...-Emphasizes summary data concerning the entire organization -Must follow GAAP -Mandatory for external reports Managerial Accounting - Reports to those inside the organization for Planning, Directing and motivating, Controlling, Performance evaluation -Emphasizes decisions affecting the future -Emphasizes relevance -Emphasizes timeliness -Emphasizes detailed segment reports about departments, products, and customers -Need not follow GAAP -Not mandatory Roles of MA -Advise management of financial implications of a project -Explain financial consequences of business decisions -Formulate business strategies -Monitor spending and financial controls -Conduct internal business audit -Explain the impact of business competitive landscape FA vs. MA: Similarities -Deals with economic events -Requires quantifying the results of economic activities -Concerns with financial resources particularly revenues, costs and expenses -Professions with certifications; code of profession FA vs. MA: Differences | MA | FA | Users | Internal- Management | External- Regulators, investors, creditors, suppliers, potential stockholders, general public |...
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...During the process, a budget model can be used for scenario analysis. At the end of the process, the budget ‘quantifies a plan of action’. * Facilitating communication and coordination: The budget provides a mechanism for achieving coordination, as it forces the different BU managers to communicate their plans and assumptions to each other. * Allocating resources: The departments compete for resources at budget time with (usually) most of the resources going to the department that is achieving the highest return. * Controlling profit and operations: Once produced, the budget becomes a benchmark against which actual performance can be compared. * Evaluating performance and providing incentives: The budget also becomes a benchmark for evaluating and rewarding managers. 2. Why do most firms begin their budget formulation process with sales revenue? Once senior management has settled upon a strategy (including what products to sell into what markets), the marketing people can estimate the level of sales they expect to achieve in the coming period. This then informs the operations departments regarding the level of activity and therefore resources required to service that demand. This is particularly important in manufacturing and service industries where the sourcing of resources and equipment often needs long lead times. 3. What is the role of the budget committee in large, divisionalised organisations? The budget committee (BC) oversees...
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...Question 1 Analyze the current situation facing MAS and AirAsia using the internal and external strategic environment analysis model. Discuss what aspects and why did their collaboration take place. Answer Background to AirAsia A ‘no-frills’ airline is defined as one “That uses charter and/or scheduled flights to offer bargain-basement fares. Budget airlines usually land at and take-off from secondary airports, do not provide in-flight meals or refreshments, and may not even offer numbered seat allocation. Their ticket prices are fixed and non-refundable in case of a cancellation or no-show”. AirAsia is one of the fastest growing airline companies in the world, with a reputation as a low-cost, ‘no frills’ airline. It was originally a government owned business; yet, due to heavy debt, it was bought by former Time Warner executive Tony Fernandes in 2001, and this is where the real story begins. Their vision, under the slogan "Now Everyone Can Fly", is “To be the largest low cost airline in Asia and serving the 3 billion people who are currently underserved with poor connectivity and high fares”,(ii) and their mission is, under the banner of 'Affordable Airfares', “To attain the lowest cost so that everyone can fly with AirAsia,” without any compromise to Flight Safety Standards, as well as, creating a worldwide recognizable brand with a ‘family’ atmosphere within working conditions for employees. (iii) These statements clearly show AirAsia’s value. Cost advantages...
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... TABLE OF CONTENTS QUESTIONS 1:- Analyze the current situation facing MAS and AIRASIA using the internal and external strategic environmental analysis model. Discuss what aspects and why did their collaboration take place? INTRODUCTION Various industries, specifically in airline business are attempting to improve their services to draw new passengers and travellers and to retain old passengers and travellers, and this objective is part of their business as well as their marketing model. In order to adjust with the stiff competition in the airlines business, airlines industries tend to come up with various businesses models and model to be competitive. Additionally, because of increasing competition among substitute industries, firms like AIRASIA, AIRASIA X and MAS. Airlines adopt strategic model to marketing and expend their market reach as well give better and satisfying service delivery to their target market. To sustain the market position as well as advantage business market model to management and marketing are being developed and utilized. MAS, AirAsia share swap not a win-win deal From its inception, it has not been plain sailing for the planned share swap between two of the country's most bitter airline rivals — Malaysia Airlines (MAS) and AirAsia — given the many issues involved. "The collaboration between MAS, AirAsia and AirAsia X was flawed from day one because it cannot bring in a rival. From the start, the...
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...Bare Bones Revision Guide AQA A2 Business Studies Unit 4 The Business Environment & Managing Change y y lic po ar e h th ow gr ar et on m y ion lic o yp t ec ot tive pr pec t s st n o em ti un xa idy ta ubs s c e l se w s po ket ies ar eg e m at g str ad y c s tr gin te er ra oli ver ersment n of emorpo m l p o rg ploy xatio ts ke e cl er ers n m lder p yme u ns keho plo a co n io t fla in g lin r e ng hao a ke c eed c a m fis t objectives t fr d men aims an ic environnment m econo enviro ment social nviron ange h legal e e em un ta of c causes ship leader g and proc hange g for c ess entin implem ing change s manag decision plannin rship exch st rates intere tives objecg markets in g emerg tion inflaange rates cto phic fa nemp subsid taxa hea u n envirot l M e ade s on na a n gi ra demog al dec politic ow ons er su n c C change i nfl subunemployateion men si m nt t re gula dy tio p an h envir social u lea ence ns d s fisc ersh al p i olic p y ge leade e cultur nt onme leg al inte stra rnal c teg au infl ic decisio ses enviro n missio tec al envir ecisio nt ra hno onm ns logi ent po cal or c strategi es influenc ent nm han...
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...Marketing Management Final Marketing Paper Presented to: Tanya Jacobsen “Just for Women shoes” Due: Week 7 June 19, 2011 By: Miasauma Wigfall 1.0 Executive Summary Just for Women is a shoe store that is solely for Women. Randolph, Massachusetts is in dire need of an upscale shore store for women because the current stores have an inadequate selection of women’s shoes. The women of Randolph must travel to Boston or the surrounding areas to find the right shoes. Just for Women will have a selection of shoes that will be unmatched. There will be an extensive selection of different shoes. We have a very unique business model that allows us to have a very extensive selection at the cost of stocking only one size per style. This will be accomplished by having a special relationship with the wholesaler so that Just for Women can receive the sizes needed in one to two days. We will also offer rush overnight delivery for an additional cost. 2.0 Situation Analysis Just for Women is entering their first year of operation. A comprehensive marketing plan is required to reach profitability and ensure future success. Just for Women offers an unprecedented selection of current women’s shoe fashions. There is a current need for an all Women’s shore store in the Randolph, Massachusetts area. There is currently not an upscale shore store in the area at all. Women have to travel to Boston or the surrounding areas in order to buy a descent pair...
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...PRO JE CT S CO PE F OR THE I MPLEMENTATION OF SAGE MAS 200 Page 1 of 19 July 1, 2010 Executive Summary This document provides the detailed information regarding the implementation of Sage MAS 200 at Customer and will address the following areas: Executive Summary 2 Scope Statement 2 Goals 2 Objectives 3 Constraints 3 Roles Definition 3 Customer Project Team 4 Assumptions 6 Deliverables 6 Functional Requirements 7 Project Change Control 16 Future Projects 16 Approval 17 Appendix A 18 Appendix B 19 Scope Statement To implement Sage MAS 200 Manufacturing at Customer on or before February 2nd, 2009 and to provide twelve months of system commencement support. See Appendix A for timeline. See the separate Pricing Proposal for module details, support details, pricing and terms. Goals Customer‟s stated goals for this project are: Implement a system that will carry Customer through the next several years of growth Implement a system that is supported by outside partners to reduce the risk of crippling data loss due to a system crash. Eliminate the need for multiple systems to manage the manufacturing process Reduce or Eliminate duplicate data entry of the same information Reduce or Eliminate the need to consolidate information from multiple systems in management reports Improve information flow from Quoting to Production of finished goods. Create and implement scheduling for the manufacturing processes Create...
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...10 Minute Guide Promotional Mix What it is The 'promotional mix' is a term used to describe the set of tools that a business can use to communicate effectively the benefits of its products or services to its customers. The promotional mix includes the following tools – advertising public relations sales promotion direct marketing personal selling The promotional mix is part of the wider marketing mix. To find out about the marketing mix see the 10-minute Marketing Mix. The challenge is to select the right mix of promotional activities to suit your particular business at a particular time – and to then use it correctly to achieve a result. The combination of tools you use will depend on the target audience, the message you wish to communicate and the budget you make available. There would be little point in advertising new gas boilers in a fashion magazine – much more appropriate to advertise in a trade magazine for builders and gas fitters. Here is a 10-step checklist for developing and managing your promotional mix. 1. Decide how the products and services you provide can be 'packaged' together. The image of your business is formed by the way you promote the elements of the marketing mix – your products, prices and the places through which you sell. It is often helpful to think about promoting the business as opposed to a single product or service. If you need to think more about the marketing mix before going any further, take a look at the 10-minute Marketing...
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...Introduction: The location of our hotel is in the heart of Springfield, Ma off exit 7 next to the Basketball Hall of Fame. At the Springfield Marriott there are 262 rooms with 9 floors and it is a full-service hotel. The property from the outside does not look very impressive, but once you get the grand tour you could say you just might change your mind. Bill Hess, the General Manager gave us a tour of the hotel after his interview, it was a spectacular experience.. Inside of the hotel, adjacent to the garden area there are several banquet halls named after local areas such as “Berkshire”. The full-service aspect is provided by the Champions Sports Bar, Currents Restaurant, and Currents Bar. These food establishments bring in large amounts of revenue and help serve guests the options of breakfast, lunch, and dinner as well as some entertainment. The Marriott has a wide selection of target guests for these dining establishments, including groups outside of travelers. The Champions Sports Bar helps the hotel pick up revenue from locations such as the Basketball Hall of Fame. The major hotel market segments primarily include transient travelers and group guests. Of the transient guests, the hotel’s specific target is a ‘business’ transient guest, many of which have open contracts with the hotel. One of the companies who provide frequent business travelers to the hotel includes Smith and Wesson Gun Company located in Springfield, MA. Usually happens with these company business travelers have...
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... First In Show Pet Foods Swot Analysis The following SWOT Analysis ledger is for First in Show Pet Foods Inc., new frozen dog food product “Show Circuit”. It displays the Internal and External factors that will affect “Show Circuits” introduction to the pet food market. Although “Show Circuit” will need to reshape its prospective target markets views on conventional dog food, it has a researched and proven formula that will provide an improvement in dogs’ coat shine. With the current market trend projecting an increase in dog food sales, the high production cost of “Show Circuit” will not be a strong external threat. With a good media strategy, store positioning, a creative market introduction, “Show Circuit” will be able to successfully compete with larger well known dog food brands. The Internal Factors Strengths: · Specialty high quality dog food · Small solid following among “show dog” kennels in Boston, MA · Freshest dog food in Market; 85% federally inspected beef by-products, beef, liver, and chicken, 15% highest-quality fortified cereal · Completely balanced frozen dog food Used and recommended by professional “show dog” owners for years. · Located in frozen food section right next to “people” food. · Record of “Blue Ribbon” winners as current product users. Weakness: · Cheaper dog foods that are more readily available. · Less than one-half of dogs in the US are regularly...
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...Introduction |2 | |1.1 Factors passengers consider when selecting airline |5 | |1.1.1 Service offered by airline employees |5 | |1.1.2 Departing and arriving on time |4 | |1.1.3 Feeling safe when flying |5 | |1.1.4 On-line services offered by MAS |6 | |1.1.5 Price |6 | |1.1.5.1 Everyday Low Fares |6 | |1.1.6 Promotion |7 | |1.1.6.1 Malaysia Airlines Travel Fair (MATF) |7...
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...The importance on MA in HR Human resources oversees the people assets that push and pull an organization toward its goals and objectives. Senior management regards HR policies and programs as success factors because they guide worker performance, which has an impact on profitability. Successful HR professionals in today's competitive global market need to be financially intelligent. Like their counterparts in sales and marketing, they need to understand the language spoken by management: accounting. Budgeting HR managers develop and control departmental budgets. An accounting background prepares them to regard budgeted items such as training, recruitment, staffing, incentives and performance evaluation in terms of their cost and dollar benefit to the organization. When accompanied by and based upon payback analyses, HR budget requests give senior management the information it needs to decide how to allocate available funds. Exposure to accounting also helps an HR manager appreciate corporate cash flow in the budgeting process. Employee vacation costs, for example, might be charged monthly rather than when actually incurred for quarterly financial reporting. Managerial accounting is also helpful when it comes to proposing changes or introducing new policies. Belief that the new activity will solve a problem is not enough; the cost must be justified. The HR manager must anticipate senior management’s questions. If he/she has studied accounting, he/she will be able to demonstrate...
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...OPERATIONAL PLAN FOR NAB COMPANY Vernessa Blackwell Strategic Management Business 599 Dr. Scott Holtzclaw, Ph.D. Contents Introduction 3 Operational Plan 3 Goals of the Project 3 Types of Products and their Operations 4 Sales Plan 4 Financial Planning 5 Technology Plan 5 Management & Organizational Plan 6 Conclusion 7 References 8 Operational Plan for NAB Company Introduction This assignment comprises of a plan that has to be done for NAB Company on operational, technology and the management and organization front. The first discussion would be carried out on the operational front. It will be plan that will give a detailed plan in terms of the competitive advantages, rent or buying of the facilities, outsourcing decision for the production, quality control, inventory control and the SWOT and distribution method. The plan for the technology that will comprise of management of the personnel, customer service and production of the beverage would be discussed. The management and organization plan would comprise of the hierarchy of the management, structure of the management. Operational Plan This section will comprise of the operational plan that NAB Company would be following in terms of carrying out its operations. The company is involved in the operations of the Non-Alcoholic Beverages. These beverages required a detailed operational plan in terms of the equipments like: vats, refrigerators, burners, ovens, bottling equipment and various others that will...
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...information quickly, clearly, and in a way that makes your experience relevant to the position in consideration. That means condensing your information to its most powerful form. Contact Information : 1. Full name 2. Campus and permanent addresses 3. Telephone numbers 4. Email address Objective : In your management resume, create a brief headline that encapsulates your career goal and one or two of your top qualifications. For example: 'A leadership sales position with a world class and high-integrity food products company'. Advertisement | | Include a Career Summary section in your management resume and highlight your most important strengths. To create your summary, review job postings to get a good feel for what hiring managers find desirable. Specify a list of your matching credentials and incorporate these into the summary. For example: 'A versatile and skilled sales/marketing professional with leadership qualities and excellent hands-on experience in developing and improving sales for wholesale and retail operations. An assertive manager with outstanding interpersonal communications, negotiation and people management skills'. Education : List your highest degree first. 1. Name of institution, city and state 2. Degree, major and year awarded 3. GPA (optional) Skills : Mention all your job related skills to make your resume outstanding. Use action-words, verbs, adverbs and adjectives in your descriptions and terms that are specific to...
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...additional funding by developing a profitability / financial viability model of company’s 350 stores Evaluated and recommended an in-house delivery system in OppenheimerFunds, CO, which resulted in a $100,000 annual savings by eliminating need for outside carrier Created an optimal staffing model for stores resulting in annual payroll work hours savings of 20% Streamlined the corporate planning process, creating a centralized planning platform that reduced budget preparation time by two weeks despite the budget doubling in size over a two-year period Conducted cost benefit analysis to outsource the store’s in-house packaging facility resulting in a $1.5 million savings Produce annual budgets exceeding $500 million and forecast models on a departmental, business segment and consolidated basis working with functional department heads and senior management Analyze and interpret monthly variances and trends between budgets, actual and prior results in developing projections and forecast Track and review gross and net sales including gross margins in producing forecasts and trend analysis on an on-going basis Provide financial support and analysis to Operations and Marketing areas for strategic business decisions and cost savings initiatives Create NPV, IRR,...
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