The role of multi-channel retailing in Singapore service retail Essay

The role of multi-channel retailing in Singapore service retail industry - Essay Example Thus with the development of internet communication the consumers can now easily make purchases through the web sphere and also through their personal gadgets like Personal Digital Assistants having internet connectivity. Moreover the customers can also make relevant purchases based on catalogues or visiting kiosks of the retail stores. These services largely enabled by multi-channel retailing systems have helped in transforming the pattern of services generated in the retail sphere. Furthermore the retail firms based on multi-channel systems are also helping the consumers to avail a large number of options where the consumer can locate products in one outlet and purchase such from another belonging to the same company. Again multi-channel retailing system has also helped the consumers to gain the advantage of returning commodities in one retail outlet which was purchased from another outlet of the same company. (Berman, Retail Management, A Strategic Approach, 10E (India: Pearson Ed ucation India, 2007), 183.; Willard N. Ander and Neil Z. Stern, Winning at retail: developing a sustained model for retail success (New York: John Wiley and Sons, 2004; Lena Fitzen, Multi Channel Retailing in the Automotive Industry: Determinants of Consumer Retail Choice (Germany: GRIN Verlag, 2009), 16.) Different retail companies pertaining to categories like apparel and other consumer durables make expanded use of multi-channel retail systems to reach wide number of consumers thereby focusing on market expansion and augmentation of revenues. Big retail firms through the opening up of different retail formats and through increased web presence can fulfill the business objectives of market expansion in both new and existing territories. (Joachim Zentes, Dirk Moschett and Hanna Schramm-Klein, Strategic Retail Management: Text and International Cases (Germany: Gabler Verlag, 2007), 55; Diamond, Fashion Retailing: A Multi-Channel Approach (India: Pearson Education India, 2007), 374). Multi-Channel Retailing-Advantages and Challenges The growth of multi-channel retail systems around the world led to the increase of large number of advantages and disadvantages related to it. Firstly the retail companies tending to use the multi-channel retail systems need to strategize their retail offerings and services in a homogeneous manner so that it can well percolate along the several marketing mixes. Retailers through the use of multi-channel retail concept tend to draw consumer attention to specially designed products which are not easily displayed in retail counters. These retail companies through the use of the online sphere tend to create a huge display of different types of products thus enhancing the width of the product assortments. Moreover retail companies can also cause consumer hype by creating displays of new product and service launches in their websites. Again the retailers can make use of multi-channel retailing concept to create a mass promotion of the pro ducts and services. The retailers can make use of utilities like kiosks and catalogues to help in generating large number of information to the consumes pertaining to the availability of store outlets, product and servi

Infosys HRM Case Study Example | Topics and Well Written Essays - 1000 words

Infosys HRM - Case Study Example The company has had to overcome several difficulties since its inception to stamp its authority in the market. The company has had a commendable annual growth rate of 65 percent from 1993 to 2003. The company first strategy was to be an off shoring company, but in the early stages, it had engaged in body shopping. Body shopping involved the sending of its IT experts to foreign countries to solve their client’s problems. However, the company moved back to its original plan of off shoring due to the restrictions that were facing it inn having the control of a specific project (Delong, 2006). The company prior to the preparation of the case was ranked as the best employer. The company had however dropped in the ranking necessitating for serious restructuring at its human resource department. The company placed a lot of importance on its current and future employees ensuring they were satisfied in terms of their welfare. The remuneration of the company’s employees was over ten to fifteen percent that offered by other companies in the same industry (Delong, 2006). Analysis of the company’s performance The company was founded by Murthy and six of his colleagues who had previously worked at start-up software firm against the discouragement from many of their friends. They started the company on two hundred and fifty dollars that they had borrowed from their spouses. The company’s vision was founded on the principles of creating wealth while adhering to the law and a strict code of ethics (Delong, 2006). All the founders of the company were professionals and they aimed at ensuring that they hired professionals to work for them in their endeavors. The founders envisioned a professionally run company that dealt fairly with all its stakeholders who included the customers, shareholders and employees. The initial face of starting the business was faced with challenges occasioned by the bureaucracy and regulations present in India. The regulations hampered the transactions of the business and limited its ability of becoming a global company. The company had a single client up to 1986 and matters became worse when the United States government placed restrictions on the issuance of visas (Delong, 2006). The action by the U.S. effectively reduced the customer base of the company that nearly collapsed. The company was faced with difficulties when one of the partners left to pursue other avenues in the U.S., which dent a blow to the company’s efforts of growth. Murthy convinced the rest of the partners to stay on in the company with a promise of turning it around into a successful company. The company’s management engaged in restricting efforts that were boosted by the liberalization of the Indian economy. The Indian economy had been faced with negative macroeconomic conditions that forced the government to liberalize its economy dismantling the licensing system that had been used (Delong, 2006). The new conditions in the business market allowed for the conversion and a hundred percent ownership of high-technology companies. The company took advantage of the liberalization of the economy to venture into the Indian capital markets through an initial public offer (IPO). The company moved from body shopping to off shoring as a strategy to counter the restrictions placed by the U.S. government on the limitations of obtaining a visa (Delong, 2006). T

There Are Major Approaches Of Leadership Theory Business Essay

There Are Major Approaches Of Leadership Theory Business Essay Virgin was founded in 1970 as a mail-order record business and developed as a private company in music publishing and retaining. Virgin had grown fast, becoming profitable and entering and claiming a significant share of new markets without the traditional trappings of the typical multinational. In 2001 Branson described the virgin group as branded ventures to expand them at the expense of profits. The use of partners provided flexibility and limited risk. Branson and his business development team reviewed about 50 business proposals a week with about four new projects under discussion at any one time. Company profile:- Sir Richard Branson, holding company Virgin Group gets around. The groups travel-related operations, led by 51%-owned Virgin Atlantic Airways, are among its largest cash generators. The airline flies to about 35 destinations around the world with a fleet of almost 40 aircraft. Virgin Atlantic is complemented by its Australian low-fare cousin, Virgin Blue, which operates a fleet of some 80 aircraft. Virgin Group also runs Virgin Rail and sells tour packages. Besides travel and leisure, the groups major operating areas include financial services and telecom (Virgin Media). Leadership:- Leadership culture is defined by the collective action of formal and informal leaders acting together in the help of organizational goals that ultimately marks the difference. When we speak about the leadership it is the both leaders themselves and the relationship among them, the skills and behavior of the leaders are needed to implement the business strategy and create the desired culture. The collective leadership capabilities of the leaders acting together in the groups and across the boundaries to implement strategies. A good leadership strategy takes all of these factors into account. (William and Michael, 2011.) Generating the effort and commitment to work towards objectives is central to managing any human activity. People use the term effective leader to denote someone who brings innovation, moves an activity out of trouble into success, makes a worthwhile difference. They see opportunities to do new things, take initiatives, and inspire people. The most effective leaders will be people who use their energies to accomplish desired results. Leadership will focus on action and implementation. Katz and Kahn (1948). There is general three areas of skill are necessary for the process of management: technical, human and conceptual Technical skill:-ability to use knowledge, methods, techniques, and equipment necessary for the performance of specific tasks, acquired from experience, education and training. Human skills:-ability and judgment in working with and through people. This includes an understanding of motivation and application of effective leadership. Conceptual skills:-ability to understand the complexities of the overall organization and where ones own operation fits into the organization. This knowledge permits one to act according to the objectives of the total organization rather than only on the basis of the goals and needs of ones own immediate group. There are major approaches of leadership theory:- Trait theory:- Trait theory does, however, help us identify some qualities that are helpful when leading others and, together, these emerge as a generalized leadership style. Examples include empathy, assertiveness, good decision-making, and likability. Trait theories argue that leaders share a number of common personality traits and characteristics, and that leadership emerges from these traits. Early trait theories promoted the idea that leadership is an innate, instinctive quality that you either have or dont have. Thankfully, weve moved on from this approach, and were learning more about what we can do as individuals to develop leadership qualities within ourselves and others Behavioral Approach Theory:- The behavioral approach theory is an extension of the traits theory and is superior in certain respects. The traits theory failed to explain what caused effective leadership. The behavioral approach is based on the study of behavior of a leader. This behavioral theory suggests that a leader do not behave in the same manner under all situations. Similarly, his actions are not identical under all situations which he faces. He adjusts his behavior as per the need of the situation. There is an element of flexibility in his approach and behavior. He studies the situation and adjusts his leadership style accordingly. He adopts different leadership styles to meet the need of different situations. Contingency theory of leadership:- Fred Fiedler developed the Contingency Theory of Leadership that determines types of leaders by their characteristics and the situations they find themselves in. The relationship-oriented leader will want to get along with their employees and thus will perform in a way which gains their adoration. This does not take away from the fact that they desire a high level of performance from their employees, but their top priority is to maintain good relationships. The top priority of a task-oriented leader is for their subordinates to complete all tasks and meet all goals. While both styles of leadership can be useful in different contexts, it is important to realize under Fiedlers Contingency Theory it is next to impossible for a relationship Situational leadership theories:- Situational theories of leadership were developed to find good ways of adapting leadership actions to meet the needs of different situations and circumstances. Leadership style here refers to the broad approach adopted by a leader. A leaders style of leadership is often based on a leaders own beliefs, personality, experiences, working environment and the situation at the time. Some leaders work within one leadership style. Others are more flexible and can adapt their style of leadership to meet the needs of different situations. Transactional vs. Transformational leadership theories:- Transactional leadership theory is based on transactions or exchanges between the leader and the follower. It assumes that the working relationship is one where the leader issues the work, praises or criticises, rewards or punishes. The follower has little responsibility, other than doing as they are required, correctly. All works well if both leader and follower carry out their part in the transactions as expected. This approach is more often seen in low skilled jobs, where procedures are clearly defined or where there is little change. Transformational leadership theory is all about change. Transformational leaders inspire others to follow a vision. One reason transformation model is a true development is its goal emphasis. The relationship between the leader and other members of the team isnt of primary importance. Such roles and duties exist because there is an outside something that all wish to reach, and so they take their places and undertake their own necessary tasks. For the first time, those studying leadership began to see it as necessarily being in relation to something greater. Transformational leadership depends on a greater context or meaning, which is something all people desire. Building trust and getting cooperation are far more difficult than giving orders and monitoring process. In transformational leadership, the leader must continue to be an inspiring presence. The leader leads by example and is responsible for motivating others. Richard Branson has got the style of a transformational and charismatic leader, which most of us only dream of working for or with. Sir Richards own opinion on this review of him as a leader, delivered through a two hour long interview of him on his island, sharing a nice bottle of red wine. But that will most probably stay à   dream, as will the wish of working for or with a leader as Sir Richard Branson. Leaders deals with their employees in different ways. Some are strict to the employees and like to be in absolute control on the other side some are more relaxed and allow workers some space to run their own working lives. Whatever approach is predominately used it will be vital to the success of the business. An organization is more or less similar to the Manager or the person running it. Management styles are also known as leadership styles, indeed they are similar phrases most of the time. Different Types of leadership Styles Autocratic Feature Autocratic Managers normally just gives orders to their staff takes decision without any discussion or consultation In these situation decisions are taken very quickly because staff are not consulate. Subordinates other staff are expected to obey the instructions. Impact As the staff does not have any involvement the works are usually completed on time decision are taken faster. Sometimes this kind of management style decrease the motivation also increase the staff turnover because they are not involved in taking any decision neither feel valued. Democratic Feature Unlike in Autocratic leadership style Democratic style employees are involved in taking decision therefore they find themselves valued they are motivated. They have been given responsibilities to finish the work given to them using their own method. However task should be completed on time. This method also improved the quality of staff because they are motivated belonging. Also the management gains team commitment especially when changes need to be made. Impact Although this style of leadership is very famous among businesses this method slows down the process of decision making because the staff is involved. The managers gain the team commitment mostly when changes need to be made. Laissez Faire Feature In Laissez Faire leadership style Managers sets a task gives staff absolute freedom to complete the task taking own decisions. In this leadership style there is very little or almost no direction from the manager. The manager however does not sit idle! They are there to coach or answer questions, supply information if required. Impact Staff fell motivated is developed to take responsibility. But on the other hand with very little guidance from the manager staff may feel lost a may not be able to reach the target within set the time frame. Motivation theory:- Motivation is the force that makes us behave in a particular way. In a business setting motivation is about ensuring that employees put in the effort required to achieve the objectives set for them. Motivation theories:- Over the years a number of leadership theories have been put forward in an attempt to explain the nature of employee motivation and suggest ways in which it may be improved. Frederick Taylors motivation theory:- Taylor was an American engineer who studied production methods in the steel industry. He concluded that workers main motivation was pay and that they needed close supervision. He believed that complex jobs would be most efficiently performed if broken down into separate operations where little could go wrong. The whole job could then be completed in a series of stages by employees working together in production line. Elton Mayo: in the 1920s Mayo conducted a series of experiments at the Hawthorn works of the American Electric Company in Chicago. He was investigating why, despite improved facilities and benefits, there was much dissatisfaction and poor productivity. He concluded that the employees were responding to the attention given to them, rather than to the physical working conditions. Abraham Maslows hierarchy of needs:- Maslow believed that motivation comes from a desire to satisfy a hierarchy of human needs which show in diagram. We must first of all satisfy our basic needs for survival such as food and shelter. Thereafter we become interested in higher level needs such as job satisfaction and self -fulfillment. People in developing countries, for example will work hard for low wages because there is little alternative. Maslow accepted that a verity of needs will exist at the same time, but suggested that once lower needs are satisfied then higher become the strongest motivators. Frederick Herzbergs two factor theory:- Frederick Herzbergs two factor theory, produced in the 1950, concerns job design and satisfaction. From numerous interviews with accountants and engineers he concluded that two sets of factors are important in motivation. Hygiene factors motivators Reasonable pay Satisfactory conditions of work Benefits packages such as sick pay, pensions schemes, etc. Without these , people are dissatisfied, but they alone do not lead to job satisfaction or provide motivation Responsibility Challenge Self -improvement These provide job satisfaction and motivate people Douglas McGregors theory X and Y:- In his book, the human side of enterprise, McGregor put forward two extreme views about the way in which organizations manage their employees. He called these theories X and theory Y. Douglas McGregor believed that there were two main ways of managing employees. The theory x The theory y The theory x way, where employees are managed as if they are lazy and need to be punished and threatened if they do not work hard enough. The theory Y way, where employees are managed as if work is a good activity for them and they will feel rewarded from being with other human beings and doing a good job. The type of leadership style that is used with employees can make a difference to the level of motivation that they feel. Some employees may work harder if they are heavily supervised and threatened with punishment if they do not work well, but for others this can lead to de-motivation and they will either produce less work or eventually. McClelland: David McClelland suggested that there are three main types of motivational need:- The need for achievement The need for authority and power The need for affiliation Each employee and leader has differencing levels of these needs, and this influence their style and behavior as leader or employees. Look at the following example. A person who is achievement -motivated wants challenging goals and to be able to reach them. They need to receive feedback on how they are doing and need to feel they are being a success. A person who is authority and power -motivated needs to have a big influence on others and make an impact. They want and need to lead as his helps them feel better about themselves. A person who is affiliation -motivated wants friendly relationships and likes being with other people. They are team players and are often popular at work. As most people possess a mixture of all three sets of characteristics, the style a leader uses in influenced by their dominating need. Vroom:- Victor vroom developed his expectancy theory of motivation, which states that employees work harder if they believe that the outcome of their efforts will be better. He produced an equation that is used to calculate motivation:- M = EÃÆ'-IÃÆ'-V M= motivation E = expectancy I= instrumentality V = valence By multiplying these factors together Vroom says it is possible to work out how motivated someone is likely to be. If each variables is high, then motivations is likely to be high , but if one is low , overall motivation will be lowered. Culture-Culture of an association is the typical way of doing things in the organization. It particularly relates to behavior patterns and relationships. The culture of an organization develops over time. It is created by the people that work for the organization its manager and workforce. Any companys values and beliefs depend on cultures which are shared across the business. Company organizations also effect on its strategy and focus on the consumer. A key factors of the new approach has to change the corporate culture and build an atmosphere within the company those values : consumer facility which focus given that an skill that is agreeable and sociable as well as efficient team work, for the reason that this lead to superior support and the contribution of greatest training attractive ownership used for decision as a result to facilitate manager explain problems themselves rather than pass them on to others respecting every one thus everyone feel they be able to contribute havin g the cut-throat will to succeed thus each person is aim to develop and be successful. Cultural diversity:- The phrase Cultural Diversity means a group of various societies or peoples with different origins, religions and traditions living, working or interacting together. At the best, it involves treating fairly and reasonably each ethnic group without advancing the specific beliefs or values of any particular group. In other words cultural diversity at business is an idea of hiring people of different groups, different religions and encouraging the entry of working staff from various countries. Dimensions of diversity:- Primary dimensions Secondary dimensions Tertiary dimensions Race Ethnicity Gender Age disability religion culture sexual orientation thinking style geographic origin family status economic status political orientation work experience education language nationality beliefs assumptions perceptions attitudes feelings values group norms This table indicates that diversity has many dimensions. These may intertwine to produce unique syntheses of human profiles, made up of both differences and similarities. The dimensions interact with and influence one another and emerge or are displayed differently contexts, environments and circumstances, making analysis and management complex. Race, for example, may be more dominant than age in a certain social situation, but may be less dominant than education in a work context. Thus the position and dominance of each dimension are not static, but dynamic, making the concept of diversity more complex. The secondary dimensions are more malleable and many of them will change over time. Diversity is not simple, not easy to grasp and not easy to mange. By using socio-demographic traits as independent variables to operationalise diversity, most diversity studies has understood diversity as a given, fixed individual or group essence (Litvin 1997). Managing cultural diversity:- Overcoming prejudice and changing entrenched negative attitudes about equality and diversity issues is difficult. Every organization needs to understand the broad nature of the business arguments and ensure actions and initiatives support business goals. They need to move from minimal compliance with legal duties and focus on engaging employees understanding in ways that influence personal behaviors and operational activities regarding the diversity of products and services to meet diverse customer and client needs and preferences. People make the difference at work but everyone is different covers the evolution of the concept, tips for progressive action, case studies and diversity issues in the population. For an organization to gain the full benefits of diversity, a coherent diversity strategy is needed to ensure that all policies and working practices across the business reflect relevant diversity implications. It needs to be supported with a well communicated value system reflec ting the importance of diversity. All employees should be trained to understand and engage with this in the way they do their jobs and work with their colleagues. Diversity strategies need to embrace greater flexibility in both people propositions and customer and client service delivery and take account of the inclusive nature of the work- life balance agenda. Managing diversity also links to ensuring that employee wellbeing is not just a nice to do but an essential element of employee engagement and motivation. Smart employers take account of these issues as key components of their employer brand to support the attraction support and retention of talent. Adler (1997) has identified the following strategies for managing cultural differences. Ignore cultural differences Minimize cultural differences Manage cultural differences Recommendations:- The world keeps changing and providing new kinds of challenges to multinational corporations. This makes it necessary for them to adopt new strategies and new kinds of activities in order to survive and grow in a changing business environment. Virgin will continue to prosper in its global business by integrating the leadership skills and technical abilities of its executives to enable them to develop innovative ideas on how to cope with the diverse conditions in the global market. Another recommendation is for the corporation to eliminate the typical Western bias towards poor countries. The principle is to operate in ways that take into account the expectation of people who are affected by the business. The corporation should also make more efforts to develop native capability. This refers to the recruitment and training of the locals to become global leaders which ultimately will redound to the best interest of the corporation. Conclusion:- With over 25 years in the travel sector and a reputation for delivering unforgettable experiences to millions of Virgin fans, Virgin is a perfect fit for the hotel business. Virgin is a leader in design and hospitality and has transformed businesses ranging from airlines to fitness clubs to super luxury retreats and even space tourism. Customers expect innovation and excellence and our new 4 star hotels will deliver exactly that. Virgin Hotels offers a unique opportunity for property owners and developers to partner with a leading global brand in a highly differentiated hotel proposition that taps into evolving trends in consumer tastes. Virgin hotels aim to re-define the customer journey from pre-arrival to check-out is built on extensive customer research. Hotel valuable target audience includes high income, well-educated, metropolitan business and leisure travellers. We can leverage millions of Virgin flyers to significantly enhance marketing, sales and distribution, and millions of loyalty program members (Virgin America Elevate and Virgin Atlantic Flying Club). In addition, having built large scale, highly profitable businesses, we bring proven operational expertise. References: Ginsburg, F. (2002). Screen memories: Resignifying the traditional in Indigenous media. In F. Ginsburg, L. Abu-Lughod, and B.Larkin (Eds.),  Media Worlds: Anthropology on a New Terrain  (pp.39-57). Berkeley: University of California Press. Mullins L.J., 2007, Management and organizational behaviour, Pearson Education Ltd, GB, PP 166 Niezen Ronald A world beyond difference Blackwell Publishing 2004 Peter F.Drucker, the practice of management (New York: Harper Row, 1954).see also Allen Richard L.Draft, Management, 3rd ed. (Fort Worth, TX: Dryden Press, 1993), p.493. Smith, M. Smith, M. (2002). Globalization the encyclopedia of informal education. Retrieved August 27, 2006 James D.Thompson, Mcdonals in action, 1967. Michael E. Potter, competitive Strategy: techniques for analyzing industries and competitors 1980. Robert OQuinn and Kim Cameron, Mcdonald Life Cycles and Shifting Criteria of Effectiveness 1983. Rahul Jacob, Corporate Reputations, 1995, 54-67 William Warned, lessons of value -Driven Leadership, 1995.

Polyethylene and Polyterephthalate are Outdated Essay -- Polymer PET P

Poly(ethylene terephthalate) Outdated: Is the World Ready for a New Plastic? Abstract: This paper explains the structure of polymer poly(ethylene terephthalate) also known as PET. It states the properties of the plastic as well recycling methods. My goal was to find out what makes PET the number one plastic, both in consumption as well as the most recycled. I also searched for new polymers that are being created by scientists and compare them to PET to see if there was a plastic out there that is better for the environment. I found a few alternatives that would be able to replace PET but aren’t being used. I also found a fire-proof polymer called BHDB which can replace the previously used polymer. Poly(ethylene terephthalate), a plastic found in soda bottles, peanut butter jars, and even pillow and sleeping bag filling [1], is the most used and recycled plastic. As Americans we use about 2.5 million plastic bottles per hour. Most of this plastic that we are using, though, ends up not only in land fields but in oceans and other undesirable places, only a small portion of it is actually recycled. Plastic are long chains of polymeric molecules. Unlike paper or other compounds, plastics are commonly used for their qualities such as durability weight, processibility, cost, corrosion, and impact resistance. 2 The basic composition of polymers includes oil, coal and natural gas though recently they have been more petroleum-based[1]. About 140 million tons per year are produced and a lot of that ends up as waste in land fields [1]. There are many characteristics PET has that contribute to the popularity of this polymer. Among those characteristics are lightweight, low density, low cost, mechanical toughness, dura... ...e motivated and helping me make my paper the best it can be. Thanks to Ryan Dill for the title idea and lastly the girls of Room 303, without them I’d still be writing the first sentence of my paper. 7 Works Cited [1] â€Å"Biotechnology Advances† Volume 26, Issue 3. ScienceDirect May-June 2008: Pages 246-265. 24 July 2008. 1&_user=4421&_rdoc=1&_fmt=&_orig=search&_sort=d&view=c&_acct=C000059598 &_version=1&_urlVersion=0&_userid=4421&md5=34933854b44913198526946dc2afce 96> [2] â€Å"PET.† 24 July 2008. [3] â€Å"How to Recycle PET.† KenPlas. 24 July 2008. [4] â€Å"New Enviro-Friendly Flame-Retardant Synthetic Polymer† Posted 31 May 2007. 24 July 2008.

How Subway Restaurant Can Avoid Marketing Myopia Essay

â€Å"In 1965 seventeen year old Fred Deluca borrowed $1,000 from a friend Pete Buck and suggested an idea of starting Pete’s Super Submarines in Bridgeport, Connecticut. This franchise was started to help get through college to study medicine, and in the following year they formed Doctor’s Associates Inc. to oversee operations of the restaurants as that franchise expanded. The first Subway franchised unit opened in Wallingford, Connecticut.† (Subway.com/Subwayroot/) Fred Deluca and Pete Buck advertised on the radio the name Pete’s Subway to they eventually decided upon the name to Subway in 1968 as we know it today. The first mistake they made was putting the restaurant in a poor location. Their first year of business was a learning experience and a challenge. A year later they opened their second store after realizing that visibility and marketing were some of the key factors to success. Needless to say Subway restaurants have come to be very successful franchises. In 2012, Subway honored CHEMCO with the Social Responsibility Award. CHEMO provides hand soap and a variety of other cleaning and sanitation supplies. â€Å"The SUBWAY Social Responsibility Award recognizes a supplier that has done the most to create sustainable practices while reducing costs and improving quality in the SUBWAY ® system,† (Subway.com/Subwayroot/) Marketing Myopia is managements’ failure to recognize its view of business. (Boone&Kurtz, 2013) Subway’s mission statement is â€Å"Be the #1 Quick Service Restaurant (QSR) franchise in the world, while delivering fresh, delicious sandwiches and an exceptional experience.† Some strategies to avoid marketing Myopia are: Dispose of their soda fountain machine, since sodas are linked to childhood obesity. Subway could also hire employees whose English is more prominent. Incorporate a drive- thru. â€Å"Subway declares that one of their salads provides five servings of vegetables. While this is technically true, the vast majority of the servings are iceberg lettuce. Unfortunately, this is one of the least nutritious vegetables available. Salads have four grams of fiber.† (About.com, 2013). If Subways mission is to be the #1 quick service restaurant (QSR) franchise, then no one should have to wait on food to be heated in the microwave. Subway promotes itself as a â€Å"healthy alternative to greasy fast food,† and this marketing approach has proven very successful. Studies headed up by Brian Wansink, director of the Food and Brand Lab at Cornell University in Ithaca, NY, concluded that â€Å"Subway has acquired a so-called â€Å"health halo† — people give themselves â€Å"credit† for eating at Subway and indulge in extra treats when they do so. People also underestimate the calories consumed after eating at Subway, as compared to a hamburger fast food franchise, such as McDonalds†. (About.com, 2013) In the next ten years maybe Subway can deliver just as Pizza Hut and Dominoes. Continue to go Global. Develop a method where they can have free Wi-Fi days. Set up a KIOSK in store where customers can punch in their own orders. Develop a way the food can stay hot without the use of a microwave, perhaps solar energy (About.com, 2013)

Market For Lemons Summary Essay

In this article, the author examines the relationship between quality and uncertainty and their implication on the theory of markets. Akerlof uses the example of the automobile market in order to illustrate the effects of uncertainty and quality on consumer behavior. In his example, Akerlof begins with the assumption that consumers have the option of either buying a new or used car. However, the consumer cannot predict whether the car that they buy is a good car or a â€Å"lemon†. Therefore, the probability of a car being good can have a probability of q while the probability of a lemon would be (1-q). This probability increases, however, as time progresses and you learn about your car. Therefore, it can be seen that the seller will have a more accurate prediction on the quality of the car as opposed to the buyer because the seller has more information on the car. The problem is that the seller is forced to sell his car at a price which disregards quality because buyers are unable to tell the difference between a good car and a lemon. Therefore, the seller is not able to receive the true value of his car and therefore forced to operate under a loss. Akerlof continues this analogy in other examples. In the insurance industry, the elderly have problems obtaining insurance due to the drastic spike in premium cost. Research has shown that as the price level rises, the people who insure themselves will be those who are increasingly certain that they will need insurance. This means that as the average medical condition of the insurered deteriorates, the price level rises, with the result that no insurance sales may take place at any price. Akerlof also uses the example of employing minorities, the cost of dishonesty, and the credit markets in underdeveloped countries to make his point. He has shown how â€Å"trust† is extremely important in any business transaction. Informal guarantees are preconditions for trade and business.