Challenges of Strategic Human Resource Management

Challenges of Strategic Human Resource Management Strategic Human Resource Management is related between strategic management and HRM. SHRM is intended to create decisions organizations employees important works of its business strategy. It gives the general way of an organizations hope to achieving objectives through its people. SHRM is run for long term issues of the people in business. It is also connected to the organizations structure and its culture, requirements of future business. Its performance can change the total management. Strategic human resource management emphases on human resource programme of Nokia that has long term objectives. It is focusing on internal human resource issues as well as on addressing and solving problems that effect management programs in the long term. So the main goal of strategic human resources is to boost employee productivity by focusing on business resistance that take place outside of human resources. SHRM of Nokia employs strategies that help to develop the business performance of Nokia and help an environment of modernism and flexibility among employees. The main actions of Head of SHRM Juha Akras are to identify key HR areas where strategies can be implemented in the long run of progress the overall employee motivation and productivity. SHRM also describe about the companys internal strengths and weaknesses. This is very important as the strengths and weaknesses of a companys human resources that have a straight effect on the companys future. 1.2 The purpose of Strategic Human Resource Management activities of Nokia: SHRM has a unique purpose to meet the companys objectives. Different company has different strategy and SHRM plays a role to identify the overall need for the company to achieve the company goal. The SHRM activities are as follows for Nokia and it has a great purpose for companys future: 1.2.1Resource planning: Resources are very important and should accessible to get together present and potential business requirements in favour of business policy. Nokia Resource planning directed executive or global and part or narrow system which is done by SHRM of Nokia. Particularly, talented workers or real apprenticeship schemes must be used. 1.2.3 Workforce planning and recruiting: Workforce planning is the development of assessing a companys current and future human resources needs. Workforce planning also includes managing any training and recruitment process to make sure the organisation has the exact staff inexact place. Nokia work force planning has a great purpose to properly express one way to make a workforce receptive to cross functional, Cross-cultural teaming that can therefore make fast, high-quality decisions and increase the organizations flexibility. 1.2.4 Performance management: Nokia SHRM has a system to run employee performance. It ensures individual objectives are copied from company strategy and policies. This is for motivate Nokias employee. 1.2.5 Recruiting and exit procedures: Nokia SHRM makes sure the capable and qualified persons are appointed to open positions, according to real need. The dealers check the quality of candidates. SHRM provided with a work contract or offer letter, basic or specific training. SHRM shall ensure that exit procedures are acquiescent with local legislation, international labour law and appropriate collective agreements. 1.2.6 Nokia specific training and certification: Nokia SHRM has the essential guidance on Nokias organization and product marketing, if required any compulsory Id or certificates to be trained the community procedure of engaging multicultural, multi-country employees in generating and agreeing on a set of values and to search and get deeper considerate of the relationships between strategy, culture, values and business outcomes. 1.3. Contribution of Strategic Human Resource Management to the achievement of Nokias organizational objectives. To continue a strong, booming and well-organized atmosphere Nokia connects with its workforce in the core target to make an situation for all its workers anywhere they can fulfil their prospective. 1.3.1 Company growth: Nokia expands their business in regularly basis with new innovations and ideas. That is why Nokia needs lot of skill and experienced persons to meet their business growth. For example Nokias Research Development work was spread crosswise in 69 web and its 19,579 technical expertises to activate and build up their own facts. In these situations Human Resource played a vital role. It recruits them and trained  them in specific way to success in this project. Nokia is operating their business all over the world and so the human resource providing a socio cultural environment to its employee relationship and workplace. 1.3.2 Profit increasing: Every company is profit oriented. They want to increase their profit in every aspect. Nokia is also increasing profit very successfully by making new ideas implementations. Human resource has a effective involve to increase their profit by reducing labour cost and other activities. Human resources is the organization of resources other than natural resources and capital resources. 1.3.3 Satisfaction of Stakeholders: Human Resource of Nokia always try to satisfy its Stakeholders like its employees, investors, suppliers and others. It has an member of staff approval training and employee judgment assignment and can get achievement on the grades of the training. It makes sure that information related to employees such as industry performance, communicated crossways the society and ensure performance is evaluated fairly and independently.HR of Nokia provide to dealer forces at Nokia services. Task 2: Human Resources Planning: 2.1 Business factors of Coca-Cola that underpin human resource planning: Human resources are the people that work for an organisation, and Human Resource Management is concerned with how these people are managed. Though, the term of HRM has come to mean more than this because people are different from the other resources that work for an organisation. Coca-Cola Human Resource department involves in company strategic planning in various way. When it makes human resource plan there is involve company business factor and external environment factor. 2.1.1 Business Growth: Coca-Cola is a leading beverage company. It increases its business all over the world in every year in different way. So needs lot of staff to meet this incensement of business. Human resources planning takes its consideration forecasting future manpower requirements, where using arithmetical view to plan growth in the monetary situation and expansion of the business. 2.1.2Business Change: Coca cola change their business plan strategy sometimes very frequently in consideration of economic, market variation, competitor and other relative factors. Human resource of Coca-Cola also takes such consideration when it plans in a long term basis. 2.1.3 Impact of Technology: In every certain time all over the world modern technology is invented. Coca-Cola always takes it a challenge when they make a Human resource plan. HR is considered to its existence employee and recruits skilful employee to meet this challenge successfully. 2.1.4 Business Competition: There is a huge competition of all over the world. In this competition rivalry making efficient the organization is a real challenge. Coca-Cola Human resource plan think about this competition and make it organization to fit in this situation. 2.1.5 Labour Cost Control: Coca-Cola Human resource planning includes in a wide way about Labour cost control by maintain waste of time, proper use of materials. Its Human resource always approach training programme to its productions stuff to make difference and make them skilful as they can work fast and more easily. Not only its taking consideration for planning or developing its production stuff it also concentrates its: IT specialists. Engineers. Project Specialist Product designer Executives. Admin stuff Other variations should take for consideration   new legislations like new health requirements,  safety requirements, Changes in government policies   Ãƒâ€šÃ‚  like tax tariff, labour demand and supply. 2.2 Human resource requirements in a given situation: According to the New York Times July, 2009 Coca-Cola market was slipped in U.S. market but Coca-Cola still the best carbonate cola. In this situation there was 60% market share was Coca-Cola. Generally its market share relay between 75%-85% in U.S market. In this situation Coca- Cola surveyed their market and find out the barrier and solved it by various planning implementation. Besides the other department Human Resource Management played a vital role to recover the market as well. In Such kind of situation Human Resource makes sure several things that are as follows: 2.2.1 Personal Requirement: HR will arrange the operation teams and then give exact point to its members. According to the size of industry and the involvedness of the operation, might also need to create sub teams. The following points provide options HR might consider in regard to managing some important issues: Let to know and familiar with the specific operations: . Special training is given to employees; new employees also are placed with old ones to learn work and the values prevalent in the company. 2.2.2 Workplace: They must provide sufficient working space to per employee. The temperature must be reasonable. The workplace must be adequately lit and where the work can be done seated seats must be provided. Human resource management makes sure promote an comprehensive atmosphere that inspire all workforce to build up and get to their complete possible, consistent with a promise of human rights in our place of work. 2.2.3 Organizing operation teams: SHRM will help to make a team of talent in safety way also serve up as influential of secondary teams. Team members have to have such skills that are valuable according to the requirements. 2.3 Development a human resources plan Coca-Cola: The Human Resource Plan should also be closely tied to strategic planning. In order to effectively meet their strategic goals and objectives, a world leading company, hire or develop staff with the required skills, knowledge and attitudes to perform the needed functions. The Human Resource Plan of Coca-Cola can be completed in six steps: 2.3.1 Step 1: Setup a big picture: The main purpose of the first step is to bring the group to realize the meaning of and the need for a business strategy and agenda of Coca-Cola. To understand the business strategy the specific department executives will run a workshop and it can be two days workshop. In this two-day workshop the business unit executive reviews business strategy in any issues to impact the business. HR highlights the key driving forces of business such as Technology, distribution, competition, the markets etc and also the implications of the driving forces for the people side of business the fundamental people contribution to bottom line business performance. 2.3.2Step 2: Develop a Mission Statement or Statement of Intent: This come up to human resources planning mirrors the section in business plan of Coca-Cola dedicated to clearing up why your company exists and what value it presents. Human resources planning will be based on your organizations mission statement, goals and objectives because your workforce will be in alignment with the company values. 2.3.3 Step 3: Conduct a SWOT analysis of the organization: This analysis will looks at the internal environment of company. By this analysis the human resource will find out what is Coca-Colas present strengths and what is weakness as well as current in future opportunity and threats to know the whether they able to achieve with the current human resources. SWOT analysis will ensure the clear image about the organisation resources such as capital worker. 2.3.4Step 4: Develop consequences and solutions; Human resource will amalgamate all essential for meeting the company objectives. It will take steps for developing the Human Resource Plan as below: Teamwork of staff to lower levels to the management level should be developed to support in various ways that able to consider necessary in things to build up communication and promote better relationship among all level of employee. The management should emphasize on good quality of corporate culture to build up employees and make a positive and favourable work environment. The reasonable and complete process of human resource management is Performance appraisal. Through the performance evaluation HRM can collect and proves basics for recruiting and selecting new staff and can give training to its existing staff to develop their skill. It is motivate and maintain a work force by satisfactorily and correctly rewarding their dedications. Human Resources Management will defiantly fall down without a dependable performance evaluation system. 2.3.5 Step 5: Implementation and evaluation of the action plans: Developing a human resource strategys main purpose is to make sure that the objectives set are similarly helpful so that the reward and payment systems are incorporated with employee training and career development plans. 2.4 Evaluation of how a human resources plan can contribute to meet Coca-Colas objectives: Human Resource Plan has a great value to achieve of an organisations overall strategic objectives and it is clearly explain that the human resources role completely understands and supports the route in which the organisation is touching. A complete HR plan will also support other exact strategic objectives undertaken by the marketing, financial, functioning and technology departments. Generally Coca-Cola evaluates its HR plan in various ways which are below: It has the exact people in exact place. It has the accurate combination of skills. Employees show their correct attitudes and behaviours. Employees are organized in a effective way. Coca-Cola take decision a HR strategy plan can attach importance to the organisation if it has the values which are below: Some more clear of the common things which recline at the back the success of other plans and strategies which didnt show previously. Recognize basic an essential issue which has to be addressed to its people as the are motivated more dedicated and work successfully. The next area should be including: Workforce planning issues Making plan successful. Workforce skills campaign. Employment justice plans. Motivation and reasonable behaviour issues. Recruitment design in compensate levels, retain and motivate people A reasonable grading and payment system which is serving proper incentive for dedications. A constant performance management structure which is considered to assemble the requirements of all sectors of the business including its people. Furthermore, the HR strategy of Coca-Cola can put in worth is by making sure that, in all its other plans takes its version of and plans for changes in the bigger environment, those are likely to have a major impact such as: Changes in the in general service marketplace. Development of the member of staff relations weather is need. Changes the legal framework which surrounding employment. 3.1 Explanation the purpose of human resource management policies of Coca-Cola: Coca-Cola believes in delivering better performance requirements better capabilities. So its HR policy is planned in procession with this approach and stand on attracting and retaining the brilliant people and developing them constantly. Employees development is the main issues for human resource management. It constantly educated on How to Develop People. Employees, business objectives and ability levels are followed up by the performance management.   Reward system and career management systems are considered on job family model. As a fraction of career management system, internal appointment procedure is used so as to grant them career and job upgrading opportunities. In 2007 there are 97 placement have been filled through internal assignments. Winning and potential employees are reviewed efficiently and exclusively. Talent re-evaluate meetings are planned for next steps with individualized development programs. 3.2 Analysing the impact of regulatory requirements on human resource policies of Coca-Cola: The HR policies can help an organization both internally and externally. It meets requirements for diversity, ethics and training as well as its commitments in relative to instruction and commercial governance. The HR policy of Coca-cola establishes a cultural diversity. HR policies also played a very effective at supporting and building the desired organizational culture. These are lots of system and that actually beneficiary from a company as well as from employee. All around the world, Coca-cola makes sure with 27000 of Expatriates that they be given the kind of correspondence and ongoing support that makes their replacement a positive experience. Coca-Cola team Management with all policies for international mobility with a long term basis. Coca-cola accepted such kind of policies about its internal environment that make sure that they are flexible, smart and complete enough on the way to contract with the large range of needs and issues that is very essential to run a business successfully. Task 3: Reviewing Human Resource Management 4.1 The impact of an organisational structure on the management of human resources: There is a significant impact of HRM of Tesco on organizational structures to get nearer into sight organization in a effective way. The fundamental decision-making scheme was unsuccessful to react quickly to managers desires and concerns. So, Tesco taking place scrapping conservative, hierarchical professional structures in act of kindness of compliment, decentralized management systems. Then smaller number managers were concerned in the decision-making process and companies were adopting more of a team advance to management. HRM professionals, as the management change and were charged with reorganizing workers and escalating their effectiveness. This hard work also resulted in the detonation of part-time, or contract, employees, which necessary human resource strategies that contrasted with those applicable to full time workers. 4.2 Analysing the impact of an organisational culture on the management of human resources: Organizational culture and environment factors are such kind of factor where an organization exist determines the way of managing the organization (Saffold, 1988:547). The connection between organizational culture and human resources practices can be say as follows. When the member of organization i.e. employees, understand and internalized the organzational culture which can be said as the way things are done around here it will enable for employee to choose strategy, and behavior that fit with their personality as well as with the main routines of organization activities. Since Indonesia is belong to country with high power distance and low uncertainty avoidance, it is likely that organizational culture that fit with this condition is parochial type. Parochial culture is characterized by the tendecy to give much attention to some factor such as family relationship, social relation, and personal backgroud, and less attention to capability and competency needed to perform the task. The main power is on the one hand, a powerful person such as the owner or the founder of the company, where the destiny of an employee depends on the hand of the most powerfull person (the boss). There is a division of work, the boss is the planner, the other are the doer. In the high power distance society, good leader or good manager in the eye of the employees, is someone who can act like a good father (Hofstede, 1997). This type of relationship will lead to less participative management in decision making. 4.3 The effectiveness of human resources management is monitored at Tesco: The central point on HR for developing the employees through constant teaching is essential to the achievement of the business; it would amount to a waste of resources. As the UKs largest merchant crossways 14 countries consists of 470,000 members of staff. 4.3.1 Value: These apply together to consumers and employees, and for the latter focus on teamwork, trust and respect, listening, supporting and saying thank you, and sharing knowledge and experience. 4.3.2 Support: Tesco can claim a perpetual support from the employees even though the company faces a dispute concerning the distraction that includes financial services. The company also stretched internationally and economic downturn is enough to keep the companys values. 4.3.3 Growth: The Tescos HR functions are extremely entrenched. They are doing type to both short-term and longer term growth. The company is created 11,000 new jobs in 2009 and they will target the long-term unemployed.   4.3.4 Meritocracy: Tesco boasts the best employee remuneration package in the food retail sector, with an award-winning pension scheme. Some 170,000 staff own shares or are members of share schemes, and there is discounted dental, health and life insurance on offer. 4.4 Justified recommendations to improve the effectiveness of human resources management in Tesco: 4.4.1 Composition of the audit team: There has to be a representative from the HR function and from among senior line managers if the effect has to have any credibility. 4.4.2Identify the functions main customers: It is important to review to measure that what customers main functions are. 4.4.3 Mission reports reconsider: This declaration explains the cause for the HR functions continuation, its principal actions and its most important values. 4.4.4 Reconsider the activities role in implementing the companys strategy: This is critical point to establishing the connection between HR policy and practices as well as the organizations overall business strategy. 4.4.5 Reconsider the HR policy and practices: The benefit of this approach is that line managers can go anywhere if they are not happy with the service they be given from the HR function within the organization. 4.4.6 Create domestic comparison to set up best practice: The organization have to make and continually keep posted a exclusive database of HR practices that gives an overview of developments within the worlds major organizations today. 4.4.7Review the outcome of analysis: Performance gaps have to be identified and the policy implications have to be discussed with the customer. The commitment for implementing the necessary improvements should be gained. 4.4.8 Apply the decided improvements: The metrics selected should be the decided on right indicators of the HR functions performance and evaluate the results with industry averages, competitors, best practice firms, and/or with set targets or previous performance ratings.

Colgate Max Fresh: Global Brand Roll-Out Essay

Executive Summary The United States, Mexican and Chinese markets all took very different approaches to the release of Colgate-Palmolive’s (CP) newest oral care product in 2004-2005. The new toothpaste is called Colgate Max Fresh (CMF). It is a cavity preventing gel with breath-freshening strips suspended in it that dissolve while consumers brush their teeth. The technology behind the breath strips is patented, and Colgate was hoping the product would be a big success by providing unique freshness. In the United States, research was done and new bottling was designed to optimize the appearance of the new toothpaste. The advertising was also focused on the freshness that result from the breath strips and the product was very successful. CP then decided to release the product worldwide. In Mexico the ad campaign was changed as well as a few other minor changes, but not much was spent on altering the marketing mix for CMF. Colgate Max Fresh proved popular in Mexico and profits were seen in the firs t two years. In China, millions were spent on reconfiguring the marketing mix, and sales were not high enough to make up for the expenses in either of the first two years. In the first year alone, CMF saw a net loss of over $10 million. I have evaluated three options for reducing costs and increasing sales and have determined that the Chinese marketers decided to change the marketing mix too quickly. Instead of looking into what aspects of the U.S. marketing mix would and would not work in China, they made assumptions. The advertising campaign that they came up with was expensive and ineffective. Chinese consumer preferences should have been highlighted in the promotional campaign, and more elements from the original U.S. marketing mix that were costly to â€Å"improve† might not have needed to be changed at all. Current Situation Colgate-Palmolive (CP) is a worldwide company that specializes in oral, personal, and home care, as well as pet nutrition. Of particular interest in this case is oral care. Colgate is an oral care name that is known around the world. Colgate-Palmolive has the majority value share in the  United States, Mexico, and China. In each country, Procter and Gamble’s (P&G) Crest toothpastes are ranking second in market value share. In Mexico, the difference between PC and P&G is huge – PC has market share above 80%. However, in the U.S. and China the market shares are very close: In 2004, Colgate had 34.8% and Crest had 31.6% value shares in the U.S.; in China Colgate had 23.6%, Colgate through partnerships had an additional 8.5%, and Crest had 21.2% shares. CP management was pressured to compete hard against Crest’s new product called Crest Whitening Expressions (CWE). In August 2004 CP launched a new toothpaste product called Colgate Max Fresh (CMF) in the United States. CMF was advertised as premium toothpaste that would provide a â€Å"whole new dimension of freshness.† The product was so successful that CP decided to launch it worldwide. Colgate-Palmolive’s organizational structure is split up by geographic lines, each region having its own management. However, there is another split by category – there is one group responsible for oral care product strategy, resource allocation, and best-practices transfer between regions. This case focuses on the launches in the U.S., China and Mexico. In all three countries flavors varied and different strategies were used in packaging and promotion of Colgate Max Fresh, as described in the table below. Rock-star Jay Chow and â€Å"extreme living.†| â€Å"Snowsurfer† extreme living; provides â€Å"a joy ride for your mouth.†| Additional costs beyond initial product development and standard market testing| Base costs – first country to launch the product.| New flavors cost $200,000 to research and develop. New graphics, aesthetics, advertising campaign cost $1.5 million. New packaging (that failed) cost $1.5 million, and would have increased variable cost by 20%.New green color developed for $7,000.| New advertising campaign cost $500,000 total.Not many other expensive changes were mentioned. Package  size is different from the U.S., but with similar packaging types (and probably similar to other Colgate toothpaste packages).| In Mexico the promotional campaign was completely changed from the U.S. campaign and a third product flavor was introduced. The original two flavors were not changed, reducing costs compared to China. Costs in Mexico were kept low, and in the first two years Colgate saw a net profit in the Mexican market with Colgate Max Fresh. In China, however, many aspects of the marketing mix were changed, increasing costs tremendously. The product was changed by eliminating one of the two original flavors, changing the color of the other, and adding two new flavors. CP China’s management also tried a variety of packaging styles before choosing to use one that would increase the variable cost by 20% per unit. It turned out, however, that the design they chose was not up to CP’s global standards and after spending $1.5 million the idea was thrown out. The advertising campaign was changed to a riskier campaign – that could have been cancelled at any time at CP’s expense – that cost $1.5 million. Even the product name was changed in China. After all of these changes and additional costs, Colgate Max Fresh (Icy Fresh) was not profitable in its first two years. Instead, huge net losses were seen from this product. Problem Identification While CP Mexico made some minor changes to adapt Colgate Max Fresh to their market, CP China redesigned almost every aspect of the product besides the one feature that made it unique – the breath strips. These changes were costly and the product failed to make profits in its first two years in China. Instead, the expenses heavily outweighed the revenues. Instead of marketing like one company, CP China behaved as if it had purchased the rights to use the patented design of CMF and then created a marketing plan from scratch. Alternative Solutions Solution A: Test U.S. marketing plans. Start by testing the unaltered U.S. marketing plans. From the results of that testing, decide what areas need to be altered for the Chinese market. Instead of choosing to change a large variety of aspects of the marketing mix for the Chinese market (as described above), the CP Chinese marketing team could have selectively altered aspects that would have big impacts on sales. Solution B: Cut back on marketing research. Eliminate designing a brand new bottle to put the toothpaste in. Either use a slightly altered version of the U.S. packaging developed for CMF, or use a packaging type that has proven successful in China for previous Colgate toothpastes. Also scale back on color design. Instead of developing ten shades of green, develop only three. In every step of redesigning the marketing plan, try to cut costs by being reasonable. Solution C: Emphasize therapeutic attributes. Emphasize the therapeutic benefits of the Colgate Max Fresh toothpaste. CMF is designed to provide extreme freshness, and instead of focusing on the extremeness, focus on the freshness first and cavity-protection and other therapeutic advantages. These are the two most important features for toothpaste to the Chinese market. Although the concept statement mentions the cavity protection, it is overshadowed in the advertising by the â€Å"cooling crystals.† Breath strips have already proved unsuccessful in China, so the advertising should not focus on them. Instead, the focus should be on the features and aspects that make sense to consumers – freshness and cavity prevention. Evaluation of Alternatives Solution A: Test U.S. marketing plans. By evaluating the effectiveness of the already-produced marketing plan for Colgate Max Fresh, the marketing team would get insight into what works and what doesn’t – what enhances the product in consumers’ eyes and what needs to be re-done for the Chinese market. Money would be saved on marketing areas that can be directly transferred from the U.S. to China. If the ad campaign proved successful in test groups, up to $1.5 million could be saved. The down side to this plan is that only a finite amount can be saved, and this does very little to address sales (revenues). Solution B: Cut back on marketing research. Just by eliminating the packaging scheme, $1.5 million would be saved. A few  thousand may be saved by reducing the re-coloring efforts for the mint flavored toothpaste. Like solution A, this is a plan that would reduce costs, but that does not address revenues. It is unlikely that these reductions in cost would lead to a profitable first year in the Chinese market. Solution C: Emphasize therapeutic attributes. Although freshness is a growing market in China, breath strips never caught on and therapeutic toothpastes are big sellers. By emphasizing preferred features to the Chinese market, sales may be higher and the product may be successful. Of course, the marketing scheme would need to be tested first. In Exhibit 10A, Colgate Max Fresh ranked lower in the â€Å"Importance of Main Message† category. The main message should be important, so that people will remember it and in turn will remember to buy the new Colgate toothpaste. This solution does not address reducing costs, but instead addresses changing the message and increasing sales. Recommendation I recommend solution C, to change the advertisement message. The first two options would both decrease initial costs but would not decrease costs enough to make up for the low sales. According to Exhibit 13 in the case, in its first year Colgate Max Fresh had net sales of about $20 million and net expenses of about $30 million, leading to a $10 million loss. In the second year sales increased by about $3.5 million, expenses were reduced, and the net loss was only about $1.5 million. Any loss is bad, but at least there was a significant reduction in cost and the product was increasing in popularity. If the product had been more popular the first year, that would have made a big difference. I also recommend solution A, but I think C is more important. Reducing costs by eliminating unnecessary changes to the marketing plan already developed in conjunction with a promotion plan that emphasizes the product features that are most highly sought-after would be ideal for CP China. By reducing expenses and increasing sales, CMF may have been profitable in its second (if not first) year. Implementation An attitude change would need to be addressed first. It seems like the  Chinese Colgate-Palmolive oral care management team does not trust that anything the United States team creates will work in China. They created new, expensive schemes for various aspects of the marketing mix without first checking to see if it was necessary or even advisable. Corporate CP needs to get their Chinese team to understand that as part of a global brand, many features can be directly transferred from one country to another – especially successful ones. Next, the Chinese team must evaluate numerous aspects of the marketing mix for Colgate Max Fresh. A few things were evaluated properly, like the name of the product and the way the breath strips are described. CP China did their research to find out if the name â€Å"Colgate Max Fresh† with â€Å"breath strips† would mean anything to the Chinese market. Because it did not translate well, they changed the name. This is the approach the team should take to each aspect of the marketing mix. For instance, when evaluating the advertisements, they should first determine the effectiveness of the United States commercials. If the results are not favorable, they should change the ads to focus on that aspects that the Chinese consumers seek when choosing toothpastes – freshness and cavity prevention. After evaluating each aspect, the unsuccessful ones should be remade by the Chinese marketing team. Once the newly developed plans have been evaluated, they should be compared to the original plans. After that, the product should be ready for the market.

Romeo and Juliet – Juliet, Film-Play Comparison

Explore the ways in which Romeo and Juliet are presented in this scene and elsewhere in Shakespeare’s play, and the performed versions. Shakespeare’s play ‘Romeo and Juliet’ is set in Verona. The feud between the Montague family and the Capulet family reaches a climax when Juliet’s cousin Tybalt, a Capulet, is killed by Romeo, a Montague. Romeo and Juliet are first seen as very different characters, but later in the play, we realise that these two characters are not as different as we thought. In Act 3 scene 5 of Shakespeare’s play ‘Romeo and Juliet’ the scene first starts with Romeo and Juliet in Juliet’s bed.They have just spent their first, and last night together. Romeo wakes and realises that he must leave, as he has been banished for killing Juliet’s cousin Tybalt. At the beginning of Shakespeare’s play, Juliet is presented as being intelligent, calm and obedient. â€Å"But no more deep will I endart mi ne eye- than you gives strength to make it fly† This shows that Juliet is obedient and that she is saying that she will not do anything without her mothers or fathers consent. This also shows that Juliet is very intelligent and also that she is an intelligent girl.Juliet, later on in the play shows her true self and becomes more exposed so that we can see her true personality. We see that she is very sharp and witty. She can take a joke from Romeo and return with a witty reply. This shows Juliet is more, relaxed and less timid and shy than the reader originally thought. Luhrmann’s version of the play ‘Romeo and Juliet’ is set in the 1990s, as a modern day version and instead of using swords, which they probably would have used in Shakespeare’s play, they used guns. Luhrmann’s version of the play is set in L.A and so he uses places such as Verona Beach in L. A to show the resemblance between Shakespeare’s play and his own version of the play. Act 1 scene 5 in Luhrmann’s film opens with Romeo and Juliet lying together in Juliet’s bed. In Luhrmann’s version of the play, Juliet, who was once portrayed as young, foolish child, is now seen as a mature, sensible young woman. Although this could be portrayed in correctly, because in Luhrmann’s version of the play in the background of Juliet’s room, are a shelf of dolls and toys.This shows, although Juliet has matured because she is with Romeo she is still a young child of a tender age of 13. The scene is a very intense scene which shows the love and passion that Romeo and Juliet have for each other. By using the sheets of Juliet’s bed they throw over the top of them, this creates the effect of the couple being in a fantasy world all of their own, unfazed by the fact that Romeo must leave. Everything bad seems to be forgotten. It is just Romeo and Juliet making the most of their time together. Reality finally hits them both, when t he nurse knocks on Juliet’s door.Juliet’s mother is on her way to Juliet’s room and at this point, Juliet begins to dress Romeo herself, she dresses him in a brightly coloured shirt and some dark trousers, and dresses herself in a plain white night dress, nearly reaching the floor. Juliet kisses Romeo good bye and sighs but knows that if her mother found out she has just spent the night with him she would surely kill them both. Romeo climbs down her balcony, and Juliet’s distraught, but she must let him go, she knows that if he does not leave the consequences would be worse, than banishment.Lady Capulet comes bursting in just as Romeo leaves. Juliet’s mother then tells her that she will marry Paris and she cannot believe what she is hearing. She is dedicated to Romeo and Refuses to marry Paris. Her mother gives her no choice and tells Juliet that she will disown her and she will be a disgrace to her and her family. Lady Capulet will not stand for i t, and tells Juliet that if she does not want to marry Paris she must discuss with her father. Lord Capulet enters the room, and Juliet tells him that she cannot marry Paris.Her father loses his temper and threatens Juliet. Zeffirelli’s version of the play Romeo and Juliet is very similar to Luhrmann’s but is filmed and set at an earlier time to when Luhrmann’s was set. This version of Romeo and Juliet is much older and sticks more what Shakespeare wrote instead of being a bit more adventurous like Luhrmann. In Zeffirelli’s version Juliet seems to be a little more immature than in Luhrmann’s play. She seems younger and not as sensible, but also seems just as obedient as she is in Luhrmann’s version.In this scene, it begins with Juliet persuading and convincing Romeo that it is not yet time for him to leave. ‘It was the nightingale and not the lark’ Juliet persuades Romeo that it is not yet morning by telling him that what he hea rd was the nightingale, which does not sing in the morning. Romeo insists that he it was the lark, and that he must leave. Juliet shows a passion and love for Romeo in this scene, showing that she doesn’t want him to leave. Juliet wanders how she will live without Romeo. She mourns over him once he is gone. She acts as though she cannot live without him.

Social Media - 1185 Words

How Computers Affect Teen Lives? Suicide takes the lives of nearly 30,000 Americans every year. A person dies by suicide about every 15 minutes in the U.S. An attempt is estimated to be made once every 40 seconds. Many who attempt suicide never seek professional care, and it has generally been found that those who post suicide notes online tend to not receive help. Social media sites such as Facebook and Twitter are known to cause a lot of the suicides. Social media is made up of web sites and other online means of communication that are used by large groups of people to share information and to develop social and professional relationships. Social media are harmful to society because they lead to cyber bullying, cause low†¦show more content†¦According to Dr. Harry Brandt, â€Å"Facebook is making it easier to spend more time and energy criticizing their own bodies and wishing they looked like someone else.† Facebook offers the perfect opportunity for teens to compare themselves to their friends and acquaintances. â€Å"Studies have shown that the more time young women spend on Facebook, the more likely they are to develop an eating disorder.† (Walton). It is also more likely for a young woman to have a low self-esteem if she spends a lot of time with someone who has the perfect body or qualities that they desire for themselves. Both young women and men have said that they compare themselves to others when they are on Facebook viewing photos or status updates. Opponents to my position would argue that social media, mainly Twitter, is beneficial to communication. According to Bill Keller, â€Å"Twitter is a brilliant device – a megaphone for promotion, a seine for information, a helpful organizing tool for everything from dog-lover meet ups to revolutions.† He is suggesting that Twitter is extremely useful in many aspects, such as self-promotions. It is an excellent source of all different varieties of information and can be used to organize events and bring people together. â€Å"Twitter’s more fluid and anonymous setup, teens say, gives them more freedom to avoid friends of friends.† Teens find it easy to tweet their feelings and their daily routines to their close circle of friends rather than their hundreds of friends andShow MoreRelatedSocial Media And The Media917 Words   |  4 Pagestoday, social media has taken over as one of the primary ways to reach a number of people at an affordable price. Many comp anies have needed to join this platform whether they are comfortable or not with the process of social media involvement. Luckily there are some great tips out there on how to utilize social media in a way that benefits a company, the customer, and the product itself. Sarah Lieu was the narrator of this short film and laid out some practical tips on what social media platformsRead MoreSocial Media And The Media1192 Words   |  5 Pages However, â€Å"Contrary to the idea that social media creates a polarizing â€Å"filter bubble,† exposing people to only a narrow range of opinions, 70 percent of Millennials say that their social media feeds are comprised of diverse viewpoints evenly mixed between those similar to and different from their own. (American Press Institute, 2015, p. 3) This disputes the notion that everybody who engages in social media receive a uniform message, and these diverse viewpoints also enables users to become judiciousRead MoreSocial Media And The Media1027 Words   |  5 PagesSocial media companies There are now many social media companies around today, in which most are available for users and companies around the world 24/7. Some of the main ones being Facebook, Twitter, Instagram and YouTube. The reason that these sites are so popular with advertising is because they have a massive worldwide audience in which they can instantly reach out to. Twitter alone has 284 million monthly users, supports over 35 different languages and a gigantic 500 million tweets are sentRead MoreThe Social Of Social Media1880 Words   |  8 PagesThe social media affect INTRODUCTION Is social media bringing us closer together or driving us further apart? I decided to attack the topic by going the route of empathy and if it brings people together or separates them Keywords I used were social media, empathy, Facebook, and affirmative empathy. I plugged this keyword into google and on EBSCOhost and ProQuest and yahoo search. Which at first the articles were horrible and made no sense which led me to topics like politics and body imageRead MoreSocial Media And Its Impact On The Media977 Words   |  4 Pagesutilizes social media in the footer of each webpage; among the social media icons present are Facebook, Twitter, Instagram, Pinterest, Google+, and YouTube. Additionally, social media sharing and engagement icons are present on each product view. Users are able to â€Å"Like† an item on Facebook, tweet it on Twitter, pin it on Pinterest, or click on the G+ Share link. Website visitors that are already logged into any of these accounts on their comp uters will not have to log into social media again toRead MoreSocial Influences Of Social Media718 Words   |  3 PagesInfluence of Social Media Nowadays, social media has a big influence in our society. Who is didn’t use social media? Almost everyone use Social Media. Indonesia ranked 6th as the most Social Media users. After China, US, India, Brazil, and Japan. Our teenagers are so active in social media. Maybe they could be online in social media almost 24-hours per-day. But there’s a good and bad effects of social media. So, there’s some of bad and good effects of social media that we will discuss here. PeopleRead MoreSocial Media And Social Networking1431 Words   |  6 Pages105 Analysis 3 11-28-16 The meaning of social media is the utilization of electronic and portable advances to transform correspondence into an intuitive discourse. Social networking, then again, is a social structure with individuals who are joined by a typical intrigue. Obviously, now, the meaning of social media appears like a misrepresentation. In the most recent quite a while, innovation has brought us extremely distant from where we began and social media nearly appears as though it is a totallyRead MoreSocial Media And Its Impact On The Media4022 Words   |  17 PagesSummary Today Social media is generally utilized. Many clients login to online networking destinations like Twitter to disperse breaking news and impart their insights and considerations. For organizations, LinkedIn is possibly valuable for observing people in general discernment and the social notoriety of organizations and items. In spite of incredible potential, how terrible news around an organization impacts general society slants in online networking has not been concentrated on inside andRead MoreMedia Is Life : Social Media Is Life1216 Words   |  5 PagesSocial Media is Life Social Media has grown in many ways and has become a staple in our lives today. We have the luxury of living in a day and age that social media allows one to do so much at his or her fingertips at any time of the day. For example: feeling lazy on a Sunday night? There is no longer the need to get up from the couch to have dinner ready in no-time. Online ordering for pizza via a mobile device/smartphone is as convenient as it gets. Social media offers avenues for ventures asRead MoreSocial Media And The Classroom1018 Words   |  5 Pages2017 Social Media in the Classroom With the advancement of mobile devices, social media has become ubiquitous that it has significantly changed the way people communicate. It has helped connect people with each other instantly, anytime and anywhere in the world. It also has changed the way news and other literatures are created, shared, and consumed. Some colleges and even employers look at a candidate’s digital presence. There is no part of life that social media does not touch. Social media

Qualitative Research Critique Essay - 1177 Words

Qualitative Research Critique Grand Canyon University: NRS-433V October 19, 2014 Qualitative Research Critique â€Å"High rates of staff turnover in nursing homes is not a recent phenomenon. As far back as the mid-1970s studies have documented average turnover rates for registered nurses (RNs), licensed vocational nurses (LVNs) and certified nurse’s aides (CNAs) ranging between 55% and 75%† (Mor,V., Mukamel, D.B., amp; Spector,W. D. 2009, 1). Long term care facilities (LTC) have staffing issues related to the high turnover of licensed staff. The effect can have a heavy financial burden and also affect the care given to residents. Many ask the question why is it hard to attract and keep nurses at a long term facility. The International†¦show more content†¦Another question would be: what are the reasons or factors that would cause a nurse to terminate their employment? The purpose and questions related to the problem; the findings resulted in learning about what is important to nurses when they are making decisions to stay or terminate employment. The methods used in t his study were stated as qualitative –descriptive. The sample size was 17 RN’s and 24 LPN’s which, for a qualitative study is sufficient. The participants were mostly female with an average age of 48 years. They interviewed staff from seven different LTC homes across Ontario, Canada. Prior to the study, permission was obtained from the Toronto Rehabilitation Institute Research Ethics Board, and also from the administrators of each facility. The researchers also obtained consents from staff who were interested in participating in the study, prior to setting up focus groups... Each focus group was digitally recorded; confidentiality was assured and information was analyzed, coded, and reached a level of saturation. â€Å"The sample was sufficient to explore and develop analytic generalizations about working circumstances that influence the nurses’ intention to stay in LTC facilities† (Boscart, V. M., Bowers, B., Brown, M., amp; McGilton, K.S.2014). Literature Review The author used several qualitative resources that were cited throughout theirShow MoreRelatedQualitative Research Critique2630 Words   |  11 Pagesusually comes from research conducted by nurses and other healthcare professionals. Thus it is pertinent that research reports are critically analyzed. A research critique aims to measure the value and significance of a study. These are determined by analyzing the strengths and weaknesses of the report (Brockopp Tolsma, 2003, p. 400). Recommendations for areas of improvements are also included in a research critique. This paper critically appraises a qualitative research article titled WomensRead MoreResearch Critique : Qualitative Review1681 Words   |  7 Pages Research Critique: Qualitative Review On reading this article and identifying the study, there was a clear insight on how death and dying, and even improved health, impacted those nurses (Conte, 2014). Nurses, who worked closely with their patients, through the perils and suffering, culminating of death and losses, had grief not readily explored to enable that comfort zone (Conte, 2014). The article depicted the human side of nurses; it tells how nurses formulateRead More Qualitative Research Critique Essay1829 Words   |  8 Pages243-250. Initial Reaction This research article is from the UK and the writer questions if the findings from this study will have heuristic relevance and applicability to nursing and healthcare in the United States (U.S.). Primary healthcare in the UK is provided through the National Health Service (NHS); this writer has little knowledge as to how it works and its impact on patient care and nursing. This limited knowledge may introduce bias in this critique. Descriptive Vividness The significanceRead MoreQualitative Research Critique II 2843 Words   |  4 PagesQUALITATIVE RESEARCH CRITIQUE II 1 Qualitative Research Critique II Vanda McCray Liberty University Qualitative Research Critique II 2 The authors of this article method of data collection was based on a five-focus group and three individual interviews on theRead MoreEssay about Qualitative Research Critique1443 Words   |  6 PagesRunning head: Qualitative Research Critique Qualitative Research Critique: Retrospective Perception of Difficult Communication Wene Mawalla Brock University The article â€Å"Patient Real time and 12 month retrospective perception of difficult communication in the cancer diagnostic period† is written by Throne, S., Armstrong, E., Harris, S.R., Hislop, G., Kim-Sing, C., Oglov, J.L., Oliffe, J.L., amp; Stajduhar, K.L. through a naturalist setting. This article will attempt to give a systematicRead MoreQualitative Research Critique : The Experience Of Living With Dementia2175 Words   |  9 PagesQualitative Research Critique Assignment The article that I have selected to be critique is â€Å"The Experience of Living with Dementia in Residential Care: An Interpretative Phenomenological Analysis† by Linda Clare, Julia Rowlands, Errollyn Bruce, Claire Surr, and Murna Downs. Statement of the Phenomenon of Interest Clare, Rowlands, Bruce, Surr Downs (2008) stated the phenomenon of interest very clear that the article is about the personal accounts of older adults living with dementia in a residentialRead MoreEssay about Critique of Quantitative and Qualitative Research Articles4724 Words   |  19 Pageschanges, and two sites enhancing the standard care program (Polit Beck, 2012). Problem Statement In the 21st century, T2D has become a health epidemic. The associated health risks that accompany T2D have the cost of healthcare escalating. Research is needed to help find ways to limit the progression of this disease process. Persons of ethnic descent are twice as likely to have an inconsistent risk for developing this disease (Polit Beck, 2012). Statement of Purpose The purposeRead MoreQualitative Research Critique: Asthma Self-Management in Puerto Rican Families935 Words   |  4 PagesQualitative Research Critique: Asthma Self-Management in Puerto Rican Families In the research study, A qualitative exploration of asthma self-management beliefs and practices in Puerto Rican families, Martin et. al. (2010) explored the nature and dynamics of asthma management within Puerto Rican families. The rationale for this specific focus on Puerto Rican families is cited within the study, wherein a 2002 survey determined that Puerto Rican children suffered the most from asthma comparedRead MoreA Critique Of A Qualitative Research Article By Jean Louis Barsoux And Mittia Gilmartin Essay1825 Words   |  8 Pages Introduction This paper is a critique of a qualitative research article written by Jean-Louis Barsoux and Mittia Gilmartin (2007). The paper clearly outlines and shows how due to government pressure, The King Edgar NHS trust comprising of three hospitals; Clover Hospital, Friar Hospital and Bronte Hospital was developed in 2002. Within a year of its birth the trust was already under the hawk-eyed media for problems regarding long waiting lists in the hospitals. As a solution the NurseRead MoreCritiquing Qualitative and Quantitative Research1465 Words   |  6 PagesUnit 6: Critiquing Qualitative and Quantitative Research Kaplan University July 16, 2013 Unit 6 Critiquing Qualitative and Quantitative Research The research conducted by Foster-Fitzpatrick, Ortiz, Sibilano, Marcantonio and Braun (1999) is a quantitative study of the significance of crossing the legs while blood pressure is being measured. The purpose of the research was to determine whether leg-crossing impacted the results of blood pressure measurements. The research conducted by Palese, Skrap

Global Marketing Strategy And Its Effect On Firm Performance

Businesses that wish to operate on a global scale must consider national cultures because of the four Ps of marketing. If a company wants to be successful on a global scale they must know how much it will cost to operate, what product they will be selling, how they will promote it, and where they will be operating in different areas. They will need to know if they will adapt to the market or keep the same business strategy they already have depending on different cultures. In order to implement the four Ps you must understand different cultures or risk failing. There are many things that need to be considered but I believe the marketing aspect should be prioritized. â€Å"Many researchers argue that global marketing strategy plays a critical role in determining a firm’s performance in the global market† (Zou and Cavusgil 41). As the reading states, â€Å"The GMS: A Broad Conceptualization of Global Marketing Strategy and its Effect on Firm Performance,† businesses must form a global marketing strategy. Businesses need to be concerned with the relationship among the firm’s marketing procedures across countries instead of focusing on a single country. They must aim to improve overall performance on a global basis. A lot of hard work goes into this. In order to be successful in other places of the world you need to find what the customers want, where they shop, figure out how to produce the item at a price that represents value to them, and get it all to come together at the rightShow MoreRelatedEssay on Model questions for Global Marketing1523 Words   |  7 Pagesï » ¿Model questions for Global Marketing Outline and discuss the principal causal factors that encourage firms to undertake the international marketing of their products and services. Cultural and political forces influence international marketing activity. Discuss the impact of these forces and illustrate your answers with examples. â€Å"The global competitor will seek to standardise his offering everywhere† (Levitt). Critically evaluate this view with specific reference to a firm’s internationalRead MoreGeneral Motors: The Decline of an Automotive Giant1345 Words   |  6 Pagesframework, discuss the competitiveness of the global automobile market. Porters five forces framework is a model of competitive industry structure. These are the threat of entry of new competitors, the threat of substitutes, the bargaining power of buyers and of suppliers and the rivalry between the existing competitors. Where these forces are intense, below-average industry performance can be expected; where these forces are mild, superior performance is common. (Jobber, 2007). Before we discussRead MoreInternational Advertising : Theory And Approach925 Words   |  4 Pagesthe varieties in both the theoretical approach and application. is a complex concept that varies drastically in both theoretical approach and application. The emerging global consumer culture is affecting international marketing theories and in return, international promotional mix decisions. American culture is dominating the global markets due to the use and application of international advertising by American companies. In order to appreciate the differences in international advertising from theRead MoreAlibaba.Com Case Study1496 Words   |  6 Pagesdo it in line with the firms strategies †¢ Structural Stability: Provides the capacity the firm requires to consistently predictably manage it’s daily work routines. Group Members: Abdul Aziz Bin Abdul Samad Maniyarasan Al Munusamy Zahairinizal Bin Zakria Kanesan Al Velusamy Sheerad Bin Sahid †¢ Structural Flexibility: Provides the opportunity to explore competitive possibilities allocate resources to activities that will shape the competitive advantages of the firm that it will need toRead MoreBusiness Relationships Within A Business Network Context1231 Words   |  5 PagesContext. Journal of Marketing, 58(4), p.1. 4. Andersson, S. Ingemar W. (2003) Innovative Internationalisation in New firms: Born Globals - the Swedish Case. Journal of International Entrepreneurship, 1, pp. 249–276. 5. Andersson, S. (2000) The internationalization of the firm from an entrepreneurial perspective. International Studies of Management and Organization , 30 (1), pp. 63-92 6. Anderson, R. and Reeb, D. (2003). Founding†Family Ownership, Corporate Diversification, and Firm Leverage*. The JournalRead MoreDifferent Levels Of Market Involvement And Modes Of Entry Essay1251 Words   |  6 PagesDifferent levels of market involvement and modes of entry. In global marketing, the marketing across the national boundaries lies between the potential complexities of international marketing which precisely defines what is involved in it. On the other hand the orders received from other national boundaries are responded by the independent broker too. The company is also involved in the transaction of selling its products and services to the broker with some efforts put in along with the considerationsRead MoreForeign Exchange Rate Fluctuation on Pricing Decision1109 Words   |  5 Pagesfluctuations in foreign exchange rates have on the pricing decisions of export marketing managers? Globalization is no longer an abstraction but a stark reality that virtually all firms, large and a small, face. Firms that want to survive in the 21st century must confront all encompassing force that pervades every aspect of business. However, exchange rate fluctuation is an issue that affects the decisions marketing managers make about pricing. Management faces different decision situations,Read MoreThe Role Of Management During The 21st Century : Challenges And Opportunities1080 Words   |  5 Pageshand, the classic management practices became less effective in organisations. On the other hand, the effects of the global economy have introduced new management concepts that shape the world business activities. Historically, the industrial revolution generated most of the managerial principles. For instance, the financial department concern about the return on investment, while the marketing department focuses on the marginal profit and market shares. The strategic division pursues a competitiveRead MoreMcDonalds and Its Critics924 Words   |  4 Pagesaddition to enforcing an aggressive anti-union policy in the entire organization, McDonalds reputation was further damaged by charges from health officials, consumer advocates, and educators. The damage on the firms reputation also contributed to huge effects on its business operations and profits in 2008. McDonalds Franchising: Since the inception of the company by two brothers, McDonalds Corporation has continued to use franchising as its mode of entry into the market. Actually, the inception ofRead MoreIntro to Marketing Tesc Assignment 11428 Words   |  6 PagesTESC Introduction to Marketing Written Assignment 1 Choose a specific industry (e.g., grocery retailing, the airline industry, etc.), and apply Porter s Five Forces Model to discuss that industry s competitive forces and their relative influence. Michael E. Porter, a renowned business strategist, identified five competitive forces that influence planning strategies that businesses use. The model, called Porter’s Five Forces was later updated to include the impact that the internet

Contemporary Issues In Business Accounting-Myassignmenthelp.Com

Question: What is the Contemporary Issues In Business Accounting? Answer: Introducation Accounting is the dialect of business. The daily functioning of a business are to be kept in check in the most efficient and methodical way so as to analyze the performance as well as financial standing of the company in the ending of the year (Harrison, Horngren and Thomas, n.d.). The importance of maintaining book of accounts for a company is hereunder:- It facilitates the evaluation of performance of an enterprise as it reflects true and fair image of the functions of a business and portrays its financial position. It is necessary to maintain proper accounts as it makes flexible to compare the financial statements of previous years data or with the other companys data or with its own budgeted data. Accounting of financial statements helps the firms to keep track of its cash flow and thereby, also its promotes the firm in making small as well as long term decisions to support the growth of the business. (Ittleson, 2009) Through accounting, statutory requirements of business like timely payment of liabilities or timely payment of certain taxes, etc Accounting information provides a number of quantitative and qualitative information which forms an integral part of day-to-day operations. Now comes into the picture conceptual framework for accounting. A conceptual framework is a structure of objectives, rules and ideas that leads to the formation of certain systematic and unvarying standards (Kimmel, weygandt and kieso, a.d.). The standards put forth the nature, extent and functions of financial statements and books. The grounds for forming a framework are as follows: Solving of accounting future discourses A framework for setting of standards Following of elementary principles which are to be kept consistent throughout the accounting. The International accounting standards boards (IASB) or IFRS is a non trading and private organization whose focus is to institute the accounting standards so as to form proper reports which in turn will serve as guidance to the stakeholders like issuers, auditors, investors and other information users (libby, libby and hodge, 2017). IASBs conceptual frameworks project started in 1973 in United States so as to serve as a theoretical sound basis for the evolution of accounting standards and norms. (Libby, Libby and short, n.d.) Ifrs Adoption The Australian accounting standards board (AASB) has Accoutred Australian equivalents to IFRS' (A-IFRS), that states IFRS standards as AASB 1-8 and IAS standards as AASB 101-141 (Loughran, 2011).This acquisition replaces the previous Australian generally accepted accounting principles or AGAAP. The AASB had made number of changes in making A-IFRS by introducing additional disclosure or asking for more requirements by not-for-profit entities but is fundamentally eliminates an option under IFRS and not completely departing from IFRS for business entities. Also, the business entities who earns profits are required to prepare financial statements in compliance with A-IFRS are being able to construct an entire statement of compliance with IFRS (spiceland, Thomas and Hermann, n.d.). The further following bullets are to be kept in consideration for better knowledge of IFRS: It will bring the accounting standards much closer to other international standards that firms are familiar with and therefore, will allow the companies to appeal to foreign investors go global. The new standards lay more emphasis on detailed disclosures which will increase the transparency governance standards. IFRS is based on the principles of (a) substance over form, and (b) fair valuation that will present clearer picture of company's affairs specific about the conservatism principle. It will reflect a more comparable picture of the books in which the previous accounting principles do not offer any specific guidance and therefore, enterprises followed different policies making their books incomparable. (Weygandt, Kieso and Kimmel, n.d.) The Prudency Concept of accounting that the expenses or liabilities are not underestimated and the income and assets are not overstated but recorded even in the case of uncertainty. However now the current conceptual framework has overruled the Prudency concept. The Pros and cons of Prudency concept of accounting in inclusionof accounting standards is not getting into details but jumping to current storyline. The main concern of the new framework is to meet the user expectations by providing them a reliable record of performance without being predisposed. To achieve this, Prudency concept should be discussed as uncertainty should be reflected in measurement of the desired output. However, a lot of specimen and examples shows that the prudency concept clearly exists in IFRS and also, these instances are widely accepted treatments. Thus the discussion of prudency concept should be re-assessed. Considering the annual reports of two companies financial year 2016, TPG Telecom Ltd and Woolworth Group The statements comply with the international financial reporting standards (IFRS) adopted by the international accounting standards board (IASB). The statement of compliance of both the companies states that the financial statements are the general purpose financial statements and have been prepared in accordance with Australian Accounting standards (AASBs) as well as Corporations Act 2001. The Woolworth Group has adopted the two following effective standards from the financial year 2016 as issued by AASB. However, no material affect on the amounts stated in the current period or prior periods has been casted upon by the adoption of these standards. Then, the adoption of AASB 2015-2 comes into picture that amends AASB 101- presentation of financial statements and requires clarification against the disclosure requirements in AASB 101. The Group has applied these amendments in the preparation of its financial statements. The group adopted AASB 9 that contains the introduction of hedge accounting and emphasizes on more effective and eligible requirements so as to connect with the entity's risk management framework. Though there were no material changes in the books, however, the additional disclosure requirements were stated in the Note 25 of the accounts. There is no new adoption in case of TPG Telecom Ltd. However there are certain standards that have not yet been adopted and issued and will materially affect the books of both the companies. That is why; both the companies are assessing the impact of those new standards on their financial positions results. The following standards are stated as below : AASB 9 - Financial Instruments : This revised standard provides guidance on how the financial assets are to be classified measured and includes a third measurement category for debt instruments. An expected credit loss model will be prepared to ascertain the impairment cost of the financial assets. AASB 16 - Lease: this standard will significantly affect the accounting process for lease. In case of Woolworths Ltd, material effect will be observed on the key significant ratios. As per this standard, the difference between operating and finance leases will disappear and all the leases will be recognized as assets with a corresponding liability equaling to the present value of unavoidable payments of lease. Also, lease payments on operating lease which are presently treated as operating costs will then be treated as depreciation charge and an interest will be incurred as an expense on the lease held as liability. AASB 15 - Revenue from contracts with customers: As per this standard, a single model will be applicable to contracts with customers. It will provide two approaches to recognize the revenue - at that point or over that time. The contract emphasizes on the five step analysis of transactions to ascertain how much and when revenue is too recognized. The two companies are on the way of analyzing the impact of the above stated standards on their financial statements and the impression they will have. However, the financial statements comply with the other required standard that clearly meets the demand of financial users. Impact Of Ifrs Adoption In Australia War and conversion are on the same platform. It is the most popular issue that is to be looked into. The Australian Accounting Standards Board (AASB) is currently conducting in depth research so as to analyze the impact of IFRS adoption on publicly listed Australian companies and other market partners (Downers and Goodman, 2010). In consideration of this, following impact has been observed : On the other hand, IFRS adoption by Australian companies is of greater advantage to the investors and analysts as according to the research results the improved practices puts more emphasis on the accuracy and transparency. Surveys shows that the IFRS adoption opens up a huge opportunities to the possible benefits because of accounting convergence which comes into picture because of permissions allowed by the respective managers. Some studies reported that there is an improvement in the value relevance of accounting data while other comparable studies shows that the accounting quality have remained stable or consistent with AGAAP and infact, the previous treatments according to AGAAP for valuing intangible assets were more appropriate (Finance for managers, 2007). Some studies stated that there is a positive impact on the comparability of the Australian financial reporting practices with their other global competitors. However, not all the research work shows the same result (Knight and Satchell, 2002). Given that results are in parallel to the academic theory, Not at all the possible aspects of the positive impact of IIFRS adoption in Australia has been examined in depth. Thus the AASB committee believes that further research is to carried on so to analyze the impact in depth and details and thereby conduct further chores to gather opinions of the financial statements preparers as well as users. (Weaver, 2014) References Downes, J. and Goodman, J. (2010).Barron's finance investment handbook. Hauppauge, N.Y.: Barron's Educational Series. Finance for managers. (2007). Boston, Mass.: Harvard Business School Press Harrison, W., Horngren, C. and Thomas, C. (n.d.).Financial accounting. Ittelson, T. (2009).Financial statements. Franklin Lakes, NJ: Career Press. Kimmel, P., Weygandt, J. and Kieso, D. (n.d.). Financial accounting. Knight, J. and Satchell, S. (2002).Performance measurement in finance. Oxford: Butterworth-Heinemann. Libby, R., Libby, P. and Hodge, F. (2017).Financial accounting. New York, NY: McGraw-Hill Education. Libby, R., Libby, P. and Short, D. (n.d.).Financial accounting. Loughran, M. (2011).Financial accounting for dummies. Hoboken, N.J.: John Wiley Sons. Spiceland, J., Thomas, W. and Herrmann, D. (n.d.).Financial accounting. Weaver, L. (2014).Managing the Transition to IFRS-Based Financial Reporting. New York, NY: John Wiley Sons. Weygandt, J., Kieso, D. and Kimmel, P. (n.d.).Financial accounting.