Emotiv System

Emotiv System Min Company Background When Tan Le and Nam Do sold their company and earned a large of money in 2003, they decided to take a new challenge about processing brain signals. Then, together with Allan Snyder, a physicist and Neil Weste, a chip designer, they founded Emotiv Systems Inc.. The company built a R&D lab to develop a workable system about brain signals process. Finally, the team had a breakthrough-successfully developed basic technology called EPOC, which can detect 30 mental states and process brain signals into software algorithms.Now, The company wants to launch this new kind technology into market. However, there are many issues need to be decided, such as: 1. To launch as a PC-only device or both console enabled and PC enabled, which is better? 2. If Emotiv plans to launch into console market, what marketing strategy would best promote rapid adoption? 3. What kind of demand could materialize for the EPOC console-enabled? How about if only PC enabled? Technolo gy development about brain activity Actually, many approaches were developed all the time for transmitting brain activity.Tech| method| Advantage| Disadvantage| fMRI| Through magnetic properties of oxygenated blood | 1. Able to get strong signals2. Able to distinguish what different brain structures are doing| 1. Much cost2. Large size of apparatus| PET| Through injections of radioactive tracers| 1. More portable than fMRI machines| 1. Expensive process2. Consumer are hard to be willing to endure| EEG| Cross brain’s protective layers| 1. Portability2. Low cost| 1. Bad effects on signal quality| EPOC| Through a head set to capture brain signals| 1. Portability2.The cost is reasonable| | According the table above, we knew EPOC is a new technology that is innovative enough for Emotiv to seek launching into market. Console-Enabled market Gaming market is certainly a giant market from which the company can earn amounts of money and creates much profit, especially for console-enabl ed market. Then, it’s necessary to seek the chance to cooperate with console makers. The following is the comparison for seeking cooperation with different console makers. Console maker| Group of consumer| Issues| Nintendo Wii| Casual gamers| 1.Lacking in computational power. 2. Planing to focus on improving existing technology rather than trying a new one. | Sony PS3| Mix of hard-core games| Harm for cooperation:1. Sony company was highly divisive with PS3 hardware and software. 2. Sony Europe was willing to cooperate with Emotiv, but it needed to dumb down EPOC just for releasing a simple version. Benefit for cooperation:1. Sony PS3 is less competitive than Wii for less complex controllers and needs a new technology. 2. Sony Europe group has autonomy to decide whether to cooperate with Emotiv. Microsoft Xbox 360| Hard-core gamers| 1. Not include a high-definition DVD in console2. Taking a policy of â€Å"wait-and-see†. 3. Wanna others to prove the concepts first| Acc ording the comparison above, we can conclude Sony is the best choice if Emotiv manages to convince one of the console makers in time for a fall 2008 debut. And the demand of new product needs to focus on hard-core gamers. Then, the marketing strategy is the key to best facilitate rapid adoption. Product| With the platform of Sony PS3 and EPOC system|Price| Using Penetration pricing to capture market share| Place| Retail channel including Sony and Best Buy, e-tailers, company| Promotion| Bundling with PS3, Selling CDs with inclusion of experience, etc| PC-Gaming market For gaming, except console gaming, PC gaming also take over a large part. There’re several features as following. 1. PC gaming was less than 1/5 size of console market. 2. Game development for PC was less concentrated, then there were more PC games. 3. There had been a trend to open brain computer interface technology. . The demand of PC gaming would focus on very hard-core gamers and role-playing gamers. 5. PC and Console Gaming profits are inversely proportional to each other. Conclusion According all the information above, there’s a conclusion that EPOC will have a beautiful prospect with no matter Console market or PC-Gaming market. Emotiv may launch its technology at both the markets, but what it needs to do the most important now is firstly to launch at console market, seek to cooperate with Sony, capture the market and finally aim at other goals.

Direct Marketing-Facebook Essay

1a) Facebook generates a revenue of 2 billion dollars a year, yes it is free for user to join but that is where they generate there money from. With over 750 million active users Facebook make the majority of their money through advertising. The ads that appear on the right border of the screen. They gather all the information about you and accordingly they let the advertisement that they think you would be interested in appear for you on the screen, more like a tailor-made advertisement. Another way of making money is selling information on users the same way of Google, Google has planned to sell their information but Facebook did not. b) some of the very important features on social networking are User-centric interface for example Facebook’s front page is exemplary for an egocentric user interface. It provides detailed information about updates and notifications of a user and also provides a one-click-interface that makes it easy to update the current status, hide information provided by friends and it updates you about people a user may know or groups or conversations that the user may be interested in. Real time updates, One of the reasons why micro-blogging services have managed to take off over the last years, was their ability to bring the new, â€Å"real-time† dimension to the social interaction on the Web. Different from instant messaging where users were mostly focused on the two-way-conversations, Twitter & Co. delivered many-ways-conversations to the Web. Simple and Usable Forms, Web forms are probably the most important design element for social media and networking sites. Forms and inputs are used in everything from sign-up to search, log-in, replying to a post or adding some other content. Since forms are extremely important, they must be usable. 2) I would defiantly agree to start the loyalty card in my hypermarket. One of the most revenue generating businesses is the super and hypermarkets. I wouldn’t look a lot about the competition the main important thing if I do own a hyper market would be the location of my store, unless I have a good name like Lulu  or Union Coop I wouldn’t open my hyper market next to well known retail hyper market. Every store has its loyal customers, the people who live close to my store will prefer to come to mine than to go somewhere far to buy there needs, people now days tend to look for the easy way, so having a loyalty card is very beneficial for me and would make my customers comfortable and think that out of what they pay they can get something back even if its minor with this loyalty card. I believe that it would be a success because every retail store has got its own loyal customers and for those I can have loyalty cards which will help in keeping them as my customers and not think of going to any of my competitors. 3) it is a part of direct marketing, in-bound and out-bound idea has came up to improve relation ship with customer and try to help in making things easier for them. For example and in-bound call is when a customer calls in it can be an employee that answers â€Å"call center† and the customer gets the chance to ask anything he wants related to that firm can be a product that hes not happy with etc in this case of ADCB it is on call banking so he can ask to debit an amount onto another account or clear a doubt that he had etc. this would let the customer be more comfortable working with this bank and not forgetting how easy it is. Not having to go all the way to the bank branch in order to finish a transaction where you can just get it done in a call. And the better the employees of the call center are with the customers the stronger the relation ship gets between the bank and its customers.

Underneath Pristine Clothes: Abraham Lincoln

A little farm is a place of impoverished state. It is a place where there is no much life; having none of the intricacies and grandeur of the city. But for a man with strong hopes and gallant dreams as Abraham Lincoln, it is a place where ambitions are born and where dreams start to be reality.Lincoln grew up from an undistinguished family, or so he illustrates, but he rose into the highest of seats and was elected as the president of the United States of America for two terms. He was a most esteemed president of all times—a man of honour, justice, and equality who pledged to use impartial agreements rather than force. But underneath those pristine clothes and perfectly amiable character, who really is Abraham Lincoln?Born to a simple family in a farm at the Hardin County, Kentucky, in February 12, 1809, young Lincoln grew up to days of hard work. There is no school at their area and there’s nowhere to learn about life, religion, and the world. What there are are only c hores to finish and jobs to seek and get over with.Yet, with his determined aspiration and passion for learning, he got through studying and acquired a license to practice law by the year 1836. He was a persistent and hardworking man, so to say; spending years of practice at the Illinois legislature that even his law partner said of him, â€Å"His ambition was a little engine that knew no rest.†In the year1842, his days of solitude were broken for he met Mary Todd, a woman whom he had decided to tie the knot with. They lived a happy life from then on and were gifted with four boys. It is sad to note though that only one of them lived to grow into maturity.After years as a lawyer he tried to compete in politics and run against Stephen Douglas for Senate in 1858. After their heated and diplomatic debate about the Kansas-Nebraska Act, Douglas won the election. But people who saw, heard, and witnessed their argument grew to love and favor Lincoln. Their debate had given him a nat ional reputation which in turn won him a Republican nomination for president after two succeeding years.When he won the presidency, Lincoln focused to bring about equality and goodwill among his people. He was a gentle voice that hushes the mass during the cold turmoil of the Civil War.The Emancipation Proclamation which he issued in 1863 greatly affected the war, ending at last the state’s fights, scores of deaths, and concluding a blood lusting combat. The results of the war he took carefully into consideration, making certain that the vast damage a war could bring would not be forgotten by the people and that the deaths of those who were involved in the confrontations would not be put to waste.Throughout his term, he stood as an example to every one; a man of simplicity and generosity who is willing to lay back his defenses if it would mean peace and unity for the nation. His regal personality was more than valued by the public, proven by his re-election in 1864.However, h e was cut short of his service a year after, when he was crudely assassinated—shot in the head by an actor named John Wilkes Booth— ending abruptly his patriotic goals and ambitions.It had been a sorrowful moment for all of America; having lost a man as placid and liberal as Abraham Lincoln. But his efforts were not wasted for he left his people the idea that would unite them: â€Å"With malice toward none; with charity for all; with firmness in the right, as God gives us to see the right, let us strive on to finish the work we are in; to bind up the nation's wounds†¦.†

Is there such a thing as fair trade Essay Example | Topics and Well Written Essays - 4250 words

Is there such a thing as fair trade - Essay Example There are a number of groups and associations that have expressed the above sentiments and other problems facing the world commodity producers. Such advocates include; Caritas International, Amnesty International and Oxfam. However, despite these firm proponents, there have been some controversies linked to Free trade. Some people assert that free trade is nothing more than a subsidy while others claim that free trade proponents do not possess the ability to transform the trading system the world over. They believe that farmers are facing a situation that is simply beyond control and it will take much more than free trade ideals to change it. 2There were four main fair trade organisations that came up with a definition for Fair trade. These four organisations were known as FINE. They defined fair trade as a form of partnership that aims at instituting equity in trade. The trade referred to by this organisation is global in nature. Additionally, they support workers who have been marginalised and air out their views through fair trade organisations. The latter group offers campaigns and informs workers about their rights. Fair trade is based upon a number of principles; the first one being fair pay. Pay may be labelled fair if it incorporates all the expenses that workers incurred during the process of production. It must also cover environment considerations and labourer's social needs. It must also be on time and should cover their future production needs. Fair trade is also founded on the principle that workers should have the capacity to participate fully in their markets. They should be given the incentives to manage their products well and also to achieve greater flexibility within this realm. On top of these, farmers and other labourers should be handled in an open and transparent manner. No one has the permission to take advantage of their vulnerabilities through hidden dealings. Men and women should be treated as equals regardless of what their social premises may be. Reimbursements must be proportional to the amount of work done rather than to one's gender. According to fair trade advocates , workers should be provided with safe and conducive environments. This implies that children will only be allowed to work if this does not come in the way of their education, ell being, security and growth. Lastly, fair trade discourages the use of environmentally friendly working techniques, for instance, it strongly opposes the [production of genetically modified foods because they harm the environment. 3In the recent past, the FLO International (which sets standards in fair trade) created a labelling system where products can be Certified if the adhere top Fair trade principles. Some of these principles are examined during the process of growing a commodity, harvesting it and even supplying it to the world market. Products that earn the fair trade mark are those ones that do not employ children during child labour.Additionally, they must not involve the use of slave labour of any kind. The certified commodity should also have been produced in an environment that is safe to work in and one that does not undermine labourer's human rights. Its price must also be such that it can facilitate some social problems facing farmers

CHROMATOGRAPHY (ANALISIS CHEMISTRY) Coursework Example | Topics and Well Written Essays - 1000 words

CHROMATOGRAPHY (ANALISIS CHEMISTRY) - Coursework Example In thin layer chromatography, a thin, uniform layer of silica or alumina gel was traditionally coated on a piece of glass. The mixture was dissolved in an appropriate solvent and the glass plate was immersed in the liquid. The movement of the individual components of a mixture takes place at different rates and the distance travelled by each component is measured and the data so obtained is used to calculate the Rf value is calculated by dividing the distance travelled by the component with the distance travelled by the solvent. Rf values are then compared with standard values to identify the suspected component. Fluorescent materials are incorporated into the stationary phase to identify colorless components which are invisible to the naked eye. Such components are visualized using ultra violet light. Separation of components of a mixture depends upon their affinity for the solvent as well as the capability of bonding with the stationary phase which is rich in hydroxyl groups. Van d er Waals forces also operate between the components and their affinity or repulsion from the stationary phase and determine the distance moved. Column chromatography was advancement in the technique where the stationary phase was packed inside a column (glass tube) and the mobile phase with the dissolved investigative mixture poured from the top. The movement occurred under the influence of gravity as well as the attraction of the components in the stationary phase, allowing identification of individual components. HPLC (High Performance Liquid Chromatography/High Pressure Liquid Chromatography) is a modern technique used to separate desirable or investigative chemical compounds from other compounds in a liquid sample. The investigative compounds are dissolved in an appropriate organic or inorganic solvent known as the mobile phase and the mixture is passed under pressure through specific columns which constitute the stationary phase.

Effective Approaches in Leadership and Management Essay

Effective Approaches in Leadership and Management - Essay Example They communicate this to others and develop strategies for achieving the vision. They also motivate workers and negotiate for resources and other supports aimed at achieving the organization’s goals. Managers on the other hand ensure that the organization’s resources are well organized and utilized to produce the best results (Cherie and Gebrekidan, 2005). However, due to dynamic nature of the world in which managers operates, they also need to be leaders. In health care delivery, it is common for nursing leaders and managers to apply different approaches in solving issues that affect the the health care facility. A case in point has been witnessed with regard to their approach to nursing shortage and turn-over. Carlton and the University of Colorado (2009) note that shortage of nurses is a significant crisis that impacts on the delivery of quality healthcare services. It is, therefore, very important for the nursing leaders and managers to understand the causes for the m to be able to tackle the issue. The major factors that have been singled out as the major contributors of nursing shortage include demand and supply issues such as job dissatisfaction, burnouts, and other challenges within the working environment (Carlton and University of Colorado at Denver, 2001). ... in this case entails, improving working condition and welfare of workers, improving salaries and other benefits that are competitive to instill satisfaction and motivate them. Another strategy used is carrying out recruitment immediately a shortage is realized (Cherie and Gebrekidan, 2005). 2. Compare and contrast how you would expect nursing leaders and managers to approach your selected issue. Support your rationale by using the theories, principles, skills, and roles of the leader versus manager described in your readings. Just as Carlton and the University of Colorado (2009) note, a good leader should have a sense of mission, must be decisive; charismatic and able to rally people to work together toward the achievement of a common goal. A leader must also be creative to be able to solve organizational problems and build a conducive working environment that produces satisfaction. A manager on the other hand must ensure that the institutional resources are well organized and utiliz ed towards achievement of best results (Carlton and University of Colorado at Denver, 2009). This implies that a manager ensures that things get done. With regard to the issue of nursing shortage and turn-over, I would expect the nursing leaders and managers to first address the issues that trigger nursing shortage and turn-over, especially those within their management control. This is due to my philosophy which is employee-based. This is a better strategy in my opinion and contrast with approaches of reorganization and restructuring used by some leaders and managers. This is because I believe that reorganization and restructuring alone may not motivate employees, a factor that has been identified as the major contributor of turn-over in thw nursing profession. Carlton and the University

Sustainable Development (plan paper) Essay Example | Topics and Well Written Essays - 750 words

Sustainable Development (plan paper) - Essay Example During this period, as many as 12 distinct goals and 88 focus areas will be covered to develop sustainable initiatives. The NSDS has received strategic and monetary assistance from the United Nations Environment Program (UNEP), which has sought to help in the development of communities ravaged by the Tsunami in 2004 (ADB, 2005). Kenya has also embarked upon a comprehensive sustainable development (SD) plan aimed at protecting the country’s environment and natural resources. The SD plan was developed with the aim of providing relevant education to the masses in a bid to encourage local action. The SD has also gained prominence as Kenya had previously not given importance to tackling the threats affecting the environment and there have been delays on the part of the administration in understanding the link between environment and SD (Adzobu, 2008). The Kenyan SD plan gives primary importance to the protection of the biophysical dimension of the forests while there has been lesse r focus towards improving social and economic factors. The SD plan was developed further into the National Environment Action Plan (NEAP) in 2005, which considered the role of poverty, still a major challenge faced by the country, and the resulting socio-economic pressures on the government’s efforts to protect the nation’s natural resources. The NEAP has noted the importance of capacity building over the coming few years to tackle the various issues posed by technological, economic, social and political deficiencies. The role of education in this scenario has also shifted from a concern towards the physical environment towards popularizing the intricate interplay between human activities and the environment (Wood, 2007). SD is thus being introduced as part of the regular school curriculum and is taught to students belonging to the fifth grade and beyond. The first phase of the NEAP will be implemented up to the year 2010 and will be followed by a thorough performance review prior to the introduction of the subsequent phases (Wood, 2007). The primary similarity between the SD plans of Maldives and Kenya is their extensive focus on protecting the local environment, although several differences and variations exist. The strategy adopted by Maldives is aimed at stimulating local activities such that businesses can develop ecologically sustainable methods, people can reduce their dependence on non-renewable fuels and scarce land can be protected from submersion (Annandale, 2007). The NSDS has also introduced ways to protect the fragile coral reefs around the archipelago as a solution to protect the islands from rising sea levels. On the other hand, the SD plan developed by Kenya is aimed at protecting the country’s natural resources and biodiversity. The plan was developed and promoted by the Kenya Organization for Environmental Education (KOEE) and is thus considered as an internal project (Adzobu, 2008). In contrast, the NSDS of the Maldives has received considerable support from the UNEP through various mediums (ADB, 2005). Additionally, the SD plan is focused towards imparting relevant education within Kenyan schools and is thus a long-term initiative. The impact of the NEAP will thus require some time

Globelaztion context Essay Example | Topics and Well Written Essays - 250 words

Globelaztion context - Essay Example hat people have slept on the geo-economics lies, and then everyone must be ready to find out if the world is flat as the lies state without wasting time. The author also states how if found out by accident how the earth if flat. He found out the truth according to lies late February last year. Friedman (2005) has used the interview while creating a discovery channel program to justify what Indians believe about the earth being round or flat. The video is for a lecturer who is talking about the global health of two hundred countries two hundred years ago and beyond. He states that having data is not enough but it very critical to make them presentable enough that people can understand. To do so, he talks about the animation of data in real space. Using the real space animation uses different color in presenting countries. The size of the color also shows the size of the population. The speaker also talks about the life expectancy of persons in different countries. The speaker also talks about the factors that have led to the development of some countries. Again, the speaker identifies the impact of the world war to the development of many nations. The speaker has categorized the global competition of the nations in years from 1810 up to the now identifying the development strategies and the factors that affected the countries. The author also defines the closing of the economic gaps between countries and identifying factors that have contributed to the closing of the

Globalization as understood and explained by corporations Essay

Globalization as understood and explained by corporations - Essay Example This research will begin with the definition of globalization as a global or universal phenomenon of political, economic, cultural and technological exchanges that come up as a result of contemporary communication, legal infrastructure and political willingness to open links across borders to enable international finance and trade. In general terms, it is a term that stands for the close ties between people and states of the world culturally, economically and politically. On the other hand, antiglobolization is a term used to refer to the critics of globalization in ideological aspects. They argue that globalization is a concept invented to favor the elite. In their views factors such as global migration from one country to another have led to increased security lapses. They have also attributed globalization to environmental degradation which has resulted to the sprouting of slums in developing states. According to globalization school of thought critics, globalization has resulted to uneven distribution of the wealthy which in turn has led to selective economic booms globally which is the main cause of informal settlements. To counter One another’s assertions in regard to the merits and demerits of globalization, both the critics and the proponents have fronted several arguments in relation to the economic, political and social aspects of globalization. Aspects of the economy that are majorly associated with globalization include investment, trade, and migration.... They assert that by countries accepting to get into foreign and regional financial schemes, they automatically lose their financial sovereignty and in turn embraces foreign policies may be contrary to the unique needs of its citizens. The other view is that multinational corporations may acquire excessive power in a particular country which may in return compromise the needs of the citizens in general. Proponents perceive that, globalization has played a key role especially in political sphere an argument which has received major backing from globalization nationalists. For example, they have a uniting factor in the view that International institutions such as World Trade Organization have positively influenced political ties among member states. Dividing the two sides in the middle is the issue and the role of technology in globalization. Proponents have identified with the remarkable positive contributions predisposed by technology such as faster access to information and more jobs created such us the online jobs. On the flip side, critics have expressed deep reservations on the security lapses that technology has exposed most countries to as a result of technology .They have also expressed concerns on global moral decadence that has been wide spread as a result of globalization through technology. 2. What explains the very different effects that globalization and world economic recession have had on U.S. households as compared to the effects that globalization and world economic recession have had on individual European households? Currently, America is facing serious economic challenges and possibly the worst recession of all times. Though recession hit almost all parts of the world, the United States is yet to dust itself of from the

The Sarbanes-Oxley Act of 2002 Essay Example | Topics and Well Written Essays - 500 words

The Sarbanes-Oxley Act of 2002 - Essay Example a) Independent and competent audit committee: The act requires the audit committee members to be a part of the board of directors. Also they need to be independent, i.e. not a part of the management and not receiving any compensation from the company either as an employee or even as a consultant. b) Responsibilities of Auditors: The act requires that the lead and reviewing partners of the audit firm are changed once every five years. The best way to do so is to change the auditing firm every five years. c) Certified Financial Statements: The Act states here that the chief executive and the CFO need to certify the appropriateness of the financial statements. Also, any false certification can give rise to liability. The Act also requires that none of the chief executives, i.e. CEO, CFO, Controller, or CAO, were a part of the auditing firm for one year preceding the audit, to ensure that there are no conflicts of interest. e) Disclosure: The Act requires a number of disclosures which include all information on internal control mechanisms, any corrections to the past financial statements, material off balance sheet transactions and also the material changes in operations or even the financial situation of the company. f) Whistle Blower Protection: The Act supports the whistle blowers and takes complete actions on any firm that might take any action against employees who report suspected illegal activities in the organization. g) Document Destruction: The Act considers the destruction of any litigation – related document or alteration, cover-up, falsification as a serious issue and especially if this is done to prevent the use of the documents for official proceedings (SOX law, 2003). The SOX Act can prove to be beneficial to the accountants as this allows the people to be more truthful and ensure that all books are in place. Also, with the various sections in place, it allows for protection of whistle

Campaign review 2 Essay Example | Topics and Well Written Essays - 2250 words

Campaign review 2 - Essay Example Worth noting about the topic of advertisement is that various studies have been conducted to determine the influence humor has in terms of persuasion. In the past, it has been established that customers or prospects seldom responds to mere information meant to advertise. Conversely, when an advertisement has humor included, it inevitably catches the attraction of many people. Consequently, many tend to seek more information regarding the product or service being advertised. In the end, there is a high possibility of the client purchasing the service (Cialdini, 2001). Having presented a campaign review on Old Spice’s â€Å"Your man can smell like me† advertisement, this paper will analyze how one theory of communication process was appropriately applied. One theory that was evidently applied in the campaign is Richard Petty’s and John Cacioppo’s Elaboration Likelihood Model (ELM). ELM theory is one that Richard Petty and John Cacioppo developed in the 70s that sought to explain how prospects respond to advertisements. The theory explains the path taken in the shaping, formation and reinforcement of attitudes through persuasive arguments. In essence, the theory claims that once information is availed to a person, there is some inevitable elaboration level that tends to occur. It explains that persuasion takes one of the two paths: Central or Peripheral paths. Each of these is dependent on a couple of things exhibited by the prospects. Four principles are used to analyze which path a buyer or a prospect has taken (Payne, 2008). These include elaboration, attitude, information processing and the strength of the attitude that has been reinforced, and this section will highlight how the theory is analyzed. In the case of Central path, a client has to understand the message behind an advert in order to take this side. In contrast, when the elaboration is limited the most likely

The economic process Essay Example for Free

The economic process Essay In order to understand externality, we define it first. Externality is either a benefit or a cost that is incurred by a third party not involve in the economic process (Johnson 2005). Some of the common externalities that everyone encounters can be divided to production and consumption externalities. Again we define the two terms. Production externality is a cost incurred by a party other than the producer that generates a difference between the cost to the producer and the society cost (real cost). On the other hand, Consumption eternality is a cost or a benefit that is incurred by a third party other than the consumer which generates a difference between the benefits of the consumer and the society benefits (real benefit) (Mikalson 2008). Some externalities that one encounters include overuse disposable items, overuse personal vehicles which emits pollution, toxic material which are dumped in drains or in the air, education, vaccines, congestion on the free way, second hand smoke, research, information. Most of the said externalities are regulated. This includes personal vehicles which emits pollution, toxic materials which are dumped in drains or in the air, second hand smoke. These externalities are regulated because they are costs that the third party might incur. Overuse disposable items, research, information and congestion of the freeway are externalities that are properly taken care of because it might be beneficial or it might incur cost. Lastly, education and vaccine are externalities that are paid for because it is an externality that is beneficial and should be focused upon (Mikalson 2008).

Breakdown of the Pestel Analysis

Breakdown of the Pestel Analysis EThames Graduate School (ET) is a modern and dynamic Higher Education institution offering students a complete range of high quality UK recognized qualifications. Our career focused degree programs provide students with the knowledge and skills required to ensure a smooth transition from the classroom to the workplace. Our mission is to develop each students abilities to the full in order to produce outstanding professional and enterprising people for business, industry and professional careers. (Thames, 2011) EThames Graduate School is Europes largest Higher Education institution offering world reputed higher educational qualifications. The EThames Graduate School students come from different countries around the world. The EThames Graduate Schools core business is in its different study areas such as business, finance, computing, health and social care, English and other training programs. 2012 Olympics games are going to be in London and lot of international attractions will comes to the school. Also there will be higher demand for the professional courses which are focusing relative fields focusing the event. Therefore it is necessary to have proper marketing campaign to capture the opportunity. I have discussed the situational analysis, marketing strategy, implications for the ET due to the expecting mega event of the Olympic 2012. Situational Analysis As identified by the marketing audit and summarized in the SWOT analysis within the core market in which ET operates has been significantly affected by the recent rise in competitive pressure. A robust long-term plan must now be created to deliver competitive advantage and reverse the downward sales trend. The events market is reactive, fast paced and heavily influenced by changes in the external business environment; thus a 2-3 year plan is considered a long-term one. The Olympic 2012 event will make lot of influences to the business within few months. 1.1 PESTEL Analysis Political Forecast cuts in public spending Changes in Government attitudes to external meetings Planned rise in VAT to 20% January 2011 Impact of 2012 Olympics London / 2014 Glasgow Commonwealth Games / 2018 World Cup Increased globalization and associated meeting requirements (both physical and virtual). UK is in 24th place in world globalization rankings High unemployment rate (7.8% / 2.47 million) resulting in less training and development Economic Increasing use of external preferred agencies to make bookings, rather than diplomas direct Event budgets forecast to stay at lower levels than pre-recession Luxury / additional spend forecast to stay low Quantity of delegates forecast to stay flat Increasing commercial awareness in buyers (haggling, negotiation, personalized pricing) Increased reluctance not to commit until last minute Forecast cuts in public spending Legal Market segment legislation (e.g. ABPI guidelines) restricting venue. Planned rise in VAT to 20% January 2011 Events industry remains unregulated ET operate in old buildings meaning significant investment is needed to meet changes in accessibility regulations Technical Rise in video conferencing (Webinars) Rise in virtual events2 Increase in user generated content (venue reviews, social networking sites) Reliance on websites / search engines for venue selection, rather than printed directories and magazines Increasing reliance on AV tools thus high impact on event if fails / non-compatible High rate of technological development venues need to be adaptive to these requirements Social Cultural Increasing demand in some sectors (e.g. online learning) to use ethical venues (CSR) Rise in customer service expectations Increasing commercial awareness in buyers (haggling, negotiation) Increase in user generated content (venue reviews, social networking sites) Demand for meetings to become more objective and measurable Increasing demand for venues to demonstrate sustainability / green / ethical credentials (BS8901standard) Increasing diversity in customer tastes and demands (dietary / cultural requirements) Environmental Increasing demand for venues to demonstrate sustainability / green / ethical credentials (BS8901standard) Public sector travel cuts (e.g. Environment Agency) Carbon cost of business travel under scrutiny Rise in demand for locally sourced produce 1.2 Distinctive competencies (DCs) ET currently possesses 5 Distinct Competencies. These are key internal strengths which have no major countering weakness. Stability ET is part of the wider ET providing underlying financial stability. Staff also has access to a wide pool of specialist in-house resources16 giving advantage over independent competitors. Power ET shows a position of strength as highest value added member and thus an ability to meet changing customer demands (e.g. AV / Catering) by negotiating optimum deals with students. Customer Service ET have an outstanding Customer Service record and are currently no 1 educational center in the UK18, placing them at a distinct advantage to combat the rise in competition. Flexibility The 7S and 7P models19 demonstrate ETs flexible approach to product and pricing. Customer facing staff is adaptive and able to meet changing customer requirements with ease. Product ET offer an upper-middle end service based on proven customer service and added value, rather than price alone. 1.3 Critical success factors (CSFs) Analysis of the opportunities and threats within the micro and macro environments show the groups core markets present 5 critical factors for future success. Price There is strong demand for cost effective events with personalized pricing and competitor matching. This is forecast to continue in the mid-long term future. AV Student demands for the latest in reliable conference technology (both physical and virtual) are forecast to grow, as will their reliance on it to deliver their events (virtual speakers / delegates etc). Agencies Agents are a growing selection method of choice for students. Green credentials Customer preference for environmental sustainability is rising, with industry launching to differentiate which venues are compliant. Customer Service students have a continued requirement for reliable, personalized customer service. 1.4 Benefits of marketing planning It is increasingly important in todays rapidly changing business environment that companies plan their marketing effectively. According to Kotler (2002) sound planning helps the company to anticipate and respond quickly to environmental changes, and to prepare better for sudden developments. ET s core markets are fast paced and increasingly competitive, so it is vital they have a clear plan in place to combat the rise in competitive pressure by meeting customer needs and wants more effectively than rivals. 1) To understanding their business environment: Marketing planning allows ET to fully understand their complex business environment both internally and externally. The early identification of key market changes and threats (such as the rise in competitive pressure or demand for environmental credentials) allows ET to adapt its strategy and marketing mix accordingly. Analysis of the external environment ensures ET understand who their customers are, the factors affecting their purchase decisions and are able to anticipate their needs and wants. 2) To set objectives and give direction: ETs objective hierarchy shows the groups marketing objectives stemming from the corporate objectives, which in turn stem from the Board strategic plan. According to Dibb (2007) a marketing objective is a statement of what is to be accomplished through marketing activities the results expected from marketing efforts.ET activities sit outside the core focus of the ET, so efficient marketing planning is essential to ensure relevant objectives are set. 3) To develop a strategy capable of delivering the objectives set: ET will only meet their objectives with a clear strategy; defined by Kotler (2002) as the marketing logic by which the business hopes to achieve its marketing objectives. A planning gap was identified between growth objective and forecast, so a clear market penetration growth strategy was adopted to bridge it. Without this strategy, the venues may lose focus (e.g. diversifying into the rooms by the hour business); the marketing objectives would not be met, leading to the corporate objectives being missed. 4) To select the right groups of customers to communicate with: According to Jobber (2007) market segmentation is the identification of individuals or organizations with similar characteristics that have significant implications for the determination of marketing strategy. By breaking the market down into customer segments of a similar type, ET can gain greater understanding of its customers, meet their needs and wants more effectively and communicate in a way they are more likely to respond to. 5) To develop tactics and a plan of action Finally, marketing planning provides a detailed tactical plan, giving direction to each of the 7Ps of the marketing mix. By setting a detailed, measurable plan encompassing all elements, ET can combine expertise from both marketing and the business into one organizational effort. This effort will ensure staffs are fully trained, resources are deployed in the right areas, the brand is developed and consistent across the estate and the product meets market requirements (such as BS8901 accreditation). Marketing Plan In order to combat the rise in competitive pressure and plug the planning gap, ET needed to develop a strategy for growth by making alterations to either its product-set (Educational options) or student base. As ET only matched some of the markets, a lower-risk Market Penetration strategy was advised, defined by Dibb (2006) as a strategy of increasing sales in current markets with current products. It was clear from the marketing audit that there were areas of the existing market that ET were not engaging with effectively (e.g. event booking agents) and that there was still potential for growth without costly development of a new product, expansion into a new market or complete diversification. ` 2.1 Growth Strategy To ensure the expecting expansion in 2012 ET must develop a clear growth strategy. The Growth Strategy Analysis within shows the full ET product portfolio and the strategies for growth currently adopted across the organisation. In the medium-long term, ET must adopt a clear Market penetration growth strategy. The groups only match against some of the markets from Asian students; this coupled with the current rise in competitive pressure mean that a low risk strategy is advised. If ET already matched all the markets likely requirements, this could be leveraged to develop a new product or expand into a new market to achieve competitive advantage. It is important that as part of the Market Penetration strategy, tweaks are made to the existing product offering to match the outstanding. Eg: Market Penetration Re-targeting to agents / local students and identification of different customer segments with buying potential (High demanded educational courses). Market development Launch of new ET in other all provinces with the same mix (tiered lecture theatre, city centre location, 5* student service etc) Product development Launch of self-study workshops by the hour product as per diploma requirements and customized visiting lecturers. Diversification Launch a management consultancy firm under the ET name. 2.2 Competitive Strategy In order to protect its growth strategy and ensure efforts could not easily be duplicated by competitors, a competitive strategy was identified in which ET could specialize, defined by Kotler (2002) as a strategy that strongly positions the company against competitors and gives the strongest possible strategic advantage. It was not suitable to adopt a cost leadership strategy as per common schools in London whose low event specific overheads allow them to achieve cost leadership and undercut ET on basic price. This approach is not achievable without putting ETs 5* student Service at risk. A competitive strategy of differentiation was not suitable for ET due to the high costs involved and likely high diploma failure rate due to lack of enough students. The group already has costly overheads in ongoing maintenance for its historic buildings, making it unviable to continuously invest in first to market NPD. The chosen competitive strategy to focus on niche groups for whom premium facilities, excellent student service and reliability are important is the right one as it utilizes ET well and has high potential for repeat and referral business; achieving the sales growth needed to fill the planning gap. 2.3 Marketing Mix Elements Service The core product is not unique as the capital has hundreds of diplomas which fulfill the same basic student need, thus classing it as a carbon copy. However there are many elements in the secondary product portfolio which are unique; riverside location and views, tiered lecture theatre for 500 guests and student service credentials are the key ones to be leveraged. In order to satisfy the newly selected target segments, must develop its secondary product to fill the gap. The diploma must change its attitude towards environmental policy and begin an investment program in order to achieve the sustainable teaching standards Price Of the three pricing strategies available (skimming, intermediate and penetration), ET Place currently operates an intermediate pricing strategy. I recommend that this continues in the medium long term. The diploma holds some USPs such as best in class customer service, high lecture theatre capacities and its panoramic. However some features (seminar spaces video-conferencing facilities) are not unique within the London market. It has a medium break-even point40 within a perfectly elastic market and looks to communicate a position of quality and reliability. One of the venues main USPs is the added value services it provides (such as 1st class customer service), which would be jeopardize by a price penetration strategy. Promotions The promotional objectives to the two new customer groups43 will be to inform and differentiate; educating them about the venue, its product and service attributes and key differentiating factors (such as student service excellence). However, as identified in the Product Lifecycle model, ET London is in the maturity stage thus the objectives for the existing groups will be to remind and persuade them to use ET again or reconsider a previous decision not to. Push partner with 3rd party intermediary brokers, industry magazines and websites to generate business (and awareness of) ET London. Pull communicate directly with target customer groups via an integrated marketing campaign to inform, differentiate and drive enquiries straight to the diploma. Profile increase awareness of ET London and the wider ET Diplomas group to both primary and secondary target groups and the broader industry Place In order to reach and retain the chosen target segments, ET London must alter parts of its place (distribution) strategy. Analysis of the external environment48 shows that buyers are increasingly enlisting agents to place their bookings, so the diploma must change from a Direct to Dual core place strategy, allowing clients to place bookings directly or through their nominated agency. Supported by the promotional tactics, staff will target agents specifically with preferred commission rates, tailored pricing and ensure the product of choice when making booking decisions. Few conflicts exist as the majority of students using agents do so as they have no buying alternative due to their company policy. The venues distribution intensity should remain selective in order to build brand loyalty, emphasize the high levels of quality and service and support their new focused competitive strategy. Unlike mass market / cost leadership competitors whose primary objective is to secure a high quantity of small diplomas, ET should look to build trust-based relationships with students to secure their high-value events on an ongoing basis, thus a selective distribution intensity is advised. 2.4 Controls Based upon ETs existing all we can afford budget structure, I recommend a percentage of sales forecast approach is adopted at 3.5%. Although not ideal, it will ensure marketing budget bids in the short-term are realistic and increase proportionately as the long term objectives become realized. In addition to the action plan, a series of targets and budgets run in parallel to the implementation schedule. The targets will motivate and encourage staff to achieve a positive outcome in small, manageable chunks, but also allow ET to monitor progress against objectives and identify risks early on so corrective measures can be taken. The specific budgets set provide a framework for staff to work within on individual activities, ensuring the overall budget is not exceeded and profitability maintained. Finally, this set of smaller budgets allow the ET Marketing Manager to delegate tasks to colleagues, whilst maintaining overall budget control. Main Barriers and how to Implement 3.1 Barriers in Internal Audits Internal Interviews Geographic spread meant some interviews were held by phone or email making it hard to read reactions and ask supplemental questions accordingly. HR was also not willing to be interviewed for purposes of the audit. Confidentiality Access to staff performance records was not granted so mystery shopper recordings and sales staff observations69 were 2 techniques used to determine broad conclusions, alongside the statistics provided by their managers. Accuracy / consistency of information Staff had been recording financial and enquiry data inconsistently (e.g. internal business levels); both year on year and from venue to venue. A system change meant that customer information (beyond sales figures) for 2012 is also unavailable. Staff availability ET Accountant was unavailable which delayed receipt of key financial data by few weeks. Turnover of staff mid-audit was also an issue. 3.2 Lack of financial resources The decline in sales between 2009 and 2010 could see Senior Management withdraw ET Marketing spend, although the fact that the decline has now stalled and a clear strategy is in place to close the planning gap may alleviate this. In addition, the % of sales forecast marketing budget approach will reassure management that the marketing plan is results driven. There are profile activities within the tactical plan which senior management could see as expendable, so it will be important to emphasize the collaborative effect of the integrated marketing mix so that individual elements are not removed. 3.3 Lack of staff The new strategy is heavily relationship driven; effective targeting of the key commercial conference and Agency groups in particular will only deliver results if staff invests time to nurture relationships, build trust and secure repeat business. ET does not have any pro-active sales staff, so the success of the marketing plan is pivotal on securing 1 sales person at each venue. If this is not acceptable to senior management, existing reactive coordination staff must be reprioritized to a proactive sales approach and assigned key accounts to nurture from within the target customer segments. This will involve some retraining, but will be an opportunity for development. An important part of the staffing change will be to incentivize sales staff with commission as per the industry standard; helping to secure buy-in. 3.4 Lack of time Although senior staff has requested a long-term (2-3 year) marketing plan for ET, they may expect to see quick results (3-6 months). Unfortunately this is unlikely to happen as the plan is built around repeat business and relationship building (supporting the focus competitive strategy and product Positioning). Expectations must be managed throughout the organisation that although the marketing objectives will be realized, it is unlikely to be before the target date of 2012. In addition, time must be dedicated to account management by staff, which will be problematic without the added proactive sales function. If management requires results to be shown before the team can be expanded, key accounts must be targeted first by senior venues staff before distributing lower value companies to junior staff. 3.5 Lack of skills There are certain skills gaps which could jeopardize the implementation of the plan if not mitigated promptly. The shift from a reactive to proactive sales function with key account management is a big change and one which will require intensive training and ongoing mentoring for all staff involved. In addition, the ability to leverage power within the supply chain to secure the best deals from external suppliers is a key advantage which the group is not currently utilizing due to lack of staff skills and confidence. A program of training for staff involved in such negotiations will be essential. Finally, the success of the plan is dependent on the group maintaining their 1st class customer service, thus an ongoing staff training program must be established. Ethical Issues for ETs Marketing Marketing planning allows ET to fully understand their complex business environment both internally and externally. The early identification of key market changes and threats (such as the rise in competitive pressure or demand for environmental credentials) allows ET to adapt its strategy and marketing mix accordingly. Analysis of the external environment ensures ET understand who their customers are, the factors affecting their purchase decisions and are able to anticipate their needs and wants. Examination of its internal environment will identify strengths and weaknesses thus ensuring systems and processes are in place to meet those foreseen customer demands effectively. ET has to realize that they are into the educational industry and it is necessary maintain all the best practices of the industry and they responsible to be an advisable organization. An important but costly element of the plan is to close the gap by securing BS8901 environmental accreditation for all branches, so a separate business case should be prepared highlighting the costs involved and direct benefits to the ET beyond the commercial venue business. The marketing plan poses some key changes in approach for ET and looks to de-priorities certain market segments. This may meet resistance from both management and operational staff initially before the new segments begin to deliver results. A phase out rather than immediate approach to the change over a 6-12 month period will alleviate this. In addition, the ET Marketing Manager should run a series of workshops with staff from all over the business to explain the plan in-depth, its rationale, and key outcomes to ensure buy-in. Bibliography / Referencing: 2008. (Clause 19.1). 1 July 2008 Association of the British Pharmaceutical Industry Code of Practice for the Pharmaceutical Industry, British Meetings and Events Industry Survey 2010, CAT Publications, October 2010 Dibb, S., Simkin, L., Pride W., Ferrell, O., (2006) Marketing Concepts and Strategies, 5th European edition, South Western Cengage Learning Jobber, D., (2007) Principles and Practice of Marketing, 5th Edition, McGraw Hill Education Kotler, P., Armstrong, G., Saunders, J., Wong, V., (2002) Principles of Marketing, 3rd European Edition, Meetings Incentive Travel, Olympic Opportunities: Going for Gold. September 2010. Meetings Industry Association. Pathfinder Report Spring 2010. Northamptonshire, April 2010 Megicks, P., Donnelly, R., Harrison, G., (2009) The Marketing Planning Process, Elsevier Pearson Education Limited

Features of Verbal and Nonverbal Communication

Features of Verbal and Nonverbal Communication Introduction Communication is extremely important in our life. Due to the need for protection, companionship and nourishment, our ancestors had communicated and gathered to form a community. Effective communication, both verbal and nonverbal communication helped us to become successful as an individual and species. Business relationships, interpersonal relationships, and also our physical and psychological well-being are shaped by the verbal and nonverbal communication. To nurture relationships and enhance positive communication, we have to understand the different features of verbal and nonverbal communication. Main Body According to Lucas (2014), verbal communication includes many forms of communication, such as written, words, signed or spoken. The news we read in the morning, the text message send by parents are both verbal communication. Language is the one which enable us to communicate rather than merely sounds. Besides, technology also allows us to communicate although we are far from each other. Verbal communication is often use to inform, either it is to impart knowledge or inform our needs. Besides, it is also use to correct a wrong. The words â€Å"I’m sorry†, is definitely more effective than action. Verbal communication deepens and creates new relationships and also provides an opportunity to debate. Robert M. Krauss, a professor in the Psychology Department at Columbia University had written an article with the title of The Psychology of Verbal Communication†. In the article, he said that â€Å"A species survival depends critically upon its ability to communicate effectively, and the quality of its social life is determined in large measure by how and what it can communicate. (Krauss, 2002) While nonverbal communication consists of body language such as facial expressions, gestures, posture and eye contact. It is coexists along with verbal communication. â€Å"Bodily Communication†, a book written by Michael Argyle, stated that the five main functions of nonverbal communication are reflect personality, express emotions, support verbal interaction, communicate interpersonal relationships and also perform rituals. (Argyle, 1975) Touch is a nonverbal communication that shows a person’s feelings, personal characteristics, as well as level of comfort. A timid handshake and a firm handshake; a warm hug and a loose pat on the back are both very different. The tone, pitch and volume of our voice are also nonverbal communication. Sometimes, the meaning of a person’s word is entirely different from the literal meaning, which is sarcasm. When a man trying to attract a woman, a playful wink is always more effective than saying a well-thought sentence. According to the paper â€Å"The Importance of Effective Communication† written by Edward G. Wertheim, Ph.D, mentioned that how verbal communication interacts with non-verbal communication. We can substitute, emphasize, contradict, reinforce, and complement our verbal communication with non-verbal cues such as expressions, gestures and vocal inflection. Baby use nonverbal cues while they still not able to speak. Belasco (2013) said that a 19-month-old baby, Matthew Orozco uses a few signs in American Sign Language (ASL) while communicating with his parents although he has no hearing impairment and has normal speech development. Signing is very important to children as it is the bridge to the verbal world. Why are we more likely to believe nonverbal behaviours than words when the two conflict? People often send conflicting verbal and nonverbal messages. When a nonverbal message conflicts with the verbal message, people will always believe the nonverbal message. As the saying said actions speak louder than words. Dr. Albert Mehrabian had written an article titled â€Å"Silent Messages† which he analysed the messages people send. The messages are divided into three parts, which are verbal, vocal and nonverbal. The actual words we use in message is the verbal part. Then, the vocal part is the tone while we speak. The message will has different meaning when we speak in sarcastic tone or sincere tone. While the nonverbal part of the message consists the physical aspects such as gestures, expressions, eye contact and posture. Dr. Mehrabian estimates that there are 7 percent of a message is verbal, and vocal is 38 percent. So, it means that 55 percent of a message is nonverbal, and it involve in each message in a few ways. (Mehrabian, 1971) Nonverbal cues have the functions of complement, regulate, repeat, replace, contradict, and accentuate our vocal and verbal messages. A message is complement by nonverbal cues via adding reinforcement to it. The intended message is supported by the nonverbal cues, for example, the distance between people. Most of the employees tend to stand nearer to their colleague compare to their boss. This does not express the message much by itself, but when it is coupled with a simple sentence such as â€Å"How are you?† or â€Å"Good morning†, it does. This shows that the employee is respectful and responsive and is not challenging the authority of the boss. Besides, by controlling the course of the discussion, nonverbal cues can regulate a conversation. For example, touching someone will be a signal that you wish to interrupt and wish to speak to that person. When a verbal message could stand alone but nonverbal cue is added to it, it is repeating the message. For instance, when someone told you some information and you said â€Å"I do not believe it† and at the same time you rolled your eyes, then the message is repeated. Actions speak louder than words; verbal can be replaced by nonverbal cues. For example, when an employee receives an unwanted assignment from the boss, the employee gives a few seconds of cold stares at the boss before returning to work instead of protest verbally or refuse the task. Contradict happens when the nonverbal and verbal messages carrying a totally opposite meaning. An example will be when an employee is looking bored and distracted while his or her boss is discussing about a boring topic, but the employee gives a comment such as â€Å"How interesting!† Accenting is used to punctuate part of a message, instead of giving the entire message a general support. It is different from complement a message. For instance, pounding fist on a table is accenting the verbal message. (College of DuPage, 1998) Stewart (2011) said that nonverbal communication is bound to culture and sex. In detail, different cultures and nationalities have different relative value of talk versus action, silence versus speech, the social role of gossip or small talk, and the role of rhyme, animation and exaggeration in speech. While male and female are different in emotional expressiveness, vocalics, eye contact, appearance and the need of personal space. So, the study of verbal and nonverbal communication always been done within a cultural or social context due to these differences. A study which carried out by the Buffalo State (n.d.) shows that nonverbal communication is separated into a few categories, which are kinesics, occulesics, proxemics, haptics, vocalics, chronemics, appearance, environments, artifacts, olfactics and synchrony. Kinesics, also called as body language, deals with the movement physically. Traditional linguistics principles are applied in the study to the whole body or to specific parts of a body, mainly the hands, face and arms. The eye and facial expressions, such as rolling of the eyes or arching of eyebrows as well as the posture of sitting and standing are also included. Kinesics is different depends on the culture. For instance, a Japanese may act less excited compared to a person from Mediterranean culture when expressing anger. The person from Mediterranean culture may use extensive body gestures and hand movements while the Japanese may just have a slight movements. Furthermore, usage of frowning, smiling giggling and others also included as kinesics, they are all different in different cultures. The sign language that counts on expressions and gestures is an alternative to spoken language, it is not kinesics. Kinesics is supported and reinforced by physical gestures and emblems to what is being said verbally. There are some emblems are universal, but some are differs in cultural, or even different interpretations between men and women. Uplifted shoulders and upturned hands that represents â€Å"I don’t know† which can be seen everywhere in this world is an example of universal emblem. An encircled thumb and forefinger would be an example of culture-bound emblem. In Japan, the gesture is interpreted as money; in France, it is interpreted as worthless; a curse in Arab; OK in United States; and in Brazil, Australia and Germany, it is an obscenity. Occulesics is dealing with eye behaviour as part of communication. Part of the occulesics deal with a dynamic eye movement versus a fixed or static gaze. The interpretation of eye contact is very hard to predict as it is interpret differently in different cultures. Direct eye contact is very common in the western countries, they look into other people’s eye about 70 percent of the time while listening and 40 percent while talking. While it is more common to look at other people’s throat while talking in Japan. Direct eye contact is considered as bad manners in Indonesia and China, so they are practice to lower their eyes. In Hispanic culture, it is a form of challenge and disrespect when look into other people’s eyes. However, it is common for both listeners and speakers to have direct eye contact for a long period in Arab’s culture, it represents that they are interested in the conversation. The usage of social space in a communication situation is termed as proxemics. The distance between people when they speak is one of the aspects of proxemics. The distance is from a public distance (more than 12 feet) to social or formal distance (4-12 feet) to personal or informal distance (18 inches to 4 feet), and intimate space (less than 18 inches). The effective use of space in social settings also being deal by proxemics, for example the arrangement of space in businesses and homes can encourage or inhibit communication. Other than the above, haptics emphasize on touching as one of the elements of communication. Haptics also vary in different cultures, just like other elements of nonverbal communication. For instance, the culture in Middle Eastern, Latin America and Mediterranean include a lot of social touching in their conversation, such as hand holding and embraces. So, they are categorised as high-contact cultures. In Northern Europe and North America, they only touch occasionally, such as back slapping and handshakes. They are considered as moderate-touch culture. In Northern Asian cultures, which considered as low contact culture, social touching is not always happen. But, for example, people in the nation of Philippines include a lot of social touching in their conversation. Haptics may vary although is in the same culture. For instance, the strength and length of handshakes depends on the intimacy level of the two people shaking hands. Vocalics or paralanguage, deals with vocal, or more emphasize it is referred as the nonphonemic qualities of language. The loudness, pitch, accent, tempo, tone, cadence, nasality, insofar and even the rate of speech are included in vocalics, all these carrying different meaning. Vocalics also vary in different cultures. For example, the practice of belching is accepted in different ways depend on the cultures. Other than that, the vocal qualifiers such as pitch, volume, tempo and rhythm also associated with different cultures. Speaking loudly represents sincerity in Arab culture, but it is considered as aggressive in North America. Chronemics is about the usage of time as a component of communication. Minutes, hours and days are categorised as formal time, while informal time includes seasons, lunar cycles and social customs. Chronemics includes specifics, for example the punctuality together with the forms of dominance or the deference during a communication situation. For instance, men are more likely to interrupt or dominate a conversation compared to women. Besides, chronemics also deals with arriving time to a social setting. Americans tends to arriving early for a business meeting but will be â€Å"fashionably late† for social activities. However, Sioux are very relaxed toward time as the word â€Å"late† is not even exists in Sioux language. Chronemics are divided into monochronemics and polychronemics. Monochronemic is define as doing one thing at a time, and is stress on agendas and promptness; while polychronemic means doing several things at a time, it emphasis on relationships. In North America and Northern Europe, monochronemic conversation is common. While people are more likely to use polychronemic conversation in Asia countries, Middle East, Latin America and Mediterranean. Appearance is dealing with a person’s physical appearance or look. It deals with the physical aspects such as hair colour, body shape, dressing which included accessories and clothing, skin tone and the use of appearance enhancement such as body tattoos and piercings. The public speakers in North and Western Africa are prefer to wear big sleeves and long robes so that they are able to raise their hands, they are looking bigger and more elegant as the extra sleeve cloth will slips through their arms and puffs up their shoulder. Environment is also very important in nonverbal communication, for example the physical space such as location, room size and colour, and accessibility. In a company, there are significant meanings about the size of desk and the design or location of the office. For instance, the most important people in a company will locate his or her office at the highest floor of the building. Furthermore, artifacts deals with the visible objects in communicative aspects, this may indicates a person’s status or even revealing the lifestyle of a person. For example, the choice of automobile is carrying much meaning about a person. However, artifacts always important in some cultures, for instance, rugs are prestigious in Arab. Olfactics is dealing with smell, such as the use of perfume and spices. In communication, the smell is more likely to be relevant when the people are closer. It is normal that a person get close enough to smell other people during a conversation in high-contact cultures such as Arab and Samoan. According to the teaching of Prophet, smell nice for others is a charity. So, it is known that Muslims and Arabian like to use perfume. Lastly, synchrony deals with the amount of coordination in the behaviour of people when their nonverbal cues are synchronise with another person, for example, mimicry, mirroring and also behavioural meshing. Lucas (2014) also mentioned that to enhance a person’s verbal communication skills, he or she needs to be an affective listener. The person needs to understand the point of view of another person, it is not just hearing. So, takes time think before speak to ensure that the information that expressed is correct. While to enhance nonverbal communication’s skills, a person needs to observe the facial expressions and intonations, body language, and also being aware of own feelings and physicality. Conclusion In a nutshell, communication is really significant in our daily life. Effective communication can only be achieve when all types of communication is proper used. No matter it is communicating verbally or nonverbally, both the sender and receiver need to understand the message. So, a sender should have good communication skills and the receivers should have good understanding and interpreting skills by understand the functions of both verbal and nonverbal communication. References Lucas, A., 2014. The Importance of Verbal Non Verbal Communication. [online] Available at: http://www.livestrong.com/article/156961-the-importance-of-verbal-non-verbal-communication/ [Accessed on 20 June 2014] Krauss, R. M., 2002. The Psychology of Verbal Communication. [online] Available at: http://www.columbia.edu/~rmk7/PDF/IESBS.pdf [Accessed on 21 June 2014] Argyle, M., 1975. Bodily Communication. York: Methuen. Belasco, J., 2013. Babies signing before speaking. The Star, 19 Sep. p.46. Mehrabian, Albert (1971). Silent Messages (1st ed.). Belmont, CA: Wadsworth. College of DuPage, 1998. Communication. [online] College of DuPage. Available at: http://www.cod.edu/Course/Mgt100/mgtcomm.htm [Accessed on 22 June 2014] Stewart,J., 2011. Bridges Not Walls. 11th Edition. McGraw-Hill. Buffalo State, n.d.. Verbal and Nonverbal Communication. [online] Buffalo State, The State University of New York. Available at: http://faculty.buffalostate.edu/smithrd/UAE%20Communication/Unit2.pdf [Accessed on 22 June 2014]

The Passive and Pitiful Ethan Frome Essay -- Ethan Frome Essays

The Passive and Pitiful Ethan Frome   Ã‚  Ã‚  Ã‚   Ethan Frome is a man torn between what he wants to do, and what he should do.   Life in a rural town can be tough, but when faced with complications, it can be almost unbearable.   When Ethan decides to marry his distant cousin, Zeena, his life turns down a long and lonesome road.   Ethan's lack of assertiveness and decisive action only worsens his already lonesome and stressful life.         Ã‚  Ã‚   Though too intelligent for rural life, Ethan finds himself stuck in an average man's shoes. Leaving any opportunity he had to become someone in life, Ethan moves back to Starkfield to take care of his ailing mother and attend to their farm(Wharton 29).   Rather than living a lonesome life after his mother passes away, Ethan asks Zeena to stay with him, which turns out to be his first mistake (Wharton, 29). As soon as his mother passed away, Ethan should have asked Zeena to leave and sold his farm.   His love for learning and keenness for engineering could have led Ethan to a much better life.   Unfortunately, he feels obligated to stay with Zeena, thus ending all hope   for a better life.         Ã‚  Ã‚   Zeena's ailments were nothing more than a way to gain attention from Ethan and everyone else in Starkfield.   Zeena wastes valuable money to buy an electric battery to help her overcome her "sickness", but never figures out how to use it(Wharton, 26); She spends too much money buying useless medicine when she knows money is hard to come by.   Being the man of the house, Ethan should have expressed the fact that her ailments were a factor of them being poor.   Instead Ethan goes by day by day doing what he needs to do, and what Zeena tells him.   Unfortunately for Ethan,... ...controllable circumstances brought him back home, it was he who chose to stay and risk losing all hope for the life he had dreamed for.   Ethan's decision to be with Zeena did nothing but make his already dreadful life worse.   When Mattie finally arrives, it's almost like a small burden has been lifted from Ethan's shoulders and he is almost allowed to live again. Lacking the ability to make decisions, Ethan worsens his life by letting things just slide by; and by not standing up to Zeena, the outcome leaves Ethan more desperate and lonelier than he was before.    Works Cited and Consulted: Bell, Millicent. The Cambridge Companion to Edith Wharton. New York: Cambridge University Press, 1995.   Springer, Marlene. Ethan Frome: A Nightmare of Need. New York: Twayne Publishers, 1993. Wharton, Edith. Ethan Frome. New York: Penguin Group, 1993.

Abortion Should be Illegal in American Society Essay -- The Right to Li

I must admit that the concern for the mother's safety is important, and that is exactly why abortion may not be the best option. There are many complications that affect a person after having an abortion, but I will only mention two. The first complication of having an abortion is a possibility of developing a mental disorder. The second complication is an increased risk of breast cancer. A study done by professors in the Department of Child and Adolescent Psychiatry at the University of Manchester; showed that women who had an abortion have a risk of developing mental disorders (Major et al). The study also concluded that people who had prior psychological disorders have an even greater risk of developing a mental disorder, than people who did not have a history of psychological disorders (Major et al). In another study, a conclusion was reached that people that went through an abortion are more likely to develop mental disorders, than people that went through pregnancies (Reardon e t al). The research data that people use as a source for their information vary, because the amount of research done on the issue is minimal. However, the current indication is that an increase risk in psychological issues is associated with abortions. I am confident in the data that I obtained, because the information was taken from credible sources. The data that I located only mentioned that people are at risk of developing psychological disorders after abortion, but the articles did not go into detail about the specific disorders. The most remarkable danger for people that seek an abortion is an increased risk in developing breast cancer. The increased risk in breast cancer may be a compelling argument. Current studies show that people who have ... ...00. 10 Mar. 2006 . Reardon, David C., et al. â€Å"Psychiatric admissions of low-income women following abortion and childbirth.† CMAJ. 13 May 2003. 11 Apr. 2006 . Sade, Robert M. â€Å"Defining the Beginning and the End of Human Life: Implications for Ethics, Policy, and Law.† Blackwell Synergy. Mar. 2006. 11 Apr. 2006 . Turner, T. â€Å"Induced Abortion Might Elevate a Woman's Breast Cancer Risk in Later Years† JSTOR. Jan. 1995. 10 Mar. 2006 .

Management Chapter Quiz

Questions for Chapter 6 True/False 1. A talented entrepreneur should be able to substitute for an experienced management team. (False) 2. The size of your organization is inversely correlated to the amount of revenue your business can derive (False) 3. Hiring a salesperson is more attractive than increasing support staff in regards to revenue generated. (True) 4. Your team members can help you to evaluate feedback from outside sources. (True) 5. Over 95% of entrepreneurs in the US report that their team members are the main source of seed financing. (False) 6.A business superstar is unlikely to possess all the business skills needed for long term success. (True) 7. Analysis of your resume will help you decide what other team members your firm needs. (True) 8. Entrepreneurs who are overly conscious of their own weaknesses are more likely to fail (True) 9. The Myers-Briggs personality type indicator can accurately predict an individual’s likelihood for success in an entrepreneur ial endeavor. (False) 10. Certain personalities are better suited for entrepreneurship than others. (False) 11. Fast, dramatic growth can be a mistake for a business. (True) 12.Early stage companies tend to be hierarchal. (False) 13. Co-founders of a start-up should work on every task and decision together. (False) 14. It is more common for teams to self-destruct because of personal conflicts than for lack of funding. (True) 15. If you decide to start a venture, you should notify your current employer as soon as possible. (True) 16. After you have started a business, it is a bad idea to combine your new job with working fulltime elsewhere. (False) 17. If employees own equity in the company, they usually work harder. (True) 18. In general, founder shares should be granted to at least 10 people. False) 19. Founder shares should be distributed equally between all founders. (False) 20. It is a mistake to distribute the entire supply of options to existing employees. (True) 21. Startups should negotiate employee salaries below market levels. (True) 22. You may find an angel investor who will guide you at the early stages of your venture. (True) 23. Free resources are poor substitutes for a qualified lawyer. (False) 24. Board members should be encouraged to act in the best interest of the principal owner exclusively. (False) 25. Company culture is incredibly difficult to change after it has been established. True) Multiple Choice 1. According to study by Babson College and London Business School, businesses with growth aspirations plan on employing more than 20 people within the next: A) 2 Years B) 3 Years C) 4 Years D) 5 Years E) None of the above (Answer – D) 2. How much, according to Robert Morris and Associates, do restaurants generate in net income before taxes on average, approximately? A) 2% B) 5% C) 10% D) 13% E) 17% (Answer – B) 3. Which of the following is true about teams? A) Teams provide constructive feedback for your ideas. B) Teams incre ase your contact network exponentially.C) Teams increase your revenue. D) Teams provide you with moral support. E) All of the above (Answer – E) 4. Which of the following should the founder of the venture do first when deciding whether or not to be the CEO of his company? A) Ask for his/her friends opinion B) Take at least three personality tests C) Review his/her resume D) Work as a hired manager for at least 4 years E) Consult with his/her team members (Answer – C) 5. Individuals that possess which of the following traits are most likely to launch their own businesses? A) Overly conscious of their own weaknessesB) An aptitude for benchmarking their competitors’ strengths C) Can objectively evaluate his strengths and weaknesses D) Emphasizes his or her strengths E) Oblivious to his or her own weaknesses (Answer – E) 6. Which of the following personality traits best predicts entrepreneurial success? A) Analytical B) Driver C) Expressive D) Amiable E) None of the above (Answer – E) 7. According to Inc. 500, what percent of entrepreneurs start businesses with their friends or family members? A) Less than 5% B) About 10% C) About 20% D) Approximately 40% E) More than 65% (Answer – D) 8. What does the movie, Startup. om, demonstrate? A) How outside financing contributes to equity B) How expensive lawyers can be C) How working together can affect the relationship of two lifelong friends D) How much the government is willing to help young entrepreneurs E) None of the above (Answer – C) 9. What opportunities can a young company offer its potential team members? A) Growth into higher management positions B) Above average market salaries C) More attractive social benefits packages D) Secure and stable jobs E) All of the above (Answer – A) 10. Which of the following should an entrepreneur do when creating a venture?A) Expropriate her current employer’s intellectual property B) Use her employer’s resou rces for the new venture C) Notify her current employer about the intention to create a new venture D) Spend all her time working for the new venture E) Live off her savings (Answer – C) 12. According to the chapter, which of the following is not an acceptable means of maintaining an entrepreneurs’ personal cash flow? A) Working full-time and devoting time to the new venture B) Working part-time and devoting time to the new venture C) Living off personal savings D) Living for his/her spouses’ income E) All of the above are acceptable Answer – E) 13. Which of the following is not a reason for distributing equity among employees? A) New companies often can’t pay market rates for salary and wages B) Including some equity in the compensation package aligns the employee with the company C) The sense of ownership boosts morale D) Distributing equity among employees reduces the risk of hostile takeover E) Having some equity, he team sticks together during the rough times in the early launch phase (Answer – D) 14. None of the following tools are usually considered a reward for â€Å"sweat equity,† except: A) Founder shares B) Option poolC) Restricted stock D) Stock appreciation rights E) Phantom stock (Answer – A) 15. What are the disadvantages of distributing founder shares equally among all co-founders? A) The lack of a primary shareholder slows down the decision making process B) CEO may be doing as much work as CEOs of comparable companies, but have less potential upside C) Such distribution makes unwanted acquisitions easy D) A and B E) A and C (Answer – D) 16. Options give the holder the right to: A) Increase the number of the company shares he is allowed to purchase B) Buy a share in the company at a below-market rateC) Secure a salary increase on a regular basis D) Sell his stocks on the open market for more than the prevailing market price E) Demand a refund on his contribution to company’s equity (Answer – B) 17. What attribute characterizes â€Å"restricted stock†? A) Does not grant voting rights B) Cost less per share C) Become vested over time D) Has a reduced interest rate E) Higher liquidation priority than unsecured debt (Answer – C) 18. Stock appreciation rights of employees accrue only if: A) The stock price decreases B) Combined with options C) The employees perform well D) The stock price increases E) None of the above Answer – D) 19. All of the following is true about phantom stocks except: A) They are expensed over the vesting period B) They give employees the right to own equity C) The company needs cash when phantom stocks are exercised D) They grant the holders additional voting power E) They lower the dilution effect (Answer – D) 20. Which of the following are not mentioned in the chapter as external team members? A) Board of Directors B) Lawyers C) Accountants D) Angel investors E) Foreign partners (Answer – E) 21. What is the minimum expected level of lawyers’ fees? A) $50/hour B) $100/hour C) $150/hour D) $200/hour E) $250/hour Answer – C) 22. Inappropriate sources of members for Board of Advisors include: A) Shareholders’ representatives B) Entrepreneurs C) Individual with insights about your target customer D) Your professors E) Venture capitalists (Answer – A) 23. Which of the following is true about a company’s culture? A) A company’s culture is relatively easy to change B) As a company grows, it is common for the culture to evolve C) More team members will fit your company’s culture over time D) Problems with the team do not arise in companies with strong culture E) All elements of a company’s culture constantly change (Answer – B) 4. By making your team members work long hours, you put them at risk of: A) Burnout B) Family pressure C) Stress D) Reduced efficiency E) All of the above (Answer –E) 25. You are lea st likely to resolve an interpersonal conflict in your team by: A) Firing one of the parties B) Hiring an outside expert who is perceived as a neutral party C) Explaining to the parties involved that their arguments reduce the team’s efficiency D) Mediating between the parties E) Transferring one of the parties to another team (Answer – C) Open ended 1. Explain why solo entrepreneurs are generally less successful than team players. a.A team is able to do more than the entrepreneur can on his or her own. b. Solo entrepreneurs suffer from a number of shortcomings, including a limited perspective, little moral support, and a small network c. Solo entrepreneurs often fail to get sufficient feedback on their ideas. d. If you build your team wisely you will gain access to a broader range of contacts. e. A team rounds out the skill set needed to launch a business 2. What are some of the methods used to identify an entrepreneur’s strengths and weaknesses? a. Self-assess ment b. Conducting feedback analysis c. Talk to people who know you well and whom you respect. . Take a psychological or a personality test. 3. What valuable contributions can your team members bring to your company? a. Professional knowledge b. Money required to start a business c. Resources/contacts d. Managerial skills 4. What are some indicators of the right co-founders and team members for your start-up? a. Everyone can contribute meaningful skills to the business. b. You can work together without personal issues standing in the way. c. Your team members are excited about the venture and its future. 5. Describe the pros and cons of a dual job strategy at the early stages of the venture. a.Pros: you have a source of cash for you to live on while you are developing your idea; you can keep the job if you see that your new start-up is not progressing well. b. Cons: dual jobs mean that you have to work over nights and weekends; you cannot use your current company’s resources or compete with it until you quit; and, simply, your current job limits the time that you can dedicate to the venture. 6. Give examples of compensations used to make your start-up attractive for valuable team members. a. Founder Shares b. Option pool c. Restricted stock d. Stock appreciation rights e. Phantom stock 7.Explain the benefits, to the firm, of a vesting schedule for employee options and shares. a. Vesting basically means that people earn their shares or options over time, usually over four or more years. b. Without a vesting schedule, employees can leave the company soon after being hired and retain 100% of their options or shares. c. A vesting schedule adds additional incentives for employees to remain with the company for the entire vesting period, usually four or more years. 8. Who should you invite to join the Board of Advisors of your firm and why? a. Professors – for their fundamental knowledge b.Current and former entrepreneurs – for their practical k nowledge and experience c. Professional investors such as venture capitalists and angels – for network extension and fund raising d. Suppliers for your firm – for insights about new customer and market trends 9. Why are lawyers and accountants considered to be external members of your team? a. Your lawyer will most likely work very closely with you and will know everything about your company. Therefore, it is essential that he offers a highly customized service to you and his contributions are usually as important as those of your team members. . An accountant is a trained business professional who can help you analyze the strengths and weaknesses of your company’s financial performance. He or she may be able to find ways to improve cash flow, strengthen margins, and identify tax benefits. c. Both lawyers and accountants represent another spoke in your network, as both groups frequently have a long list of business and professional contacts. This can include eve rything from potential partners, customers, angel investor networks, and venture capital firms. 10. Three major problems your team may face are burnout, interpersonal conflicts and family pressure.Describe how you can prevent and overcome them. a. Listen to each team member, not only about the progress of their assignments, but also about the stresses they may be feeling b. You can introduce stress-relieving activities, or bonding experiences such as the Friday happy hour, or the lunchtime basketball game c. Counsel your team members to set expectations for their families even before they join your team d. Resolve interpersonal conflicts as quickly as possible or they may escalate to the point where they are destructive – mediate, hire an outside expert, or fire one of the arguing parties

Management Control System

Coca Cola Goes Small in India The coca-cola company is the number one seller of soft drinks in the world. Every day an average of more than 1 Billion servings of Coca-Cola, Diet Coke, Sprite, Fanta and other products of Coca-Cola are enjoyed around the world. The company has the world’s largest production and distribution system for soft drinks and sells more than twice as many soft drinks as its nearest competitor. Coca-Cola products are sold in more than 200 countries around the globe.For several reasons, the company believes it will continue to grow internationally. One reasons is that disposable income is rising Another reason is that outside the United States and Europe, the world is getting younger. In addition, reaching world markets is becoming easier as political barriers fall and transportation difficulties are overcome. Still another reason is that the sharing of ideas, cultures and news around the world creates market opportunities.Part of the company mission for C oca-Cola to maintain the world’s powerful trademark and effectively utilize the world’s most effective and pervasive distribution system. In June 1999 Coca-Cola India introduced a 200-milliliter Coke bottle in Delhi, India, in a campaign to market Coke to its poorest customers. This strategy was successful for Coca-Cola in other countries such as Russia. The bottle sells for Rs. 12, making affordable to almost everyone. In 2001, Coca-Cola enjoyed 25% growth in India including an 18% increase in unit case sales of Coca-Cola.Because of the variability of bottling machinery, it is likely that every 200 milliliter bottle of Coca-Cola does not contain exactly 200 milliliters of fluid. Some bottles may contain more fluid and other less. Because 200 milliliters fills are somewhat unusual, a production engineer wants to test some of the bottles from the first production runs to determine how closely they are to the 200 milliliter specification. Suppose the following data are t he field measurements from a random sample of 50 bottles.Consider the measures of central tendency, variation, skewness. Based on this analysis, explain how the bottling process working? 200. 1 200. 1 199. 7 200. 1 200. 4 199. 6 200. 1 200. 3 200. 2 200. 2199. 9 200. 9 200. 4 199. 4 199. 8 200. 4 200. 8 200. 5 200. 5 199. 5200. 2 200. 1 200. 3 199. 6 199. 9 200. 4 199. 9 199. 9 200. 2 200. 6200. 2 200. 3 199. 8 199. 2 200. 2 200. 6 200. 0 201. 1 199. 7 200. 3200. 0 200. 5 199. 3 200. 2 199. 6 200. 6 199. 9 199. 7 200. 9 199. 8 Management Control System Management Control System Assignment â€Å"Budgeting Preparation† * Budget Preparation Budget preparation is a summary of company's plans that sets specific targets for sales, production, distribution and financing activities. It generally culminates in a cash budget, a budgeted income statement, and a budgeted balance sheet. In short, this budget represents a comprehensive expression of management's plans for future and how these plans are to be accomplished. It usually consists of a number of separate but interdependent budgets. One budget may be necessary before the other can be initiated.More one budget estimate effects other budget estimates because the figures of one budget is usually used in the preparation of other budget. This is the reason why these budgets are called interdependent budgets. * Gudeline of Budget Preparation Operating Budgets An operating budget is a statement that presents the financial plan for each responsibility centre during the budget period and reflects operating activities involving revenues and expenses. The most common types of operating budgets are  expense,  revenue, and  profit budgets Expense BudgetAn expense budget is an operating budget that documents expected expenses during the budget period. Three different kinds of expenses normally are evaluated in the expense budget -fixed,  variable  and  discretionary  (Discretionary expenses – costs that depend on managerial judgment because they cannot be determined with certainty, for example:  legal fees, accounting fees  and  R&D expenses). Revenue Budget A revenue budget identifies the revenues required by the organization. It is a budget that  projects future sales. Profit Budget A profit budget combines both expense and revenue budgets into one statement to show  gross and net profits. Feature article about  Production ManagementProfit budgets are used to make  final resource allocation, check on the adequacy of expense budgets relative to anticipated revenues, control activities across units, and assign responsibility to managers for their shares of the organization's financial performance. Financial Budgets Financial Budgets outline how an organization is going to acquire its cash and how it intends to use the cash. Three important financial budgets are the  cash budget,  capital expenditure budget  and the balance sheet budget. Cash budget Cash budgets are forecasts of how much cash the organization has on hand and how much it will need to meet  expenses.The cash budget helps managers determine whether they will have adequate amounts of cash to handle required disbursements when necessary, when there will be excess cash that needs to be invested, and when cash flows deviate from budgeted amounts. Capital Expenditure Budget Capital Expenditure Budgets ,  Investment in property,  buildings and  major equipment  are called capital expenditure. Such capital expenditure budgets allow management to forecast capital requirements, to on top of important capital projects, and to ensure the adequate cash is available to meet these expenditures as they come due.The balance sheet budget The balance sheet budget plans the amount of  assets  and liabilities  for the end of the time period under considerations. A balance sheet budget is also known as a  pro forma (projected) balance sheet. Analysis of the balance sheet budget may suggest problems or opportunities that will require managers to alter some of the other budgets * Budgeting Process * Behavioral Aspects Actually, an effective budget preparation process blends the two approaches. Budgetees prepare the first draft of the budget for their area of responsibility, they do so within guideliness established at higher level.Senior managers review and critique these proposed budgets. Research has shown that budget preparation where the process in which the budgetee is both involved and has influence over the setting of budget amounts and it has positive effects on managerial motivation for two reasons : 1. There is likely to be greater acceptance of budget goals if they are perceived as being under managers’ personal control, rather than being imposed externally. This will leads to higher personal commitment to achieve the goals. 2. Participative budgeting result in effective information exchanges.The approved budget amounts benefit from the expertise and personal knowledge of the budgetees, where the budgetees have a clearer understanding of their jobs through interactions with superior during the review and approval phase. The budget department has a particularly difficult in behavioral problem. It must analyze the budgets in details, and it must be certain that the budget are prepared properlu and that the information is accurate. To accomplis h the tasks, the budget department sometimes must act in ways that line managers perceive as threatening or hostile.To perform, their function effectively, the members of the budget department must have a reputation for impartiality and fairness. If they do not have this reputation, it becomes difficult, if not impossible, for them to perform the task necessary to maintaining the effective budgetary control system. Citation Anthony, R. N. , ; Govindarajan, V. (2007). Behavioral Aspects. In Management Control System (pp. 391-393). New York: McGraw-Hill. How to Prepare Budget. (n. d. ). Retrieved November 02, 2012, from CWA – Communication Workers of America: