Perfect Competition The Market Price Of An Product

Perfect competition describes a marketplace that no one participant can set the market price of an exchangeable product. This is generally considered an ideal, rarely found in markets today. There are some approximations, such as online auctions, such as eBay. Such firms’ demand curves are perfectly elastic. These markets are theorized to have an unlimited number of buyers and sellers. There are likewise no barriers to entry or exit. Monopolistic competition describes a marketplace offering differentiated products, and as such are not perfect substitutes. This is found in restaurants, shoes and other preference-driven goods. Such firms find a high elasticity of demand (in the long run), likely excess profits in the short term, and price†¦show more content†¦All other major carriers followed suit.). Monopoly markets have one provider for a good or service. With no competition to influence demand or supply, the monopolist offers less goods than demanded at prices higher than competitive market forces would dictate. Monopolies are notable for their market power (can raise prices without losing customers). U. S. drug manufacturers are an example of monopolies, as they have exclusive rights to sell goods in the US (even though competition exists in other parts of the world). They have a relatively inelastic demand curve (a 1% increase in price will likely reduce demand by less than 1%). Identify one real-life example of a market structure in your local city and relate your example to each of the characteristics of the market. Our local cable television service was a monopoly, with the provider paying a license fee to the cities for the right to offer cable television. Since there was infrastructure cost in wiring and retransmission, cities were traditionally granting such agreements nationwide. Once satellite television offered an alternative for localities unserved by cable, it was only a matter of time before satellite became a competitor to cable. Once Verizon invested in optic fiber delivery infrastructure, FIOS service became a viable competitor to cable. They now operate as an oligopoly, with price and

Roleof Women in the Things They Carried - 2644 Words

The Rose of the World Why do we blame Helen’s beauty for the Trojan War or Eve’s curious nature for Adam’s choice to eat the apple, thus beginning the mortal human civilization? Throughout history men have found it convenient to hold women responsible for their own weaknesses and intolerance. The apathy of anti-feminist and conservative movements showcases the reality of the Stockholm syndrome and medieval serfdom. Men have been the captors and the masters of the women for time in antiquity, but we still see empathy in women. Henry Kissinger could not have summarized it any better when he said, â€Å"Nobody will ever win the Battle of the Sexes. There is too much fraternizing with the enemy.† Tim O’Brien’s The Things They Carried is neither†¦show more content†¦One word is too often profaned For me to profane it; One feeling too falsely disdained For thee to disdain it; I can give not what men call love; But wilt thou accept not. The love stories of Jimmy Cross, Mark Fossie, and Henry Dobbins end in either rejection or despair. These stories are more about cathartic redemption and courage rather than failure and pain. Jimmy Cross is transformed into a dutiful and responsible leader after detaching himself from Martha. The author assumes an introspective tone as he discloses Lieutenant Cross’ transformation in the following excerpt: There was the new hardness in his stomach. He loved her but he hated her†¦No more fantasies, he told himself. He would accept the blame for what had happened to Ted Lavender. He would be a man about it. He would look them in the eyes, keeping his chin level, and he would issue the new SOPs in a calm, impersonal tone of voice, a lieutenant’s voice, leaving no room for argument and discussion† (O’Brien 24-25). Henry Dobbins unlike Fossie, is able to keep himself together after his girlfriend leaves him, and now those stockings around his neck symbolize his resolve to withstand the pain of desertion and turn it into the strength to fight and stay alive in the war. Dobbin’s commendable light-heartedness after reading his girlfriend’s break-up letter is evident when he

ASX Historical Market Statistics

Question: Discuss about the case study ASX for Historical Market Statistics. Answer: Introduction: 1. Share market is a place where the buying and selling of shares and other securities takes place. There are three parties involved in a share market, the investor, companies whose shares are bought and sold and the brokers who do the buying and selling. For a companys shares to be traded on ASX, it should be listed with ASX. All the buyers and sellers in the share market have uniform information as the ASX requires companies to disclose any vital information likely to affect its share price. Hence, no one investor can take advantage of company information. In a share market there are two prices bid and an offer. If shares are bought of a company, the order is called bid and if shares are to be sold, it is called offer. The ASX has a computerised trading system which matches the bids with offers and a trade is created. The buyer and seller will inform to the stock broker about the quantities and best price of shares they are willing to trade. Or they may also be prepared to take whatever best price is selling in the market. Once buying and selling takes place, the shares will be recorded as bought or sold and the ownership of the shares will be transferred from the seller to the buyer in three days. The shares are traded through a licensed stock broker as they are only authorized to sell in stock market. The brokers charge a brokerage for the services provided which is usually a small percentage of the transaction amount. The current top 20 shares by value as provided on the website of ASX is presented below: Company $ Value traded Woolworths 291,305,380.05 CWLTH Bank 152,107,479.65 ANZ Bank 111,859,506.07 BHP Billiton 109,208,937.53 Westpac 103,152,945.81 CSL 85,058,382.95 Telstra 79,218,155.65 NAT. Bank 78,820,604.01 Newcrest 75,667,764.68 Wesfarmer 72,947,052.13 Rio Tinto 69,608,749.71 Woodside 59,531,824.17 Spark INFR 50,935,054.40 AGL Energy 50,152,765.44 Macq Group 46,676,133.11 AMP 42,448,301.88 Fortescue 41,098,662.69 Stockland 39,395,918.79 Scentre 35,458,955.96 Bramb Ltd. 34,882,361.49 There are 2204 companies listed on ASX as on June, 2016. There were 2223 companies listed on ASX in the year 2008. (ASX, 2016). There has been a decrease of 0.8% in the number of listed entities. 2. Financial accounting is the process of recording, summarizing and presenting the transactions of a company for a specific period in the financial statements which include balance sheet, income statement, cash flow statement and changes in equity. The financial statements are external in nature as they are prepared for third parties i.e. investors, suppliers government etc. since the statements are used by different people, there are certain accounting rules according to which they should be prepared known as accounting standards. The managers of the company can use these statements to evaluate the companys performance. the various tools that can be used by the managers to analyze performance and thereby help in decision making include ratio analysis, break even analysis, contribution margin, cost volume profit analysis and operational leverage. Management Accounting is the process of collecting, measuring and communicating the information in such a way that the information is used by the top management to formulate policies and strategies for the organisation. Also the information helps management to plan and control the operations of the company. (Malik, NA). Management accounting helps the managers in managing the resources and people to create value for the organisation and provides the necessary information which helps in decision making and ultimately leads to attainment of organisational goals effectively. (Kidane, 2012). The various tools include ABC costing, quality management tools, SWOT, PEST, Balance Scorecard, porters five force model etc. (CGMA, 2016) 3. An incorporated business is an entity separate from its owners. Though incorporation involves a lot of paperwork and is an expensive process, however there are many advantages to incorporation which are discussed below: Limited Liability the liability of the owners/shareholders is limited i.e. the shareholders is personally not liable for the companys debts. The shareholder is liable only for the amount that he has invested in the company and a creditor cannot sue the shareholders or directors for any company liabilities, rather he can seek payment only from the company assets. The company exists as a separate legal entity. Lower taxes corporation tax is different from individual tax and is usually lower. Moreover the corporation can reduce its profits by deducting all operating expenses, employee benefits, health benefits and contribution to pensions and retirement plans for employees, thus reducing the profit and therefore taxes. Easier access to capital it is easier to raise capital through issue of shares by corporations. Also corporations can easily avail loans from banks. With so many alternative of capital sourcing, corporation can expand and develop its business. Perpetual existence corporations are separate legal business entity and do not come to an end with the death of its managers, shareholders or directors. As such corporation can undertake long term planning and thereby a favourable financing. 4. In todays competitive world, it is very important to have the basic ethical principles intact in a person in carrying out business. Ethical principles are standards of the right and wrong behaviour of an individual or a company that they should engage or not engage in. In order to be a good business executive, it is important to have a good character and reputation in the company because the ethical practises of senior leaders establish the ethical standards in an organisation. There are twelve ethical principles that one should abide by which include honesty, integrity, fulfilling commitments, loyalty, fairness, caring, respect for others, commitment to excellence, law abiding, maintain company reputation and accountability. In the present case there are three courses of action, ethical issues and principles for each course is discussed below: 1. If the manager declares his interest and steps out of the decision making process, he is being honest and maintaining his integrity as by declaring his interest, he would lose the opportunity to win the tender for his interest company and thus may lose making money. However by stepping outside the decision making process, the manager is not being loyal to the company. A manager is said to be loyal if he can make professional judgements independently. The interest of the company should be over all other personal interests. By not participating in the decision process, the manager is not being committed to the company. 2. If the manager declares his interest and participates in the decision making process, he is exhibiting loyalty, integrity, honesty and fairness ethical principles. 3. If the manager does not declare his interest and continues being part of the decision making process, he is being unethical since he is hiding a material fact from his company which may have an influence in the decision making process. This shows he is dishonest, disloyal and not being fair in his dealings. 4. Declaring his interest and participating in the decision making process is the best course of action for the manager as this would be the most ethical behaviour where he would have been honest by declaring his interest and also loyal by abiding by his duties as a senior business executive. The manager should keep the companys interest above his personal interest in carrying out his duties. Reference ASX, 2016, ASX Tutorial: What is the Share market, accessed online on 26th July, 2016 available at, https://www.asx.com.au/videos/2012/whatisthesharemarket_tutorial/ ASX, 2016, Top 20 Shares by Value, [Online], available at, https://www.asx.com.au/data/dw_sharesbyvalue.pdf [Accessed on 26th July, 2016] ASX, 2016, Historical Market Statistics, [Online], available at,https://www.asx.com.au/about/historical-market-statistics.htm#No. of Companies and securities listed on ASX [Accessed on 26th July, 2016] CGMA, (2016), Essential Tools for Management Accountants, [Online], available at https://www.cgma.org/Resources/Tools/essential-tools/Pages/list.aspx?TestCookiesEnabled=redirect [Accessed on 26th July, 2016] Malik, N.S., (NA), Management Accounting: Nature and Scope, [Online], available at, https://www.ddegjust.ac.in/studymaterial/mcom/mc-105.pdf [Accessed on 26th July, 2016] Kidane, F., (2012), Decision Making and the Role of Management Accounting Function A Review of Empirical Literature, Journal of Radix International Educational and Research Consortium, Vol. 1, no. 4 Josephson, M., (2015), 12 Ethical Principles for Business Executives, [Online], available at https://www.standardizations.org/bulletin/?p=13 [Accessed on 26th July, 2016] Colville, J., (2000), Incorporation: Pros and Cons, Accountancy

L’Oreal Marketing Strategy

Question Discuss about the LOreal Marketing Strategy. Answer: Introduction This academic paper is focusing on critical evaluation of marketing strategy employed by LOreal in order to conduct sustainable business with haircare products. In this particular essay, the learner has chosen Nigeria as the business location of LOreal. In order to conduct this essay, the learner has investigated the marketing mix of LOreal for increasing awareness regarding the haircare product in Nigerian market. This academic paper is consisting of various marketing frameworks, which are effective for getting a clear view regarding the effectiveness of LOreals marketing mix. Apart from that, the learner has also investigated the issues faced by LOreal while implementing the marketing mix for retaining Nigerian customers. In order to conduct sustainable business in competitive market, it is highly important to implement effective marketing strategies. This essay will emphasize the issues of adopted marketing mix by LOreal and its impact over business sustainability. Moreover, this essay is also focusing over branding strategy of LOreal in respect of Nigerian market. Branding strategy of the company is an important factor, which is having a huge impact over customers buying behavior. Following is the background of LOreal. LOreal is one of the leading cosmic manufacturer organizations in French market. The company is conducting business in world market since 1909, which is more than 100 years. Headquarter of the company is situated at Clichy, Hauts-de-Seine. Total employee strength of the company is 78600 as of 2014. Total asset of the company is 28.219 billion as of 2014. The company is conducting business in global market by providing quality cosmic products such as haircare products, beauty products, health care products and many more (Loreal.com, 2015). This essay is going to evaluate the current marketing strategy of this company in relation with Nigerian market. When it comes to Nigerian economy, the country is known as a middle-income market. However, in case of manufacturing sector, the country is acquiring the third position among the continent. Thus, the Nigerian market is suitable for LOreal to conduct sustainable business with effective marketing mix (Aaker, 2010). Following is the critical evaluation of marketing strategies, which are adopted by LOreal for retaining customers in Nigerian market. Discussion Marketing mix refers to the strategies implemented for promoting a product or services. In case of LOreal, the company is focusing over implementing effective strategies for increasing product awareness among customers in Nigeria. Marketing mix is consisting of seven components such as product, price, promotion, placement, people, packaging and positioning. In order to conduct sustainable business in Nigerian market, the company has implemented effective strategies for each elements of this marketing framework called 7Ps of marketing mix (Adair, 2011). Following is the critical evaluation of marketing mix of LOreal in accordance with the competitors of the company in Nigeria such as Avon, Johnson and Johnson and Procter and Gamble. The competitors are also conducting effective strategy implementation for acquiring market share in Nigerian market. In order to get a critical analysis of the effectiveness of marketing mix, it is important to investigate the marketing strategies of these rival organizations in respect of Nigerian market. Product is the major component of marketing mix. In order to conduct sustainable business in global market, it is highly important to maintain product policies. Thus, LOreal is manufacturing high quality products for satisfying the customers (Adcock, 2010). Apart from that, the company needs to maintain the feasibility between the advertisement and actual product quality. It helps in increasing reliability of the customers in targeted market. In this competitive market, rival organizations of the company are also implementing this strategy for attracting customers towards their brand. For an example, Johnson and Johnson is manufacturing high quality product especially for children. Thus, the company is assuring regarding less use of chemical components (Beck, 2010). Price policy refers to the strategy, which helps the company in estimating the price of the product depending on organizational expenses and economy of the target market. LOreal has implemented an effective pricing strategy for acquiring the high position in Nigerian market. The basic strategy of the company is to be flexible regarding the product pricing. Price policy is the most flexible or variable element of marketing mix, therefore rival organizations continuously implement different pricing strategies for creating barriers. According to Boone and Kurtz (2012), LOreal has adopted a low pricing strategy in Nigerian market for attracting the customers. On the other hand, Bose (2010) has stated that Procter and Gamble, which deals with Fast Moving Consumers Goods, has adopted the pricing strategy as per the product value and quality. The low pricing strategy of LOreal is hampering customers reliability, which is directly affecting the brand image of the company. Therefore, LOreal s hould adopt the pricing strategy according to the activities of rival organizations for gaining competitive edge. Overall, the current strategy is beneficial for the company. However, it can be harmful for the company in future perspectives (Bowman and Gatignon, 2010). In contrast with that, pricing strategy of Procter and Gamble is making the company cost leader in Nigerian market. Promotion is the most important activity, which helps in increasing product awareness among the targeted customers. From the very beginning, LOreal is focusing over investing huge amount for product promotion. The company has adopted celebrity endorsement strategy by hiring models and celebrities (Chernev, 2010). This strategy of the company is highly effective for increasing reliability of the consumers. However, implementing this strategy for promoting products is also having certain risk factors. First, LOreal is not the only one company who has adopted celebrity endorsement. Therefore, rival organization can also take the advantage of this promotional strategy (Dalgic, 2010). Secondly, the brand image of the product is depending over social image of the employed celebrity. That means, if the celebrity gets involved in any short of scandals then it will be difficult for the company to conduct sustainable business (Boulding et al. 2010). Apart from celebrity endorsement, LOreal has also adopted online advertising the strategy. That particular strategy of the company helps in increasing product awareness by reaching to the actual targeted consumers. On the other hand, Johnson and Johnson has also adopted this marketing strategy by publishing video advertisement in social media for acquiring market share in Nigerian market. This strategy is effective for providing product information to the customers in an effective manner. However, Farahmand (2011) argued that bandwidth issue can create barrier for the viewers of the advertisement. Moreover, the information provided by LOreal while conducting social media advertisement is sensitive and can be misused by the rival organizations for creating barriers. Placement policy refers to the process, which allows the company in increasing product availability in market. In case of LOreal, the company is focused over increasing supply chain in Nigerian market for increasing product availability. As the Nigerian market is full of competition, the suppliers power is not a big issue for the cosmetics companies. However, targeting the proper customer segment for proper product is required for conducting sustainable business (Ferrell et al. 2010). In case of LOreal, the company is targeted especially female customers for selling their products. On the other hand, Johnson and Johnson has targeted children for conducting business in global market. Therefore, it can be said that, the placement policy is fully depended over organizational requirements and the placement policy employed by LOreal is effective for the company (Kim and McAlister, 2011). People is an element of marketing mix, which allows the company in building strong relationship with the customers. In case of LOreal, the company has implemented effective strategies for building communication with Nigerian customers. It is highly effective for getting customers feedback regarding the product quality. In this manner, the company is able to share organizational information with the consumers (Lim and Lusch, 2011). This process is highly effective for knowing the expectation of customers. That helps in improving product quality accordingly to the customers expectation. However, conducting this process frequently can harm reliability level of the customers. Therefore, it is important to conduct this process but in not frequent manner. The competitive market required a high communication with the consumers (Mohammed and Rashid, 2012). Thus, rival organizations are also implementing strategies for building emotional attachment with consumers. LOreal is getting a clear vi ew of rivals organizations strategies for their communication model, which is effective for gaining competitive edge. Packaging is one of the components of marketing mix, which is effective for increasing interest of customers towards the brand. LOreal is focused over quality packaging of product by adopting innovative technologies (Patel, 2011). In Nigerian market, the company as adopted five layers hygiene packaging for maintaining and assuring the product quality. However, this particular strategy has increases manufacturing cost, which is hampering the overall profitability of the company. However, Woodruff (2010) argued that this strategy is having huge impact over satisfying the customers and increasing the product value as well. Competitive organizations are also implementing attractive packaging for their products, which ensures recycling of the product packages. That effectively helps the company in improving the brand image. However, In case of LOreal there is no such strategy implemented by the company. Positioning refers to the marketing strategy, which helps in developing a strong brand image among the customers mind (Young and Javalgi, 2010). The tag line of the company is Because I am worth it, which is effectively helping the consumers to recall the brand name in global and Nigerian market as well. Moreover, the way the company promotes their product is effective for attracting customers attention towards the brand. As LOreal is one of the leading cosmetics manufacturer organizations in global market, the brand image of the company is very strong. Thus, it can be said that positioning strategy of this company is effective in case of Nigerian market (Oguzor, 2014). After conducting the critical evaluation of adopted marketing mix of LOreal, it can be said that the company is having different advantages and disadvantages while conducting business in Nigerian market. The socio-economical status of Nigeria is not that strong, which is creating barrier for the company in conducting sustainable business (Gilaninia, Taleghani and Azizi, 2013). Moreover, different organizations are manufacturing same product, which is increasing market competition. Therefore, the company needs to restructure the required marketing strategies for developing strong market position in respect of Nigerian market. However, Kim and Park (2013) stated that the pricing strategy adopted by the company for this particular continent is effective for attracting customers towards the brand. Nigerian market is having different weakness in relation with sustainable business. For an example, lack of power supply is one of the most important disadvantages, which is creating barriers f or cosmetics manufacturing organization like LOreal (Moradi, Aghaie and Hosseini, 2013). Now, in this particular market scenario, LOreal has implemented the above discussed marketing strategies for conducting sustainable business. The following section is consisting of the analysis of to what extent the marketing strategy of LOreal is effective for conducting sustainable business in Nigeria. From the literature review, it has been found that each of the competitors of LOreal is having different strategies of market expansion. It has been found that PG is having price flexible strategy to meet the demand of consumer at the time of demand. For LOreal it can be said that as the products are limited to female only, hence when the organization increases its manufacturing cycle, then demand will be met without increasing the price. On the other hand, it is even true that with high demand, price must be increased so that more revenue is gained (Obikeze and Eze, 2013). If LOreal increases its price, then customer has the probability to move on to Avon as the later provides similar products with same price. This will be a competitive advantage for Avon. When PG is considered, it can be found that it sells FMCG products for all types of customers and thus, other products will adjust price flexibility. For LOreal, if beauty products are categorized for male as well, then surely div ersification strategy will gain more customer base within short period. For diversification, promotion is eventually required, and from literature review it has been found that PG used media celebrities for promotion, but later it proved negative impact on the company. If publicity of celebrity is negatively impacted, it will surely affect products of company as well, as they represent the brand image of a company (Srivastava, 2010). Hence, it is better for LOreal to deal with online promotion or digital media platform for attracting more customers. Digital platform is the widest virtual environment that engages all types of communities to respond simultaneously. Primarily due to categorized product diversification, LOreal will surely expend much of its capital, thus digital platform will create customer awareness with less expenditure. Operational cost will even be saved if promotion is done primarily through social media platform. If economy of Nigeria is considered, then it is sure that high price will negatively affect sales. Thus, it may reduce brand loyalty as well. PG generally has many products other than beauty category, and Johnson and Johnson has a stable pricing for its products. Thus, LOreal must not increase the price of products, but must increase the quantity of beauty products for female and some sub-products for male with lower cost in contrast with the competitors. Lowering of cost depends upon operational cost, which will be reduced by conserving the expense on promotion (Gilaninia, Taleghani and Azizi, 2013). Much of the consumer of Nigeria is found to not deal with beauty, thus, this is the responsibility of LOreal to create customer demand by provocative promotions. Some of the models from local Nigerian have to be engaged as a part of promotion, who will give the image of possible changes by using products of LOreal only, and thereby making a new trend of beauty enhancement among customer . Thus, promotion may be considered as the primary objective of marketing mix for LOreal, which will create customer trend and not to follow existing customer preference. When it comes to the product placement, the strategy of LOreal is effective in contrast with the Nigerian market. In case of Nigerian market, there are different organizations are providing beauty products and healthcare products. Therefore, competition of this market is remarkably high. The most important weakness of Nigerian market is weak road network, which is hampering transportation of goods. However, the literature review section shows that, the company is able to increase the supply chain in Nigerian market for increasing the availability of products. That helps the company in conducting a sustainable business by attracting more customers towards the brand (Farahmand, 2011). As Nigeria is little bit of backdated in relation with technological innovation, it is difficult for the company to conduct communication with customers. In this particular environmental situation, LOreal has implemented online communication with the customers. Most of the people of this continent are not able to access internet connection; therefore, this strategy of the company is not effective for this environment. In order to communicate with the customers, the company should conduct a direct communication process. That will help the company in getting customers feedback in effective manner. Knowing the feedbacks of customers will help the company in improving product quality as per the customers requirements. In order to fulfill the corporate social responsibility, LOreal is focused over using renewable resources for product packaging. It helps the company to reduce environmental issues in Nigerian market (Mohammed and Rashid, 2012). Moreover, this strategy of the company helps in reducing organizational cost and increasing profitability. Therefore, this strategy of the company is effective for increase reliability of the customers. In this manner, the company is also able to conduct a sustainable business. Brand image of the company is already in a high position in world market. The literature review section is emphasizing that LOreal is the one of the leading cosmetics manufacturer in global market. Therefore, the strategies of the company are also effective in Nigerian market. Customers are satisfied with the product quality and pricing, because the combination of product quality and product price in effectively increasing the product value. LOreal should measure the requirement of Nigerian customers for improving the product quality for conducting sustainable business. Apart from that, the company should focus over the customer evaluation process for knowing the requirements of the customers. As LOreal is fulfilling the corporate social responsibility, it will be easy for the company to avoid any kind of legal issues in Nigerian market. Therefore, the company should maintain this practice for future progress of business in Nigerian market. Conclusion After conducting this essay, it can be concluded that LOreal is conducting sustainable business in Nigerian market. In order to assess the marketing strategy of the company, the learner has provided a critical evaluation of marketing mix in relation with LOreal. From this section, the learner came to know that, the company is conducting effective product, price, promotion and packaging strategies in relation with the Nigerian environment. On the other hand, the strategy of communicating with customers is not feasible with the Nigerian environment. That is effectively creating barrier for the company in conducting sustainable business. In order to avoid this particular issue, the company should restructure the strategy of effective customers evaluation process. That helps in knowing customers requirements and improves the product quality accordingly. While evaluating the marketing mix of LOreal, the learner has also compared the strategies with rival companies of LOreal, which is help ful for getting a clear view of the effectiveness of marketing mix adopted by the company. The overall analysis shows that, LOreal need to implement effective strategies for conducting sustainable business in Nigerian market. After analyzing the effectiveness of marketing strategies, it can be said that marketing mix of LOreal is having different disadvantage, which needs improvement in relation with the Nigerian market. Competitors are creating barriers for hampering business sustainability of the company, therefore it is important for the company to conduct market research and restructure the marketing strategies accordingly. References Aaker, D. (2010), Strategic Market Management: Global Perspectives. 6th ed. Oxford: Blackwell Publishing. Adair, J. (2011), Effective Communication: The Most Important Management Skill of All. 5th ed. London: Prentice Hall. Adcock, D. (2010), Marketing: Principles and practice. 4th ed. London, Thousand Oaks CA: Sage Publication. Beck, T. (2010), The United States Social Networking Market. 3rd ed. London: Thomson. Boone, L. E. and Kurtz, D. L. (2012), Contemporary Marketing, Page 84, 7th ed. New York: Kaplan Publishing. Bose, C. (2010), Modern Marketing Principles and Practice. . 5th ed. Mason: South-Western Cengage Learning. Boulding, W., Staelin, R., Ehret, M. and Johnston, W. J. (2010), A customer relationship management roadmap: what is known, potential pitfalls, and where to go. Journal of Marketing, 69(4), 15566 Bowman, D. and Gatignon, H. (2010) Market Response and Marketing Models, 4th ed. London: Routledge. Chernev, A. (2010) Strategic marketing management. 5th ed. London: Prentice Hall. Dalgic, T. (2010) Handbook of niche marketing: principles and practice. 4th ed. California: Random House. Farahmand, N. F. (2011), Organizational marketing planning by management educated managers, African Journal of Marketing Management 3(8), pp. 178-187 Ferrell, O. C., Gonzalez-Padron, T. L., Hult, G. T. M. and Maignan, I. (2010), From market orientation to stakeholder orientation. Journal of Public Policy and Marketing, 29(1), 9396. Gilaninia, S., Taleghani, M. and Azizi, N. (2013). Marketing Mix And Consumer Behavior. AJBMR, 2(12), pp.53-58. Kim, E. and Park, K. (2013). Marketing mix elements influencing brand attitude strength: Global vs. domestic SPA brands. Journal of Global Scholars of Marketing Science, 23(3), pp.263-281. Kim, M. and McAlister, L. M. (2011), Stock Market Reaction to Unexpected Growth in Marketing Expenditure: Negative for Sales Force, Contingent on Spending Level for Advertising. Journal of Marketing, 75:4, 68-85 Lim, S. C. and Lusch, R. F. (2011), Sales margin and margin capitalization rates: linking marketing activities to shareholder value. Journal of the Academy of Marketing Science, 39:5, 647-663 Loreal.com, (2015). L'Orial-LOrial Group. Available from: https://www.loreal.com/ [Accessed on: 13 Dec. 2015]. Mohammed, A. A. and Rashid, R. (2012), Customer Relationship Management (CRM) in Hotel Industry: A framework Proposal on the Relationship among CRM Dimensions, Marketing Capabilities and Hotel Performance. International Review of Management and Marketing, 2(4), 220-230 Moradi, M., Aghaie, A. and Hosseini, M. (2013). An Agent-Based Knowledge Management Framework for Marketing-Mix Decision Making. International Journal of Strategic Decision Sciences, 4(3), pp.109-128. Obikeze, C. and Eze, P. (2013). An Empirical Assessment of the Relationship of Marketing Communication Mix and Performance of Business Organizations. African Research Review, 7(2). Oguzor, U.C., (2014), Consideration of culture in development of home economics curriculum in Nigeria.International Letters of Social and Humanistic Sciences, (04), pp.97-104. Patel, P.C. (2011), Role of manufacturing ?exibility in managing duality of formalization and environmental uncertainty in emerging firms. Journal of Operations Management, 29 (12), 143162. Srivastava, R. (2010). Shift of Marketing Mix to E-Marketing Mix: The Birth to New Era. SSRN Electronic Journal. Woodruff, R.B. (2010), Customer Value: The Next Source for Competitive Advantage. Journal of the Academy of Marketing Sciences, 25(2), pp.139-154 Young, R. B. and Javalgi, R. G. (2010) International marketing research: A global project management perspective, Business Horizons, 50, 113122

Sociology, Social Closure Essay Sample free essay sample

Analyse the extent to which societal closing exists in UK society. Use two contrasting theories and relevant surveies in your reply. PresentationSocial stratification is the manner in which society is stratified or â€Å"made up of layers† of societal groups in a hierarchal manner. Class stratification is a signifier of societal stratification. which tends to divide separate categories. whose members have contrasting entree to resources and power. In Britain. society is structured in footings of inequality. Different categories tend to incorporate the same sorts of people with the same â€Å"hidden barriers† halting them from being able to mount the societal ladder. Social closing is when people merely can non get away the societal category they belong to. They have no manner of being socially mobile within society. Class can be measured in a subjective manner as opposed to an nonsubjective attack. The Registrar General Scale of Classification is used to organize society into different categories. We will write a custom essay sample on Sociology, Social Closure Essay Sample or any similar topic specifically for you Do Not WasteYour Time HIRE WRITER Only 13.90 / page Social closing. nevertheless. is when a individual has the inability to mount or fall from their topographic point in society. And with capitalist economy. it is indispensable in order for this political orientation to work within today’s society. There is a definite divide between the middle class and the labor. and hence. societal closing. most definitely exists in today’s society. THEORY ONEThere are a figure of different sociological positions that attempt to explicate category stratification. One theory of which is Marxism. Karl Marx believed that there was a definite struggle between the categories. and that the system of stratification derives from different societal groups and their dealingss to the agencies of production. From Marx’s position. a category group is when all it’s members portion the same dealingss to the agencies of production. Marxism besides believes that there are merely 2 categories. the middle class and the labor. demoing societal closing. The middle class exploit the labor who have to sell their labor to the opinion category. Marx believed that the ownership of the agencies of production has the indispensable ingredient in make up ones minding which category a individual belonged to. In modern twenty-four hours Britain. it is capitalist economy that creates divisions within category in today’s society. which relates to Marx’s thought of substructure impacting society in that the ownership of the agencies of production create tenseness between the categories. Marx besides believed that struggle would ensue in alteration. and that one twenty-four hours the labor would lift up against the middle class and that there would be a revolution. but to this twenty-four hours that is still to come. Which is of class still relevant in our society today. as we can see clearly that the â€Å"proletariat† have non risen to revolt against the â€Å"bourgeoisie† . So hence. today. we see no societal mobility. and alternatively. societal closing. A strength that Marxism possesses is that it draws attending to the development of the labor by the middle class. which emphasises the importance of economic ownership within society. This benefits sociologists in that they can easy recognize societal closing in the UK today as we see that people who own their ain companies are most likely to be the â€Å"bourgeoisie† of society. Marx explains how the battle between the category groups creates struggle within society. This proves to be true in the twenty-first century as there us a current battle for power. and the labor suffer in a closed system of stratification. There are failings of Marxist theory. as it is seen by sociologists as â€Å"too economically deterministic† . and privileges the function of the labor. in demoing that they exploit themselves to the middle class. Another failing is that Marx claims there would be a revolution one twenty-four hours. which has still neer occurred. turn outing that societal closing is present in society today. because the working category still have non risen above the middle class. and there still remains a false category consciousness. THEORY TWOA contrasting theory to Marxism is functionalism. Functionalism is a theory that believes strongly in meritocracy. Harmonizing to Talcott Parsons. anyone who works difficult plenty and hold on all chances will be able to mount the societal hierarchy and achieve what they desire. The category person is born into should non cut down their opportunities in ulterior life if they work hard plenty. This highlights societal mobility in that anyone. no affair what their â€Å"social barriers† may be. that they can easy mount the societal ladder due to difficult work and meritocracy. The category divisions in society are reflected as of import. as different businesss define where a individual â€Å"belongs† to in society. Different occupations can be expressed as a gradient. and there will so be several places and categories in the hierarchy. Peoples who are socially nomadic are awarded from their hard-work with a good topographic point within society. Though today. ca n Parson’s theory truly be true? â€Å"Hidden barriers† are what keep people from mounting the societal hierarchy. and functionalism merely truly â€Å"accepts† the capitalist system. A strength of functionalism is that it suggests that persons can mount up the societal ladder and can go successful. The whole political orientation of meritocracy is that anyone. no affair what their background. linguistic communication. gender or race. can accomplish anything if they work hard plenty to acquire it. Functionalism provides an account for inequality merely because people are discriminated against in society for their speech pattern. background etc. This means that people with inequalities automatically go down the hierarchy. or worse. they are born into the bottom terminal of the societal ladder. So in today’s society. functionalism can be used to understand that societal closing is present due to concealed barriers. A failing of functionalism is that there are many jobs with thoughts of difficult work and instruction are making an unjust society in that merely the people who can afford an instruction are acquiring one. and that those who are disadvantaged in any manner. are in societal closing. and neglect to mount the hierarchy. Besides functionalism ignores capitalist economy. but merely acknowledges it and accepts it. it does non explicate in anyhow how society’s categories evolve unit of ammunition capitalist economy and that capitalist economy is straight related to societal closing. in that the middle class exploit the labor. STUDY ONESocial closing has been studied by many in item. One survey of which was by Scott. who focused on The Upper Classes. Property and Privilege in Britain ( 1982 ) in order to reason that there is still a governing category in Britain. Scott believes that the upper categories have seen of import alterations in the latter half of the 20th century. However. he argues that these alterations have non led to their disappearing or so a decline of their power influence. Scott bases his analysis on Weberian constructs such as societal closing. Though his findings reflect a Marxist analysis in that he feels that within Britain there is a governing category. whose power and influence are based on the capitalist political orientation. There is tonss of grounds that supports Scott’s analysis. In 2002. about ?160 billion of wealth in Britain was controlled by 1000 of the richest households in Britain. Presently. there are 126 female MPs. which is a record degree whereas the figure should be about 330. In 2001. merely 12 % of labour MPs had a on the job category background. which shows societal closing in that merely the richer or better off people became MPs. which besides refutes the labour leftist political orientation. However. Scott is criticised for undervaluing the alterations which have allowed entree to the opinion category. He is criticised for undervaluing the diminution in household owned houses and the growing of pension houses. insurance companies whose financess include investings by 1000000s of ordinary workers. Showing societal closing in that the middle class are the â€Å"elite† and are the ruling opinion category. STUDY TWOAnother survey that looks at societal closing is The Sociology of the Professions ( 1997 ) by Keith MacDonald. This survey deals with what MacDonald calls the â€Å"professional project† . in which professions try to set up and keep a monopoly in their chosen field. To make this. such professionals must at the onset set up societal closing. which is a important portion in making a monopoly. which allows them to command their services. frequently ensuing in really high fiscal wagess. MacDonald’s survey is supported by the professional organic structures. which exist in modern societies such as Britain. for illustration the BMA. the Law society and the institute of Chartered Accountants. Such professions are amongst some of the highest paid in Britain and they do frequently exert a practical monopoly in their chosen field. MacDonald’s positions are partially supported by C Wright Mills who saw these professions as being portion of the power elite in America. Again. demoing that the middle class are the definite opinion category within society. MacDonald’s survey is criticised for reasoning that such professions can move chiefly in their ain involvements. and critics argue that they progressively work on behalf of the rich and powerful. DecisionTo reason. the theories and surveies used by sociologists to analyze societal closing within society have been utile in assisting us understand today’s society in the twenty-first century. Unemployment rates are around 2. 53 million. and with this. the labor are happening looking for work much harder than in the yesteryear. Meritocracy is turn outing really hard to prosecute in today’s society as employers. or the middle class. hold much higher criterions for people to take on. With this. an on-going false category consciousness will go on and these concealed barriers will go on to maintain the labor and the middle class separated in societal closing.

Explore the Evaluating internationalization theory of Johanson and Vahlne The WritePass Journal

Explore the Evaluating internationalization theory of Johanson and Vahlne Introduction Explore the Evaluating internationalization theory of Johanson and Vahlne IntroductionReferences:Related Introduction The term Internationalization is significant for the firms, but the knowledge of the companies which are new in this global market is quite limited. Now days we all listen and read a lot of things about Internationalization and globalization, but what these terms exactly mean? ‘‘Internationalization is basically planning and implementing the products or services in other countries according to local habits and choice, and it is quickly changing economic landscape, with growing supply of science and technology. (Kim, Daekwan, journal of international marketing, 2010)This essay is to determine acceleration of internationalization and how it affects organization, Economy, and customers, also identify and analyse factors that attracts company towards internationalization, based on incremental and knowledge based internationalization process (by Johanson and vahlne 1977) In economical terms expansion of business in international market is called as Internationalization, but there is no particular definition for it, it is very important for a company to understand the pattern of Internationalization, where the Internationalization comes after ‘‘stage approach in which company starts selling their products in home countries’’ and once settled in the market expands in different countries. (Elgar, Edward (2003). Learning in the Internationalisation Process of Firm) According to Uppsala Internationalization Model, by Johanson and vahlne,â€Å"Enterprise gradually increases its international involvement†, which means the company that plans to expand internationally first enters in neighboring countries, where the political systems, culture and language is not very different, known as ‘‘psychic distance’’.   Once company gains knowledge and experience to work in different country then it can gradually approach new market, according to this view, we get two different types knowledge one objective and other experience based, company initially starts with occasional export and then once settled in the market gradually enters in regular exports, Johanson and vahlne, consider the experience based knowledge to be more relevant, they says that ‘‘to built and understand commitments it is important to discover and make opportunities by involving other companies in their business’’. A firm process like ‘‘rings in the water’’ it is not only that firm settles business in home country but it expands in other countries steps by step. This stage model it identify four stages which are taken by a company for internationalization, 1. A company do not prefer regular export; 2.this export is done through an agent, 3.believes in offshore productions, 4. The offshore sales are not very important. Since many years companies are committing themselves to internationalization, even though it give easy availability of labour and growth in market and other opportunities, it is not a very easy process. When any country expands in other than their home country they need to understand the national as well as commercial culture, company must understand the reason of the cultural barriers (if any).this stage model theory can help company to gain vital information and resources. Joint venture also comes under Internationalization in some cases, as many big companies when enters new country it is been observed that they prefers to start in joint venture, for example. Walmart being world’s largest retail industry opened their first international store in Mexico in joint venture with Cifra, and they implemented this strategy in UK starting in joint venture with ASDA both these companies were the best retailers in their respective countries, and for almost every new country they started, this was the main strategy. Another example is, Finnish SME’S (small and medium enterprises). Study shows that some companies in Finland apply Uppsala internationalization model by first starting business in Sweden and then expanding in other countries, which helped them to expand smooth and steadily . So before internationalization a company needs to understand company’s world wide which can help them for further expansion. Keeping all these factors in mind I feel that the stage model theory by Johanson and Vahlne, can help a company to understand every aspect of internationalization, and before taking any step further, company will get time to think over their decisions which will prevent firm from facing any huge loss. Even though Uppsala internationalization theory by Johanson and Vahlne (stage model) do not cause any loss for any firm, it is being applied in some companies and also been avoided by some. It is said that this stage approach seems to be very parsimonious, and it has also been challenged and criticized about the data being limited to Scandinavian market. It was also questioned about theoretical validity about stage model and it claims that the theory has unnecessary repetition of the same statement and focus only on market knowledge, (Andersen 1993). There are also some studies which contradicts stage model, as many companies which do not follow stage model for internationalization, and their profit is much quicker than explained and expected by stage model. According to study of ‘‘OECD 1997 (Organisation for Economic Co-operation and Development)’’ the stage model was unable to explain different pattern use for internationalization or the early international expansion of the companies which is also known as ‘‘born global’’ (That is when company expands internationally from the beginning and do not follow any steps), ( FRONTIERS OF E-BUSINESS RESEARCH 2004). These particularly argue and appose incremental internationalization. The study of 87 US states shows that a company prefer to take risk than applying stage model, these ‘born global’ firms are most of the time technology based, and rises questions on stage model. It has not been proved that a company must have market knowledge to be successful internationally; concept of psychic distance was also accused as it is observer that many companies go for the risk where they can increase number of foreign market and gain profit. As we know, With time views and demands changes, and same applies with stage model theory, even though it is not harmful for any organization to expand or to take any decisions in steps, but now a days this theory is not considered to be a best way of expansion, though internationalization is considered to be complex and involves may dimensions it is accepted by many companies these days. There are many reasons for company to go international, the basic reason is growth or expansion, but companies also expand internationally for alternative source of employees, resources, ideas etc. Born global companies are â€Å"a business organization that, from inception, seeks to derive signiï ¬ cant competitive advantage from the use of resources and the sale of outputs in multiple countries† (Oviatt McDou- gall, 1994, p. 49). This born global concept was carried out in 1997, data was collected for some medium size Danish firms and the study proved that these born global firms had maximum foreign sale which was around 70%. Today Company seeks internationalization or rather to be born global more than before, ‘‘it is due to the fast growing economic integration and independency of countries worldwide’’. There are many companies that began their business with the traditional approach but now they follow born global strategies in business. For example Nokia which is a communication corporation (mobile manufacturer) is Finland based company but serves worldwide, with annual revenue more than $42 billion from their international market, and $2 billion, do not apply stage model theory and is one of the loved brand in India. Emirates airlines which is one of the latest airlines in middle east, this airline operates one of the worlds non-stop commercial flights, a very good example of a company which totally implements born global strategy. Emirate airline has a very attractive business model, which is a key factor for company’s international growth. with great emphasis on quality company has also moved into resorts and tourism space, as 2004 it was one of the highest profits earning company. (Gang, yu. 1997 operation research in the airline industry) Australian export manufacturer small and medium size firms are on the top list of the born global companies, they have proved that it is not impossible to succeed internationally without an established domestic base. These companies didn’t achieve their success in steps but they are born global. Their growth rate is growing 25percent throughout five years. There are many examples in favour of born global concept, but some companies still believe in stage model due to some financial losses faced by them in internationalization, for example Starbucks as they closed 200 shops in US due to loss. Even though we have entered a stage where there is very less cross border trade barriers and due to transportation and telecommunication it is not very convenient to go global. With all of this information discussed above, we understand that internationalization is a long and demanding process, which needs management and resources to be successful in market. A company needs to be totally committed   towards their resources as the degree of commitment is higher the more resources are expected and if not then there will be a risk of shut down, there has to be a different business model to understand international market. In born global concept there may occur some cross culture issues, language barriers especially for small firms. Being born global a firm needs to consider, huge financial back up, which is not practically possible for a small firm, and franchising may result in less control and there is always risk about maintaining quality. (Branding capability of technology born gl obal, 27th June 2010) There are advantages and some disadvantages in the theories, Johanson and Vahlne (stage model) and born global concept.   according to stage model theory a company should expand step by step, which will help company to understand the market conditions, cultural differences, and then expand in countries which are physically not very far,(geographically near). Which sounds fare enough, because any company whether it is small, medium or huge in size do not want to face any loss. On other hand with rapid growth in internationalization every company is trying to be global. Some of them are born global firms, where firm starts business internationally from beginning or within two years, without any practical knowledge about the market. This may or may not lead to success. Conclusion: From the above discussion about internationalization which is been discussed in two parts, Johanson and Vahlne (stage model) and born global concept   with reference to many journals ,I understand that   accelerating   economy, technology, information, manufacturing process ,and global competition are forcing companies for internationalization and is considered to be one of the most important factor to grow in industry. Considering both stage model and born global model can built a good foundation for a company. Application of stage model will give knowledge about the market, time to understand the culture, company can learn from their competitor’s mistakes, foreign business drawbacks and opportunities can be gained by other firms experience, it is very important especially for a small firm because it is been observer that when a small firm enters global market it faces more loss than any profit. As being a global company it involves huge amount of investment. Since it takes time to gain knowledge about international business environment it will be a slow n steady process but on other hand where new market conditions demands fast growth and quick internationalization, if a company want to star as born global, it needs to study all these points which affects growth of business. If a company starts analysing market conditions before entering global market it can prevent them from facing cultural, technological and overall issues which can affect sale. So combining both the theories together in a convenient way for every individual company, keeping market knowledge, history, demands, environment, culture, language in mind a company can built a strong foundation even in international market. I strongly believe that if conditions of knowledge and experience specified in Uppsala model is considered before being born global company can be at the top in international market. References: Ruey,J. And Kim,b. (2010), Drivers and Performance Outcomes of Relationship Learning for Suppliers in Cross-Border Customer–Supplier Relationships, journal of international marketing, Vol. 18 Issue 1, (pg.63-85) Kalev, K. (2010). Understanding accelerated internationalization, integrating theories for analysis for internationalization path. Economics Management,(pg 556-561) Caniana,D. Internationalization of the firm: stage approach vs. global approach Gianpaolo Baronchelli, PH.d. in Marketing for Business Strategy,University of Bergamo, Faculty of Economics, Department of Business Administration.Bergamo,ITALY Internationalization Strategies of Emerging Markets Firms, California Management Reviewz2010, Vol. 53 Issue 1, p114-135, 22p, Johanson Wiedersheim-Paul (1975), Johanson Vahlne (1977). Learning in the internationalization process of firms (2009) (pg.  261). Luostarinen (1979) Learning in the internationalization process of firms (p.  261) http://books.google.com/books?id=e_gkLdF1ocwCprintsec=frontcover#PPA260,M1 Retrieved 2009-03-21. Bhowmick, S. (2004) Towards Understanding Small Firm Internationalisation –Technology Based SME Focus, frontiers of e-business research. Westhead, P. Wright, M. Ucbasaran.D. And Martin, F.   International Market Selection Strategies of Manufacturing and Services Firms, institute for Enterprise and Innovation, Nottingham University Business School, Rasmussen,E.S.(2001) Asia pacific journal of marketing and logistics The founding of the Born Global company in Denmark and Australia: sense making and networking Vol. 13 Issue: 3, (pg.75 107) Gang, yu. 1997 operation research in the airline industry. Rennie,M.W. (nov. 1993) born global,   mckinseyquarterly.com Dr.Thomas,J. (JULY 24,2010)   how Starbucks Downsizing in the USA Impacts Global Growth Strategy.BUSINESS 401-INTERNATIONAL BUSINESS Laine, A. A Process model of internationalization –new times demands new pattern   Department of Management and Organization, Swedish School of Economics and Business Administration Altshuler.L, (27th June 2010). Branding capability of technology, born global journal of Brand Management (2010) volume 18, (pg212–227). Baronchelli,G. (2004) Toward a Typology of Commitment   States Among Managers of Born-Global Firms,   Strategic Approach to Internationalization, Journal of International Marketing Vol. 12, (pg. 57–81) Holtbrà ¼gge, D. and Enßlinger, B. Evolution of global management knowledge, Initiating Forces and Success Factors of Born Global Firms volume 5. Jan,J. And vahlne, J, E. The internationalization process of the firm.   International Executive, Winter78, Vol. 20 Issue 1,(pg 19-21) McNaughton, R.B. (2003) Business relationship learning and commitments in the internationalization process, Journal of international entrepreneurship 1. (Pg 83-101) Zook, M. and Graham,m. (2006). Wal-Mart Nation: Mapping the Reach of a Retail Colossus In Brunn, Stanley D. Wal-Mart World: The Worlds Biggest Corporation in the Global Economy Routledge. (pp.  15–25) Bilkey, W. J. and Nes, E. (1982), â€Å"Country-Of-Origin Effects On Product Evaluations†, Journal of International Business Studies, Spring/Summer, Vol. 13, No. 1, (pp. 89-99.)

'An awareness of the impact of (national) culture on people in work Essay - 1

'An awareness of the impact of (national) culture on people in work organisations' is important in today's world - Essay Example Despite this, there are theories that argue that cultural diversity has a tendency of contributing to lack of performance in the working environment (D’Almeida, 2007). According to Quappe and Cantatore (2007), Cultural awareness is defined as the foundation of communication and the ability of people to become aware of their cultural values, perceptions and beliefs. This answers the questions that people often have in the mind regarding why things are done in a certain way, how people perceive the world, and why they react the way they do. Cultural awareness becomes an important object when one has to interact with people from other cultures who see things differently, have different opinions, and ways of evaluating things. What is often more appropriate in ones culture could be different and inappropriate in the other’s culture, and this provides an opportunity for conflicts in the work place. With this view, it is therefore important to create awareness and have knowle dge on the impact of cultural diversity amongst work mates. Many researchers have been dwelling around the issue of cultural diversity in organizations and other work places and in the process, many theories have been put in place, the purpose of these researches is to ascertain the importance of having awareness of the impact of multiculturalism in organizations. D’Almeida (2007) found out that the integration of cultural diverse groups has been involved in many parts of team dynamics in organizations with different types of customers, this has increased misunderstandings, resulting in negative effects on the side of production, job togetherness, and the quality of service has been greatly affected. In order to address the issue of negative effects of cultural diversity in organizations, there are varieties of measures that organizations should undertake. One of them is leadership approaches and trainings, which should be good enough to address the issues faced with regard t o cultural diversity. Many issues have to be overcome so that individuals can reach the objective of increasing motivation and targeted productivity levels. Amongst the awareness created is knowledge on individuals’ identities, perceptions on various things, variations in geographical setup, together with the internal and external environments. Beck and Rubaii- Berret, who are cited in D’ Almeida (2007) point out that individuals in the work place must understand and observe morals towards other people in workplace; doing this brings about motivation and effectiveness to the workers and they can therefore reach the targeted production level in the organization. Cultural awareness is very crucial for multicultural groups to maximize their business potential. It helps members of a multicultural group to identify wrong doings and best ways of solving conflicts. This can be effected through training, and by also identifying the most crucial regions that need attention and formal cross cultural awareness. There are various ways in which cultural differences can manifest from within a group of closely related people, and in this case, the workmates. According to, Kwintessential (n.d) creating real cross cultural harmony is accomplished through appropriately designed cultural awareness training. Ways of Creating Cultural Awareness 1. Treating colleagues as individuals To effectively deal with the issue of diverse cultures, people have