Product Levels Essay

Question 1: There are three product levels, they each add more customer value than the previous level and they constitute a customer value hierarchy. The decision of customers is usually based on the value that they expect to receive from buying and consuming it. The first level is the core benefit. It is the actual or fundamental benefit that the customer seeks when he buys the product. It is need to the most basic need that he/she wants to satisfy. For example, someone will go buy a red bull for the energy drink or someone will buy a car to have private transport. An example from the case study, Rick and Cynthia just moved into a new apartment and want to buy a new Television, they are various reasons for wanting a television but we can put it as an entertainment. The second level is the basic/tangible/actual product. The manufacturing and marketing departments have to co-operate closely to ensure that the basic product is able to offer the need-satisfaction benefit that customers want. It is the service/product that the customers buy. For example, a car is composed of a roof, doors, windows †¦ etc.. From the case study it will be all the features and attributes of a television as well as its design and packaging. The Television chosen by Rick and Cynthia is a HD Plasma TV so the HD is already a feature as well as the plasma. The third level is the augmented product. It is when the product doesn’t only meet the customers’ expectations but even exceeds them. It is a way of differentiating a product from others which constitutes a competitive advantage for the company. For example, adding special sound in a car or the fact that cars are on warranty†¦ Relating to the case study, we can say that the staff at game was very friendly and knowledgeable which adds a plus to sell a TV. The HD PVR that was sold with installation included. The fact that they will deliver the product to Rick and Cynthia’s home.

Principles of Marketing Exam Notes

Principles of Marketing Study Guide Mid-term Exam Fall 2012 Chapter 1 1. What is Marketing? a. The activity, set of institutions, and processes for creating, capturing, communicating, delivering, and exchanging offerings that have value for customers, clients, partners, and society at large. It requires thoughtful planning with an emphasis on the ethical implications of any of those decisions on society in general. 2. Marketing requires Product, Price, Place and Promotions decisions. b.The four Ps, or marketing mix, are the controllable set of activities that the firm uses to respond to the wants of its target markets. 3. What is value-based marketing? a. Value reflects the relationship of benefits to costs, or what the consumer gets for what he or she gives. In a marketing context, customers seek a fair return in goods and/or services for their hard-earned money and scarce time. They want products or services that meet their specific needs or wants and that are offered at competitiv e prices. 4. Marketing Impacts Various Stakeholders . Supply chain partners, whether they are manufacturers, wholesalers, retailers, or other intermediaries like transportation or warehousing companies, are involved in marketing to one another. Manufacturers sell merchandise to retailers, but the retailers often have to convince manufacturers to sell to them. 5. Marketing Enriches Society * Our people: Committed to excellence, passionate about achieving our goals, eagerly embracing new challenges. * Our strategy: Focused and consistent, delivers sustainable and dependable performance. Our business model: Resilient and proven, relevant in all economies, drives long-term health of the company. * Our brands: Recognized and loved around the world, in strong categories, responsive to advertising and brand building. Chapter 2 6. What is a Marketing Strategy? d. Identifies (1) a firm's target market(s), (2) a related marketing mix—its four Ps—and (3) the bases on which the fi rm plans to build a sustainable competitive advantage. 7. Building a Sustainable Competitive Advantage e. An advantage over the competition that is not easily copied and thus can be maintained over a long period of time.A competitive advantage acts like a wall that the firm has built around its position in a market. This wall makes it hard for outside competitors to contact customers inside—otherwise known as the marketer's target market. 8. The Marketing Plan f. a written document composed of an analysis of the current marketing situation, opportunities and threats for the firm, marketing objectives and strategy specified in terms of the four Ps, action programs, and projected or proforma income (and other financial) statements.The three major phases of the marketing plan are planning, implementation, and control. g. Step 1 of the planning phase. The part of the strategic marketing planning process when marketing executives, in conjunction with other top managers, (1) define the mission or vision of the business and (2) evaluate the situation by assessing how various players, both in and outside the organization, affect the firm's potential for success. , marketing executives, in conjunction with other top managers, define the mission and/or vision of the business. (Step 2). In the implementation phase.The part of the strategic marketing planning process when marketing managers (1) identify and evaluate different opportunities by engaging in segmentation, targeting, and positioning (see STP) and (2) implement the marketing mix using the four Ps. , marketing managers identify and evaluate different opportunities by engaging in a process known as segmentation, targeting, and positioning (STP) (Step 3). They then are responsible for implementing the marketing mix using the four Ps (Step 4). Finally, the control phase. The part of the strategic marketing planning process when managers evaluate the erformance of the marketing strategy and take any necessary corrective actions. Entails evaluating the performance of the marketing strategy using marketing metrics and taking any necessary corrective actions (Step 5). 9. Growth Strategies h. A market penetration s growth strategy that employs the existing marketing mix and focuses the firm's efforts on existing customers. Such a growth strategy might be achieved by attracting new consumers to the firm's current target market or encouraging current customers to patronize the firm more often or buy more merchandise on each visit. i.A market development growth strategy that employs the existing marketing offering to reach new market segments, whether domestic or international. International expansion generally is riskier than domestic expansion because firms must deal with differences in government regulations, cultural traditions, supply chains, and language. j. Product development growth strategy that offers a new product or service to a firm's current target market. k. A diversification gr owth strategy whereby a firm introduces a new product or service to a market segment that it does not currently serve.Diversification opportunities may be either related or unrelated. In a related diversification growth strategy whereby the current target market and/or marketing mix shares something in common with the new opportunity. In other words, the firm might be able to purchase from existing vendors, use the same distribution and/or management information system, or advertise in the same newspapers to target markets that are similar to their current consumers. l. In an unrelated diversification growth strategy whereby a new business lacks any common elements with the present business.Unrelated diversifications do not capitalize on core strengths associated either with markets or with products. Thus, they would be viewed as being very risky. Chapter 3 10. Why People Act Unethically m. All of us vary in the way we view more complex situations, depending on our ethical understan dings. 11. Ethics and Corporate Social Responsibility n. Corporate social responsibility refers to the voluntary actions taken by a company to address the ethical, social, and environmental impacts of its business operations and the concerns of its stakeholders. o.This notion goes beyond the individual ethics that we've discussed so far, but for a company to act in a socially responsible manner, the employees of the company must also first maintain high ethical standards and recognize how their individual decisions lead to optimal collective actions of the firm. Firms with strong ethical climates tend to be more socially responsible. 12. A Framework for Ethical Decision Making p. 13. Integrating Ethics into Marketing Strategy q. Marketers can introduce ethics at the beginning of the planning process simply by including ethical statements in the firm's mission or vision statements. . In the implementation phase of the marketing strategy, when firms are identifying potential markets a nd how to successfully deliver the 4Ps to them, firms must consider several ethical issues. Chapter 4 14. The Immediate Environment s. t. In the immediate environment, the first factor that affects the consumer is the firm itself. Successful marketing firms focus on satisfying customer needs that match their core competencies. Competition also significantly affects consumers in the immediate environment.It is therefore critical that marketers understand their firm's competitors, including their strengths, weaknesses, and likely reactions to the marketing activities that their own firm undertakes. Few firms operate in isolation. For example, automobile manufacturers collaborate with suppliers of sheet metal, tire manufacturers, component part makers, unions, transport companies, and dealerships to produce and market their automobiles successfully. Parties that work with the focal firm are its corporate partners. 15. Macro-environmental Factors u. Macro environmental factors Aspects o f the external environment that ffect a company's business, such as the culture, demographics (age, gender, and race), social issues, technological advances, economic situation, and political/regulatory environment. 16. Corporate Social Responsibility v. Chapter 5 17. The Consumer Decision Process w. x. 18. Factors Influencing the Consumer Decision Process y. The consumer decision process can be influenced by several factors. First are the elements of the marketing mix, which we discuss throughout this book. Second are psychological factors, which are influences internal to the customer, such as motives, attitudes, perception, and learning.Third, social factors, such as family, reference groups, and culture, also influence the decision process. Fourth, there are situational factors, such as the specific purchase situation, a particular shopping situation, or temporal state (the time of day), that affect the decision process. 19. Involvement and Consumer Buying Decisions z. Consumers engage in two types of buying processes/decisions depending on their level of involvement: extended problem solving for high-priced or risky goods; and limited problem solving, which includes impulse buying and habitual decision making. {.Involvement is the consumer's interest in a product or service. Chapter 6 20. B2B Markets |. 21. The Business to Business Buying Process }. 22. Factors affecting the Buying Process ~. The Buying Center i. The buying center is a group of people typically responsible for the buying decisions in large organizations. Participants can range from employees who have a formal role in purchasing decisions (i. e. , the purchasing or procurement department) to members of the design team that is specifying the particular equipment or raw material needed by employees who will be using a new machine that is being ordered.All these employees are likely to play different roles in the buying process, which vendors must understand and adapt to in their marketing an d sales efforts. ii. One or more people may take on a certain role, or one person may take on more than one of the following roles: (1) initiator: The buying center participant who first suggests buying the particular product or service. , the person who first suggests buying the particular product or service; (2) influencer: The buying center participant whose views influence other members of the buying center in making the final decision. the person whose views influence other members of the buying center in making the final decision; (3) decider: The buying center participant who ultimately determines any part of or the entire buying decision—whether to buy, what to buy, how to buy, or where to buy. , the person who ultimately determines any part of or the entire buying decision—whether to buy, what to buy, how to buy, or where to buy; (4) buyer: The buying center participant who handles the paperwork of the actual purchase. the person who handles the paperwork of t he actual purchase; (5) user: The person who consumes or uses the product or service purchased by the buying center. , the person who consumes or uses the product or service; and (6) gatekeeper: The buying center participant who controls information or access to decision makers and influencers. , the person who controls information or access, or both, to decision makers and influencers. . Organizational Culture iii. ———————————————— A firm's organizational culture reflects the set of values, traditions, and customs that guide a firm's employees' behavior. The firm's culture often comprises a set of unspoken guidelines that employees share with one another through various work situations. . Buying Situations In a new buy a purchase of a good or service for the first time; the buying decision is likely to be quite involved because the buyer or the buying organization does n ot have any experience with the item.A modified rebuy refers to when the buyer has purchased a similar product in the past but has decided to change some specifications, such as the desired price, quality level, customer service level, options, or so forth. Straight rebuys refers to when the buyer or buying organization simply buys additional units of products that have previously been purchased. A tremendous amount of B2B purchases are likely to fall in the straight rebuy category. Chapter 9 23. The Marketing Research Process . The first step is to define objectives and research needs, which sounds so simple that managers often gloss over it.But this step is crucial to the success of any research project because, quite basically, the research must answer those questions that are important for making decisions. In the second step, designing the research project, researchers identify the type of data that is needed, whether primary or secondary, on the basis of the objectives of the project from Step 1, and then determine the type of research that enables them to collect those data. The third step involves deciding on the data collection process and collecting the data.The process usually starts with exploratory research methods such as observation, in-depth interviews, or focus groups. The information gleaned from the exploratory research is then used in conclusive research, which may include a survey, an experiment, or the use of scanner and panel data. The fourth step is to analyze and interpret the data and develop insights. The fifth and final step is to develop an action plan and implementation. Although these steps appear to progress linearly, researchers often work backward and forward throughout the process as they learn at each step. 4. Secondary Data and Primary Data . Primary: Data collected to address specific research needs. . Secondary: Pieces of information that have already been collected from other sources and are readily available. 25. Explor atory Research . Attempts to begin to understand the phenomenon of interest, also provides initial information when the problem lacks any clear definition. 26. Conclusive Research . Provides the information needed to confirm preliminary insights, which managers can use to pursue appropriate courses of action.

Bravery1

Bravery1 Essay What is the first thing that comes to mind when the word bravery is said? For most people a war hero or a superhero comes into their minds. Probably every language has a word for bravery, but there is only one true meaning. The word bravery is showing a brave spirit or courage(Random, p. 164) when hard times are thrust upon or happen to them. Bravery is not only what people do, but how they do it. The concept is also showiness, splendor, and magnificence(Random, p. 164). Bravery may be shown in different ways: a person may jump from a plane or walk on fire to show that he/she is truly brave. Then again, sometimes bravery is something that a person has inside him or her and is never shown as an action at all. For thousands of years, people have used words that describe the concept of bravery. The history, or etymology, of the English word bravery is as follows. The word originated in Latin as barbarus. The Romans who spoke Latin were warriors so it is logical they would have a word that talked about their courageous actions. The Vulgar Latin, which was spoken Latin, was transformed by Middle French in the Middle Ages as well as by Middle English. This form of English was what was spoken in the 12th to 15thcenturies. From the Middle English evolved the English we speak today and with it, the word bravery. Throughout history, people have talked about the concept of bravery in many ways. The Greek writer and philosopher Euripides said, The man who knows when not to act is wise. To my mind, bravery is forethought (Euripides, p.11). In the Middle Ages, George II of England said that bravery never goes out of fashion (George, p. 261). Later, Franois de la Rockefoucould said, True bravery is shown by performing without witness what one might be capable of showing all the world (Rockefoucould, p. 12). Bravery has seemed to be an important concept or action throughout history. When Franois de la Rockefoucould spoke about bravery, he pointed out an important feature of the virtues true meaning. Then he made the distinction between peoples private actions versus their public ones, he made it clear that people who do good deed only to get rich or famous are not practicing bravery. True bravery is helping people or animals simply because their actions benefit mankind. It seems that we often misunderstand this aspect of bravery and make the wrong people famous while forgetting about others who show bravery throughout their lives. The one person that, for me, most represents bravery in this century is Martin Luther King, Jr. Mr King was born in Atlanta, Georgia when black men and white men did not mix. When he died, these two races were a little closer to peace. This was due primarily because of the great influence that Martin Luther King, Jr. had in the United States. He got on the bandwagon of the civil rights movement with the Montgomery Bus Boycott. He kept leading the movement after his house was bombed. That was bravery because he put his life on the line to make all American black peoples lives better. Later in his life, in 1963, he and other protesters in Birmingham, Alabama, were met by police with dogs and high pressure water hoses (Norell, np). This event was shown on television. His resistence in Alabama was brave because when police came, he and the others did not back down but rather stood up for their beliefs. I dont know if Ive shown bravery or not in my life yet. READ: A Study On Child Observation And Game Essay I havent had any opportunities to save anyone or make a difference in the world. There have been times when I have stood up for my beliefs or said what I thought was right when it meant that I might not get to do something. I think Ive been brave in these situations but to talk about what Ive done and compare it to the actions of a man like Martin Luther King, Jr. is to compare apples and oranges, to make my actions greater than they were or to make his actions less important than what they .

Macroenvironmental Impact on the Company Product Sales Essay

Macroenvironmental Impact on the Company Product Sales - Essay Example This is because they affect the sales of an item or service in one way or the other. Therefore, before Monster Corp launches Monster Gum in the market, it is imperative that it carries out an analysis on the impacts of microenvioronment on the sales of its product. The objective of this paper is to explore the microenviornmental components; demographic, environmental, economic and cultural factors will likely impact on the sales of â€Å"Monster Gum.† Demographics One area of particular interest with regard to market analysis is the demographics. This is refers to population trend study such as population size and movement; birth and death rates; gender, age and ethnic origin (Elearn 85). All these components that make up demographics will affect Monster Corp’s sales of the monster gum. For instance, the company is mainly targeting a specific age group in the society which is 18 to 30 years. This implies that as these group ages out, the sales of the product will likely reduce. In fact, it means that, in case this population age group is faced out, then the company will likely face a closure since the target age group will no longer be there to sell to. On the other hand, the company would likely to gain in areas with high population size of the age group that is targeted. Environment Environment in this case is described as macro and community level factors such as legal, physical, and policy factors that influence individuals and household decisions. Environment influences diet in many households (Hitchner 89). The impacts of caffeine on differ from one individual to the next. Therefore, so people would only prefer products that have no caffeine in them thus affecting the sales. On the other hand, health issues have become a major area of concern as many people become so sensitive to the diets. As a result, some individuals perceive caffeine to pose serious health issue and would, therefore, not want to consume. This affects the sales of the pro duct. Legal issue such as government policies may also affect the sale of the product. This can either be negative or positive. For instance, government assistance in the form of subsidies and loans may fledge the company grow and help it keep its costs low for customers. This will result to an increased sale of the product (Ginter and Duncan 96). However, the impact may also be negative in a situation where it imposes a regulation that increases costs. This will make the company adjust its prices up making the product expensive. This in turn, will scare away consumers who will find it better look for other substitutes that are cheaper thus, affecting the sales of monster gum. Economic Factors There are a number of economic factors that may impact on the company’s product sales. For instance, the growth of a country, unemployment, and the capacity to get funding are all economic factors, just as the exchange rates, interest rates, inflation and per capita income (Gimbert 51). These factors usually exist in the day-today operation of a company or business. For instance, the existence of high unemployment rate in a country will affect the purchasing power of individuals thus leading to a decreased sale of monster gum. High inflation and interest rates of in an economy will make Monster Corp adjust to the economic situation. However, the increase in prices due to increase in inflation and int

Proposal Research Paper Example | Topics and Well Written Essays - 1500 words

Proposal - Research Paper Example special learning strategies, worked out for autistic students and there is almost no researches directed on the study of teacher’s role in the learning process of autistic students. This proposal makes an emphasis on the importance of teacher’s role in the learning process of autistic students and underlines the necessity of an individualistic approach and personal charisma of a teacher. At the same time, there is no a necessity to delimit normal students from students with autism. Their talents and creative potentials are equal. An emphasis on teacher’s positive and patient attitude to autistic students can be explained by a strong motivation occurrence in the learning process. Teacher’s positive attitude stimulates autistic students to work hard and keep pace with their group mates. Another strong point is that teacher’s attitude should be formed with regard to special teaching strategies though not turning into a ‘template teaching’. Therefore a combination of general teaching strategies with special teaching strategies; involvement of creative strategies in the learning process and an active communication of teacher and students are considered as the most appropriate techniques in teaching autistic students. Autism is a disorder in brain, which influences on learning abilities of a student. In accordance with definition provided by APA (2000), autism is characterized by disorders influencing on communicative and social abilities and behavior of a student. A degree of various behaviors in different spheres of activity differs among autistic individuals (Joshi, 2002). Teachers of autistic students should pay attention to development of communicative skills (Rao & Gagic, 2006). Teacher-student communication is often disturbed by social prejudices concerning autistic students. They are often treated by teachers as students with less creative potential, talents etc. In order to change teachers’ attitudes to students with autism, it is relevant to

Rowe v. New Hampshire Motor Transport Association Essay

Rowe v. New Hampshire Motor Transport Association - Essay Example The case is also about the appropriateness of Maine’s Tobacco Delivery Law. The Tobacco Delivery Law puts safety requirements on all transportation of tobacco products. The law requires that stores which carry these products must use a delivery system that does not give any tobacco products to unlicensed stores or let them fall into the hands of minors (those under 18 years old). Based on this law, The New Hampshire Motor Transport Association filed suit, noting that the Tobacco Delivery Law was counteracted by the Federal Aviation Administration Authorization Act of 1994 (FAAAA). â€Å"The preemption provision of the FAAAA prohibits state from enacting laws "related to" the prices, routes, or services of air and motor carriers. The Association argued that the Tobacco Delivery Law placed such a burden on the delivery procedures of carriers that significantly affected their prices and services† (Brief, 2010). Faced with this argument, those working for the state countered that the FAAAA was originally at cross purposes with the Tobacco Delivery Law, a nd that the purposes of the Tobacco Delivery Law generally were focused on regulating based on a threat to the harm of society. In US District Court, the New Hampshire Motor Transport Association prevailed in its argument, and on appeal, this organization also prevailed in its argument again. â€Å"The First Circuit held that a police power exception to the general rule of preemption would be far too broad and was not intended by Congress. Maine could validly ban all unlicensed tobacco products within its borders, but the FAAAA prohibited the state from implementing this goal by imposing requirements on carriers that significantly alter their delivery procedures† (Rowe, 2010). Therefore, in the case, it was found that the Federal Aviation Administration Authorization Act of 1994 does not overshadow a state law that uses the

Nursing leadership and management style Article

Nursing leadership and management style - Article Example Therefore, it is a position and necessity that all the expertise in the childcare health consultancy is experienced in child health and development (Braveman and Tarimo, 1994). Moreover, they must have the knowledge about the distinct needs that concern the children in and out of home childcare settings. Mission: The mission of this health institution is to provide basic childcare health consultancy towards preventing harm and promoting optimal health programs towards bettering the child health care services. Additionally, the consultant aims at liaising with other health professionals as well as relevant community organizations. Mission Statement: The mission statement of the child care health consultancy seeks to establish a strong relationship with the child health care providers by identifying, implementing, and evaluating strategies towards achieving quality child health care services including the establishment of basic health and safety operational plans and guidelines to the children health care providers (Pilnick, Hindmarsh, and Gill, 2010). Organisational Structure: this health care institution has numerous department departments and practitioners since it targets children with different health needs. The chief consultant who will be in charge of the institution heads the institution and he/she will be the final decision maker of the institution. Under the chief consultant, there are numerous departments including medicine, pharmacy, nursing, chiropractic, and allied health among other care providers (Pilnick, Hindmarsh, and Gill, 2010). Notably, most of the works are done by the primary care, secondary care as well as tertiary care. The consultant has a series of field health practitioners who are responsible for collecting child health care data as well as sensitizing the community of the advantage and the importance of the child health care consultancy for the society and its health care related concerns. Budget: the budget of this

Scope management Research Paper Example | Topics and Well Written Essays - 1750 words

Scope management - Research Paper Example The study has successfully described certain issues related to project management such as just-in-time training of the employees, the leadership skills of the project managers and their leadership traits, the control system of the management, etc. These are important factors and proper regulation and control of these aspects shows significant results. This is what we see told in shape of Burj Khalifa. It not only represents human intelligence and masterpiece but also excellent skills and hard work of all those people who are being its existence. Burj Khalifa is the tallest building in the world. The year of completion of this project was in 2010. The entire site area of Burj Khalifa is about 104,201 sq m. The project area is about 454,249 sq m. The height of the building is about 828 m. The design of this building involves the use of cutting edge technology. William F. Baker is the structural designer of the building. It consists of about 30000 homes, 9 hotels, 3 hectares of parking land, about 19 residential towers, a mall, and a manmade lake of about 12 hectares. The construction of this project began on September 2004 and the construction of the exterior was completed by 2009. The building was officially opened on January 2010 (Burj Khalifa, 2009). The name of the architect was Adrian Smith. The name of the developer is Emaar Properties. Extensive planning was done before the building was constructed. The Y shape of the building was planned so that the effect of the wind on the building could be reduced. The Y shape of the building was easy to make and would foster constructability. The structural design which was planned for the building was "buttressed" core. Each wing consists of perimeter columns and concrete core of high performance. The result of this was that the tower became torsion ally very stiff. All the geometry was applied that helped

Core Theories on Economics Related To Economic Slowdown Essay

Core Theories on Economics Related To Economic Slowdown - Essay Example The intention of this study is economic slowdown as the condition in which the gross domestic product growth tends to slow down but it does not turn down. One of the ways of looking at the slowdown in the economy is through gauging the downward revisions in the Gross Domestic Product (GDP). Economic slowdown can also be identified as the difference obtained in the growth rate between two consecutive years of any particular country. An economic downturn demonstrates that the economy of a particular country is entering into recession. The period in which the country suffers from negative economic growths, declining outputs and increasing unemployment is termed as recession. According to the official definition of recession, when the economy suffers from off-putting economic growth for two consecutive years then it is said to be recession. Prior to defining the economic downturn, it is significant to comprehend the main characteristics of economic downturn. A few of the characteristics of economic downturn are rising unemployment, rising additional capacity, low confidence and falling investment, increasing government borrowing, negative or too low economic growth. Certain problems related to recession or economic slowdowns are evident when there is decline in productivity. In such scenario, the production in the economy tends to be reduced which results to lesser real GDP and lower average income. Furthermore, the wage rates may raise either too slowly or may not rise at all. Unemployment is another problem related to economic downturn. (Pettinger, 2011). Since the production is too less during the times of economic slowdown, the demand for the labor also declines thus leading to unemployment. During the times of economic slowdown, the finance of the government tends to worsen. People are not capable of paying much taxes and their spending on the unemployment benefits tends to rise (Pettinger, 2011). This leads to rise in government borrowing and in the rate of i nterest. With the increase in the bond yields, government is forced to reduce budget deficits via cutting the spending and tax rise. This worsens the recession and it becomes difficult for the economy to come out of it. It is often found that throughout the period of economic slowdown, there is devaluation in the exchange rates because during such period people tend to expect lower interest rates and therefore the demand for the

Nick Djokovic Essay Example for Free

Nick Djokovic Essay In today’s world, there are many sport figures one can look up to. We have chosen the best of the best in the tennis world, Novak Djokovic. Djokovic is a Serbian professional tennis player who is currently ranked world number 1 by the Association of Tennis Professionals. Despite being the underdog during his early years as a professional tennis player, he is now the best professional tennis player overtaking the previous king of tennis Rafael Nadal. Ever since the age of four, he has been interested in tennis. Unlike most children his age, it was not a fleeting interest. He was determined to achieve his dream of becoming the best tennis player in the world. With his steadfast dream, he has won six Grand Slam titles and has brought him to where he is now. This report will cover Djokovic’s personality, values and attitude, motivation and leadership skills that had helped him to achieve his dream. The points highlighted are also the main reason he is worth following as an influential leader. 2.0 Personality The big five model of personality consists of extraversion, neuroticism, agreeableness, conscientiousness and openness to experience. Djokovic can be seen as a person that is highly extrovert as he is fun-loving, expressive and sociable. During his comeback as the winner in the Australian Open, he was so overjoyed that he threw his racket, wristbands and his shirt to his fans (AOL News, 2011). Djokovic is also socially attached to his fans that he created an application known as ‘Nole4You’ that focuses on a direct coverage of Djokovic’s real time games (New Newsworthy, 2012a). On the other hand, Djokovic is low on the neurotism category as he is much balanced and emotionally stable. According to Suttles (2013), Djokovic was â€Å"gracious in defeat† as every defeat he channels it back into better concentration for the next match. Next, Djokovic is rather high on the agreeableness meter as he shows a great deal of care towards others through his charities. Djokovic created the Novak Djokovic Foundation which supports young children from disadvantaged communities especially in native Serbia (New Newsworthy, 2012b). Besides that, he was also elected as the ambassador of The United Nations Children’s Fund (UNICEF) in Serbia as he was utterly concern in the welfare of the people in his hometown as well as the importance in early childhood education in Native Serbia (Look To The Stars, 2011). He was also keen in participating in fights for the betterment of society such as the fight against acquired immunodeficiency syndrome (AIDS) which required him to use the Head Red special edition bag collection from Head to the French Open Grand Slam (Look To The Stars, 2013a). Djokovic is also high in conscientiousness as he is responsible for his career and he is well organized after his achievement in the Australian Open. Although being reckless in his previous season, he is where he is now due to his hard work in perfecting his service techniques and getting his diet right (Carter, 2011). According to Djokovic in an interview, he wants to be consistent in his games and to do this, he has to stay fit and take care of his health and physical condition (The National, 2011). Lastly, Djokovic is very open to new experience. One afternoon in year 2010, Djokovic received a phone call from Dr. Igor Cetojevic who said that his fatigue in the 2010 Aussie Open was due to his diet that consists of glutens that caused an accumulation of toxins in his large intestines. Djokovic listened to his advice to practice a gluten-free diet as well as to build him up spiritually. Besides that, Djokovic also took risk to change his serve technique as advised by Marian Vajda. As a result of Djokovic’s openness, he no longer suffers from fatigues and he felt much happier and balanced. In addition, a change in his serve technique enabled him to defeat the former world number one five times consecutively and brought him to the top of the tennis world (Saslow, 2012). 3.0 Values and Attitude As a well-known figure in the world of tennis, Djokovic has certain values that enable him to enjoy the success that he has today. According to George and Jones (2012, p.93), values are defined as personal convictions about what one should strive for in life and how one should behave. Values are further divided into two categories; work values and ethical values. In terms of work values, there are intrinsic and extrinsic work values. In definition, intrinsic work values are values that are related to the nature of the work itself. Some examples of intrinsic work values that are prominent in Djokovic’s work are the ability to make important contributions to the public, the interesting work and the challenging work that can be done. Firstly, in terms of the ability to make important contributions to the public, Djokovic is well known for his philanthropic work. Due to this status as the highest ranked tennis player, he is very well-connected and is able to influence his fans over his beliefs. From this, he has helped to raise awareness for AIDS, human trafficking, poverty, human rights, women’s rights, children’s rights and many more (Look To The Stars, 2013b). Aside from that, his ability to make important contributions to the public and society is further supported by his status as the ambassador of UNICEF in Serbia. Aside from him advertising his beliefs on social media such as Facebook, Twitter and his video blog, UNICEF has also advertised their cause through Djokovic because of his popularity among the younger generation (UNICEF, 2011). Although generating a high pay from his career, he did not choose this career lifestyle because of it. He started playing tennis at the age of four and played professionally when he was 16 years old. This is due to his passion and interest in tennis. He has trained and played in every single tennis tournament to gain the experience he needed. Even though he has been injured quite a number of times in terms of ankle and knee injuries, that has never stopped him from pursuing his dream of being the best tennis player (Mitchell, 2013). However challenging his work may be, Djokovic never gave up. He continuously pursues his dream of being the best. After relentless practice and competitions, he finally replaced Roger Federer as the top ranked tennis player in the world. This attitude of his is admirable and serves as a constant reminder to his fans that nothing is impossible. On the other hand, extrinsic values are values that are related to the consequences of work. One of the more prominent extrinsic values is the high salary. Not only does he get paid for playing tennis, he gets paid through his endorsements deals with well-known companies such as UNIQLO, Fitline and Telekom Srbjia (Badenhausen, 2011). His salary also includes appearance fees, exhibitions and prize money. Besides that, his career as a tennis player provides him with many job benefits. One of the many is fame. Unlike most athletes, Djokovic enjoys being in the limelight and often shares news and funny anecdotes of his life with his fans. Next, his job provides very flexible working hours. He practices his tennis with his coaches at any time he wants. Due to his flexible working hours, he gets to spend more time with his family and to indulge in vacations as well as hobbies. According to George and Jones (2012, p.97), work attitude is defined as the collection of feelings, beliefs and thoughts about how to behave in one’s job and organisation. Although similar to values, work attitudes are more specific and are not as constant as values as work attitudes change over time. In 2008, although he was winning tournaments, Djokovic hired a new fitness coach in hopes that it will help boost his performance. After the change, he was able to defeat the two reigning champions in the tennis world, namely, Roger Federer and Rafael Nadal. His attitude changed once a new factor was introduced into his life (ESPN, 2010). 4.0 Motivational Theories Everyone in the world possesses a particular set of skills that they are good at in their lives. People who managed to realize their potential often harness that skill and sharpen it to become a much better person. During those times, motivation towards that ability drives them to keep pushing forward in harnessing those skills. Many professional sportsmen and sportswomen started training during childhood. Motivation is what has kept them and pushed them into training harder every day until they finally achieve their goal. According to George and Jones (2012, p. 183), there are three elements of work motivation; direction of behavior, level of effort and level of persistence. Novak Djokovic, world’s best tennis player, possessed all these three elements. For example, although his family had economic problems in Serbia, he still chose to fly to Germany to train despite only being 12 years old. Even as a child, he loved tennis with a passion. He once skipped afternoon classes in school just so he could attend tennis training with his coach (PRPepper Production, 2012). His passion, effort and persistence during training are boundless. His motivation was driven because he loved tennis rather than his parents forcing the sport on him. 4.1 Maslow’s Hierarchy of Needs Djokovic’s efforts and achievements relate a lot to Maslow’s Hierarchy of Needs. Maslow’s Hierarchy of Needs consists of five different types of needs from the lowest to the highest; physiological, safety, belongingness, esteems and self-actualization needs (George and Jones, 2012, p. 187). The two needs most emphasized by Djokovic are the esteem needs and self-actualization needs. Right from the beginning, Djokovic was always focused and determined to be the best in the tennis world, which directly means beating the best players in the world such as Roger Federer, Andy Murray, Tommy Haas and Rafael Nadal. Esteem needs emphasizes on an individual being recognized and respected by others (George and Jones, 2012, p.187). Djokovic strived hard during his early years under the guidance of Nikola Pilic. At the age of 16, he was awarded the champion of â€Å"La Boule†. This event leads to the start of his professional career (PRPepper Prodcutions, 2012). However, he did not stop that as he was motivated aim higher. This further explains Maslow’s self-actualization need theory, which is defined as â€Å"needs to realize one’s full potential as a human being†. Djokovic trained hard every day motivated by one goal; to be the best tennis player in the world. Due to him having a high self-actualisation, Djokovic obtained the title of being the best tennis player in the ATP rankings in 2012 after obtaining a 43% winning rate in 2011. Today, Djokovic is further motivated by his lost to Rafeal Nadal in the 2013 French Open. Instead of giving up, Djokovic evaluates his loss as a sense of motivation to train harder in order to win the next tournament, Wimbledon (Gajaria, 2013).

The Ethiopian Revenue And Customs Authority Erca Accounting Essay

The Ethiopian Revenue And Customs Authority Erca Accounting Essay Introduction The Ethiopian Revenue and Customs Authority (ERCA) conduct customs operations under the mandates given to it by proclamation Number 622/2009. A number of regulations and directives issued by the Council of Ministers and Ministry of Revenue also govern its operations. An examination of the Customs Proclamation and its supporting regulations and directives shows that except in the valuation of used goods and vehicles, it is consistent with the WTO Valuation Agreement. This is commendable if we take into consideration that it was issued before Ethiopia even became a member of the WTO. Country Experiences on Used Car Valuation Ethiopia Directive No.6/1996 (E.C.), on Used Vehicles and Goods Valuation and calculation of duties and taxes was issued by the former Ministry of Revenues (MoR), a predecessor of the current Ethiopian Revenue and Customs Authority (ERCA), with the stated objective of making the valuation system of used vehicles and goods a transparent, equitable and accountable one. It provides that the customs value of used vehicles and goods is to be based on the C.I.F. price of the good or identical or similar goods when it was bought as new. A depreciation allowance of 10 percent per year, with a maximum allowance of 30 percent is then deducted to arrive at the customs value. This means that for all vehicles and goods which are more than 3 years old at the time of importation 70 percent of the original selling price is used as the customs value of such goods. ( Directive No.6/1996 E.C.) It is quite clear that the above discussed valuation method does not conform to the methods of the Agreement on Impleme ntation of Article VII of the General Agreement on Tariffs and Trade (1994). Furthermore, it cannot be considered even under Article 7 of the Agreement which provides for a fall-back method of valuation because (i) the directive does not apply the Agreement on Implementation of Article VII of the General Agreement on Tariffs and Trade (1994) valuation methods sequentially but automatically uses an alternative method of depreciation allowance it devised, and (ii) it does not follow valuation methods laid down in Articles 1 through 6 of the Agreement , albeit with a reasonable flexibility, as stipulated under Annex I , Note to Article 7 , Paragraph 1 to 3 of the Interpretive Note of the Agreement. In addition, the 10 percent annual depreciation rate and the maximum allowed depreciation of 30 percent of the original price clearly do not reflect to prevailing market prices of used vehicles in the markets from which they are imported. Canada Memorandum D13-10-2 Used Automobiles, Motor Vehicles, Boats, and Other Vessels of Canada (2001, pp 2) outlines and explains the manner in which the value for duty of used automobiles and motor vehicles and boats and other vessels is to be determined. Where a vehicle or boat, new or used, is imported within 30 days of the date of delivery to the purchaser, it will be valued for customs purposes using the purchase price as the basis for establishing a transaction value. A valid sale for export to Canada is considered to have occurred, and any use of the vehicle or boat prior to importation will be regarded as being incidental to delivery of the vehicle or boat to Canada. If the requirements of section 48 of the Customs Act of Canada (1985), (which is the transaction value method, are not met the value for duty must be determined under one of the subsequent methods of valuation applied in the sequential order provided for in the sections 49 to 53 of the Act. (Canada Customs Act, 1985) For imported used vehicles which are not sold for export to Canada, (ibid) importers may declare a value for duty by referencing used vehicle valuation guides published in the country of export, which list retail sales values for vehicles in average condition. These values indicate the amount any purchaser can expect to pay for the vehicle, whether purchased for use in the country of export or for export to Canada. (Memorandum D13-10-2, 2001; pp. 3) In cases where the importer is unable to provide a value from a neutral source in the country of exportation, customs will use, as its primary reference, the retail sales value listed in the Canadian Automobile Red Book Official Used Car Valuations (Memorandum D13-10-2, 2001; pp. 4). An amount for Canadian duties and taxes, using the duty and tax rates applicable at the time of importation of the goods being appraised, will be deducted from the published listed value, in a flexible application under section 53, of the deductive value method of section 51. (Memorandum D13-10-2, 2001; pp.4) The above discussed used car valuation experience of Canada fully conforms to the methods of valuation of the Agreement on Implementation of Article VII of the General Agreement on Tariffs and Trade (1994). If the requirements of the transaction value method are not met, the value for duty must be determined under one of the subsequent methods of valuation applied in the sequential order which makes it fully consistent with Agreement on Implementation of Article VII of the General Agreement on Tariffs and Trade (1994). Article 7 of the Agreement which provides for a fall-back method of valuation is considered when the other methods of valuation cannot be used. Under this method, used vehicle valuation guides are used which consistent with Article 7 of the Agreement. 2.3 Australia The Transaction Value Method: According to the Australian Customs Notice (1998), the Customs value of new or second hand privately imported motor vehicles or motor cycles will ordinarily be calculated using the transaction value method. Under this method the Customs value is based on the price actually paid or payable for the vehicle or cycle in a bona fide sale where the price is not influenced by any other factors such as related party transaction. This method will be used where the importer can show that the vehicle or cycle was purchased to be exported to Australia. (Australian Customs Notice, 1998) Similarly, as stipulated in the Notice (ibid), the transaction value method is not used when: The road vehicle has been purchased overseas at only a token or nominal price Between the date of purchase of the road vehicle and its subsequent exportation to Australia its value has altered due to the following occurring: the addition of accessories, fittings or options, major restoration, modifications or any improvements to the road vehicle made after its purchase; or the road vehicle has depreciated due to wear and tear caused by usage before exportation, an example of this that during the 12 month period of ownership and use required to obtain a permit to import the road vehicle was subject to normal usage which added additional mileage and depreciation to the vehicle; Where any of the above situations have occurred, the Transaction value method cannot be used and an Alternate Methods of determining the customs value will be considered. Customs and Border Protection experience has shown that the majority of road vehicles imported cannot be valued using the Transaction value method because they were not purchased solely for export to Australia or the vehicle has depreciated since purchase due to use. (Australian Customs Notice, ibid ). Alternate Methods of Valuation: When the transaction value method cannot be used to determine Customs Value, the alternate methods of valuation, as set out in Section 159 of the Australian Customs Act will be applied in sequential order. There are several alternate methods to determine the customs value of privately owned road vehicle. The Fall-Back Deductive method is the most appropriate method for establishing the customs value of privately imported road vehicles when it is unable to be determined using the previously mentioned methods. This method is based on the value of the road vehicle at the Australian wharf. The value is established by referring to an expert appraisal. ( Australian Customs Notice, ibid ). In this context, the expert appraisal should provide a cost for the road vehicle as it has been appraised at the point of importation. The appraisal will include any modifications or accessories that have been made or added to the road vehicle prior to its importation to Australia but not any changes to the vehicle that will be required after importation. Once the Australian landed cost has been satisfactorily established, certain deductions will be made by Customs and Border Protection. The value so determined will be the customs value which will be used to determine the customs duty and GST payable. (Australian Customs, ibid ). Another issue to consider is the circumstances where the application of the depreciation method is not appropriate. Certain models and makes of cars enjoy a particular status in the collector market. As an example, certain cars appreciate in value as they become valued as collector or classic and vintage cars. It is not unusual for such cars to be worth much more than the price when sold new. In these cases, it will be necessary to establish a value, where the declared transaction value is doubted, through the use of specialized publications or auctions results, in the country of export. (Australian Customs Notice, ibid ). The used car valuation experience of Australia fully conforms to the methods of valuation of the Agreement on Implementation of Article VII of the General Agreement on Tariffs and Trade (1994). The Customs value of new or second hand privately imported motor vehicles or motor cycles will be calculated using the transaction value method. This method will be used where the importer can show that the vehicle or cycle was purchased to be exported to Australia. When the transaction value method cannot be used to determine Customs Value, the alternate methods of valuation, will be applied in sequential order. Expert appraisal of used vehicles is used to assess the customs value. This method is consistent with Article 7 of the Agreement which provides for the Fall-Back method. Analysis of the Case Study An owner/ importer, a resident of Country I and a car collector, imported a vehicle from Country E. The owner / importer bought the car from a secondhand car dealership owned by the employer of his brother, which indicate the possibility of a related party transaction. According to Article 15 Paragraph 4 (h) of the Agreement on Implementation of Article VII of the General Agreement on Tariffs and Trade (1994), persons are deemed to be related if they are members of the same family. Since the importer is a brother of the employee working at car dealership there is a relation. The question is whether this relation can affect the transaction value. Since the brother of the importer is only an employee and not an owner of the car dealership, there is no possibility for him to influence the price actually paid or payable. The case study indicated that the make and model of the car bought by the importer was not previously imported into Country I. Therefore, no previous transaction values of identical or similar goods could be found. Where no transaction value could be determined under the transaction value method of Article 1 of the Agreement on Implementation of Article VII of the General Agreement on Tariffs and Trade (1994), for the goods being valued, it is necessary to consider a transaction value previously accepted by Customs for identical goods, as the goods being valued. If a customs value cannot be determined using the identical goods valuation method of Article 2 of the Agreement on Implementation of Article VII of the General Agreement on Tariffs and Trade (1994), then the next step is to seek a transaction value previously accepted by Customs for similar goods as the goods being valued. Since there is no previously accepted identical or similar goods value, the identical and similar goods valuation methods, which presuppose the prior importation of the same make and model of the vehicle being imported, cannot be used. The transaction for Customs valuation purposes must be the sale for export to the country of importation. There must therefore have actually been a transfer of ownership resulting in the exportation of the goods to the country of importation. The case study shows that the importer had used the car in the Country of export prior to importation. Therefore the car is not purchased by the importer in the context of a sale for export to Country I. As shown in the experiences of other countries above, regarding the valuation of used goods and vehicles, if a vehicle after being purchased in the country of export is used in the country of export prior to importation, the transaction value method of valuation cannot be used because the value of the vehicle is altered. Therefore, this fact precludes the possibility of using the transaction value method of valuation. Another fact which is indicated in the case study is that, prior to export; the car had been stored and transported in the country of export. According to Article 8 of the Agreement on Implementation of Article VII of the General Agreement on Tariffs and Trade (1994) there are costs which are added to the price actually paid or payable. The incorporation of Article 8 of Agreement on Implementation of Article VII of the General Agreement on Tariffs and Trade 1994 additions on the transaction value, presupposes that the method of valuation used is the transaction value method. If the transaction value method of valuation is not used, the cost associated with the storage and transportation of the car in the country of export cannot be added because alternative valuation methods are used. The case study also shows that the importer presented to customs an appraised value of $ 40,000 assessed by an insurance company in the country of import. The Australian experience shows, the expert appraisal should provide a value for the road vehicle as it has been appraised at the point of importation. Therefore, appraised values in the country of importation can be acceptable. What is doubtful in this case is, whether the appraised value by an expert from an insurance company can be considered an independent appraisal and therefore can be used by Customs. The appraisal by insurance company cannot be independent from the importer and cannot be acceptable by Customs. The other point is that, the appraised value for insurance purposes may differ from an appraised value for customs purposes, in which case the appraised value by an expert from an insurance company cannot be acceptable. Therefore, the rejection of the appraised value by customs is correct. As indicated in the case study, during inspection by customs, a Country E car dealership receipt amounting to $ 80,000 made out to the importer was found in the glove-compartment of the car. Assuming the receipt is for the same make and model of the car purchased by the importer, the question to be asked is, whether the customs value of the vehicle can be based on the invoice. As indicated earlier, the vehicle had been used after purchase in the country of export. Therefore, the value of the vehicle had been altered which leads us to explore other valuation methods other than the transaction value method. Chapter 5 under the General Annex of the revised Kyoto Convention states that, the amount of security to be deposited to be kept at reasonable levels and therefore, ensure that they are not used for punitive purposes. The Customs administrations determine how much security is needed. The amount of security has to be as low as possible, and, in respect of payment of duties and taxes, is not to exceed the amount potentially chargeable. Therefore, according to the Revised Kyoto convention, the amount of security to be deposited to clear goods under protest is determined by Customs not by the importer. The information provided in the case study indicates the potential to be collected is $ 12,000 based on the receipt price of $80,000. Security amount of $ 12,000 does not exceed the amount potentially chargeable. Therefore, the action taken by Customs is consistent with the Revised Kyoto Convention. Summary and Conclusion 4.1 Summary The importer had used the car in the Country of export prior to importation. If a vehicle after being purchased in the country of export is used in the country of export, the transaction value method of valuation cannot be used because the value of the vehicle is altered. Therefore, this fact precludes the possibility of using the transaction value method of valuation. The make and model of the car bought by the importer was not previously imported into Country I. Therefore, the value of the vehicle cannot be determined using the identical goods and the similar goods valuation methods as well as the deductive value method, which presuppose the prior importation of the same make and model of the vehicle being imported or the reselling of the imported car. The case study indicated that the car is imported by a collector which shows that it is not for reselling. The information required to substantiate production costs will normally be held by the seller/manufacturer and therefore is unlikely to be immediately available to the buyer in the country of importation. Also, it is unlikely that the importer will be able to obtain this information unless he/she is related to the seller or has a long term trusting relationship/association. In addition it will not be possible to establish the cost of production of the imported vehicle in the condition in which it is imported. Therefore, it is not possible to establish the value of the used vehicle using the computed value method. The importer presented to customs an appraised value of $ 40,000 assessed by an insurance company in the country of import which was rejected by customs. Appraised values in the country of importation can be acceptable. Since the appraised value was assessed for the purpose of insurance which may differ from an appraised value for customs purposes, the appraised value by an expert from an insurance company cannot be acceptable. The invoice value of $80, 000 which was found by Customs inspectors in the glove compartment of the car could not be accepted as transaction value, because according to the Australian Custom experience, if the vehicle is used prior to exportation to Australia the initial transaction value of the vehicle will be altered due to wear and tear as a result of usage. 4.2 Conclusion For the valuation of imported goods using the fallback method, three principles must be adhered to the customs value must be determined using reasonable means; these means it must be consistent with the principles and general provisions of the    Agreement; as much as possible the customs value must be determined on the basis of data available in the country of importation. However, this need not be taken as ruling out the use of information from other countries. Consequently, the origin of such information does not prevent its use for the purposes of Article 7 of the Agreement on Implementation of Article VII of the General Agreement on Tariffs and Trade 1994, provided that the information is available in the country of importation and Customs is in a position to check that it is true and accurate. Therefore, one of the following two alternative ways can be used to determine the value of the vehicle with consultation between the Customs administration and the importer for exchange of information. The Fall-Back method is the most appropriate method for establishing the customs value of privately imported road vehicles when it is unable to be determined using the other methods of valuation. In the case of Australia, the value is established by referring to an expert appraisal. Therefore, using an appraised value conducted by an expert appraiser independent from the importer is appropriate. The other Fall-Back method, to be used is the used vehicle valuation guides published in the country of export, which lists retail sales values for vehicles in average condition. These values indicate the amount any purchaser can expect to pay for the vehicle, whether purchased for use in the country of export or for export to other countries. This neutral source of information is another way of assessing the value consistent with CVA.