...you take in your personal life based on what you have learned? Financial planning is a systematic process that considers the important Elements of an individual’s financial affairs in order to fulfill financial goals (Pg.5). The financial planning process involves six steps translating Personal financial goals into specific plans and strategies, and implements them and then uses budgets and financial statements to monitor and evaluate and revise plans and strategies as needed. The three most valuable concepts that I learned about the financial planning process include defining goals, creating a plan, implementing plan through action, and evaluation. They that time that it is impossible to an actively manage your Financial Resources without financial goals. Defining goals is Crucial after defining these goals you must formulate and develop plans and strategies in order to reach these goals. These plans goals strategies all need to remain realistic and attainable. It’s important to consider priorities and can raise them into long-term and short-term goals. Ann’s and strategies which to me is the most difficult because it requires control and monitoring. Spending money wisely and would be an example of implementing financial plans and strategies in order to reach financial goals. 2. Credit In what ways do you use credit in your daily life? Why is it important to maintain a good credit rating? What plans have you established to maintain or build your credit? In order...
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...Why Your Healthcare Practice Needs a Marketing Plan Evangeline E. Towry MHA626: Strategic Planning & Marketing in Health Care Dr. Monica Scales December 2, 2013 Why Your Healthcare Practice Needs a Marketing Plan Marketing is healthcare, like any business, is essential to the livelihood of the overall business. Healthcare marketing is all about building relationships within the community, building trust, displaying expertise and, eventually, gaining new patients. In healthcare marketing, you need to identify the needs of your patients as well as the needs of the surrounding community. This will allow you to formulate strategies to help your healthcare organization fulfill its vision and goals. Reasons for a Marketing Strategy The main focus of a marketing plan is for the overall success of your healthcare organization. “If you plan nothing, nothing will be accomplished” (kmccoypbo, 2009). Your marketing plan is a set of guidelines to help you achieve the organization’s vision and goals. According to Catalyst Marketers (2013), a Strategic Marketing Plan provides business owners with: 1. A map for achieving yearly goals. 2. The ability to track success through individual tactic performance measures – Performance measures should be setup for every Marketing Tactic. 3. An understanding of the time, and budget needed to execute on the Strategic Marketing Plan. Three Necessary Considerations The three necessary considerations to taken into...
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...Michael Porter’s “Generic Strategies” • Porter’s five-forces model describes strategy as taking actions that create defendable positions in an industry. • In general, the strategy can be offensive or defensive with respect to competitive forces. • Defensive strategies take the structure of the industry as given, and position the company to match its strengths and weaknesses to it. • In contrast, offensive strategies are designed to do more than simply cope with each of the competitive forces; they are meant to alter the underlying cause of such forces, thereby altering the competitive environment itself. There are, of course, many specific strategies of each type (offensive or defensive), and identifying which is best depends on the circumstances. But Porter suggests 3 broad or generic strategies for creating a defendable position in the long-run and outperforming competitors. 1) Cost Leadership • Cost leadership means having the lowest per-unit (i.e., average) cost in the industry – that is, lowest cost relative to your rivals. • This could mean having the lowest per-unit cost among rivals in highly competitive industries, in which case returns or profits will be low but nonetheless higher than competitors • Or, this could mean having lowest cost among a few rivals where each firm enjoys pricing power and high profits. • Notice that cost leadership is defined independently of market structure. Cost leadership is a defendable strategy because: I. It defends...
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...STARBUCKS QUESTIONS For Question 3, provide financial calculations to support your recommendation. I recognize that it is early days in the program so do your best to consider the numbers. 1) At the time of the case, why had Starbucks been so successful? Reasons; 1. With the public offering, raising $25 million. The proceeds allowed Starbucks to open more stores across the nation. 2. From a retail perspective, a successful branding strategy by creating an “experience” around the consumption of coffee. To enforce its exacting coffee standards, Starbuck; : controlled as much of the supply chain as possible in high-traffic, high-visibility settings such as retail centers, office buildings, and university campuses : worked directly with growers in various countries of origin to purchase green coffee beans, : oversaw the custom-roasting process for the company’s various blends and single-origin coffees : controlled distribution to retail stores around the world. : by creating an effective atmosphere and customer service, referred to as “customer intimacy” 2) Summarize the research presented in the case in terms of the key implications for Starbucks management. What concerns should they have about the results? 1. Sound financial records. Starbucks profitability has been rising for the past few years. 2. Starbucks has a strong brand reputation associated with quality coffee and excellent customer service. Its brand...
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...razors to man based on a monthly subscription. Michael Dubin was the founder and he used digital media to achieve a goal of getting more customers but also to get investments from big companies. The prices range from a $1 to $9 a month based on what type of razor blade customer chooses. The idea of selling razor via subscription came to the owner Michael Dubin because he have heard of many man complain of the prices of razors in stores. At the begging of launching his business, he spent months driving down San Diego to connect with bloggers to spread the word. However, it was difficult and he decided to make a video to tell the story of buying a razor via subscription. After launching his video on YouTube it has been seen almost 10 million times. In the first 48 hours of launching the video, he had 12,000 orders placed. After the launch of the video the business kept growing, Dubin struck a deal with many investors, which helped him, grow the company. Today the business is valued at $615 million, what started, as a video ad now is multi million-dollar company. With the use of digital media, Dubin was able to attract customer to purchase the subscription. He used several strategies that helped his video ad be successful such as making a funny video, launching it a the right time, using funneling marketing strategy, and creating a call to action within the video. His success was measured based on customers sharing the video and money earned. Goals of Individual The goal of...
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...Developing a construction marketing plan and strategy is critical to the success of your organization. The term "marketing" is often misunderstood and used incorrectly. Marketing is much more than selling or advertising. Marketing is the strategic plan that you develop for your organization that looks at your construction company's strengths and weaknesses; the areas in which you have a competitive advantage; the market(s) that you will target your sales focus on; the demographics of your chosen market; and the pricing structure that you plan to use. While advertising is often confused with marketing (as is strictly selling), it is just one piece of a solid marketing plan. To use a farming analogy, if I may, marketing is akin to analyzing crop prices, field conditions and determining what crop to plant-advertising and public outreach nurtures the seedlings, and selling harvests the results. Each component is a part of the larger strategy and depends on the other for success. As with most issues involving a construction business, planning and preparation are paramount, as well as measuring the results. We can't take a break from fundamental business practices. It's important to understand the general steps necessary to create and implement a construction marketing plan for your business. The size of the marketing budgets will vary, as will the intended target market. Ultimately the development of a marketing strategy comes down to similar steps that can be used for...
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...from: Simons, R. (2000). “Performance Measurement & Control Systems for Implementing Strategy”, Ch. 1-5: Foundations for Implementing Strategy & Building a Profit Plan. Background Imagine you are the owner of a small clothing chain in suburban Boston. You started with one small store and a novel idea: to offer cheap but fashionable clothing, along with a selection of decorative merchandise to university students in Boston. By focusing on the college student market and staying in tune with youthful fashion and lifestyle changes, you have successfully built up a company with six stores. Your business now employs more than 100 employees. Innovation – focusing on the local youth market – differentiates your merchandise from the big department stores in the area. The key to success is your employees – young and in tune with the college clientele. They experiment continually with new products and fashion fads and recommend changes in merchandising mix. However, as the company has grown larger, unanticipated problems have surfaced. Profitability among the six stores has been uneven. Two of the units are especially profitable, but it is not clear what causes them to be more profitable than the others. Another store seems to consistently underperform. Moreover, if you are not always in a store, you suspect that sloppy financial controls may be eroding profits. Other issues have absorbed a lot of your time. You worry about missing the next fad. In one store, employees began experimenting...
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...company or economy can transform resources into goods, potentially creating more from less. * Productivity can effectively raise living standards through decreasing the required monetary investment in everyday necessities (and luxuries), making consumers wealthier and business more profitable and in turn enabling higher government tax revenues. * Economists looking to measure this productivity within a given system generally leverage production functions to determine how different factors of production (i.e. inputs) affect the overall output. * The final important consideration in assessing productivity potential is the production-possibility frontier (PPF), which outlines the maximum production quantity of two goods in the scope of our current technological capacity andsupply. TERMS * productivity the rate at which goods or services are produced by a standard population of workers. * Production function Relates physical output of a production process to physical inputs or factors of production. Give us feedback on this content: Edit this content directly Productivity is essentially the efficiency in which a company or economy can transform resources into goods, potentially creating more from less. Increased productivity means greater output from the same amount of input. This is a value-added process that can effectively raise living standards through decreasing the required monetary investment in everyday necessities (and luxuries), making consumers wealthier...
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...customers have discretionary income? c. Competition: Who are the most important retailers in this market? 3. What is the difference between a'smart' and a'smart'? Define the term return on investment and explain its use. Return on Investment (ROI) is a popular profitability metric used to evaluate how well an investment has performed. ROI is expressed as a percentage and is calculated by dividing an investment's net profit (or loss) by its initial cost or outlay. 4. What is the difference between a.. Complete the following table of instructions. Give an example of financial data that can be used to assist with the identification of marketing opportunities Give an example of marketing data that can be used to assist with the identification of marketing opportunities 5. Complete the following table by explaining each of the terms. Market penetration Market penetration is a measure of how much a product or service is being used by customers compared to the total estimated market for that product or service. Market penetration can also be used in developing strategies employed to increase the market share of a particular product or...
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...having an online business such as tracking your growth in terms of sales and conversion rates and building relationships with your customers. It is important for ne to have an attractive opt-in list for the website so that more people will feel the urgency of joining and subscribing to the website which will at the end build a large email list that will help the online business to succeed. A segmented customer database is an important marketing campaign to an online business. Its key is creating messages that support the marketing objectives and the business. Some of the strategies for segmenting your email marketing campaigns include; segmenting the emails by geographic location. This can is one of the most effective ways of communicating directly to your customers. This strategy works mostly when location is an important influence in the purchasing decision process. This strategy is useful when sending time based email messages to customers for example segmenting your emails by geographic time zone of where your customers are located. Segmenting your email to target each gender may be an effective approach for the business. Men and women speak in different and unique languages when it comes to business and there is usually a general difference in what we want. This applies mostly to businesses that have a variety of products or specific gender stuff. The tone and email message used in targeting each gender is different. Segmenting your emails by consumer interests is also...
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...yielding return on investment. We use the Infrastructure Assessment Framework to assess, analyze, plan and deploy an IT roadmap for your organization. As part of the Infrastructure Assessment Framework, there are several individual assessments that we can provide for you in order to better understand and orient your key business drivers with your current IT infrastructure and proposed roadmaps. Some of the key assessment frameworks that we can deliver for you are : •Technology Assessment •Security Assessment We have several more customized frameworks for specific needs and scenarios. Contact us today to find out how an Infrastructure Assessment can help your business! Technology AssessmentWhy do I need a technology assessment? Simply ask yourself these questions: •Are you comfortable with your current technology investments and are they in line with your business goals and strategic objectives? •Does your current technology deliver clear bottom-line benefits for your company? •Are you confident that you can build a business case to evaluate new technology and deploy it in your business? •Are the benefits of IT in your business easily quantifiable when compared to cost? If you have any doubts relating to the above questions, then Quadra can be of service to your organization. Today, business owners and managers are justifying their technology investments. Many IT managers are now expected to demonstrate a return-on-investment (ROI) and business...
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...Executing IP Strategy with ICM Process Implementation By Bruce Story, Senior Advisor, ipCapital Group Introduction: Background from Dow While leading Intellectual Capital Management (ICM) in the Plastics Business at The Dow Chemical Company, I witnessed the value of having a business-aligned IP strategy, implemented early in the development of a new technology platform. The difference between leaving IP development to the ad hoc process dependent on the initiative of the inventor and using IP strategy to guide R&D and new business development can be immense. The high performance elastomers business platform developed at Dow in the last decade is worth over a billion dollars. With the increasingly global competitive environment, this never would have been sustained without the implementation of an IP strategy that took into account the business strategy, competitors’ patenting strategies, the product value chain, and providing a closecoupling of actionable IP strategy to the R&D staff. Previously, as is common in many companies, the IP strategy was basically a legal strategy for obtaining patents. Dow’s attorneys were very good at getting patents granted. However, the disclosing of inventions was left to the initiative of the inventors who were often too busy with their projects to document their inventions. The “Inventor-of-the–Year” Award went to the inventor who received the most U.S. patents in the previous year. Quantity was being rewarded rather than IP...
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...“Creating Lean Suppliers” a Consider that the new corporate procurement strategy in support of your manufacturing business includes securing purchased critical parts and subassemblies from “lean” practicing suppliers. Your supply chain management in previous years has practiced the strategy of single sourcing as well as long-term partnering for critical purchased material. Prepare a list of bullets showing the advantages and disadvantages of staying with current suppliers (i.e. not switching) that currently do not have a “lean” in place and also define in the response your plan to achieve the new “lean” supplier requirement. I Advantage: * Better relationship – further involved in new production process * Better reputation (ethics) * Knowing the supplier better – its problems, cost-structure, and technology * Supplier may be more responsive * Creating “trust” II Disadvantage: * Cost of the BP team * Require extensive capital investment or extra personnel for suppliers * Time consuming (for the suppler to be lean) * Difficulty to change and sustain In order to achieve the new “lean” supplier requirement, I would want suppliers that have substantial responsibility during product development; the ability to accommodate and respond to the request of changes in product or manufacturing process; extensive capital investment or extra human resources. Also the suppliers that is reliable, and “self-reliant.” b Analyze Honda’s...
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...Article Analysis Rachel la Article Analysis The article entitled, “How Investing Overseas Can Help Your Domestic Market” by Rose Rivera highlights the three ways of protecting the domestic market of a company by investing in a foreign country (Rivera, 2006). I completely agree with the ideology of the author who has used principles of economics and analytical reasoning to suggest the ways of protecting and expanding the domestic market. Firstly, I agree with the author’s expert suggestion that the domestic firm should expand its business operations by having subsidiary companies in the foreign country where the domestic firm already has a good customer base (Rivera, 2006). This strategy of investing material, human, and financial resources in the foreign market shall enhance the brand image of the company as well as its products and services. In the era of globalization, all business operations are interconnected; so overseas investment also increase the brand fidelity of the customers in the domestic market. For example, the Americans will buy more Microsoft products when the company’s products are sold all over the world and get global recognition than when the company’s products are sold in local market only. Desai Foley and Hines reported in their research’s result of overseas investment for 22 years by the American manufacturing companies “that 10 percent growth in foreign net property, plant, and equipment is associated with...
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...Creating a Unique Talent Strategy: A Collection of Case Studies Businesses now recognize the pivotal role that talent plays in the success of their organizations. They need talent strategies and programs that go beyond the ordinary – to achieve solutions that are fact-based and enable greater business performance. To learn more about how Mercer’s depth and breadth of talent management solutions and global resources can benefit your organization, please contact your local Mercer office or visit us at www.mercer.com/humancapital. Contents Creating a talent strategy to drive engagement in China 1 Developing a talent strategy to engage and up-skill staff 3 Developing a highly skilled workforce during rapid growth 5 Implementing lean manufacturing processes for a services-based organization 7 Designing a talent strategy through a three-day summit 9 Creating a "best fit" talent strategy to close skills gap 12 About us 15 About Mercer About Mercer’s talent management services and solutions Creating a talent strategy to drive engagement in China A global pharmaceutical company had committed to a growth and expansion strategy for emerging markets – China being central to this strategy. While business plans had been rigorously developed and agreed by the board, the organization believed its talent management practices were less robust. To ensure the organization would be successful in China, it knew its talent strategy...
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