Cosmetic labeling is dictated by multiple regulations This includes Drug Cosmetics act, BIS packing norms and Standards of Weight Measures act. More recently, several amendments have been notified in the labeling clause of Drug and Cosmetic Act. Manufacturer is required to submit the relevant information pertaining to the formulation, raw materials used and their specifications, product quality specifications and safety data in support of the formulation. The information is reviewed by local (State) FDA and a cosmetic license is granted or otherwise. The clinical trial of the skin care products is also done to ensure safety for the consumers. Difference between Indian regulatory framework and the International regulatory framework for the skin care cosmetic products. EU ASEAN INDIA Legislative Document EU Cosmetic Directive ASEAN Cosmetic Directive Drugs Cosmetics Act, 1940 and Rules 1945 Labelling declarations: BIS product standards; PCRO Product classification Broader Cosmetic definition-definition includes secondary benefit; Broader Cosmetic definition-includes secondary benefit; Narrow Cosmetic definition-No secondary benefit allowed Cosmetic categories as illustrative lists yes yes No Claim Guidelines for regulation no yes No Value Chain Analysis The value chain for the cosmetic and skin care industry is as follows. The flow of channel from the supplier of the raw material to the retail shop is in accordance to the international generalized value chain. The analysis is also valid for the skin care products. Finished product Distributor Retail Raw material Supplier and DistributorNeutraceutical and Pharmaceutical Companies Raw Material Supplier for Skin Care Personal Care and Cosmetics Suppliers Media manufactures Chemicals Biological reagents Raw material supplier Preservative manufacturer Cosmetic Finished goods manufacturers; Salons; Department Stores; Dermatologist Office Finished Good Brand Owner CRO for finished goods and brand owner Gate Keepers Personal Care Council HUL In the skin care industry HUL is one of the major players having largest market share. Its famous brands in skin care are as follows Ponds : Global Brand, first mover to the country in 1947 Fair and Lovely : Patented formulation and is an Asian brand Lakhme Skin Care : This is brought from Tatas and is important for Salon business Aviation : Customized Skin Care solutions Vaseline : Monopoly in Indian Petro-jelly The personal product segment of HUL contributes to the 26% of the total revenue generated by the company. SWOT analysis of HUL Skin Care Strength The products have strong market reach. The soap brand LUX is available both in high price and low price variations. The skin cream brand fair Lovely has a very wide spread market. Strong Sales and Distribution Networks. Many variants of each product: Fair Lovely, Ayurvedic Fair Lovely, Fair lovely Anti marks Under a particular sub-brand, there is a huge diversified portfolio of products. For example, under Lakhme, there are almost all types of skin care products.( Anti aging, scrub, fairness, face wash, oil control etc) Both value and volume growth are ahead of the market Weakness The skin care products are mainly positioned as beauty products and are relevant to women. Though there is a huge opportunity to explore the products relevant to men, HUL has not much penetration to it. It is currently entering into the men skin care segment The sun screen, scrub and facial skin care products are not well developed till now and are not doing well compared to other skin care brands Premium products are not popular in rural Indias Opportunity Lakme Lever Private Limited (LLPL) commenced operations during the course of the year with the objective of achieving excellence in beauty services and with a view to create and nurture a service mindset. The Company launched the Lakme Studio, a premium salon format commencing with Delhi which has shown early signs of success. Similarly, Lakme Studio have also been recently rolled out in Mumbai, Chennai, Hyderabad and Bangalore. Liquid Body Wash is currently in growth stage. The HUL brands like Lakhme, Dove, Lux could produce products of these kind and capture the market Threat HUL skin care is at a maturity stage. The revenues may decline if constant innovation is not followed. Strong Internal competition: Competition between Lakhme Dove, Competition between Lux and Peers. External Competition and foreign players( Garnier, LOreal, Nivea etc) Brand Perception Brand Perception of the customers is mentioned is mentioned on the basis of perception about some specific brands like DOVE Fair and Lovely Fair Lovely Brand Perception: Customers believe that Fair Lovely ( Anti marks) is specially designed for skin with marks and spots. Fair Lovely with breakthrough Vita-Aloe Complex Lightens different kinds of marks in 4 weeks Gets visible fairness in 4 weeks Helps in preventing spots from coming back Ayurvedic Fair Lovely has extensively researched the fairness secrets of ancient Ayurveda and created a unique mix containing extracts of special Ayurvedic herbs. Its proven formula penetrates deep down your skin to give you a glowing fairness from within. Fair Lovely Ayurvedic contains Kumkumadi Tailam, an ancient fairness recipe of 16 precious Ayurvedic ingredients. Ayurvedic Fair Lovely Fairness Cream contains Nilopala Patanga. These Soothe relax skin cells, give a serene look. It also contains Chandana Ushira which reduce skin irritation, give long lasting cooling sensation. Marketing Strategy Adopted: Fair Lovely , apart from the fairness cream for girls entering into the men fairness segment and body lotion segment to increase its portfolio of products. Fair Lovely menz active is the product in this segment. Entering into Aurvedic segment, Fair Lovely is able to create a perception in the minds of the customer that its product is totally free from harmful chemicals and can bring a permanent change in the colour of the skin without any side effects as Ayurvedic products are without side effects. Fair Lovely, also in its advertisements creates a picture of woman which is unsuccessful and rejected everywhere because of her dark skin. Where as after using the product, she is able to regain her self respect and becomes successful. EMAMI Emami , a kolkata based company has been in the skin care products since the last 30 years and has sustained a good position in ayurvedic products. Products Boroplus Cream Fair and Handsome Boroplus Powder Navratna Cool Talc New Launched Products Boroplus Body Lotion Malai Kesar Cold Cream Marketing Mix Product Emamis products are mainly based on Ayurveda. The major skin care products are e.g.Fair and Handsome, Boroplus etc. Fair and Handsome continued its brand category dominance in the Middle East and the sub-continent; Boroplus maintained its dominance in India, Russia, Ukraine and Nepal. New products (Boroplus Winter Lotion and Emami Malai Kesar Soap) and new product variants (Navratna Oil) were launched. Price Emami has set the prices which are reachable to people of all economic status , and the products are available in wide variety of volumes e.g. Fair and handsome is available in SKUs of 7 ml, 12 ml, 30 ml and 60 ml. Place Emami has a good distribution network. The vast network includes over 4, 25,000 retail outlets, 2,800 distributors, 1,500 sub-distributors, 30 depots, six regional sales offices Promotion Emami invested Rs. 19,442 lac on advertisement and branding in 2009-10. Emamis products are endorsed by celebrities like Amitabh Bachchan, Shah Rukh Khan, Kareena Kapoor, Mumbai Indians (Sachin Tendulkar, Harbhajan Singh, Zaheer Khan), Saurav Ganguly, Virendra Sehwag, Madhuri Dixit, Chiranjeevi, Surya, Sunny Deol and others SWOT Analysis Strength: Distribution Network- Emamis products are available in 4,25,000 Indian retail outlets and 65 countries. Strong reach in rural india Celebrity ambassadors- Emamis products are endorsed by celebrities like Amitabh Bachchan, Shah Rukh Khan,Kareena Kapoor Advertisement Spent- Emami invested Rs. 19,442 lac on advertisement and branding in 2009-10 Advertising spend, as a proportion of the total revenues, was 18.7% in 2009-10 against 19.3% in 2008-09 Innovation- Emamis Fair and Handsome created mans fairness as new category of skincare products in India Fiscally Efficient- Nearly 56.1 % of Emamis revenue were derived from tax exempted locations in 2009-10 Certifications- Emamis quality credentials comprise respected certifications like cGMP, ISO 14000 and ISO 22000. Weekness: Inability to launch new products Major products based on Ayurved only Opportunities: The growing demand of beauty products provides a good opportunity. Emami can take advantage of already captured greater market share in the Fair and handsome and Boroplus products. Threats: A threat to the Emami is also the growing competition within the field of cosmetic brands. Due to the ongoing addition to the field of cosmetics, there is still the danger that other brands could surpass the profit. Another threat to the Company is the economic downturn that is quite evident in other countries. Such could thus hurt the possibility of higher profit for the company. Problems or delays in integration with Zandus distribution network, positioning and brand building may result in lower profit Fair and Handsome Cream Emami Fair Handsome is positioned as a product for male and portrays a strong male image. The colors used are silver, black and orange, which gives a strong macho look to the product. The pink colour is being avoided. The illustration on the cover page are before and after effects of the cream. It also contains a leaflet of information. This is to make sure that customer is well conversant with the instructions and is satisfied with the product. It was Launched in October 2005; first fairness cream for men in India Competitors- Fair Lovely Menz Active (Hindustan Unilever), Fair One Man (Elder Pharma, Shehnaz Hussain), Nivea for Men Whitening Cream (Nivea) and Set Wet Get Fair (Paras Pharma) Point of Difference- The unique five-power formula helps enhance skin fairness in just four weeks. The formula includes double-strength peptide complex, sunguard, anti-bacplus, stress buster and herbocool. Market Share- enjoys 84% market share in the Rs. 137 cr domestic mens fairness cream market Sales- Sales grew by 27% in 2009-10 Boroplus Antiseptic Cream Aniceptic and curative cream which is ideal for hard weather conditions and minor skin problems Competitors- The brands principal competitor is Boroline. During winters, the brand competes with other winter care products like cold creams, petroleum jelly and lotion etc. Pont of Difference- The presence of ayurvedic elements enhances medicinal and anti-septic features. Market Share- Boroplus accounts for around 74% market share of the Rs. 269-cr boro brand creams in India. Sales- Largest selling antiseptic cream not only in India but also in Ukraine, Russia and Nepal. Sales grew by 15% in FY 10 Boroplus Brand has been ranked 77th in the Brand Equity Zydus Wellness Ltd Segmentation: Everyuth is a brand of Zydus Wellness Ltd ,a pharmaceutical company which caters to a flexible market segment of woment aged between 18 to 35 years. They have a monthly income of Rs 10000 and above and they live in u

Ancient Babylon :: essays research papers

The code of Hammurabi was one of the most important documents in Babylon history. It was adopted from many Sumerian customs that had been around for a while before the Babylonians. Though many of the Laws were adopted from Sumeria they were published by Hammurabi and thus known as the code of Hammurabi. This code had four main parts to it. They were: Civil Laws, Commercial Laws, Penal Laws, and the Law of procedures. The Civil Law was an important one to the people. It set up a social class system based on a hierarchy based on wealth. The Babylonians had three classes according to the code. They were the freeman or wealthy people, the semi- freeman who were able to become slaves at any time, and the slaves who were of course the lowest class. The next section in the code was the Commercial Law. This had to do with business transactions and most things relating to business. It set up 20% interest rates. There was a political economy based on economic status. The wealthy classes were the creditors and the poorer class was the debtors. After the Commercial Law came the Penal Law. This had to do with the issue of crime. The laws were unusually harsh do to their ineducation. Despite this the wealthy class usually enjoyed more freedom from the law than the lower classes. There was no jury in the court back in the times of Babylon. The code of Hammurabi was like an eye for an eye punishment. If you killed someone than you would be killed. The last law was the Law of Procedures. This dealt with the way all of the other laws were carried out. It also had to do with the way ceremonies were carried out. These ceremonies could include marriage and other religious ceremony. The first group of people to take over the Mesopotamia region was the Akkadians. They took over around 200 BC and they were lead by their leader Sargon the Great. Sargon was not a good leader and Akkad the empire they built was not organized at all. It had no society and no civilization. Soon after the Akkadians came the Amorites. They were also known as the old Babylonians. They built the city of Babylon and made it one of the biggest trade centers in the Middle East. Hammurabi was the King of the Amorites and was famous for the code of Hammurabi. Ancient Babylon :: essays research papers The code of Hammurabi was one of the most important documents in Babylon history. It was adopted from many Sumerian customs that had been around for a while before the Babylonians. Though many of the Laws were adopted from Sumeria they were published by Hammurabi and thus known as the code of Hammurabi. This code had four main parts to it. They were: Civil Laws, Commercial Laws, Penal Laws, and the Law of procedures. The Civil Law was an important one to the people. It set up a social class system based on a hierarchy based on wealth. The Babylonians had three classes according to the code. They were the freeman or wealthy people, the semi- freeman who were able to become slaves at any time, and the slaves who were of course the lowest class. The next section in the code was the Commercial Law. This had to do with business transactions and most things relating to business. It set up 20% interest rates. There was a political economy based on economic status. The wealthy classes were the creditors and the poorer class was the debtors. After the Commercial Law came the Penal Law. This had to do with the issue of crime. The laws were unusually harsh do to their ineducation. Despite this the wealthy class usually enjoyed more freedom from the law than the lower classes. There was no jury in the court back in the times of Babylon. The code of Hammurabi was like an eye for an eye punishment. If you killed someone than you would be killed. The last law was the Law of Procedures. This dealt with the way all of the other laws were carried out. It also had to do with the way ceremonies were carried out. These ceremonies could include marriage and other religious ceremony. The first group of people to take over the Mesopotamia region was the Akkadians. They took over around 200 BC and they were lead by their leader Sargon the Great. Sargon was not a good leader and Akkad the empire they built was not organized at all. It had no society and no civilization. Soon after the Akkadians came the Amorites. They were also known as the old Babylonians. They built the city of Babylon and made it one of the biggest trade centers in the Middle East. Hammurabi was the King of the Amorites and was famous for the code of Hammurabi.

Exiles :: essays papers

Exiles Exiles Response In the essay "Exiles," Carolyn Steedman uses different voices throughout the story. Steedman uses her mom, dad, and grandma's voice to speak her essay to the reader. She does this by either using someone else's memories of the instant by referring to what their mom did, told by the father or grandmother. She also uses memories or voices that her mom or dad said. An example of this would be the telling of Steedman mom's story, which was told by her father at the time "in bits and pieces throughout the fifties". Her father says about Steedman's mother, "Your mother drank gin once," contradicting what Steedman heard when she was young from her mom that "she didn't go out dancing or drinking." Showing that this secret was revealed "years later, with nostalgic regret by her father". Knowing that her mom, at the time, she remembers, was a good mother and later in life to be lied to and deceived for her own good. The author uses voices in the essay while remembering what her mom and dad we re saying to her about memories of each other. So in other words, the author remembers what her parents said to her about each other and includes their voices in the essay. She also includes what she remembers exactly from her parents. "If it wasn't for you two, my mother told us, I could be off somewhere else". The quote obviously shows that this is what she remembers her mom saying. The author puts voices in the essay by using memories of her past. Steedman uses voices in her essay so that the reader can get a background and see perceptions or feelings. "She was a good weaver; six looms under her by the time she was sixteen". This paragraph of a story was told about her great-grandmother and as an eleven-year-old and how she was exploited. The author uses this as a voice because it tells how her mother also used her hands at her jobs. The author also shows where she received her traits in house cleaning from her mom. The author feels that "I sometimes find myself thinking that if worst comes to the worst, I can always earn a living with my hands". "If you want something, you have to go out and work for it. Nobody gives you anything; nothing comes free in this world".

Essay --

In today’s society, students seem to be different. As a future teacher, I realize that students today need more out of their education. I believe this is because of the vast home lives students come from and the various issues that students face today. Many of the students that I have worked with on my field experience come from dysfunctional homes or broken homes. This creates many problems; both emotional and behavioral. As a future teacher, it is important to keep this in mind when working with students. Teachers today evaluate the background of their students and use this information to better serve each and every student. In today’s world, teachers understand that not every student is the same and doesn’t come from the same place. Due to this fact, teachers make it very important that they get to know who their students are. Each day is a new day for a teacher and every child is a unique individual. Teaching has its many ups and downs. I believe that teachi ng is not just profession for livelihood but goes far beyond the essential human values. Teaching is not a profession; it's a passion. Without passion for your career and a desire for your students to learn, to help them be the best in the world, if not, we have failed as a future teacher and failure is not an option. A teacher has to be an inspirational and constant driving force to a student, and only then can they become somebody in life. Great teachers are remembered not for the subject they teach, but for inspiring their students and for unlocking their ability to dream. Teaching is an honorable profession and to be a teacher by choice is even nobler. Teachers are the guides to future leaders of history. Their effects are timeless and no one knows where their influe... ...including the residents' quality of life, the care received, the environment surrounding them, and the nursing home's payment policy. I worked with the recreation director, who plans activities for the residents. I painted the elderly women's nails and read them letters from their children. Also, I helped with special days like Ice Cream Day, Summer Picnic Day, and Clown around Day. For each we create special word scrambles. I also have taken patients for walks. We had birthday parties and exercise days. Through my volunteering I have had many good experiences both volunteering and visiting my grandfather. My volunteer experience has shown me that I can bring joy to older people. Everyone will have to face having parents and grandparents growing older and becoming dependent on their children. Dealing with this situation has made me a stronger and more caring person.

Secret Window Movie

Secret Window is psychological thrilled about mind that cracks right down the middle and separates two different people with totally two different personalities that is taking over. Mort Rainey is a successful writer going through unfriendly divorce from his wife, Amy. Mort suspicion his wife Amy who is secretly meeting a lover and one night he confirms his fear by following her to a nearby motel and hesitantly walks in to the room while they are in bed. His hesitation was caused by a voice in his head that was trying to persuade him to go home and forget about his suspicion. Mort is alone and bitter in his little cabin, he continues to work on his writing when stranger John Shooter comes up to his doorstep, claim Rainey stole his story. Mort tells Shooter that he wrote his first and he can prove it, but while Mort waits for the evidence to appear, Shooter starts to become more violent. Mort also tries to tell Shooter that his story was published way back before Shooter’s existed. And then he is given three days by Shooter to prove it. Mort had medical attention then maybe he would have gotten treatment for his disorder. The disorder in which I am thinking of is known as dissociation identity disorder (DID) which also called as multiple personality disorder (MPD). This disorder is a psychiatric condition which person role in multiple identities. Each has a different set of unique set of memories, emotions, behavior, and thoughts. Mort’s alter ego which was Shooter is called a â€Å"host personality† this is when he executive control of the body for the greatest percentage of time during a given amount of time. Mort has been taking prescription drugs to stabilize his mental disorder. This problem combined with cigarette and alcohol-induced psychotic disorder with delusions and with onset during intoxication may account for five murders that were committed by one of Mort’s personalities. I have known that in this multiple personality disorder therapy the hypnosis is one of the successful treatment for the person that diagnosis with this disorder. In this hypnosis therapy they ask patient to go back in their mind when traumatic events occurred in their childhood. The treatment helps them belief that those traumatic memories will permit in patient to understand the threats from their childhood is doesn’t exist anymore in their adult life. Neither I can nor has anyone I know that has been related to this movie with multiple personality disorder. I can’t imagine any of my family member or friends going through with this kind of disorder. But I have seen one of the shows on T. V. that was similar to this kind of movie. It was girl who diagnosis with this multiple personality disorder. It was hard for the parents to take care of her and her little brother together. Her brother was only 2 year old and she tries to kill her brother and she go through that traumatic events. Her parent rent another apartment so separate brother and sister from each-other. The director had done really wonderful job with this movie, but there something I see to be end different ways than the way it did end. If I were director of this movie, I would keep the most part of the movie the way it is except for the end part. I was looking for some more to it at the end. I would try to show the treatment to this disorder so it allow to understand more people how patient get treated with multiple personality disorder. And also audience can understand much better to people who deal with mental illness.

The Holocaust – Why was this happening to me?

I could hardly breathe or move in the cramped animal wagon. The stench of filth and disease surrounded me and I longed for fresh air. My name is David Cohen and I cannot believe how my life was torn apart in such a short space of time, nor do I understand why it happened even after all these years later. I will never forget that warm April afternoon when I rushed home from helping in my Father's jeweler's store. I was surprised that the front door was open, but nevertheless ran in shouting for my Mother. I heard thuds and screeching as if the heavy furniture from upstairs was being moved. What's the matter, Mother? † I yelled. Two burly soldiers dragged her out of the living room. â€Å"GO! † she screamed, through heavy sobbing. I just stood there, in the doorway, speechless with shock. I hesitated, but I turned and started to run in the direction of the door, but a third lofty soldier appeared as if from nowhere dived after me and just lifted me up as if I weighed nothing. We were rigorously marched down to the depressingly grey train station, which was in total and utter chaos. There was a massively indistinct mixture of hundreds of people sobbing, crying and arguing. â€Å"Where are we going? â€Å"What's happening? † â€Å"I've lost my Mummy! † a child snivelled. â€Å"Where is she? † but nobody answered. The thickset soldiers shoved us brutally into a waiting cattle truck. There must have been fifty or more people already in this ‘carriage'. Daniel Leigh 11Saul Holocaust Coursework On the way to this man-made hell, I could smell the fear from all the people around me. In addition, there was the stench of remains of old bodies which had most likely died on the most treacherous journey from one place to another (I didn't want to think about it then, but I figured that out after the war). As well as this, there was the reek of infection as the train was juddering past the sunny countryside. When we got out of the ‘train', my eyes throbbed as I had to strain, a product of the very little amount of light in the ‘carriage'. It seemed to be a pleasant day. We were shoved into several ‘sorting fields' where the men were separated from the women, the thin from the broad, and the weak from the strong. Also, there was a sorting field where people were made to say if they had an occupation. I said that I was a jeweler (I only had the experience from my Father's shop, but I did not tell them). After the painful separation, the SS men ordered the teen-aged to the middle-aged and strong men and women into what they called ‘drill' and instructed us into ‘rank'. Everybody was then divided into groups of two or three and told to proceed to a wooden hut. We were marched there. It must have been over a mile long. In the wooden hut there were the same machines that my Father used in his shop. I was deployed with a boy named Eric Drench, who was my age, which was then fifteen. The first night I was there was a terrible howling wind. I did not sleep at all, as I sensed that the future is not a particularly bright one. I asked Eric where he was from and where his family came about. He started to tell me his story: â€Å"Well my family lived in Poland, but the Nazi SS men came to take us away. My mother hid my brother, sister and me into our wine cellar and locked us up for a few days and told us not to worry. On the third day that we were in there, we heard thuds and screeching as if the heavy furniture from upstairs was being moved we stay put but Daniel Leigh 11Saul Holocaust Coursework we had the impulse to shout out: â€Å"What's the matter, mother? † but we couldn't. My eighteen year old rother David tried to open the hatch for the door of the wine cellar but it wouldn't come open so somebody must have been standing on it. David tried again after about half an hour. He managed to open it. I said to be careful and open it slowly. He opened it very slowly and cautiously and he saw our parents being taken away as if they had committed a crime. David fell backwards in shock, he fainted. As my sister tried to comfort him, I looked outside the hatch, and to my utter astonishment, three burly soldiers were dragging my mother and shoving my father out of the door. I then had the most uncontrollable rge just to try and rescue my parents but I knew in my heart I couldn't. Then, we waited and waited for the houses and the street to go quiet. After a while, we came out of the wine-cellar and I don't know how I knew but I had knew that I would never see my parents again. We managed to collect as much food and water as possible and we went. We traveled the country for a couple of months, but inevitably we knew that we could not go on living like this so we found refuge in a church. They knew that we were Jews, but they didn't hesitate to help. They employed, fed and clothed us for about a onth and then sent us on our way. This way, we had money, food, water and we did not look so Jewish- which I thought was a bad thing to give in to, but we had no choice. Eventually, in the freezing winter of last year, 1940, my sister Eva had died due to pneumonia, but my brother and I were still alive. We had stopped at an empty farm- only to discover that when we rested we found it incredibly hard to go on. Having sat down to rest, I suddenly realized how hungry we were. We carried on after a couple hours or so and then we were captured by four lofty Nazi soldiers and were sent here. By the Eric time had finished telling me about his experience, it was morning. I felt it first. I felt the cold air float over me, around me, and through me, like a spirit filling the room with nothing but the knowledge of its presence. We were dragged out of the cabin and were expected to sprint to another field. Daniel Leigh 11Saul Holocaust Coursework At the time when we had to queue to receive our lunch, it was completely out of control. When Eric finally got to the front of the ‘line' there were two soldiers, one holding a whip. Eric said â€Å"Please may I have food, Sir? â€Å". They did not give him any food. The soldier holding the whip shouted for everyone to go back, but no-one did. He repeated it again, but this time he said: â€Å"GO BACK OR ELSE THE BOY ACQUIRES 30 LASHES!!! † Still, everyone kept pushing forward. As a result of this, the SS men canceled lunch and Eric got the 30 lashes. After this, he found it hard to breathe, let alone move or even work These sort of events continued for two more terrible years. After this period of time, Eric and I had formed a secret legion of the Jews which had survived through the loss of their families, the loss of some of the Jews which had tried to escape, but either died on the way (mines) or they were shot by the SS men. In this legion, we could practice our Jewish laws including praying and lighting the holy Shabbat candles (if we could scavenge them). One Friday night, we could not get hold of any candles so we prayed and sang through the night. The next day, Eric, whom I had become very friendly with gathered a few men together and we discussed our immediate future, and how that if we do not receive any help from people who have knowledge about the SS men, how they operate and what were their weaknesses. The next day, Shabbat, there was a battalion of Russian soldiers brought in to the concentration camp for ‘war crimes', some of them were Jewish others were not but supported the Jewish way of life. One week after they arrived, the squadron leader approached our small but cosy gathering and started to mix with us. We hesitated at first but we adapted. After a while, they trained us as soldiers and we eventually escaped from the ultimate hell (for us) and Eric and myself lived on to fight in the American army and to the end of the war. Of the events of which I witnessed and live through, a nightmare invaded reality.

Cost Centres, Profit Centres, Investment Centres Essay

The increasing complexity of today’s business environment makes it virtually impossible for most firms to be controlled centrally. Decentralisation is a necessary response to this increasing complexity and involves the delegation of decision-making responsibility by senior management to sub-ordinates. The structure is such that decision making is dispersed to various units within the organisation, with managers at various levels making key decisions relating to their centre of responsibility. These centres of organisational activity are known as responsibility centres and may be defined ‘as a unit of a firm where an individual manager is held responsible for the unit’s performance.’1 The performance of each centre and its manager is measured and controlled through a system of responsibility accounting which is based on the principles of locating responsibility and tracing costs/revenue/investments etc. to the individual managers who are primarily responsible. The division of the firm into separately identifiable units of responsibility allows for more accurate measurement of managerial performance because local information is more thorough. Overall, in order to obtain an accurate measurement of managerial performance, measures should be based on elements which the manager can control or significantly influence. There are three main types of responsibility centre. A cost centre is the lowest level of responsibility, and performance is measured in terms of the costs incurred by it. Cost centres do not generate revenue and therefore have no profit objectives, which differentiates it from profit and investment centres. Managers of cost centres are accountable only for controllable costs and are not responsible for level of activity or long-term investment decisions. Managerial performance is measured by efficiency of operations in terms of the quantity of inputs used in producing a given output. The basis of this type of measurement lies in comparing actual inputs to budgeted controllable costs or some predetermined level that represents efficient utilisation. Cost control and efficiency of operations are the main elements of this type of unit. However, costs in general can be difficult to measure, trace and allocate and it can be difficult to differentiate between controllable and uncontrollable costs. This poses a major drawback for the evaluation of cost centres and their management, since cost is its main element of measurement. The focus being mainly on costs, makes this centre some-what weak in terms of evaluation and measurement of managerial performance. Cost centres can be split into two different types; standard cost centres and discretionary cost centres. In the former, measurement is exercised by comparing standard cost with actual cost. Variances would be indicative of the efficiency of the centre and therefore its managers’ performance. Discretionary cost centres are centres where output cannot be measured in financial terms, for example advertising and publicity, R&D etc. ‘Control normally takes the form of ensuring that actual expenditure adheres to budgeted expenditure for each expense category.’2 However, a major problem with this type of responsibility centre is the measurement of the effectiveness of expenditure and the determination of the efficiency of the centre itself and its management. A profit centre offers an additional element to the measurement process in that both inputs and outputs are measured in monetary terms. The manager of a profit centre has increased autonomy as s/he is responsible for revenue as well as costs; hence it is easier to measure the effectiveness and efficiency of managerial performance in financial terms. ‘In this situation, managers are normally free to set selling prices, choose which markets to sell in, make product-mix and output decisions and select suppliers.’3 A profit centre differs form a cost centre in that its main objective is to maximise profit and the performance of the manager is measured in terms of profit made. Top executives allocate assets to a profit centre, and the manager is responsible for using these assets to make a profit. Each profit centre has a profit target and has the authority to adopt such policies that are necessary to achieve these targets. Profit centre managers are evaluated by comparing actual profit to targeted profit. Profit analysis using profitability ratios or segmented income statements are used as a basis for evaluating managerial performance. The major issue with profit statements is the difficulty in deciding what is controllable or traceable, and in order to assess the managers’ performance rather than the economic performance of the unit, measures must be based on controllable profit only. Another difficulty arises in allocating revenue and costs to profit centres, as it is unlikely that the profit centre is completely independent. This has prompted many firms to use multiple performance measures such as a balanced scorecard, which measures non-financial as well as financial elements of the unit. The measurement of profit is also compounded by the use of transfer prices and agreeing on its ‘fairness’. Transfer prices are allocated to goods transferred from one unit to another within a firm. The implication of transfer prices is that for the selling unit it will be a source of revenue and for the receiving unit it is an element of cost, and as a result each division may act in its own interests. Transfer pricing therefore has a significant bearing when calculating revenues, costs and profits of responsibility centres. The choice of transfer pricing method is important because it affects goal congruence as well as performance measurement. However, it is difficult to determine the correct transfer price, as there are a wide variety of methods available, varying from negotiation to approaches based on the market or based on cost. The investment centre manager has increased responsibility in comparison to the cost and profit centre managers and as a result there are further options for managerial performance measurement by top management. The investment centre manager has responsibility for revenue and costs, and also has the authority to make capital investment decisions. This type of unit represents the highest level of managerial autonomy. An investment centre differs from a profit centre in that investment centre management is evaluated on the basis of the rate of return earned on the assets employed or the residual income earned, while profit centre management is evaluated on the basis of excess revenue over expenses for the period. The manager in charge has the objective of profitability, depending not only on sales but also on profitability of the capital used. Overall, investment centres offer the broadest basis for measurement in the sense that managerial performance is measured not only in terms of profits, but also in terms of assets employed to generate those profits. Performance can be measured using a variety of tools, and this ensures that the drawbacks of one method are overcome by the merits of another. This in turn leads to more accurate results and is one of the main reasons why investment centres are so popular as a means of managerial performance measurement in large companies. Both the effectiveness and the efficiency of the manager can be assessed by reference to the accounting data available. Investment centres offer many qualities required for good managerial performance measurement. For example, they provide incentives to the unit manager, they can recognise long-term objectives as well as short-term objectives and the increased responsibility means there are more controllable factors for use in performance measurement calculations. Return on investment is a measurement approach in common use in investment centres. This method has the advantage of being simple and easy to calculate. ‘ROI expresses divisional profit as a percentage of the assets employed in the division.’4 It has the further advantage of motivating managers to achieve the best return on investments in order to achieve the associated rewards. ROI provides a return measure that controls the size and is comparable to other measures. It can be used as a common denominator for comparing the returns of similar businesses, such as other divisions within the group or outside competition. It is widely used and most managers understand what the measure reflects. However, some complications arise in the calculation of this method. For example, difficulties regarding the calculation of profit, some of which are described above. Profit can be defined in a number of ways and this enables the figure to be manipulated. In the case of the figure for investments, the question arises whether this should be total assets (gross or depreciated), total operating assets or net total assets. The result would differ in each case, but if consistency is maintained throughout the organisation, decisions would remain unaffected. Another difficulty that may arise in relation to this method is that managers may focus on self-interests rather than the overall goal of the organisation and some profitable opportunities may be ignored because s/he fears potential dilution of existing successful endeavours. Furthermore, ROI does not adequately recognise risk. A manager who generates a large ROI result may be investing in riskier assets which may not be consistent with organisational goals. Use of ROI as a managerial performance measure can lead to under or over investment in assets or incorrect asset disposal decisions, in order to achieve the result the manager requires to accomplish his reward. To overcome some of the above difficulties, many firms use residual income to evaluate managerial performance. This method seeks to motivate managers to invest where the expected returns exceed the cost of capital. For the purpose of managerial performance measurement, ‘it compares the controllable contribution of an investment with the targeted rate of return.’5 There is a greater possibility that managers will be encouraged to act in the best interests of the company. Another advantage of this method is that it is more flexible because different cost of capital rates can be applied for different levels or risk. Though ROI and RI operate on a similar basis, RI proves better in certain circumstances. For example, if ROI is chosen as the measuring technique, managers may be reluctant to make additional investments in fixed assets as it may bring down the ROI for their centre. RI calculation results would be more accurate in these situations. However, residual income does not overcome the problem of determining the value of assets or the figure to be used for profit. If RI is used in a short-term perspective, it can over-emphasise short-term performance at the expense of long-term performance. Investment projects with positive net present values can show poor ROI and RI results in early years, leading to rejection of projects by managers. Residual income also experiences problems in comparing managerial performance in divisions of different sizes. The manager of the larger division will generally show a higher RI because of the size of the division rather then superior managerial performance. Another drawback for this method is that it requires an estimate of the cost of capital, a figure which can be difficult to calculate. Economic value added is an extension of the residual income measurement. It measures surplus value created by total investments which include funds provided by banks, shareholders etc. Its key element is the emphasis on after-tax operating profit and the actual annual cost of capital. The latter aspect differentiates it from the RI measure, which uses the minimum expected rate of return. EVA is a further step towards encouraging centre managers to concentrate on the overall goal of the organisation rather than their own self interests, hence reducing dysfunctional behaviour. The above measures are financial measures. As stated previously, it is important also to study non-financial aspects, such as customer satisfaction, quality, internal processes, growth etc. in order to get a more complete picture when measuring managerial performance. The above measures also focus on performance within the investment centre and do not consider the performance relative to overall company objectives. In conclusion, it can be stated that in order to assess managerial performance as opposed to the economic performance of the division, it is vital to make a distinction between the controllable and uncontrollable elements used in the chosen calculations. Each measurement technique is not without limitations, but these difficulties can be overcome by using a wide variety of measurement tools and striking the right balance between them. Of the three types of responsibility centre, an investment centre can be considered to yield better results, as it allows for the broadest basis for measurement, making it widely popular as a means of managerial performance measurement. 1 C. Drury, Management and Cost Accounting, 6th Ed. P. 653 2 C. Drury, Management and Cost Accounting, 6th Ed. P. 654 3 C. Drury, Management and Cost Accounting, 6th Ed. P. 654/655 4 C. Drury, Management and Cost Accounting, 6th Ed. P. 845 5 IPA Manual, Management Accounting, P 239