Thursday, September 27, 2012

How mergers go wrong

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How mergers go wrong.

The article “Merger Brief First among equals” describes one of the biggest mergers in the American corporate history. In 18 Citicorp, the world’s most profitable company, merged with Travelers. Despite that differences in size of each company’s success in operations and the fact that Citicorp was dominant in that merger, both executives, John Reed of Citicorp and Sandy Weill of Travelers, claimed that it was “merger of equals”, becoming co-chairman and co-chief executive. For their merger strategy, they have adopted “Noah’s Ark” approach to a top management, when every top-level position was made of two employees coming from both Citi and Travelers. Nevertheless, there has been some resistance from employees of involved companies; for example, some of Citicorp’s staff wanted their services to continue under Citi’s brand rather than switching to anything new. Furthermore, two ambitious executives, having their own points of view and own visions and strategies, got involved in scuffles, but their relationship worsened and led to misunderstanding and miscommunication in top-management. Consequently, they were forced to split their duties Weill was taking over day-to-day operations and Reed taking charge of strategy. Further, disputes and tension between two executives led to Mr. Reed‘s retirement which he was forced into by the board. Sandy Weill then became a sole boss of that enterprise, and this fact had immediate impact on corporate structure. The new company was rapidly becoming “Weill’s creature” which means that the most of the Citicorp’s employees took off key positions in organization and became occupied by Travelers’ employees. In spite of all the problems mentioned in the case that relate to HR, it indicates that company is being successful, sustaining growth, and increasing profits and stock price.

Although the merger seems to be successful, based on financial indicators, I believe that in the long run new company will have to deal with numerous problems in Human Resources. Those problems are rooted in different corporate cultures and different approaches to HR, held by the executives of pre-merger companies. Mr. Reed was always a loner in leadership and tended to invite people to the inner circle, and get rid of them afterwards. On the other hand, Mr. Weill relied on his intuition and loyalty of employees when choosing management teams, and rewarded by loyal managers. After the scuffles broke out between two executives, the company lost some of its valuable employees, like Heidi Miller, Citi’s chief financial officer who took off to Priceline. Moreover, continuous disputes at the top impacted employees’ morale and led to miscommunication between different parts of the new company. There are many challenges facing Sandy Weill currently in terms of Human Resources, because of the long run it will have impact on company’s operations and performance. First of all, the focus for a new company is expanding operations overseas; however, Travelers employees lack international experience. Considering the fact that most of Citicorp employees were removed and replaced by Travelers staffs that don’t have that experience, it may hurt company’s performance in the international markets, where it expects its biggest growth, and some bad lending decision could occur. Another challenge that Mr. Weill has to deal with is its Internet operations strategy, which was left unfinished with the departure of Mr. Reed. Moreover, 1400 Citicorp’s employees, working on E-Citi, were moved to other branches of merged company after Mr. Weill took over operations, causing already unsuccessful project with no hopes. Weill decided to appoint Internet strategy to top executives in individual businesses, which could be bad decision, since the absence of one integrated Internet strategy throughout the whole organization can flaw many of its processes.

This case is a good example of how important is the issue of Human Resources in merger process. The integration of two big companies requires very careful approach to HR, clearly defined strategy, and a good communication between executives of each company. Evidently, when each executive follows its own ego and own strategy, it slows down the integration process and may raise serious challenges for a new company.

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Communication Process Paper- Mgt 331

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Communication Process Paper

The importance in being able to effectively communicate with others is essential in the world that we live in. Although everyone participates in some process of communication, not everyone knows how to communicate well. Communication is a process involving the encoding and decoding of messages being sent and received by a source and receiver, respectively. Messages are sent through various channels, such as face-to-face interaction, electronic mail, or telephone. Depending upon the channel used to communicate a message, it may allow for the communication to be transactional or unilateral. All of this occurs within a certain context, and it may also include noise factors, such as cultural differences or physical distractions, that may disrupt the effectiveness of the message being communicated. The more knowledgeable one is of the multiple factors involved in the communication process, the better the chances of effective and efficient communication.

In Organizational Behavior, John Schermerhorn et al believes that “it is useful to think of communication as a process of sending and receiving messages with attached meanings” (10). At (My job), where I work, vast amounts of messages are sent and received daily, and depending on its availability, certain channels will be utilized. Due to the high volume of different messages, there is always the chance that some messages will be successful while others are not.

An example of an unsuccessful message, where the source of the message was unable to effectively communicate the tasks that were to be completed, involved a voicemail that (My boss), my boss, had left for her assistants. In this certain situation, (My boss) had called and left a message listing about 0 tasks that needed to be completed and she did so by leaving a message on the voicemail. We, my co-workers and I, were required to transcribe her encoded directions before performing the tasks. However, some of the directions were unclear and we were unable to decode them. There were times when the reception on the phone she called from was filled with static, preventing us to clearly decode her message. There were also times when she asked us to fax out information regarding a property listing, yet she did not specify which details were to be included and which details were to be excluded.

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Since (my boss) message was through the voicemail, we were unable to ask for clarification or give her feedback. We tried calling her on her cell phone, but it was off. Nevertheless, we proceeded to perform the tasks only to find out later that some were not done to her liking. Some of her intended messages were perceived incorrectly by us. In one instance when she asked us to fax out some information to a client, we misinterpreted the name “Thompson” with “Johnson.” Thus, Thompson did not receive the time sensitive information he needed and instead we incorrectly faxed out unnecessary information to Johnson. To this misunderstanding, we lost a one million dollar contact.

In another instance, we were to prepare disclosure packages. However, it was not clear what (My boss) wanted us to include in it. Unable to ask her to specify which documents, we just included everything regarding the property. When (my boss) checked it the following day, she informed us that it was done incorrectly because we included more than was needed. Thus, we had to go back and remove the extra documents, which was ineffective time spent and lost.

On the other hand, an example of a successful communication process at work was when my boss was present at the office and delegated work to us verbally. (My boss) announced to all of the employees that she needed us to work together to help her with advertising. She effectively and efficiently communicated what she wanted in the ad. Schermerhorn et al states that effective communication “occurs when the intended meaning of the source and the perceived meaning of the receiver are virtually the same” whereas efficient communication “is low cost in its use of resources” (1). Having (my boss) present made such a difference. She effectively communicated to us that work needed to be done by telling us step by step instructions of what needed to be done. Also, we were able to ask her any questions if we were not clear about the issue. Furthermore, by having all of the employees present and her explaining the tasks to us as a group, she efficiently communicated to us what needed to be completed.

Messages are constantly being sent back and forth within every organization. Thus, effective communication is an essential part of every organization. Undoubtedly, there will always be some sort of miscommunication that may occur. To combat this problem, or at least to minimize it as much as possible, all members within the organization should understand the basics of the communication process.

Works Cited

Schermerhorn, John, James Hunt, and Richard Osborn. Organizational Behavior 7th Edition. New York Wiley & Sons Inc., 00.

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marco polo

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Chet Raymo, a scientist and the author of “Playing the name game by other rules,” first published in October 10, 14 issue of The Boston Globe. Raymo in his essay plays around in his writing, going back and forth on his beliefs and not truly speaking on his thesis until the end. This style of writing that he expressed towards scientist which he states as lepidopterist, and educated non-scientist for the purpose of explaining how randomness and order compliment each other. In which confused me.

Early in his essay, Raymo explains how Adam had to think up names for about 10 and 100 million species of living organisms. Stating how it would have been difficult to complete such a task, also expressing that it would take 0 to 00 years to complete the task (pg.8). He is using this statement as an intro to naming, yet he doesn’t give a reason for saying it. But he says he thought of Adam when he came across a book called “ The Common Names of North American Butterflies,” by zoologist Jacqueline Miller. His is pointing out that she writes out how she wanted to bring order to the jumble of names used by amateur and

Everett

professional butterfly enthusiasts (pg.8). But he also says that the book is sheer poetry (pg8), complementing the value of art and science, not explaining why.

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Later in his essay, Raymo explains that certain professional (and even amateur) lepidopterists blanch at the very mention of common names and their attendant confusion. They plump for the use of scientific nomenclature exclusively- for clarity (pg). In that it is intended to the audience, saying that scientist would rather use the scientific names rather then the common ones. Saying that the art of reasoning my only be the nothing more than well-arranged language.

I think that Raymo’s essay again was confusing, how he rambled for many paragraphs dodging his thesis until the end. But I realized that in class it was talked about how if you put your thesis at the end it forces the reader to read until the end and even make an impact on the reader(s). Also I feel that the essay started to get frustrating having to read over and over for this essay.





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An Analysis of the Basilica of Saint Sernin

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Saint Saturnius, later francized to sernin, was martyred on November in the year 50 for failing to sacrifice to the pagan gods that the Romans forced upon his people. After being dragged to death by a bull he was buried, and at the end of the 4th century a basilica was constructed above his tomb. This building was replaced in the late 11th century by the Saint Sernin basilica (see appendix, 1ab) that is currently in Toulouse, France, a town positioned on the Garronne River a short distance from its union with the Ariege River. Measuring in at 115 m long and 1.1 m high this new structure is the largest of the churches along the principle routes to Santiago de Compostela in France and upper Spain known as the pilgrimage churches (see appendix, ).

The building of this basilica is credited to Bishop Petrus Rogerius. However, canon Raymond Gairard is also recognized as the constructor of the body of the church before he died in 1118. Even though additions continued through the 16th century, the building was consecrated in 111. These additions were the result of the need for expansion due to the increasing number of pilgrims who passed through the church. Viollet-le-Duc completed the final major restoration of Saint Sernin in 1860. This building has survived intact since then, and is considered an extremely important Christian landmark.

Saint Sernin is a cruciform basilica with quite a large square based, proportional structure. Twin portals open to a five-aisled barrel vault nave with eleven bays. The nave is intersected at the transept with a square crossing and an octagonal tower. Two other western towers were also to be added, but were never completed. The ambulatory encircling the crypt includes five projecting chapels. The aisle continues along the perimeter of the church with tribunes along the way as far as the west facade. Stone and brick comprise the piers and wall spans that lead up to large tribune windows. These windows that replace a clerestory are supported by quadrant and barrel vaulting and let in massive amounts of light creating a very open, airy interior. The reliquary is elevated to allow viewing from the main ambulatory, and it includes Gothic details such as rib vaulting.

Decoration is very important in Saint Sernin. Relief, carved capitols, plates, and portals all add to the incredible beauty of the building. Two sculpture programmes were planned in the 11th century for this church. The first of these programmes focused on the image of Saint Sernin encompassed with lions, and included themes of punishment and deliverance. There was definite consistency in the carving of the limestone used, especially in humans. For example, oval heads, double incision eyes, single incision mouths, and vertically folded drapery in arched patterns were constantly used.

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In the second programme, marble reliefs and ivory carvings were produced. A major work to come from this programme was the Porte Miegeville (see appendix, ). The Porte Miegeville is a recessed portal, depicting the following sculptures the ascension of Christ on the tympanum, two Old Testament prophets with the twelve apostles on the lintel, and Saints Peter and James in the spandrels all in the “plastic” style developed along the pilgrimage routes (Zarnecki, 57). Other important works to come from the second programme are the Marble altar table and Maiestas Domini (see appendix, 4ab), a marble relief, both produced by the famous pilgrimage church sculptor Bernardus Gelduinus. Gelduinus, a sculptor from the Romanesque period is known for his great pieces, and simply because he’s the only one to sign his works.

Relics are a very important part of the sacred value of Saint Sernin. Pilgrams came in droves to view the many relics housed inside the chapels of the church on their way to Santiago de Compostela. The most important of the relics held by Saint Sernin are obviously those of Saint Saturnin himself. These relics are stored in the reliquary of Saint Saturnin and the golden mounting of Saint Saturnin in the crypt of the basilica (see appendix, 5ab). Another important relic to the basilica is the reliquary of the True Cross. This reliquary is covered in the noteworthy enameled copper work that tells the story of the true cross (see appendix, 6).

Externally, the Saint Sernin basilica conveys power and magnificence in the intricate eastern façade and tower, while displaying grace and relation to average people in the western façade. Internally, the structure seems overpowering in height and spaciousness, while remaining subtle in much of its d�cor. Saint Sernin exemplifies one of the greatest achievements of the medieval period in the history of art. This Christian stronghold houses many relics, sculptures, and a history that has become very important to the religious world.



P.S.-I got an A



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Sunday, September 23, 2012

How Much Has High School Changed?

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Has high school changed? Are there still those cheerleaders that haunt your every waking moment. The popular peoeple and the geeks. Forever seperated by what others say. I dont know about you but in high school I was a bookworm, not accepted by anyone, a loner. I was hated and praised for my brains, but all I really wanted was a friend.

I faced my fears and went bake to high school to see if the cheerleaders were still there constantly dwelling on there petty problems and putting down that one girl that doesnt quite fit in. I aske Seth Hammond if he hated the popular people his reply was Yes, I think they are rude airogant people who have no respect for themselves or others.. I asked Doug Miller if there is really a big difference between the popular people and the geeks he said Yeah, there is a big difference between popular people and geeks. Popualr people are popular and geeks are geeks. I asked Matthew Gill one of the many teachers at Tapwater Sprngs High school what he thought about his students and the way they act around eachother, his reply was They are tipical adolessience they will grow-up one day if they are lucky. he also cominted that Its not important to be popular in high school you are there to learn.. I asked the so called brains of the sophmore class if he ever wished to be popular he said No, because I would be away from my books..

High school in my days was a torment to some and a plesure for others and for the other 400 students they didnt care. Not much has changed since then. There are still those cheerleaders with the perfact bodies and perfact boyfriends. There are still the smart ones who get weggies and pushed around. There is still that one perfact guy who invades your dreams and still doesnt even know you exist. Not much has changed since my days in high school, and I suspect it never will.



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Friday, September 14, 2012

My Best Friend

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Countless events and experiences in my life have left lasting impressions on me that I will keep for the rest of my life, but there is one particular person who has had the greatest impact on me as a human being. About four months before I was born my Aunt gave birth to a beautiful baby girl, Alaina, who was soon to be my cousin. Fortunately we had the rare opportunity of growing up with a cousin of the same age and sex. We have spent our entire lives by each other’s sides. Since our mothers weren’t that close we would only see each other on holidays but that was not enough. We made every extra effort to see each other and would talk on the phone every spare moment we had. Our relationship has grown rapidly through the years. We have been through absolutely everything together. Whether it be graduation, death of a family member, boyfriends, illness, family feuds, or even just everyday occurrences, Alaina has been right there with me. Though our families may have fought at times, I cannot remember ever having one fight with her. There was simply just a constant understanding of the other person. We respected each other and always knew just how the other person wanted to be treated. I supported her and treated her as I knew I wanted to be treated. This respect and understanding has only prospered as the years pass. Today our relationship is stronger than ever. Since we both have a license and our own cars we see each other whenever we want; which is basically everyday. This has given us the opportunity to become even closer and I honestly can’t say I am on the same emotional level with anyone else. I know Alaina better than I know myself. She doesn’t have to explain her feelings to me because I can feel them without her saying a word. I have also learned so much about myself from what she has taught me. Alaina knows just what to say to make me feel better or to help me with any problem I might be dealing with. With this growing love for her I realized something the other day. Everyone dreams about finding their sole mate in life and I have been one of the very lucky few to have found them. I will hopefully meet that guy one day that is my one true love but I feel content right now with Alaina. In no way is she just my cousin, or a best friend, or even a sister-like figure in my life, but instead my world. She is my one true sole mate and I thank God everyday that I have her. [Instead of being fearful of the future I am only anxious to see what else the world has in store for me. If the one thing that I was scared of never finding has already been found then there is nothing more to fear, but only more to discover.] Recently I suffered learning of the tragic death of one of my good friends. He died in a simple car crash. His death really woke me up to the fact that anyone can be taken from me in an instant without warning. This realization scared me to death. To even think what I would do if I were to loose Alaina made my heart ache. She is a part of me and she would take that part with her if she were to perish. All I could do if just be thankful that I have her with me now and do everything I can to protect her, as well as my other loved ones in my life and pray that I won’t loose them. Realizing and experiencing all of these feelings and emotions have made me a better person. Though it was scary to fathom anything so tragic, I have become a stronger, more mature, and more appreciative person for it and these feelings will remain my heart for as long as I live.





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Monday, September 10, 2012

Turpin compared to Turner

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Theodore Turpin de Crisse’s The Bay of Naples and J.M.W. Turner’s The Slave Ship are two seascape oil paintings from 1840. Though their subject matter differs they can be compared and contrasted in various ways. Regardless of any differences found in the paintings, it is apparent that in both works nature directly relates to the depicted scene.

The two seascape paintings portray similar subject matter. Turner’s painting depicts a ship preparing to encounter a typhoon in the wide open sea. The captains aboard the ship decided to throw the dead and dying slaves overboard in order to make insurance claims for lives lost at sea. These figures can be seen in the rough waters, their shackled hands rising above the waves. While Turpin’s piece also shows the open sea, the narrative scene takes place on the rocky cliffs in the lower left hand corner. A shipwreck abandons sailors on the cliffs alongside menacing waves. Both realistic scenes reflect and represent the figures’ emotions. Turner’s chaotic and rough ocean relays the feeling of uncontrollable helplessness felt by the drowning slaves. The calm sea and serene sky in the background of Turpin’s painting sharply contrasts the rough cliffs and choppy waves in the foreground. The change in scene seems to represent the sudden change of events the sailors faced. Though the moods are somewhat different, the relations between subject matter and figures directly relates to nature in both works.

The different atmospheres felt in the paintings are emphasized by light and color. In Turner’s work the ominous sea consists mainly of dark browns, blacks and reflected red from the sky. Gradual light tones in the water help unify the sea and the victims as a whole. The sun is a violent bright orange-red that reflects the dismal subject matter. This orange-red shade also invades the majority of the sky. On the left hand side the sky is transformed in to dark blue-black tones that represent the oncoming typhoon. In the distance, the ship is a dark murky brown-black shade that conveys the immorality of those aboard, and the approaching doom they are about to face. The lighter right hand side symbolizes the safe area the ship has come from. Overall, Turner’s use of abstract light and color emphasizes the inconceivable actions of those aboard the ship. Turpin’s background consists of a peaceful blue sky, a bright setting sun, and a calm blue-green sea. This area features natural bright light, indicating the same safe quality found in Turner’s work. In the foreground the light and color sharply contrast the background. The sun casts sharp orange light on the dark brown cliffs. This light provides dramatic shading on the rough land. The sea is now a darker shad of green, capped with white foam. The change in color indicates the change in the force of the sea. Theatrical light helps highlight the rough waves that cause the shipwreck.

Brushstrokes are an additional factor that help contribute to the overall mood of the painting. Turner’s brushstrokes seem to blur color and form together. In particular the marks that make up the sea are so swift and blurred that the figures are barely discernable from the water. The chaotic free movement created by these brushstrokes represents the violent nature of both the surrounding environment and those aboard the ship. Turpin’s brushstrokes are much softer and clearer. The sharp edges make the images and figures easily recognizable. The clearer marks relate to the

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Saturday, September 8, 2012

Galvor Company

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Case 10- Galvor Company

Background

Galvor Company was founded in 146 by owner, and president M. Georges Latour. The company had acted as a fabricator, buying parts and assembling them into high quality, moderate-cost electric and electronic measuring and test equipment. Latour had always been personally involved in every detail of the firm’s operations as in most family businesses. Fiscal growth grew from $. million in 160 to $1 million in 171. However, April 1, 174, Galvor was sold to Universal Electric Company (UE), a large multinational organization with its European Head Quarters located in Geneva, Switzerland. The Company Head Quarter were located in the United States. Early in 177, 4 people were employed in the controller’s department, prior to Galvor’s take over by UE; there had been fewer than 0 people in the controller’s department. Galvor’s new management and main key players were as follows

Latour remained on the board for Galvor but was not involved in day to day

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operation and management of the company.

Barsac Galvor’s Controller, 4 years old trained and skilled accountant, good

ability in English, employed by universal since 164 (10 years experience,

formerly assistant treasure of Universal subsidiary).

Boudry UE’s European Controller; Chief Bureaucrat � all Galvor’s financial

reports were submitted to Boudry.

Hennessy Galvor’s Managing Director, UE employee for years

Poulet Director of Manufacturing in Geneva; uses financial reports to oversee

operation and identify problems at Galvor. Communicates with Hennessy via

telex when problems are identified.

The heart of UE’s reporting and control system was an extremely comprehensive document � The Business Plan � that was prepared annually by each of the operating units. The Business Plan was the primary standard for evaluating the performance of unit managers, and everything possible was done by UE’ s top management to give authority to the plan. As a result of this system there was a very strong centralized controller organization with a large staff as well as relatively large business unit controller staffs. This type of organization was needed to support the needs of the business planning and reporting process.

Galvor is struggling to adapt to the complex and time-consuming requirement of UE’s business planning process. It is a relatively small business unit that had a very non-bureaucratic culture, developed over many years under the leadership of Latour. Latour personally took care of much of the business planning prior to 174. Business planning process at UE is summarized below, note that this process was used for the first time in 175 to prepare Galvor’s business plan and budget for 176.

Time Frame Goal Objective(S)

January � May Product line objectives development Tentative Objectives negotiated Sales, Net Income, Total Assets, Total Employees, and Capital Expenditures. Objectives reviewed and approved by European and US. HQ

June � July Business Plan Developed Galvor develops year business plan and 5th year forecast

September Business Plan Approved Meetings in Geneva with European and U.S. HQ executives to approve business plan

November Budget Approved Budget approved based on approved business plan

(Table 1.)

Hennessy and Barsac are struggling to adapt and implement UE’s business planning process. For reporting purposes, UE considered that Galvor represented a single product line, even though Galvor’s own executives viewed the company’s products as falling into three distinct lines � millimeters, panel meters, and electronic instruments.

Case Analysis

(1). UE’s planning system is not effective as it is applied to Galvor. It is a very inflexible, detailed system that required too much time and too many resources for a business unit the size of Galvor. Borsac and his chief accountant spend much their time working the system. This is very comparable to McNamara’s usage of Bentham’s panopticon method (described in Foucault Management and Organization Theory). Whereby, he sought for control and discipline of the Ford company through the finance department. McNamara shifted the ‘carceral gaze’ of the corporation to the minds of its mangers. He believed that by ‘managing the managers’ the problems of order, structure, motivation and leadership would be solved as McNamara disseminated the quantitative logic of management accounting throughout the company. Ford progressively extended the scope and ambition of financial control so much so that product development, new innovation and quality suffered.

Furthermore, evidence of its ineffectiveness at Galvor includes; financial reports not providing value to the operating business unit, Boudry stated that the cost of the system is “barely acceptable” for a business unit the size of Galvor, even though Galvor is experiencing problems with the system, according to Boudry, headquarters has not given Galvor the help it needs and deserves in data processing. Telex exchanges from HQ staff to Hennessy provide no value to the operating unit. It only points out the variances, which are already obvious, and asks for additional reporting. No causalities are established.

(). In addition to the Business planning process mentioned above (table 1), the Business Plan also had financial and operating summary containing comparative data for five years, dealing with the following measures

Summary Reports

Net income

Sales

Total assets

Total capital employed (sum of long-term debt and net worth)

Receivable

Inventories

Plant, Property, and equipment

Capital expenditure

Provision for deprecation

Percent return on sales

Percent return on total assets

Percent return on total capital employed

Percent total assets to sales

Percent receivable to sales

Percent inventories to sales

Orders received

Orders on hand

Average number of full-time employees

Total cost of employee compensating

Sales per employee

Sales per $1000 of employee compensation

Net income per employee

Net income per $1000 of employee compensation

Sales per thousand square feet of floor space

Net income per thousand square feet of floor space

(Table )

Furthermore, the Controller, on monthly bases submitted 1 additional different reports as follows

Reports

Statement of preliminary net income

Statement of income

Balance sheet

Statement of changes in retained earnings

Statement of cash flow

Employment statistics

Status of order received, canceled, and outstanding

Statement of inter-company transactions

Statement of transactions with headquarters

Analysis of inventories

Analysis of receivable

Status of capital projects

Controller’s monthly operating and financial review

(Table )

In addition to the reports submitted on a monthly basis, approximately 1 others reports were required less often, either quarterly, semiannually, or annually.

(). The working relationship between Hennessy and UE executives in Geneva are not good. Poulet corresponds with Hennessy via telex when problems are identified. Poulet is making very detailed requests of Hennessy regarding inventories and sales levels compared to the budget. Hennessy blames many of the variances on three policy changes that appear to be driven by the corporate headquarters. Hennessy is just going through the motions and believes he is being over controlled; he is just doing the best he can according to his correspondence via faxes.

Moreover, it must be realized according to Foucault’s theory of management that correct training or Dressage (which today is taken to mean the habitual training of a horse is obedience and deportment) is also applied to humans. Dressage not only restricts the subject, but also links the individuals together and so multiplies their uses. Harold Geneen CEO of ITT was also a master of Dressage. His managers were trained to meet face to face to look into each other’s eyes, to listen carefully to the tone of others voices, and to pay attention to their body languages. Telephone or telex would not do. You had to see the other person’s reactions when explaining the expenditures, budget, accounting, etc.

(4). Galvor should have a much simpler, more streamlined business planning, reporting and control process. In Foucault, Management and Organization Theory, Mckinlay and Starkey focus on management of Japanese firms, where control is shared throughout functional areas rather than monopolized by finance; the entire Japanese enterprise is organized for cost reduction. In addition there was a qualitative balance between trust and control.

At Galvor there should be a relaxing of the scope of financial control but an intensification of internal audits. Major investment and product programs only indicative rather than comprehensive cost were considered necessary at the initial strategy and concept stages. The business plan itself should only cover a few years and should be flexible, not detailed. The business plan summary report should contain information on NI, sales, total assets, total capital employed, % return on sales and % return on total assets only. Other items in the UE business plan should be combined into a summary of the strategic objectives and high level action that Galvor will pursue over the next two years to support the overall business planning objects, to include high level management actions. Monthly report should focus mostly on reporting of problems areas and the prioritization of areas of concern.

(5). In my opinion UE is such a large corporation, whose rigid planning and control practices cannot be justified. Management accounting, re-constructed in Foucault’s term is a major apparatus of discipline and punishment in large organizations such as UE. According to Foucault managers must make exhaustive use of their time in order to assure efficient and effective task performance but that financial control discipline should be exercised gingerly, not in a heavy-handed manner. Although Galvor requires much needed improvement over their traditional planning and control process. UE can provide needed expertise to help develop a system that is effective for Galvor and could still meet the needs of the UE Corporation.

(6). To achieve its strategic objectives and rely on a comprehensive system of financial reporting a large international organization needs to set up a system to support the autonomy of its various businesses and product lines. By incorporating Foucaults’ three principle of disciplined bodies, this involves the use of discipline space in particular ranking, whereby individuals are defined by the rank, he or she occupies in the hierarchy and by the space that separates each rank from the one immediately above or below it. Ranks remains permanent but the individuals change according to the most recent assigned task. Thus, the individual’s obedience is pretty much guaranteed.

The timetable establishes a rhythm and regularity to actions. It can be formulated in terms of days, hours, minutes and even seconds. The timetable affectively works like in a world of daily repetitions and regular cycles of useful activities. The third discipline is hierarchical surveillance. It is a discreet art of close watching, using techniques of subjection and methods of exploitation. This called for a pyramid like administrative network, discreet enough that it does not weigh too heavily on the individuals in the hierarchy, yet sufficient to act as a brake or an obstacle to each individual’s activities. In addition the current process focuses on the day to-day performance and operation of the business units. The business planning process should focus clearly identifying the overall strategic direction of the business by clearly identifying the growth vs. harvest businesses and which businesses should be shut down and what new business to get into and where. Once strategic focus has been given budgets should be allocated and responsible manager should be held accountable for performance.

(7). For this company, the strong centralized business controlled organization should be reduced. To further illustrate this point. In Foucault Management and Organization Theory, McNamara joined Ford in 146, for the first time for more than 5 years, the company always knew how much it was spending and how much it was making and it could project both costs and earnings in a consistent manner. Profit was an outcome of a predictable and disciplined process. McNamara at Ford progressively extended the scope and ambition of financial control. However, quality and innovation suffered in the trade- off with cost. It was the advent of Japanese competition that finally revealed the damaging effect of this system.

After Japan signaled the need to radically alter the company culture, it also served notice that the bureaucratic control mechanism of mass production were a dead weight in terms of cost and time. This resulted in reduction in finance personnel and decentralization of decision-making. Therefore, by decentralization decision-making and less rigid finance control, Galvor can become more profitable company.



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Friday, September 7, 2012

consumer willingness

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The consumer willingness to buy this product will be built up by the fact that this product is so versatile. It has many uses including steak sauce, barbecue sauce, topping for fresh salad, and many other favorable cooking uses. By Uncle Herman giving out a brochure with this product it boosted awareness and demonstrated the benefits of the product and gave convenient recipes that the user could use in their own home. This brochure will help to draw in new users of this product because they will be able to see all of the uses that the sauce has such as sauce for seafood, pizza sauce, spaghetti sauce, Russian dressing, charbroiled baked beans, sloppy Joe’s, meat loaf, chicken, a variety of beef cuts, and potato salads. Someone who is interested in possibly spicing up his or her family dinners or keeping their children interested in new types of dinners may purchase this product. Uncle Herman could offer consumers packages that are ready to use. What I mean by this is offer a product that the consumer could just add one ingredient and the meal is ready. For example they could offer a package where the sauce for meat loaf is premade and there is a sauce for the potato salad and all the consumer has to add is meat loaf and the potato salad and the meal is done that way the use of the sauce is simplified.

The ability for consumers to buy this product is hindered by the fact that there is limited availability of this product. The limited availability causes this product to reach only limited consumers, so it is not maximizing the consumer base that is possibly out there for this product. Uncle Herman’s product is similar to A-1 and Herman still insists on making his price higher in order to maintain retail margins. A-1 is a product that already has a popular following so it will be hard for them to steal their buyers especially with a higher price. Uncle Herman should consider offering lower prices for his product in the beginning in order to build a following and then raise it over time in order to regain his retail margins. Also, he should try to get more retail buys or sell his product and offer to send a representative out to the store to offer free samples of the product so people can taste the product and see how good it is first hand





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international marketing

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Moulinex, the French-based electrical household appliance manufacturer, started in the early 100’s with Jean Mantelet and a few employees who made hand-held mashed potato grinders. With limited technology at the time, the company eventually became very innovative. They began to distribute their grinders all across France and neighboring countries. Their reputation for quality lead to the company becoming infamous for many other kitchen appliances. Many of this included kettles, food processors, and pressure cookers. For the next 60 years Moulinex continued to put comfort in their products first, using its expertise to offer homemakers a different and improved lifestyle. Always a step ahead, Moulinex successfully created innovative and attractive household appliances to meet the changing needs of the modern household (www.moulinex.com).

During the early twentieth century, Moulinex was at the head of the French homemaking industry. Yet, since the mid-180s, Moulinex has experienced a wave of redundancy plans. Under the management of its founder, Jean Mantelet, the company failed to anticipate the economic slowdown of the early 180’s (Macaire, Simon). From 185 onward, its losses began to mount up. That year, the first of the redundancy plans led to 1,00 lay offs, and the unfortunate retirement of Mr. Mantelet. In 10, the Moulinex groups debt burden stood at EUR 50 million, and a restructuring of management and marketing procedures did nothing to turn this situation around. The company took on almost a dozen different general managers during the early nineties (Macaire, Simon).

In 14, they introduced another new redundancy plan, which would result in the company shedding 1,500 employees and inevitably closing two plants. In 16, Pierre Blayau took control of the company and provided cash inoculation of EUR 150 million. However, the companys losses still stood at a staggering EUR 107 million. Blayau introduced yet another new redundancy plan, in which ,400 jobs would be lost (Hege, Agelheid). Conversely, the impact of this redundancy plan was offset by the implementation of a reduced working week. Meant to save jobs, the reduced workweek encouraged working time reductions and reorganization. However, the Asian economic crisis in 17, and the 18 economic crisis in Russia, which was Moulinexs second largest market, resulted in a renewed slump in the companys profits.

Against a background of consolidation and production relocation, the Italian group Elfi, which already owned Brandt, bought out Moulinex in late September of 000 (Hege, Adelheid). The merger of Brandt and Moulinex into the “Moulinex-Brandt Corporation” took place in December 000, with Patrick Puy becoming the new chief executive. The merger was meant to pull the company out of the gutter. Instead, it entered back into the spotlight. The merger was greatly endorsed by most all trade unions represented at Moulinex including; the General Confederation of Labour, the French Christian Workers Confederation, the General Confederation of Labour-Force ouvrière, and the independent Workers Interest Defense Union (Macaire, Simon). The support of the unions made the change easier and more appealing to the employees who feared for their jobs. However, it was opposed by CFDT, who felt that the merger would just increase the amount of debt onto the company.

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On the 5 April 001, Mr. Puy introduced a restructuring/redundancy plan to the companys board that would shed almost 4,000 jobs worldwide (Husson, Michel). This would include 1,500 jobs in France and 1,700 jobs in Poland, out of a combined workforce of only ,000. He presented the same plan to the French central works council the next day. The plan provided for the closure of three plants in France, which housed fifty percent of Moulinex’s employees, and four more plants elsewhere in the world. At the time of the announcement, Mr. Puy stated, “the goal of the plan is to balance the books by 00 and to move into a profit-making situation of % to 4% of turnover by 005 (Husson, Michel).” The controversial plan seemed doomed from the beginning, nevertheless something had to be done about the companys debt burden, which now stood at EUR 760 million. Moulinex had to find sources of funding to finance the cost of restructuring, which was estimated at EUR 00 million. The trade unions decided to respond by using the courts. In early 001, the central works council authorized its secretary to request a court-authorized expert appraisal. It was in an attempt to obtain all the information pertaining to the economic, legal, accounting, and management operations underpinning the companys current economic and labor relations situation. The members of the central works council believed that the former management team of Moulinex had indulged in poor management procedures in an attempt to promote the Moulinex-Brandt merger. Consequently, the Nanterre High Court ordered the appointment of an expert to assess the economic situation resulting from the merger. The expert report, which severely criticized the managements rescue plan, was submitted to the central works. Some of the experts called on, considered that the measures put forward failed adequately to address the employee and economic issues. They, in turn, recommended retaining two plants and repositioning manufacturing on mid-range to high-range product lines advocating a “redefined innovation policy (Husson, Michel).” However, management opted instead to implement the plan in its original form, with only subtle adjustments.

In early September of 001, in light of the fact that no new financial backing had been impending, the Moulinex board of trustees announced that it intended to file for bankruptcy (www.moulinex.com). The management had counted on backing from the banks, an increase in capital by Elfi, and the divestment of assets to fund the rescue plan. However, Elfi, being the main shareholder, went back on their previous decision to increase capital. Consequently, the Nanterre Commercial Court appointed two receivers for a six-month period in an attempt to work out a solution and to find backers. The government indicated that it would provide assistance to Moulinex in order to limit the social and employment repercussions. Only two companies submitted takeover bids for parts of the Moulinex group. One being Fidei, a financial group specializing in buying out ailing companies and the other SEB, a direct Moulinex competitor. Both groups were mainly interested in Moulinexs division of making small electrical appliances, which had great potential of turning over an economic profit (Hege, Adelheid). SEB proposed to keep 4,50 of the 8,85 workforces, to retain only three plants of the company’s plants, and to refuse to take over the Brandt division. Fidei, on the other hand, proposed to shed ,500 employees, 1,100 fewer than SEB, but also rejected any buy-out of Brandt. Needless to say, neither of the proposals was supported by the trade unions.

In early October of the same year, Euroland, a Quebec-based investment fund, offered to take over Moulinex-Brandt as a whole. They would provide a cash infusion of EUR . billion and avoid mass redundancies (Husson, Michel). However, it was unable to prove that it had the financial resources required to fund its proposal. Thus, on October fifth of 001 the banks enabled Brandt to resume business activity. From the beginning of the Moulinex crisis, the trade unions had organized numerous demonstrations condemning the announced redundancy plan. Local elected officials and residents had also been involved. The unions had used all the possibilities to fight the plan even lobbying the government to urge the banks to free up the required funding to bail out the company. They have met with the Ministers of Economy, Finance and Industry on several occasions. However, while it appeared in late October that Brandt was on the verge of obtaining a bailout, Moulinex still had its back to the wall. The trade unions continued to battle within each other, causing more diffusion than within the actual boundaries of the company. CFDT had twice disagreed with the other unions; first by rejecting the Moulinex-Brandt merger, which resulted in a CFDT delegate being expelled from the Moulinex board to be replaced by a CGT one, and then by voting against asking the courts to allow an alternative expert appraisal of the restructuring plan. Nevertheless, the critical situation at Moulinex prompted all the trade unions to demonstrate a government intervention to save the company. The fate of Moulinex hung on a decision by the courts. If no buyer stepped in, Moulinex would be forced to close down completely. This would lead to unemployment on a scale that had not been seen for over a decade.

Many companies such as Arcelic-Beko of Turkey, Candy of Italy, Elco of Israel and Whirlpool of the US all bid on Moulinex, which filed for bankruptcy in September as part of the collapse of Moulinex-Brandt. Court-appointed administrators decided to deal separately with Moulinex and Brandt, which came together less than a year earlier when ElFi, the Italian owner of Brandt, bought Moulinex. Moulinex had 11,000 employees, but the focus remained on the fate of its 5,00 workers in France. None of the bidders were keen to buy much more than its domestic operations.

Elco offered to invest Euros 100m over two years in Moulinex, guaranteeing jobs for 4,00 Moulinex workers in France. This was the most generous offer in terms of employment, and one that received warm welcome from French labor unions. The offers were difficult to compare, but Elcos rivals hoped commercial logic, rather than employment considerations would prevail. Arcelic-Beko, a subsidiary of Koc, offered to keep ,100 jobs in France and invest Euros 500m over two years. Candy planned to maintain ,100 jobs and invest Euros 140m over three to four years. Whirlpool wanted to save ,00 jobs and invest between Euros 150m and Euros 00m in the first year.

The Moulinex decision was in the hands of administrators, but the government took a keen interest in the process. “The government wanted a strong industrial partner for Moulinex, but it wanted just as much to avoid another round of social unrest at this sensitive time, according to one insider. Moulinex generated more interest from potential buyers than expected, justifying the decision to handle Brandt and Moulinex separately.

However, the French market had been growing at an average 5 per cent a year over the past five years, and Moulinex has some prized assets. In particular were its cookers, and its top-loading washing machines. The fiasco that took place since the bankruptcy announcement proves that the appliance industry is very competitive throughout the world and consolidation is probably needed in order to allow more of these companies to prosper.

In the appliance world toady there are numerous competitors, making the market almost impossible to deal with. Basic economics teaches one that to reach the long run equilibrium an entity must battle through the ups and downs. Yet, as noted earlier Moulinex has unsuccessfully battled for years upon years. That is due to competitors such as, Whirlpool and General Electric. Since the September solvency of the Moulinex group, other appliance manufacturers saw great gains. Whirlpool, for example, saw its stock price rise from about 5 in mid-September to over 75 today. That’s almost a fifty percent increase in price over the last twelve months. Sales for appliance manufacturers picked up worldwide following the Moulinex bankruptcy. Most sources credit the success of other appliance companies to the drop in consumer confidence in the Moulinex brand. However, in the last quarter, following the SEB buyout of Moulinex and Krups, the Moulinex brand name started back on the right track.

SEB, the French household appliances group, saw its turnover increase by 6 per cent during the first quarter of this year, to 41m euros. Including the sales of its subsidiaries Moulinex and Krups, turnover reached year-on-year growth of 5.5 per cent. The groups turnover increased worldwide, except in South America, where it fell 14. per cent. Sales in the US went up by 11.1 per cent for SEB alone, and by 5.8 per cent including Moulinex and Krups. In France, the figures were per cent and .8 per cent respectively. In the other countries of the European Union, sales increased by .8 per cent for SEB; consolidated sales went up by .4 per cent.

One of Moulinex’s big competitors is General Electric. General Electric states that they are a diversified services, technology and manufacturing company with a commitment to achieving customer success and worldwide leadership in each of its businesses. They operate in more than 100 countries and employ a little over 1,000 people worldwide. General Electric is able to cover a wider range of customers due to their worldwide reputation for quality products. They were able to turn over 15. billion dollars profit in 001, which is extremely larger than Moulinex. Also, General Electric has been placed at the top of the Forbes 500 for several years, whereas it is difficult to even locate financial information for Moulinex.

Another one of Moulinex’s American competitors is Maytag. They have been is service for over 100 years and today are a 4. billion dollar home and commercial appliance company. Maytag is among the top three companies in the North American market, offering a full line of washers, dryers, dishwashers, refrigerators and ranges. Maytag is best known for their marketing campaigns. Moulinex lacks the commercial marketing appeal that Maytag has, which has hurt their overall sales.

Moulinex is in a period of consistent failure. The disturbing aspect of Moulinex’s decline in the appliance business is the fact that many of the circumstances that Moulinex now faces might have been avoided, and might still be avoided. Much of the problem lies in the fact that Moulinex is subject to French Socialist legislation that generally increases the cost of doing business, and impedes on business policy in the interest of the French citizens. Many of the layoffs that Moulinex was able to carry out, though, had been greeted with picket lines and violence. Though in a Socialist government the workers expect to be more secure, and react more violently to layoffs. In a different environment, the violence and many of the situations could have been avoided.

Previously, Moulinex had been expanding business operations overseas and at home. In 16, Moulinex had projected 40% of its sales would come from outside Europe, and it had far exceeded its projected sales of billion francs in three years (AFP-Extel). In 18, it was reported that Sales had increased by 4. percent (AFP-Extel). However, it was very clear early on that Moulinex was in financial need. Early arrangements had been made with banks to secure favorable loans. As early as July in 001, Moulinex was dispelling rumors that it was going bankrupt. Recently, it had been made known that Moulinex was losing money, but management had remained optimistic, claiming that they had designed a restructuring plan that called for the loss of 4,000 jobs and the resurgence of positive numbers beginning as soon as 00. The response of management was a denial of the inevitable, and the projected job losses were an understatement. However, the workforce’s violent responses just four months later might have played a large part in the actual collapse. In October of 001, Moulinex administrators confessed the truths of their circumstances, proclaiming that the sale of assets would not cover their liabilities and that shareholders had “nothing to hope for” (Le Monde, French Stocks Moulinex).

Moulinex has no doubt dealt with many serious blows to its business. To begin with, Moulinex is a French company. Unfortunately, this implies that Moulinex is subject to strict Socialist legislation that requires that management make a deal with the Unions before any layoffs can be made. The government has recently passed legislation that made it more difficult for companies to layoff employees (Le Figaro, French State). In August of 001, it was thought that only ,00 French jobs would be lost, but continuing talks with Unions meant that in exchange for the loss of these jobs, Moulinex must have maintained two research facilities with 50 and 00 jobs. The cost of maintaining these and continuing research became quite expensive (Le Figaro). On October , Moulinex was forced to sell most of its assets to a rival in the appliance industry, and 8,800 former employees began looking for new jobs.

The labor force resisted any layoffs or partial takeovers that Moulinex proposed. On November 1, 001, workers from Moulinex set fire to an outbuilding and placed generic bombs at several points in the microwave factory where they used to work. They claimed that Moulinex had the decision to either pay them or the building would burn (Mallet). Just a few days later, Moulinex succumbed to the Unions in negotiations. They agreed to compensate ,500 employees with between 0,000 FFr, and 80,000 FFr based on the individual employees’ time with the company (Le Monde). More recently, however, SEB has acquired some of Moulinex’s operations and has projected an increase in sales at the expense of still more layoffs. Subsidiaries, however, had not been considered in the SEB takeover, and face an uncertain future. Foreign plants, though, have been completely dissolved, as the French company shifts its focus to the domestic market (Le Figaro, Worries Over). Even now, Moulinex is still facing closures and layoffs. There is still time to implement a strategy to avoid the complete closure of the remaining facets of Moulinex. The situation is comprised of three key factors Moulinex must cut costs, the government wants to avoid layoffs, and the workers react violently to layoffs.

The solution, then, is to avoid layoffs without bearing large costs to keeping employees on the payroll. BMW (Bayerische Motor Werk) has had some experience with a similar situation just a decade ago. BMW had recently expanded its markets before 1. German Unification had occurred in 18 and 17 million people entered the German market. BMW had focused much of its resources on satisfying the resurgence of demand. By 1, the German car company, as well as the industry as a whole faced an increase in costs and plummeting demand for automobiles abroad. This in part was perhaps due to the growth of the Japanese car industry and an international recession. In Germany, where one out of six jobs is “directly or indirectly dependent on cars,” anything that affects the automotive industry has infinite ramifications on things such as morale, GDP, etc. BMW stood alone among Germany’s car manufacturers for not having to temporarily shut down plants or reduce the labor force.

The truth is, that the German automobile manufacturing industry survived by using similar means of cost reduction in spite of similar circumstances. Germany, like France, has a socialist government that has strict legislation that prohibits certain behavior of businesses, including layoffs to a large extent. German car manufacturers did not typically lay workers off, rather, they implemented reduced hours at the same pay. Considering that the German Government bears the burden of health care and other services that United States businesses usually provide, the costs of keeping an idle labor force on hand are few. Hourly workers come in reduced shifts to different factories. Many of the factories that were built as expansion operations were temporarily shutdown, reducing costs to the amount of the fixed costs. The German auto industry survived and prospered because it was innovative and found alternative solutions to a problem that many other industries had faced before it.

By reducing man-hours at Moulinex, costs are reduced, and the government and the workforce are more pleased. The government does not find need to intervene in the affairs of Moulinex, as layoffs are few or non-existent. The labor force, too, should remain relatively pleased, and may perhaps sympathize with the company for having compensated and compromised for the sake of the employees.

In the event that Moulinex is still unable to resist impending losses long enough to witness economic recovery, then layoffs are inevitable. If large layoffs are inevitable, at least the workers might recognize that Moulinex had made concessions and did all that they could to keep them on the payroll and protect their interests. Civil disobedience is generally avoided if workers can sympathize with the company and feel that it is better in the long run if the company does commit to a policy of layoffs.

The reaction of many of the German auto manufacturers to BMWs success in the industry was to institute layoff policies. Likewise, if Moulinex’s implementation of a layoff-aversion policy fosters growth and success by avoiding short-term costs and liabilities, then one might expect that other small household appliance manufacturers might also have to downsize. In the event that Moulinex should fail, then the competition would definitely purchase Moulinex’s closed factories and manage them much more efficiently.

Overall, I feel that Moulinex has the ability to rise above the many problems it has been forced to face. I believe that if it implements techniques such as those followed by BMW, it can once again be a successful company. The new policies and techniques will allow the company to reduce layoffs, but keep employees happy. Based on the research I discovered that Moulinex is a prime example of a centralized foreign subsidiary. The headquarters is located in Paris, France. The headquarters management makes the major decisions. After the decisions are finalized, they are sent to the different branches and executed. Due to the large size of the organization, they tend to apply structural relationships. I knew very little of Moulinex when I first began this project, now I able to compare it to many other large appliance manufacturing companies. I enjoyed researching about this company’s highs and lows over the decades.

Works Cited

Hege, Adelheid. “Further Restructuring at Moulinex.” Institut de Rechercher Economiques et Sociales (translated). /8/00

“History of The Moulinex Group.” http//www.moulinex.com

Husson, Michel. “Industrial Unrest at Moulinex.” Institut de Rechercher Economiques et Sociales (translated). 7/1/01

Macaire, Simon. “Moulinex chronicle of a death foretold.” Institut de Rechercher Economiques et Sociales (translated). /11/01

“Moulinex Employees Set Fire to Factory Building.” http//www.agrnews.org. 11/1/01



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Thursday, September 6, 2012

AMP company

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Introduction

AMP has today flagged a possible $1. billion write down of its troubled offshore assets. The Chief Executive Andrew Mohl says AMP believes the carrying value of these assets is unlikely to recover for some time and it will therefore be prudent to reflect a more realistic view in the balance sheet. Therefore, he says the write- downs will largely be goodwill and not impact on the net assets of AMP¡¯s UK businesses. As the issue above, we make some definitions, analysis and comments.

1. Give a brief summary of the circumstances which give rise to goodwill.

a. Goodwill can only be recognized when an acquisition results in gaining control of an operation or entity. This term is defined and discussed in AASB 101. As the AASB 1016, s 5.1 described, any difference between the cost of the investment in the associate and the investor¡¯s share of the net adjusted fair values is regarded as goodwill

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b. According to the AASB 101, Section 4.1. Goodwill is internally generated by the entity must not be recognized by that entity. Goodwill, which is internally generated by an entity, is not permitted by this Standard to be recognized as an asset by that entity. ¡®¡­. This is principally because of the difficulty, or impossibility, of identifying the events or transactions which contribute to the overall goodwill of the entity¡­.¡¯ Internally generated goodwill, which is not recognized as an asset will either go completely unrecognized or will be recognized as an expense.c. When an operation or an entity is acquired, we can recognize goodwill, which suggests that the particular assets and liabilities acquired must be capable of to be used together in meeting the objectives of the acquiring entity. This suggests that the operation or entity must be able to survive independently of both the acquiring entity and the selling entity. Such an entity is capable of producing goods or services that it can provide or sell to other entities. In such a situation, it is a separate entity that can be owned and controlled by another entity.

d. Goodwill means the future benefits from unidentifiable assets. However, it will not involve such assets if such a condition were not satisfied. In valuing the unidentifiable assets, if it is assumed that the difference between the cost of acquisition and the fair value of the net assets acquired is a measure of any goodwill, then the existence of such a difference does not mean that goodwill was acquired. Similarly, the absence of a difference does not mean that no goodwill was acquired. The problems are the recognition in AASB 101 of the possibility of ¡®bad buys¡¯ and the uncertainty about the extent, which plays a part in the goodwill calculations.



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