Trends of the business development in contemporary economic environment

Trends of the business development in contemporary economic environment A major challenge facing global organisations is the need to align local business processes with global corporate strategies. Discuss ways in which management accounting and control practices  might facilitate this whilst highlighting the potential problems inherent in those practices. Introduction The global competition becomes fierce as firms in an industry treat the world as a single market. To set up multinational company or make firm internationalized, it could be considered as the main trend of the business development in contemporary economic environment and could help business expand to a new level in long term development. However, the major challenge facing global organisations is the need to align local business processes with global corporate strategies. In other words, how to make an appropriate localization strategy in accordance with companys global corporate strategy is the core in overseas development. Management accounting and control is a useful integrative technique that concerned with coordination, resource allocation, motivation, and performance measurement etc. The purpose of this essay is to explore how management accounting and control systems deal with the coordination of the global corporate strategy and the local business process as confronting the c hallenges and the potential problems. Firstly, this paper will illustrate the meaning and the main theories of management control to identify its endowed role in changing environment. Then through enumerating and analysing the challenges for the management accounting and control in the contemporary business environment, the objective and role of management control system will be identified, simultaneously examples will be incorporated with discussions. Finally, a concluding section will be presented. Theories -Definitions and main roles of MCS The definition of management control is adjusting as the rate of change increases. In 1965, Robert Anthony defined it, the process by which managers assure that resources are obtained and used effectively and efficiently in the accomplishment of the organisations objectives. But this approach was very specific in the basic discipline in behavioural control; its hardly to fulfil the wider range and variety of consideration of the interaction of the control mechanisms and tended to narrowly focus on the large, hierarchical organizations. As emphasizing the management strategys dominant position in organizations operations, the management control served like a tool to corporate the whole performances. It was then defined, enhance organisational performance by ensuring the implementation of the organisations stated strategy (Merchant and Van Stede, 2003). Due to the uncertain business environment, such as technological changes, social changes, political changes and the requirements of co mpany internationalized, management control are considered as the process of guiding organisations into viable patterns of activity in a changing environment (Berry, Broadbent and Otley, 2005). Chenhall (2003) also mentioned that the terms management accounting (MA), management accounting systems (MAS), management control systems (MCS), and organizational controls (OC) are sometimes used interchangeably. Management control systems contain many techniques such as Total Quality Management (TQM), Just In Time (JIT), Budgeting, Balanced scorecard etc. -MCS in global economy In global economy, different culture could have an impact on the effectiveness and efficiency of control system. Managers live and work across different cultures and in different countries should understand cultural differences and sensitivities. Multinational companies need to control activities of global subsidiaries. Transplanting domestic control may be efficient but ineffective if not accepted because of cultural context (lecture notes). Management control system plays a decisive role in control and planning process. Hofstede (1980) introduced the framework of culture dimension based on several studies on culture differences. He identified four primary dimensions the differentiate cultures: power distance, individualism collectivism, masculine feminine, and uncertainty avoidance. All the characteristics illustrated in this framework should be taken into account when conducting the management control system. This taxonomy is broadly used in many countries. Power distance is defined as the extent to which the less powerful members of institutions and organizations within a country expect and accept that power is distributed unequally. Employees in large power distance countries are expect to accept the order from the upper staff or managers, such as Asian countries. They tend to be associated with centralization and less participated in decision making. Individualism collectivism indicates whether group or individual should get the focus. In individualism society, management focuses on managing the individuals and conducting based on individuals interests. USA gets the highest score in individualism dimension. Hofstedes masculine feminine dimension emphasizes genders role more than gender. Women are supposed to be more modest, tender, and care about the quality of life whereas men are more determined, assertive and concerned with the success. This dimension implies on management control system how managers grasp their different interest s to reward appropriately that achieve the best effect. According to the further study of this dimension, J. C. Lere and Kris Portz (2005) found that Japan, Austria, Great Britain, and the United States are more masculine on the masculine/feminine dimension. Denmark, Sweden, and Norway are more feminine. Uncertainty avoidance deals with a societys tolerance for uncertainty and ambiguity. In terms of high uncertainty avoidance culture country, the laws, rules and regulations reduce the uncertainty and ambiguity. Nevertheless, Davidson (1980) stated that the learning or experience of firms international expansion can coderate the effects of cultural distance. Specially, firms in the initial stages of expansion might exhibit a clear preference for similar cultures, but firms in a more advantage of the expansion might not show this preference. Further as firms gain more experiences and adapt to the target markets environment, the influences of cultural distance can become less significant operating in foreign countries. McSweeny (2002) also heavily criticised that treats national culture as implicit; core; systematically causal; territorially unique; and shared. These alleged characteristics are first described, and later challenged. MCS respond to the challenges confronting multinational firms The market penetration strategies of global firms are varied, but they could be concluded to a word: localization. Localization strategy is the core competitive strategy for multinational corporations (cross-national companies) as entering the target market country which including relationship (especially with government), product and service, marketing strategy, human resource, business operation mode, development and research. However, localization in global economy is not completely implementing organization as exactly the same as the local organization or change entirely in order to fit the local market. It is just a sense of tending to be local, in terms of orchestrate responses to local condition and opportunities. A multinational company must have its unique outstanding corporate characteristics to rely on. From its initiative to mature process, every detail reflects the companys core competency. Thus all the subsidiaries should keep their core competency all along, according to the host countrys geographical, cultural condition aligning properly on management strategy and marketing strategy. Localization is an advisable marketing strategy. Contrarily, the subsidiaries centrifuge organizations core competency in order to implement truly localization, must lead to failure. For instance, McDonalds selling point is western fast food, if it sells Chinese dumpling, there wont be a miracle happened. There are four mainly challenges for implementing localization. Firstly, it is the local consumers demand pressures. Many industries reflect highly national and geographical characteristics; they should fulfil immense diversity requirements of customers. Such as Microsoft, it launched its software in different languages for customers in worldwide. Secondly, building up a good corporate image, multinational company could succeed in global development, to get the support from the local government, is generally depend on its cooperate image and visibility. Employ local people, implement material or resources locally supply, the companys culture and marketing strategy tend to fit local environment, all these mentioned above could contribute transnational in local development that consolidate corporate image. Management accounting plays a role in coordination the flows of materials (sourcing of raw materials, components, sub-assemblies and the distribution of finished goods), flows of recourses including capital, technology and flows of information contains raw data, analysed information and accumulated knowledge( J.F. Dent). In particular, Bartlett and Ghoshal (1989) suggest that the coordination of international flows of material may be best accomplished by formalised systems for logistics management. The geographical spread of the firms operations, the complexity implicit in flexible specialisation, and the ever changing nature of the firms operations may necessitate a huge initial investment in appropriate systems. But, once set up, they may render materials coordination routine. On the other hand, the coordination of resources should not be automated, they suggest. The allocation of capital, technology and people are key strategic decisions. They require sensitivity and judgement and a corporate overview. Thirdly, it is blending into local culture. Cultural differences can lead to the subordination of central concerns to local interests (J.F.Dent, 1996). This is considered as the centrifugal tendency. Hamel and Parahalad (1989) indicated that a clear strategic intent or a vision of the future is one of the most potent centripetal forces for any organisation. Thus it embodies an active management process, to identify strategic imperatives and immediate operational objectives, communicating the importance of the objectives, and providing new objectives. The planning process (MCS) offers great potential for managing consensus around the firms strategic intent. Planning meetings, conferences and periodic reviews can be used to focus attention on the overriding goal for the organization, and to secure commitment towards its accomplishment. This implies a great deal of dialogue across the organization , bringing managers from different parts of the world together to participate in strategy debates and translate these into specific operational targets and milestones (J.F.Dent, 1996). Finally, eliminating the integrative production cost. This requires multinational company take full advantages of low production cost, human resource cost and so on of local market to reduce the total cost, increase the total efficiency. J.F Dent (1996), indicated political pressures and the renewed assertion of national differences in customer tastes and preferences suggest that global firms may need to add a greater capability for national responsiveness to their cost efficiency. The cost pressures suggest that multinational firms may require a higher level of integration to access scale economies. At the sane time, firms may need to respond to increasing pressures for innovation, and to leverage these throughout the world. Budgeting is not only the system about numerical data. It is also concerned with monitoring and evaluating the per Examples China is witnessed the most rapidly developing country in the world in recent decades. Since 1992, Chinas economic reform movement, there have been more than 400 companies of Top 500 Global corporations invested in China. There is nearly 1/3 gross output constituted by foreign enterprises. So the investment behaviour and development of foreign enterprises are more typical and apparent in this resurgent market. There are two examples presented from positive and negative aspects. Toyota China Toyota is one of the top three car manufacturers in the world. In China automobile market, Toyota once caught up with GMs sales to be No.1. Under Toyota production system, Toyota centralized sixteen spare parts factories in Tian Jin, China, which is quit similar as the layout in head factory in Japan headquarter. In Japan, the main part of Toyota is in the middle, other spare part factories are located surround the main part. And it only takes 20 minutes between the centre and the part factory. Based on this organisation structure, Toyota creates Toyota model-Just in time. According to the requirement for the spare part, Just in time makes the inventory to nearly zero. Its outstanding production system and control system not only maximize the effectiveness and efficiency, but also benefit its Chinese partners that promote the local automobile technology development. Moreover, Toyota set up its production factories on its target markets helps understand the current situation and deman d of customers in maximum extend that could adjust or coordinate products or services flexibly to fulfil customers needs. This Toyota model changed the structure of the global automobile manufacturing. There is another example about failure on budgeting control. KFC KFC has led Chinas fast food business for a very long time. KFC is dominating even rival McDonalds in China. In recent years, KFC has tailored some dishes specifically to Chinese tastes, customers can order seasonal vegetables or fruit. In spring, it is bamboo shoots; in summer, aloe vera sunday is on the menu. And in colder months, theres rice porridge and winter soup. In order to accelerate expanding the market, KFC plans to challenge Chinese traditional breakfast market in 2009. It will launch Chinese fried twisted cruller which is most common food in Chinese breakfast (like burger or sandwich can be found everywhere on the street shop) and plans to introduce more Chinese traditional breakfast food. Its selling point is nutrition and health. KFCs fried twist cruller is without potassium alum. Alum is a part of ingredient of the traditional one, but it is just tiny little. But it is the inorganic substance, may not be frequently edible. This new product promotes nutritional and health breakfast idea. However, compared with the traditional fried twisted crullers price in Chinese breakfast restaurant, it is 6 six times than the market price. The colour, the flavour and the fluffy texture will keep original. As this news out, more than 50% net citizens are not interested this new KFC fried twist cruller. KFC is a representative American fast food brand, burger or fried chicken are its star product, they are the core product KFC should put focus on. As considered as its competitor, more than millions breakfast restaurants are found all over the country. Challenge to expand its market to Chinese traditional breakfast market is not an advisable marketing strategy. Conclusion Global competition is getting extremely fierce and the uncertain environment is still changing. Management accounting and control system is the key system for every business organization as it provides clarity framework to ensure the overall operations of the organization keep a capability to survive in its uncertain environment. in overseas operations, the parent company centralizes the whole operation and need to make sure the local subsidiaries business process is in accordance with companys core strategy or keep companys core competency. There are four main challenges confront cross-national company: local customers demand pressures, setting up good corporate image, culture, eliminating the integrative production cost. In initial phase, based on Hofstedes dimension of culture, the main strategy could focus on how to overcome the culture distance. But as all the operations on the track, planning and control processes (MCS) are very important in organizations performance. They are essential for the efficient performance of functional management responsibility (Otley, 1987). The management accounting function can contribute by creating focusing on competitive threats. Further, the transnational also calls for new performance measures and reward structures. National subsidiaries no longer have a purely local role, rather they are part of a broader global effort. This implies a move from simply measuring their performance in local markets to evaluating their contributions to the firms strategic intent. Richer, broader measures of performance are needed to reward behaviour in the corporate, as opposed to local (J.F.Dent, 1996).

Propaganda in indoctrinating Nazi ideals Essay

The Nazi propaganda after the consolidation of power featured many of the common characteristics associated with totalitarian propaganda; Twisted truths, stereotypical and distorted pictures of populace groups, simple messages repeated frequently and the use of a common enemy as a scapegoat. Also the Nazi propaganda featured many new methods of indoctrination, such as the mass rally meetings and the extensive radio propaganda. But how successful where these ways in conveying and convincing people of Nazi ideals? That is the question which I plan to investigate in my essay. The propaganda campaign launched by the Nazi government was headed by the brilliant orator Joseph Goebbels which was put as Reich Minister for Public Enlightenment and Propaganda where he coordinated the seven different departments: administration and organization, propaganda, radio, press, films, theatre, and adult education. From the department Goebbels controlled all aspects of Nazi propaganda, and since he was such a skilful propagandist almost all parts of the propaganda campaign, especially the radio, became huge successes. Of all the medias available to Goebbels his unquestionable favourite was the radio- the peoples receiver. Goebbels wanted to ensure that every home in Germany was equipped with a â€Å"Volksempfà ¤nger† from which they could listen to propaganda at all times of day. Prices where slashed and in the late 1930 the Germans could boast having the cheapest radios in the world. Radios where even put up in working places and public areas to ensure a maximal amount of listeners. And due to the large effort put into the campaign it became one of the most successful, by 1940 16 million households in Germany listened to Nazi Propaganda via the radio. Another effective way of supplying propaganda to the German people, was ,in theory, by the use of the censored press. In the beginning the press remained relatively unchanged, propaganda message where inserted in some magazine and papers, but most of the press friendly towards the regime remained unchanged, at least in the beginning. Soon Nazis propaganda was found in every page in every paper and by 1945 the Nazis ran 82% of all the newspapers in print.

Financial Outcomes Essay

Wal-Mart is known as one of the world’s leading discount retail chains. Much of its profits and success depends on its stock prices. This paper will examine three different scenarios in relation to the organizations initiative to repurchase its own stock in the market in order to retire it. There are three potential outcomes that the organization can encounter including: 1) the stock price goes down because the balance between debt and equity is distributed thus making interest rates on new debt rise. 2) The stock price is not affected because of the benefit of less shareholders is equal to the negative factor of not having the liquidity. 3) The stock price goes up because there are fewer shares outstanding. To begin with, the paper will examine the history of Wal-Mart to gain a further understanding of where the organization came from and where it is heading in the future. Sam Walton opened the first Wal-Mart in 1962 in Bentonville, Arkansas. It was one of the first of its ki nd- the discount retailer. Walton worked closely with his vendors to keep his prices competitive. Eventually, Walton was able to strike deals due to buying in bulk keeping his prices low. Walton then expanded his retail chain in the 1980’s to include warehouse buying by developing Sam’s Club. Since its initial opening in the 1960’s, Wal-Mart and Sam’s Club have gone global and expanded the discount chains overseas in areas such as Asia, Mexico, Canada, and South America. In 2008 there were over 590 Sam’s Club locations in the US and 100 internationally. In 2006, Wal-Mart had nearly 7000 locations worldwide (Wal-Mart, 2010). Management’s Initiative Wal-Mart released their annual report for 2009 and they could not be more proud of the performance that Wal-Mart has done for the fiscal year. The Wal-Mart teams from around the globe have challenged a difficult economy in the retail market, yet Wal-Mart reported net sales of more than $405 billion for the year with the international sales exceeding $100 billion. This is the first time in the company history where the international sales have hit such epic proportions. Wal-Mart is still looking to make things better especially to their stockholders. The initiative that the management is currently concentrating is the retirement of some of the outstanding stock. Previously the board of directors has authorized management to repurchase  Wal-Mart’s stock in the open market but with many restrictions. The latest initiative is driven by the board’s authorization to repurchase $15,000,000 worth of stock in order to retire it. There is no time expiration to this authorization and management will be looking for the right conditions to repurchase the stock. Possible Outcome #1 Debt to equity gives the proportion of the amount of assets that is financed by debt versus shareholder’s equity. A debt to equity measures the leverage of a company. Currently, Wal-Mart’s debt to equity ratio is 0.52 or 52%. Basically, meaning that 52% of Wal-Mart’s operations are financed through debt and as a result must pay interest on this financing that it is receiving. If the organization’s assets can generate a greater return that it would without the debt being incurred, the debt cost would make no sense. On the other hand if interest is low enough and at the right proportion debt can actually lower the total cost of capital. Management’s initiative to repurchase the stock is likely to affect the balance between the amount of equity and the amount of debt on Wal-Mart’s statements. If one examines the annual report of Wal-Mart, it is noticeable that the amount of new debt is very close to the amount spent on repurchasing stock. It is apparent from this that Wal-Mart is shifting its debt ratio. Because Wal-Mart’s cost of debt has been quite low, it is possible that additional debt may actually increase the cost of future debt. If investors perceive that this is the most likely outcome, then the outcome of management’s initiative to repurchase stock will actually reduce the price of Wal-Mart’s stock. Therefore, first possible outcome is that Wal-Mart’s stock will decline in price if management repurchases stock on the open market. Possible Outcome #2 Another possible outcome for Wal-Mart is that the stock price may go up due to this program. According to the initiative, on February of 2009 Wal-Mart reactivated the repurchase of their shares. At that time, there was five billion dollars left in the initiative to repurchase stock. If the conditions are right, according to the book value the stock price should go up after the repurchase. After the repurchase of the stock, there will be  less common shares outstanding and therefore the total assets minus the total liabilities divided by now a lower number of shares will result in a higher price per share. Investors value the stock based on the size of future cash flows from the company. Another indicator that the stock will go up is the size of the income per share. According to Wal-Mart’s statements, in 2005 the net income per share was $2.41, in 2006 that number went up to $2.68, in 2007 it went up again to $2.71, in 2008 it went up to $3.13 and in 2009 to $3.39 (Wal-Mart, 2009). Another interesting fact that may contribute to a rise in price of the stock as a result of a repurchase is to look at the gain for the remaining stockholders from a different view (that may be a little unorthodox). In 2005, before the repurchasing the net income was $10,267 and in 2009 after the repurchasing it was $13,400, which is an increase of 30.5%. One may say that the stock price went up because of this factor alone. Nevertheless, if one also looks by how much â€Å"Net Income Per share of common stock† went up he will find that in 2005 it was $2.41 and in 2009 it was $3.39, which is an increase of 40.66%. It is interesting to see that an increase of 30.5% in net income resulted in an increase of 40.66% in the income per share over the same time period. This amplified effect must be the result of the repurchase program, which would likely cause price rise in the stock when additional repurchase happens. Possible Outcome #3 Both outcome #1 and outcome #2 have valid points. It is true that investors value future cash flows. The theory in outcome #2 was built on the fact that investors would value the stock more because more net income would be per share. On the other hand, outcome #1 based its theory on the fact that if the debt ratio is disturbed interest cost will rise and future cash flows can decline, which would cause investors to value the stock less. Possible outcome #3 is that both outcome #1 and #2 will happen offsetting each other’s affect. If both would offset each other the price of the stock would not be affected by the initiative. Some investors would value the fact that there are less outstanding shares and would begin entering a long position. On the other hand, other investors would worry that outcome number #1 will occur and would take the short position. It is possible that the price would remain relatively the same because of this. The Most Likely Outcome Currently, Wal-Mart’s debt ratio is reasonable and most analysts have a strong buy or a buy recommendations for Wal-Mart. Considering the vast size of Wal-Mart’s balance sheet the size of the initiative (15,000,000) will not affect the debt ratio significantly. Because the debt ratio will not be affected significantly outcome number one cannot have a very strong affect. On the other hand, when Wal-Mart repurchases its stock it not only changes the balance between debt and equity but it also sends out a message. Psychologically, repurchasing its stock, Wal-Mart is sending out a message that management believes in Wal-Mart’s future success and thus believes that should there be a need Wal-Mart can reissue share at a higher price than at which they where repurchased. Combining the affect of the increased future cash flows for shareholder and the psychological affect it is most likely that outcome #2 will occur; it is likely that the price of stock will rise due to m anagement’s initiative to repurchase Wal-Mart’s stock. Conclusion As one can see from this example, any initiative that management takes can have important outcomes. It is also often possible for the outcomes to be very different from what management intended. It is important that management considers each outcome and the probability that it will occur. In this case, management has repurchased stock in the past and can therefore look at what happened then and use that as historic data to try and draw conclusions about what will happen after this repurchase. References Wal-Mart. (2010). Walmartstores.com: History Timeline. Retrieved from http://walmartstores.com/AboutUs/7603.aspx Wal-Mart (2009) Annual Report. Retrieved on July 29, 2010 from http://www.annualreports.com/HostedData/AnnualReports/PDFArchive/wmt2009.pdf

My Statement of Purpose Chemical Engineering - 535 Words

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As I continued to study this area, my interest continued to accelerate toward the more complex aspects of chemistry including polymer definitions and the study of chemical alloy construction. Learning Beyond Curriculum The logical progression of my study of chemical engineering has been to embrace the concepts of advanced polymers and the use of advanced testing and formation systems to evaluate how entirely new polymers can be created. In studies of how chemical engineering can be made most effective, the combining of theoretical andShow MoreRelatedMy Statement of Purpose: Engineering Management995 Words   |  4 PagesStatement of Purpose (new text in red) Introduction Chemical engineering fascinated me at an early age, as the transformation of many different, potentially conflicting compounds could be brought together to create entirely new products. 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