Business Ethics Essay Example | Topics and Well Written Essays - 2000 words - 2

Business Ethics - Essay Example The pure theories of ethics reveal an extreme characteristic, and they are traditional. Neither complete dedication towards profit nor total social service would help any business in the present scenario. In the modern days the hybrid theories of ethics are the most prevalent. It is when ethics has to be followed and profits have to be saved. Andy has to prioritise tasks but cannot eliminate any aspect because both are significant. He and his team have to assist customers in handling the coffee cups and lids. Suppliers need to be informed regarding the latest occurrences, and employees should be involved in decision-making. Organisations following ethics not only to reap profits, but also deliver excellent services to customers, serve the society and make their employees proud. Ethical Dilemma Faced by Andy This study is based on the theme of business ethics in hospitality or tourism. The aim of this study is to discuss and evaluate the case study of Global Coffee House, owned by And y, and analyse the ethical dilemmas that Andy had to face. This will also assist in identifying what probable solutions he could identify, and what were the implications of such consideration. It was found that due to poor quality of hot cups and lids a customer was badly burnt due to coffee spill. The customer was taken to hospital and John, Andy’s assistant, apologised. However Andy was in ethical dilemma after knowing the matter because they engaged a new supplier to offer hot cups and lids at low cost, so as to decrease cost and support the expense of refurbishment. Andy was in dilemma, whether to offer good cups and lids to customer even if it is costly, as this will assist in avoiding accidents. On the other hand if he supports profit making strategy then cost reduction decision was correct. He was facing mental conflict about which one to consider. Such situation is also known as ethical paradox. In Andy’s case customer safety was equally important as refurbishm ent because Nancy already had a first-degree burn. Moreover, there were thousands of unused cups and lids in the storeroom and they had also made a contract with the supplier. Possible Decisions and their Implications Andy was into ethical dilemma because he cannot decide whether to dismiss thousands of cups and lids in storage and the contract with the new supplier, for protecting the goodwill of his coffee shop and the customers from accidents, or to ignore it. There were several options for him, which can be better explained with the help of ethical theories. According to the theory of Adam Smith, competitors always take undue advantage of the weaknesses of other players in the industry. Capitalism theory also supports the fact that profitability is everything in business, and there is no room for ethics here. Even the theory stated by Karl Max emphasises on profit maximisation. Following the above mentioned theories, Andy should ignore the accident thinking that it was just a mi shap, and will not happen again, and then the suppliers would be happy, refurbishment can be done. In case Socialism theory is chosen, then product safety would be priority as social welfare comes first. Following such ethical theory, Andy would ethically choose to consider customer safety. Apart from this, his relationship with the

Case Study Based On Arab Culture Example | Topics and Well Written Essays - 500 words

Based On Arab Culture - Case Study Example Nasser into accepting the vaginal examination for Samia. Negotiation, according to Schim and Doorenbos (2011, p. 1), is a suitable approach in cases where cultural appreciation and cultural accommodation alone cannot permit care objectives. An understanding of cultural orientations that establish a barrier is necessary, a factor that is consistent with the fourth standard of the Expert Panel on Global Nursing & Health (2010, p. 7). With background knowledge of reasons for the barrier to vaginal examination, the nurse can engage Mrs. Nasser, focus her attention on the issue, and help her understand that the examination will not compromise the girl’s virginity and that the girl’s health, which could extend to her reproductive health, is far more important than the value of virginity. This would allow for consent and preventive care that Mrs. Nasser, as an Arab, values (Purnell, 2014, p. 172).   Accommodation and negotiation are the suitable culturally congruent strategi es that may be effective in addressing Mrs. Nasser’s needs. Accommodation involves accepting a client’s need because the performance of the need is possible and the need offers no harm. In the case, Mrs. Nasser’s concern is a direct examination of her daughter’s genitals and if an alternative test criterion exists, such as analysis of urine or blood sample, then the nurse should accommodate the client’s demand and use the alternative measures. Negotiation would, however, be suitable if alternative tests are either ineffective or not applicable to the case. It would then require a tactical approach, which demonstrates cultural competence, to convince Mrs. Nasser against her position. The understanding value on virginity as the barrier, convincing Mrs. Nasser that the virginity would not be compromised or convincing her that the traditional value for virginity is not as important as the real value for the girl’s reproductive health would help.

Great Expectations Essay Example for Free

Great Expectations Essay I am going to look at chapter 8 of Great Expectations. There are four main characters in this chapter. They are Pumblechook, Pips , Miss Havisham and Estella. The story begins when a poor orphan boy known as Pips, visits a strange old lady named Miss Havisham to play with a girl called Estella of his own age. Miss Havishams family is a very high-class family. The story I will be looking at next is called The Darkness Out There. There are three main characters in Penelope Livelys short story. They are: Mrs Rutter, Sandra and Kerry. The story is about a teenage girl who as part of the school Good Neighbours Club visits an old lady in her cottage and meets a boy her own age on the way there. The story is based on the memories of the old lady about the Second World War, which she narrates to the two teenagers. In Great Expectations Uncle Pumblechook is portrayed as if he is a pompous, self-important man. He tries to behave as a teacher, and uses every situation to teach Pip something. He is very interested in maths and keen to teach Pip And fourteen. Uncle Pumblechook is a poor, low class person but he attempts to show that he is a rich, valued and well respected member of society. He gets upset by Estella when she talked to him in an unnegotiable way and insulted his dignity. She said it so finally, and in such an undiscussible way, that Mr Pumblechook, though in a condition of ruffled dignity, couldnt protest. His pomposity has well and truly been put in its place by a child. Pip is the one who is telling the story; the narrator. It is easy for the author, Charles Dickens to show us what Pip is like. His role as narrator helps to reflect the thoughts and feelings of the author through Pip. Especially as Pip is thought to be based on the character of Dickens himself when he was a boy. Pip is treated with carelessness and little respect as suits his low social class. He attempts to show that he is an important person, well behaved and well brought up but Miss Havisham and Estella respond to him in a negative way making him feel rejected turn him down. Dont be ridiculous boy. Pips feelings were really hurt and dashed by Miss Havishams attitude and by Estella as well. Though she called me boy so often, and with a carelessness that was far from complimentary. But Pip resisted and tried not to be influenced by their attitudes. He was firm and stable and tried to control his emotions, which show us that he is a very patient and mature for his young age. Miss Havisham is described the first time she appears in the story as a strange, rich old lady who wants to seek revenge from all men. Pip is afraid of her but as the time pass, he gets used to her. Pip describes her as a skeleton, which not only describes her thinness but also shows how scared and surprised he is of this strange lady; the likes of which he has never met before. Miss Havisham always wears her wedding dress with bridal flowers in her hair and bright jewels, which sparkled, on her neck. This seemed very strange and shocking to Pip and to the readers: I think I should like to go home. As well as her strange clothes, Miss Havisham also makes strange remarks, which tell us about her state of mind. She asks Pip a very strange question, in a threatening way. You are not afraid of a woman who has never seen the sun since you were born? She replies in a intimidating manner to her own question. What do I touch? Your heart, Broken. She signals these horrible remarks because of the blackest moment of her life, when her fianci didnt turn up for the wedding. Thats way she still wears her wedding dress in memory of the scandal she faced being deserted at the alter. Therefore she wants to revenge herself on all men, by breaking mens hearts. Unfortunately her latest victim is not a man. He is a young orphan boy who is still enjoying his childhood. Estella is very rude to Pip. She treats him as if he is her servant. Why? he is a common labouring boy. She criticises his appearance and tries to lower his value as a human being. And what coarse hands he has! And what thick boots. Pip responds in a mature way and describes her as a beautiful girl who has great dignity. I think she is very proud, He adds to that. I think she is very pretty. But he never forgot to retaliate to his loss of dignity, by describing her as a rude girl. I think she is very insulting. We know immediately from this that Pip is attracted to her. That she is rude and insulting is obvious from every word she says. Estella means a star in Latin and her name reflects her characteristics such as great dignity and pomposity, which a star represents. She shows her cruelty to Pip by insulting him, humiliating him and by treating him as if he is a slave who belongs to her. You are to wait here, you boy. As a result of the humiliation and remarks made by Estella and Miss Havisham, we notice that Pips view of himself changed as a result of the visit. I took the opportunity of being alone in the court-yard, to look at my coarse hands and my common boots. My opinion of those accessories was not favourable. They had never troubled me before, but they troubled me now, as vulgar appendages. This visit had a big influence of the way Pip looks at himself; maybe they succeeded in breaking his heart and achieved their aim. In The Darkness out There Penelope Livelys way of telling the story is different from that of Charles Dickens. In Great Expectations Dickens uses the first person narrative to tell the reader the story. He tells the story as if he was one of the characters. The narrative unfolds through the eyes of Pip. In The Darkness out There, Penelope Lively uses third person narrative. She tells the story from different points of view, and through different characters. She thus portrays a clear image of the scene in the readers mind, and makes the reader imagine and feel the situation, as if the reader is a part of the story. The purpose of Sandra and Kerrys visit to Mrs Rutters cottage is because both are members of a good neighbors club and their job is to go to the elderly to help them and look after them. The narrative opens by observing Sandra from the outside by describing her actions and giving a clear image of Sandras attitude. She would walk like this through the silken grass with the wind seething the corn and the secret invisible life of birds beside her in the hedge The observation of Sandra from outside and the way the writer describes her makes the reader feels as if he or she knows Sandra or has met her before. She also tells us what Sandra is thinking. She would fall in love and she would get a good job and she would have one of those new singers that do ziz-zag stitch and make an embroidered like coat. The way the writer observes Sandra from inside is aimed to show her characteristics, and attitude and her behavior. This draws a clear image in the readers mind of who is Sandra, and what her personality is like. Although the story is written in the third person, at the start we view events from Sandras point of view. There are three characters in The Darkness out There, but it is mainly concerned with the experience of the old lady Mrs Rutter. The writer focuses on Sandra and she tells us about the other two characters from her perspective. The writer speaks on behalf of Sandra. There are many examples where the writer shows us directly the thoughts going on in Sandras mind. For example: You didnt go by yourself through Packers end if you could help it. She thought of oily workshop floor: of the fetid underside of cars. This shows the reader what Sandra first thought about Kerry, based on first impressions. Sandra meets Kerry while she is going to Mrs Rutter, she was shocked and scared by Kerry, but he thought that she saw him. The impression we get of Kerry is through how Sandra sees him: Kerry Stevens, you stupid so and so and do that for , you give me the fright of my life. We also get the impression that Kerry is quite a talkative person and volunteered to speak about his personal life and his future which Sandra is not interested in and looks down upon as she is planning to become a secretary. The impression Sandra gives of him when he jumps out from behind the hedge is that he doesnt add up too much. Sandra thinks of him as a stupid and childish person because he scared her and his ambitions only stretch to him becoming a mechanic. However, Kerry Stevens is confident and sure of himself with Mrs Rutter. He answers her questions about school proudly and confidently and replies by saying he is leaving the school in July and will have a job in the garage. Unlike Sandra Kerry doesnt seem to like Mrs Rutter: I dont go much on her As soon as he hears her story about the airman, he gets shocked and feel sorry for the pilot. The boy said, I am not going near that old bitch again, He leaned against the gate, clenching his fists on an iron rung, he shook slightly, I wont ever forget him, that poor sod He feels disgusted and upset about what Mrs Rutter done, when she let a German pilot who was shot down, die because of lack of water and food. Out of revenge respond to his call when he screamed for help and left him to die without showing any sign of mercy or compassion. We learn about Kerrys character from his own words. Like Charles Dickens, Penelope Lively uses direct speech to establish a character. Sandras initial impression of Kerry was wrong. He had a sixth sense about Mrs Rutter and was a better person than she first thought. She made the mistake of judging by appearances. A mistake she was to repeat with the old lady. Mrs Rutter is introduced as a kindly old lady who seemed composed of circles, a cottage loaf of a women, with a face below which chins collapsed one into another, a creamy smiling pool of a face in which her eyes snapped and darted. However, this soon changes when she tells Kerry and Sandra the story of the German airman who died at Packers End and how she left him to die in front of her without or trying to save him. What is really disturbing about the way she tells the story is that she doesnt regret what she done and she doesnt show any sympathy to the dead pilot: I thought , oh no, you had this coming to you, mate, theres a war on (p. 63) Mrs Rutter acted out of revenge as her young husband had been killed in the war by Germans. But after all these years, she still had no feelings of regret and remorse and is portrayed as a lonely and bitter woman. Penelope Lively also gives an indication of characterisation through her description of the setting. Sandras light-weight and frivolous personality is signalled by the summer flowers of ox eye daisies and vetch and cow parsley ? And the dark side of Mrs Rutter is hinted at by Packers End with light suddenly shutting off the bare wide sky of the field!

Toyotas Organizational Structure

Toyotas Organizational Structure 1. Analyse and comment on how Toyota transformed its organizational structure to become the pinnacle of Japanese innovation, manufacturing quality and industrial strength referred to in the article. The company was established on August 28, 1937. Japanese automaker Toyota (NYSE:TM) is the worlds largest automaker with over 7.567 million vehicles in FY2009  [1]  . Totoytas sells automobiles and its parts in various parts of the world, and has recently forayed into the Chinese , Russian and Indian market. When Toyota set up its headquartes in Hollywood, it was aware that there was a desparate urgency to do something different. Home favourties , the Land Cruiser and the Toyobet had been somewhat of a disaster in the United States. Toyota did exactly that and came up with two if its most revered cars of earlier days the Cambri and the Avalon and then the inimitable Toyota Corona. In the 70s and the 80s Toyota came up with the GT2000 and the cute Corolla. With Crown and Cressida, Toyota established itself as a serious luxury car maker. In April 2002, Toyota adopted the 2010 Global Vision, a vision for meeting mobility needs in a way that respects the environment and all people. Four key themes based on trends seen as developing from 2020 to around 2030 are: Toward a recycle-oriented society Toward the age of IT and ubiquitous networks Toward a mature society (the decline of nationalism and war) Toward motorization on a global scale (societies with little private transport gaining more) These are linked to the pursuit of a new global image for Toyota with four key components: kind to the earth, comfort of life, excitement for the world, and respect for all people  [2]  . In short, Toyota has shown sales growth for over 40 years, at the same time that U.S automakers sales reached a plateau or decreased. Toyotas profit exceeds that of other automakers. Toyotas market capitalization has for years exceeded that of GM, Ford, and Chrysler; and in recent years exceeded that of all three combined.In sales rank, Toyota has become the world leader.  [3]  So what is it about Toyotas organisational structure, production capabilities, and magagement that makes it click. Employee culture The typical Japenense organisation structure can be summarised in two words long term long term longevity and loyalty. The difference between the American organisational set up and the Japanese organisational set up has not blurred to this date and one can easily identify some stark differences. The Japanese organisational set up focuses on long term productivity with innovation, where workers move across different departments and teams in the same organisation to broaden their horizon and pick up a deep insight into the way things work. There are no flashy bonuses or hikes and one gradually works his way through the top learning and labouring in the process. Teams comprise of small numbers and despite the somewhat rigid hierarchical structure there are frequent group planning exercises, aimed at better communication and constant improvement. In Japan, there is a concept known as amae. In the workplace, the boss owes a certain amount of protection to the employee, and the boss assu mes a direct responsibility for the welfare of his employees.  [4]   The employee culture in Toyota is surprisingly far more open and exciting than in some leading western organsations such as GM or Ford. Smaller teams mean that communication is easier and quicker, and decisions can be taken quickly. Employees are encouraged to come up with idea, even if they are aimed at improving the smallest of processes and even if its not in line with what the group head thinks. Toyota across the world is split into hundreds of small innovation teams. Toyota trains its production-line employees on statistical control and process improvement techniques and makes it their responsibility to develop operational innovations . Toyota invests significant funds in training employees on these tools and provides them with the resources to utilize them. The importance of front-line employees generating ideas based on local first-hand experience is reflected in what the Toyota Production System calls the gemba attitude (literally, the actual place) . In the Toyota culture, i nnovations that truly meet customer needs can best be developed in the actual site where value-added work is being done. It is therefore no surprise that more than 700,000 improvement suggestions were submitted by Toyotas employees out of which 99% were implemented and there is an average of over 10 improvement suggestions per employee per year. The Toyota Production Sytem Toyotas Global Competitive Advantage Toyotas success are largely both on a domestic level and internationally is often attributed to its core corporate ethos , developed, improved enhanced over time and reflected in what has come to be known as the Toyota Production system. The system depends in part on a human resources management policy that stimulates employee creativity and loyalty but also on a highly efficient network of suppliers and components manufacturers.  [5]   Some of the key factors involved are : The Five Ss refer to the five dimensions of of workplace optimization: Seiri (Sort), Seiton (Set in order), Seiso (Shine), Seiketsu (Standardize), and Shitsuke (Sustain). The 5S Program defines the steps that are used to make all work spaces efficient and productive, help people share work stations, reduce time looking for needed tools and improve the work environment. Sort: Sort out unneeded items Straighten: Have a place for everything Shine: Keep the area clean Standardize: Create rules and standard operating procedures Sustain: Maintain the system and continue to improve it  [6]   The TPS is based in 7 principles  [7]  : Reduced Setup Times  [8]  : All setup practices are wasteful because they add no value and they tie up labor and equipment. By organizing procedures, using carts, and training workers to do their own setups, Toyota managed to slash setup times from months to hours and sometimes even minutes.  [9]   Small-Lot Production  [10]  : Producing things in large batches results in huge setup costs, high capital cost of high-speed dedicated machinery, larger inventories, extended lead times, and larger defect costs. Because Toyota has found the way to make setups short and inexpensive, it became possible for them to economically produce a variety of things in small quantities. Quality at the Source  [11]  : To eliminate product defects, they must be discovered and corrected as soon as possible. Since workers are at the best position to discover a defect and to immediately fix it, they are assigned this responsibility. If a defect cannot be readily fixed, any worker can halt the entire line by pulling a cord (called Jidoka). Equipment Maintenance  [12]  : Toyota operators are assigned primary responsibility for basic maintenance since they are in the best position to defect signs of malfunctions. Maintenance specialists diagnose and fix only complex problems, improve the performance of equipment, and train workers in maintenance. Pull Production:  [13]   To reduce inventory holding costs and lead times, Toyota developed the pull production method wherein the quantity of work performed at each stage of the process is dictated solely by demand for materials from the immediate next stage. The Kamban scheme coordinates the flow of small containers of materials between stages. This is where the term Just-in-Time (JIT) originated. Supplier Involvement  [14]  : Toyota treats its suppliers as partners, as integral elements of Toyota Production System (TPS). Suppliers are trained in ways to reduce setup times, inventories, defects, machine breakdowns etc., and take responsibility to deliver their best possible parts. Focus on process management  [15]   The Toyota Motor Company has branches all over the world. Each division of the company is organized in almost the same way. They each have a director, sub-director, chief, and then the stuff. The stuff includes all the people that work together as a team for a particular purpose. These teams work towards research and development, production, or finance for the company. In Japan, people work for a particular company for their entire life and work their way up the organizational structure. The Toyota Group has three main parts: Toyota, Daihatsu, and Hino. The Toyota Group went on the New York Stock Exchange in 1999. Not only do they work together to produce automobiles, the company has expanded into other markets including auto-financing, ITS, telematics, housing, internet (Gazoo), and bio-technology. Toyota has a very good organizational structure. However, they need to focus on the culture of the organization. Each group in each country has a different way of conducting business in order to adapt to the culture in that country. Toyota has an advantage in Japan because it is one of the largest automobile companies in the country and in the world. Japan needs this organization for their economy to continue to be strong. Toyota is also beginning to realize their future potential. The company is looking into new markets (countries) where they can find more people who are willing to work within the strategy they are implementing. Toyota is also leading in helping the environmental opportunities within Japan and other countries. They see the need of a future plan not only for the company but also for the world. Their other future endeavors include expansion of the company, new technological advances, and an educational endeavor with the University of Chicago. Many of these opportunities are being organized by the U.S. Group, but each country has their own ideas. Innovation Delegation of Decisions to Innovation Teams Despite best intentions, if all important decisions in the innovation process are made dependent on (top) management ´s agreement a time delay will result.Therefore decisions need to be delegated to the innovation team in order to avoid these delays and enable Fast Innovation. The consent of (top) management is in this case only required at the milestones or gates of the innovation process. The members of the innovation team should be available to the team with 100% of their time in order to get the innovations to market as quickly as possible. Integration of RD into the Business Units Toyota has ensured that there is integration of the majority of RD into the business units which makes innovation management more effective. It fosters the collaboration with the other departments of the business unit and the orientation towards the customer (customer pull) in lieu of an exclusive focus on the technology (technology push). Furthermore it improves the preconditions for Fast Innovation. E.g., Last year, Toyota launched its Value Innovation strategy. Rather than work with suppliers just to cut costs of individual parts, it is delving further back in the design process to find savings spanning entire vehicle  [16]   Toyota was the first to recognize the chances of new low-cost designs as an enabler to new materials, methods of production and design principles. Such cost innovations will become a major RD focus driving the industry beyond 2015.  [17]   Long-term planning. Instead of responding to trends, fads, and quarterly numbers, Toyota looks far down the road and tries to develop products that will resonate for a long time. The best example is the Prius hybrid-which debuted eight years ago, when a gallon of gas in the United States cost a mere $1.50, and the average car buyer cared more about cup holders than gas mileage. The iconic hybrid, of course, turned out to be a breakthrough vehicle, and Toyota sold its 1 millionth Prius this month. With gas prices and fuel economy now a top concern, the Prius has helped Toyota take a commanding lead in hybrid technology  [18]  . E.g. Toyota tends to the localization of the production using plants situated in different countries as the suppliers of the companys production to the local market.  [19]   Central Innovation Teams Toyota has, as an alternative organizational structure of innovation management central innovation teams are established at the divisional level, and they will report to the head of the division, and not to to the head of an individual category, product group or brand. Such central teams are mainly utilized in cases when the motivation and resources of individual divisions, categories, product groups or brands are insufficient in order to get the respective innovation to market with maximum effort and at maximum speed despite the daily pressure and distraction from the established operation. Central Innovation Funds The innovation projects which later will be led by central innovation teams in most cases need a special budget to get funded because the divisions shy away from making funds available given the typically high risk of such projects. Without a central innovation fund these innovations would not be launched fast, if they would get to market at all. Fast Innovation would be impossible. External Interface for Open Innovation Open Innovation is a central policy of innovation management in order to get innovations to marketplace more swiftly. Toyota has in the past, directed outdoor solutions and ideas into the company. E.g. Toyota adopted the practice of using the same part across a range of models saving vast sums of money but exposing itself to the risk that even a small defect could cause global mayhem for the company.  [20]   2. Analyse and critically evaluate the extent to which Toyota achieves a fit between its strategy, the developments taking place in its external environment and its internal resources and capabilities. Toyotas internal resources and capabilities: Simply put, strategic fit may be defined as alignment between internal capability and external opportunity  [21]  . Totyota internal resources and capabilities In the 1940s and the 19 Toyota was much smaller in size and production than its American Counterparts. This meant two things. Firstly, Toyota could not enjoy economies of scale so as to manufacture as many types of equipment as inexpensively as possible and secondly, it has to find a way to establish itself in the American market. Thirdly Toyota had little or no marketing knowledge outside its domestic market. Toyota had yet to breed loyal and committed workers, who would strive to achieve innovation and cost reduction. Post world war Toyotas production was essentially limited to trucks with military applications and it was essential that Toyota enters the consumer market as soon as possible. Resources : Toyota was never particularly short of cash, and there was ample government support given to Toyota in the initial years, albeit with some terms and conditions. However domestic demand in Japan was not high and production on large scale was neither feasible not necessary. Challenges Inability to predict recession Toyota has made significant profits in the past three decades and has with ease outdone its competitors such as GM motors, Honda and Ford. However, Toyota had steeply hiked its production beginning from 2000 in order to adequately and fully capitalize on its growing brand reputation and increasing demand in North America and Western Europe. Since recession hit 2007-2008 Toyota has therefore been struggling with a problem of over-production and fixed costs. The silver lining has however been the implementation on legislation on hybrid technology, which has offered tax benegoits to consumers who opt for hybrid cars ( a core strength of Toyota) and the growing demand for environmental friendly green cars another unchallenged domain of Toyota. The good news was that some of the Toyota brands, like Prius, continued to perform well despite recession and earned it strong revenues during such tough times  [22]  . Poor performance of financial services: Toyotas diversified operations include financial services, telecommunications, prefabricated housing and leisure boats, with the automotive business accounting for more than 90 % of the companys total sales. These non core areas have particularly suffered in recession with Toyota recording a decline of net profits in the year 2008 and 2009. Fluctuating Exchange Rates Toyota being based in Japan has its profits accounted in the Japanese yen, but its sales are denominated in several different currencies. Frequent and volatile fluctuations in the exchange rate between these currencies and the yen, which has been typical in this recession mean they Toyotas on-the-record profits can significantly affected. Hence dollar-yen exchange rate been 1% lower last year (say 118.5 instead of 120), Toyotas profits would have fallen by 5 billion yen ($42 million)  [23]  . Toyota often hedges its exchange rate risk by arranging currency swaps and purchasing futures, but these operations are costly and threaten to cut into the bottom line.  [24]  In the long run, these effects are even more exacerbated: as the dollar depreciates against the yen, American sales are worth less to Toyota, and Toyotas are more expensive to consumers, so they buy fewer  [25]  . Thus profit per revenue and absolute revenue both fall from depreciating exchange rates. While Toy ota can hedge out the risk to its profit margins, it cannot easily manage the risk from falling demand. Exchange rates have become a sensitive subject among US legislators, who allege that Japan has kept the yen undervalued to stimulate sales  [26]   Loss of brand reputation and profitability in light of recall of cars.http://cdn.wikinvest.com/i/px.gif Toyotas has had to recall some of its show stealer cars such as the Camry, Corolla, Prius and some Lexus vehicles which have enormously damaged Toyotas image and brand, which was once considered not only to be reasonable but also to be safe.Toyotas mishandling of the problem, its passing the buck attitude, lack of effective communication to investors and consumers alike and most importantly its technical shortcoming of having failed to detect the real cause of the unintended acceleration have severely compromised its image. In November 2009, the company recalled 3.8 million vehicles on the same line  [27]  . Toyota has been embroiled in massively negative mass media coverage, NHTSA scrutiny, and US congressional hearings, law suits in several jurisdictions and an estimated loss of US$ 3 million worldwide.  [28]  . Obviously, its competitors have fully capitalised on this opportunity with Hyundai and Ford promptly offering $1000 rebates to owners of Toyota, Lexus and Scion bra nds in change for new Ford and Hyundai vehicles  [29]  . In the short-term, the recent recall crisis is estimated to cost Toyota over $3 billion USD worldwide.[37] As of February 2010, over 30 lawsuits have been filed against Toyota, adding onto further litigation costs. A total of 9 million vehicles have been recalled by Toyota worldwide, and each US Toyota dealer is estimated to lose approximately $2 million a month in revenue totaling $2.47 billion USD around the country.[38] Rising prices of essential commodities Global prices of various commodities trends are vital to Toyotas profitability because they determine to a large extend the ultimate selling price of the car. Rising Gasolene prices me are bound toi effect the long term ownership cost of cars as well as its resale value. The prices for steel and aluminium have been on a rise since the recession and both being a fixed cost are causes of concern for Toyota. Through mid-2008 oil prices increased dramatically. Consequently, the cost of gasoline doubled inflating the day-to-day cost of car ownership. Since consumers buy cars only infrequently, rising oil prices have only a limited impact on year-to-year car sales, but over time they cut into the industrys sales, and force companies to design more fuel-efficient fleets. Although oil prices have since moderated they will likely remain definitive in the future as the global economy recovers.  [30]   Toyotas response to changing circumstances Adoption of lean production and shift to an economies of scale production. Toyota is (or was at the time) the low cost producer in the industry. Toyota achieved its cost leadership strategy by adopting lean production, careful choice and control of suppliers, efficient distribution, and low servicing costs from a quality product.  [31]  . A few important elements of TPS were that Toyota was able to produce equipments, tools and accessories in small quantities and at a low cost of production. Also, the focus of Toyota remained more on process production rather than automobile architecture. While looks of a car were indeed the determining factor in the 70s and the 80s Toyota was the first to realize the need to produce fuel efficient cars. 2. Diversifying target consumer groups : While Toyota largely concentrated on small, fuel efficient cars it decided to enter the luxury car segment and the hybrid car segment. As of today Toyotas business is divided into three sections namely Tundra, Lexus and Prius. Tundra is Toyotas key product in the truck segment and was launched specifically to challenge the market dominance of Ford and GM in Northern America. Lexus is Toyotas luxury brand, and is one of its fastest selling achievements. Toyotas recent attempts to sell the Lexus brand in China and Japan have also been successful. Prius is Toyotas first hybrid production and has been enormously successful in a decade marked with rising fuel prices and preference for compact designs. Toyota had a definitive advantage when it came to hybrid cars, it being the first to pioneer the technology. This technology was strategically leased to Ford (which might have developed the technology on its own in a matter of a few more months) and m anaged to sustain competition from General Motors. Toyota has however fallen short of producing adequate number of cars in 2009 as a result of which demand dropped by nearly 30%. Since 2000, with moderate success, Toyota has entered Formula One, Nascar, Nascar truck, and Super GT competitions worldwide, thereby challenging European and American producers in an arena they once dominated  [32]   3. Targeting Emerging markets: Toyota capitalised on the demand in up-coming markets before others and has developed numerous manufacturing facilities, distribution networks, and brand reputation. The current recession has brought about a general decline in the demand for cars. The most affected regions include America and Western Europe, where cars are rarely bought but always leased or taken on monthly installments. Toyota has massively expanded its business since the beginning of this decade , a move which has proved to be unprofitable and there is now a strong focus in Toyotra to shift its focus from the American continent to the BRIC (Brazil, Russia, India and China) countries. These countries not onlyn have a strong consumer demand, which has sustained the global crisis, but also advantages of low cost of production, cheap labour and liberalizing of foreign investment laws. Already, because of a decreasing market for its products in Japan, Toyota has also announced that it has plans to boost its sales in China in 2006, one of GMs major foreign markets. In fact, GM sales in China hit new records last year, with the company selling 665,390 vehicles there, a figure that was up 35.2% from the previous year. Toyota plans to overtake GMs by increasing its own sales in the country by 60%. It also says it will surpass its rival in global production this year with 9.2 million vehicles (GM produced a total of 9.12 million vehicles worldwide in 2005).  [33]  In October 2009, Toyota announced that it would begin producing car engines in India to take advantage of the countrys low-cost manufacturing costs. TM will produce these engines through Toyota Kirloskar, a division under Toyota which is 89% owned by TM and 11% owned by Indias Kirloskar group.  [34]  And plans to launch its first car in 2010. Strategic merger and acquisitions: In 1966, Toyota acquired Hino, which helped it build commercial trucks. Hino currently makes a wide variety of heavy trucks and buses, and was involved in designing and/or producing the Tacoma, T100, 4Runner (HiLux Surf), Sequoia, and Tundra  [35]  . In 1967, Toyota took control of Daihatsu but Toyota did not actually buy the whole company until 1999. Daihatsu supplies vehicles and major components to other automakers, and appears to be popular in South America. Denso was spun off of Toyota after World War II; it was once Toyotas electrical component division. It currently is a roughly $26 billion business with over 100,000 employees and over 170 subsidiaries, selling parts to many major automakers including American companies.  [36]  New United Motor Manufacturing, Inc. (NUMMI) was an automobile manufacturing plant in Fremont, California, opened in 1984 and closed in 2010. NUMMI was established at the site of a former GM site that had been closed two years earlier. GM and To yota reopened the factory as a joint venture in 1984 to manufacture vehicles to be sold under both brands.  [37]  All these mergers and acquisitions have helped Toyota either to learn the marketing know how and local knoeledge of a foreign market or have increased its product-process manufacturing capabilities. Focusing on environment friendly cars: Toyota has spent tremendously on RD in relation to environment friendly cars in light of the increasing environmental awareness of consumers and insistence of governments to cut down on emissions. 3. Critically evaluate the recent actions of Toyotas president, Akio Toyoda and the argument put forward in the article that Toyotas problems highlight failings in the Japanese model of corporate governance. What actions would you recommend the board of Toyota pursue in order to recover the companys reputation, with particular regard to how you would respond to the needs of its stakeholders? The term corporare governance refers to institutional practices designed to get optimal performace out of managers.  [38]  In the U.S. and U.K. corporate governance is concerned with ensuring the firm is run in the interests of shareholders and its objective is to create wealth for them. Underlying this view of corporate governance is Adam Smiths notion of the invisible hand of the market that he laid out in his seminal book The Wealth of Nations. If firms maximize the wealth of their shareholders and individuals pursue their own interests then the allocation of resources is efficient in the sense that nobody can be made better off without making somebody else worse off. In this view of the world the role of the firm in society is precisely to create wealth for shareholders. This fundamental idea is embodied in the legal framework in the U.S. and U.K. In these countries managers have a fiduciary (i.e. very strong) duty to act in the interests of shareholders. Japan is perhaps the most extreme example. Instead of focusing on the narrow view that firms should concentrate on creating wealth for their owners, corporate governance has

The Concern of National Debt :: Argumentative Economy Economics Papers

The Concern of National Debt The National Debt is large, and should be a major concern to the economy. But a even bigger concern is how our Government plans to balance the budget and pay off the Federal Deficit. I am not in favor of passing the National Debt on to future generations, nor am I in favor of passing the Republican's Budget Plan either. The Republican's wantto sharply cut spending for Medicare and Medicaid health benefits for elderly and poor Americans in order to balance the budget by 2002 - while also providing $240 billion in tax cuts. I am in favor of balancing the budget but through many different routes. 1) cut Social Security but have Americans set-up tax free IRA's for their future. 2) Make a politicians job not so glamourous. A mere $35,000 dollars per year and a suitable benefits plan like the majority of Americans have would be fine. Maybe not so many greedy, power hungry indviduals would want the job to make them richer and us the American workers poorer. Maybe just maybe an average american would take the job to help the overall benefit of America as a whole and not just worry what is in it for them. 3) Cut some of the entitlements programs, but let the American people decide where to cut. The Government should have on-line voting, so our voices are heard. The Republican's package is a tax cut for the rich, it;s much more a tax cut for the middle class -- and a bad deal for the working poor. But I do understand, no matter where the cuts go, or who they hurt more, the dollars must come out. Take the dollars away from the rich and the greedy politicians who want more and more each year for their own benefit!! Most of these politicians are set for life with their million dollar benefits

Essay --

One of the most loved Disney movies of all time, the 1991 animated movie Beauty and the Beast directed by Kirk Wise and Gary Trousdale features talking teacups, enchanted castles, gorgeous animation, catchy songs, and large helping of traditional gender roles. The countless favorite of many children and adults, many people know the story well. Belle, the bookish, dreamy, and beautiful daughter of an inventor is the talk of the town and the fixation of the most handsome guy around, the pushy and egotistical Gaston. After sacrificing herself for her father, Belle becomes imprisoned in an enchanted castle. Everyone in the castle is under a spell due to the selfish prince who lived there due to his failure to see what was inside of people. As a result, he is turned into a hideous beast and all of his servants are turned into household objects. To break this spell, he must fall in love with a girl and have her love him in return, despite his hideous exterior. But unfortunately for the Be ast it’s not only his exterior that’s hideous. He treats Belle with no respect, even going so far as to threaten and yell at her. He eventually changes her heart with the help of his enchanted friends and she changes his through her kindness. Gaston tries his utmost to make Belle his own, entrapping her and fighting the Beast, but eventually he is unsuccessful, the good guys win, and the whole castle and its inhabitants are transformed by love and everybody lives happily ever after. The primary female character, Belle, is introduced in the beginning scenes with her nose in a book, rolling her eyes at the continual advances of the most handsome man in town as the background chorus sings about how odd she is. She then talks about how she yearns for adv... ...he full scope of what a character can do. Every story needs a villain, and Beauty and the Beast’s is Gaston. Gaston is a handsome, strong, and powerful member of the community. He's also, in Belle's words, "rude and conceited" and is shown frequently injuring his sidekick due to negligence, checking his reflection in the mirror and talking about how wonderful he is. Interestingly, unlike other Disney villains who are evil due to a thirst for power or violent behavior, Gaston is considered a villain because of his poor treatment of women. His evil deeds such as attempting to sell Belle's father to the asylum or stabbing the Beast are done in the name of his conquest; his main objective is to win Belle like a prize for the taking. By showing a misogynistic character in a negative light, the film attempts to define what is and isn’t an acceptable way to treat women.

Ice Cream History

Nick Fri**** Speech 8th Informational Speech History of Ice Cream Introduction: Welcome everyone, I'm going to be talking to you about the history of ice cream. The beginning of Ice Cream History: -There was many stories that were told about who created ice cream and when it was created. -The most popular myth is that a Roman Emperor named Nero had his slaves fetch him snow from the mountains and had honey, or fruit toppings poured over it. However, pouring honey over snow is not actually making ice cream. Ice cream was most likely brought from China back to Europe, because of King Tang from China, had a method of creating ice and milk combinations. Over time, recipes for ices, sherbets, and milk ices evolved from the French and the Italians. -After the dessert was imported to the United States, it was given to a lot of famous people, like Thomas Jefferson and George Washington. And it was even recorded that in the 1700's, that the Governor of Maryland served ice cream to his guests. -The first ice cream parlor in America opened in New York City in 1776. American colonists were the first to use the term â€Å"ice cream†.The name came from the term â€Å"iced cream† which was similar to â€Å"iced tea†. But the name was soon abbreviated to ice cream. (Show Photo 3) Methods & Technology: -The method of using ice mixed with salt to lower and control the temperature of ice cream ingredients during its making was a major breakthrough in ice cream technology. -In 1846, Nancy Johnson created the hand-cranked freezer that established the basic method of making ice cream still used today. (Show Photo 1) -Before the hand-cranked freezer, Ice cream was made by hand in a large bowl placed inside a tub filled with ice and salt.This was called the pot-freezer method. The hand-cranked freezer of course was better, and it produced smoother ice cream in a much quicker time. Ice Cream Sodas: -In the 1870's adding ice cream to soda was popular. They had cola floats, which was coca cola with vanilla ice cream and root beer floats, which were also known as brown cows. There was other flavors like Orange Float, and Purple cow, which is orange or grape soda with vanilla ice cream. (Show Photo 2) Sundae: -Sundaes were probably named after the first day of the week. One popular tale was that many places banned selling sodas on Sunday.So one day, a person put ice cream and syrup in a dish, and the gooey result was a hit. Ice Cream Cone: -No one really knows who made the first ice cream cone. But at the St. Louis World Fair, many people first saw ice cream in an eatable waffle-shaped cone. Eskimo Pie: -The Eskimo Pie bar was created by Chris Nelson, an ice cream shop owner from Iowa. He came up with the idea in the spring of 1920, when a kid came into his store, and had a hard time choosing from an ice cream sandwich and a chocolate bar. So he created ice cream covered in chocolate on a stick. Health Issues: Medical issues with ices and ice cre am was and is ever changing. -In the 17th century some believed that it's cold temperature would cause paralysis. And some say it was just thing to cure scurvy, and extreme weight loss. -In the 19th century it was believed that eating ice cream chilled the stomach and stopped digestion. It was also considered a healthy treat for children. -In the late 20th century, Americans blame ice cream for coronary artery disease. -Yet, in every era, praised or hated, it has been a much-loved dessert. Conclusion: -Thank you everyone for listening to me talk about the history of Ice Cream and have a good day.Work Cited Bellis, Mary. â€Å"Children making ice cream in Caswell County, North Carolina†. n. d. About. com. Web. 06 Oct. 2012. â€Å"Root Beer Floats†. 12 Sept. 2012. Elk Grove News. Web. 06 Oct. 2012. â€Å"First American Ice Cream Parlor†. n. d. Snowball Machinery. Web. 07 Oct. 2012. Quinzio, Jeri. Of Sugar and Snow: A History of Ice Cream Making. Berkeley, CA: Univ ersity of California, 2009. Print. Funderburg, Anne Cooper. Chocolate, Strawberry, and Vanilla: A History of American Ice Cream. Bowling Green, OH: Bowling Green State University Popular, 1995. Print.