Essay on The Zodiac Killer - 2341 Words

The Zodiac Killer Works Cited Not Included In the late sixties and early seventies, California was haunted by dozens of unsolved murders. The offender remains unknown to this day. The murderer, who referred to himself as the Zodiac, made contact with the police and area newspapers throughout his reign of terror through a series of menacing notes. Although the police were never able to apprehend Zodiac, they were able to gather information about him via the letters. Zodiac boasted of killing up to forty victims, however, police estimated he may have killed over 50. Due to the nature of Zodiacs letters and from witnesses police have a good idea of what Zodiac is like even though he remains at large. Given what is known about†¦show more content†¦It is speculated that a violent relationship with his mother may have lead to his apparent hatred of women. Zodiacs first victim was Cherri Jo Bates. Although the murder was not attributed to Zodiac until 1970, she was murdered one day before Halloween in 1966. Like Zodiacs other victims Cherri Jo was a student. She lived with her father in Riverside, California and attended Riverside City College. She was a petite blond with blue eyes, although she was tan at the time of her death she had a light complexion. (Graysmith, 164) On the night of October 30th, Cherri Jo had gone to the school library to study. Authorities estimate that Bates arrived at the RCC library at about six oclock PM. While Cherri Jo was studying the perpetrator removed the distributor coil from her engine, causing it to go dead. Police theorize when Bates found her battery dead, Zodiac offered her a ride. He drove her approximately seventy - five yards east at her car. He began choking her but Bates fought back. She scratched his face and was able to rip his watch off, which was later found by authorities. Between 10:15 an 10:30 PM a neighbor reported hearing a scream. Autopsies revealed that Bates had been kicked in the head. She had also been stabbed twice. She had cuts on her face and her jugular had beenShow MoreRelatedThe Zodiac Killer1732 Words   |  7 PagesLucas Kelleher/ Street Law 10/3/08 The Zodiac Killer The Zodiac Killer is a serial killer who operated in Northern California in the late 1960s. His identity to this day still remains unknown. The Zodiac coined his name in a series of taunting let ters he sent to the press. His letters included four cryptograms (or ciphers), three of which have yet to be solved. The Zodiac murdered five known victims in Benicia, Vallejo, Lake Berryessa, and San Francisco between December 1968 and October 1969.Read More The Zodiac Killer Essay2809 Words   |  12 Pagesear. The shot made a deafening blast, as the bullet entered David’s head at a horizontal angle, blowing it apart (Tina 3). With David out of his way, the killer turned his attention back to Betty. He pursued her through the woods, his gun drawn, and shot her five times in the back from less than ten feet away. (Tina 3). The killer then got back into his car, and drove away as quickly as he had appeared. David, amazingly, was still alive, and bleeding profusely from his wounds, but Betty wasRead MoreThe Zodiac Killer Project2069 Words   |  9 PagesThe Zodiac Killer Project The crime spree murders of the Zodiac killer is one of the greatest unsolved murdered cases of all time. The Zodiac’s murders took place from later 1960s, through to about 1972. Most of The Zodiac’s murders took place in Northern California. Some main areas where murders took place are Benicia, Vallejo, Lake Berryessa, and San Francisco, California. Two out of the four men that were attacked lived and three women out of the three were killed. The ages of the victims goesRead MoreEssay On The Zodiac Killer1734 Words   |  7 PagesThis is the Zodiac Speaking â€Å"I like killing people, because it is fun. It is more fun than killing wild game in the forest, because man is the most dangerous animal of all.† These are the words spoken by a man who terrorized the area of San Francisco, California for two years, lurking in the shadows killing five people, but taking credit for 37 different murders. This man taunted police, seeing his murders as one giant game, sending cryptic messages to the newspapers, forcing them to publish themRead More The Elusive Zodiac Killer Essays2062 Words   |  9 PagesThe Elusive Zodiac Killer Serial killers almost without exception enjoy playing games. Whether played with their victims’, or the police forces trying to track them down, the game of the kill is almost as essential as the murder itself. In most instances this need to draw out the experience leads to the downfall of the culprit. This was not the case with the elusive Zodiac Killer of the San Francisco Bay Area. Zodiac’s career, which would become the most cerebral murder case ofRead MoreEssay On The Zodiac Killer3047 Words   |  13 PagesLaw enforcement officers meet in San Francisco in 1969 to compare notes on the Zodiac Killer, who is believed to have killed five people in 1968 and 1969. The killer gained notoriety by writing several letters to police boasting of the slayings. He claimed to have killed as many as 37 people and has never been caught..Zodiac kill up to 45 people and more that they dont know about because he kill people in a different way in the different town that he was in but he word the same thing every timeRead MoreEssay on The Zodiac Killer2094 Words   |  9 PagesThe Zodiac Killer The late 1960’s and early 1970’s were a time of great change in America. The Vietnam War, the civil rights movement and the sexual revolution were just some of the issues on the evening news in American households. For citizens of the San Francisco Bay area, as well as the rest of California, the late 60’s early 70’represented terror, fear and death. â€Å"The bizarre and theatrical and still unresolved serial murders by real-life ghoul who called himself Zodiac, who claimed inRead MoreTaking a Look at the Zodiac Killer1610 Words   |  6 Pages The Zodiac Killer is one of the greatest unsolved serial killer mysteries, after Jack the Ripper. There were 2,500 suspects, but the case was never solved. The Zodiac’s first known victim is Cheri Jo Bates. His first letter, Confession, mentioned Cheri and said, â€Å" she is not the first and she will not be the last†. Six months after Cheri’s death, the killer sent copies of the letters to the Riverside Press, the police, and her dad. Since the killer knew her dad, the police thought that CheriRead MoreThe Zodiac Killer Case Revisited1231 Words   |  5 PagesThe Zodiac Killer Case Revisited I. List of crimes The horrors in California began on Friday, December 20, 1968 in the city of Vallejo when sixteen-year-old Betty Lou Jensen and seventeen-year-old David Faraday were killed while out on a date. At the time, according to Haugen (2011), they had driven to a remote lover’s lane on Lake Herman Road. It was while they were there that a vehicle stopped nearby and the driver got out, shot out the rear passenger window of David Faraday’s station wagonRead More The Zodiac Killer Essay examples1229 Words   |  5 Pages Much is unknown about the Zodiac killer, but given what is known about serial killers in general, this man was probably born between 1938 and 1943. That would make his age between 25 and 30 years old at the time of his first murder in Vallejo, California, in 1968. Also, that age estimate works with witness statements and its supported by Zodiacs references to his victims in younger terms in his letters of 1969. Zodiac wasnt an attractive character from what we kn ow. He may have had to wear glasses

Malcom X And The Allegory Of The Cave - 854 Words

Education is a life-altering event that involves becoming more open- minded. When one’s horizons are expanded they begin to understand and view more. The process of becoming knowledgeable through education can differ from the individual or situation. The overall experience as well can change the perception. Two passages, â€Å"Learning to Read† by Malcom X and â€Å"The Allegory of the Cave† by Plato both contain an individual who goes through the path of gaining wisdom. Although both passages contain similarities involving one going through an experience resulting in the enlightenment of education, there are several differences in how the acknowledgement is approached and the type of predicament the individual is in. The situation before the awakening in both passages involves being imprisoned and living in the mindset of ignorance. Each predicament of one has a huge influence on how the wisdom is obtained. The prisoner in â€Å"The Allegory of the Cave† has lived inside the cave since early childhood where his legs and feet were chained to prevent any kind of movement and from turning his head. (Plato 1). Because the cave dweller was restrained from movement, he was unable to escape ignorance and was not able to gain knowledge. Malcom X as well was illiterate because African Americans at that time were not exposed to education. The black race in America was living in â€Å"deafness, dumbness, and blindness† (Malcom X 1). In order to liberate ignorance and to begin the journey ofShow MoreRelatedWhy Do People Do For College? Essay2195 Words   |  9 Pagesat college through this perspective. You hear the statistics of rich people who never went to college and say â€Å"hey, maybe I don’t need college.† But that’s the issue. People don’t want to put the work into it. Malcom X for example. He talks about in his book, The Autobiography of Malcolm X, that before he went to prison he did not feel that he needed to go to college. Or any schooling for that matter. But once in prison, he learned what education can do for a man. So he worked hard, actually reading

Leadership Style Approach And Contrasting Theories †Free Samples

Question: Discuss about the Leadership Style And Approach And Contrasting Theories. Answer: Leadership style is determined by the organizational environment and classification in terms of organizational need acclaimed from them. There are several kinds of leaders and all of those leaders have separate kind of characteristics as well to meet at goal, all through all leaders are established for the developmental enhancement of the company as well as they are assigned for the timely intervention of duties to employees (Chemers, 2014). These are the important work for a leader to understand the situation and work in repose to that situation. Several Leadership approaches are followed by the leaders. Those approaches are the motivation and team building initiation that helps to grow the leadership standard and also bring the new innovation in the organization to differentiate them alike from others. Approaches to Trait Approach, Situational Approach, and Functional Approach are the important approach for pursuing leadership thus the implementation of this approach is also important as well as relevant (Van Wart, 2014). Trait approach is the most primitive approach that leaders should have in characteristic. It is an amalgamation of a mental, physical and personal trait that only possessed by the leader, not by the ineffective leaders (Van Wart, 2017). Some of the key features of trait approach in leadership are adjustment, adaptability, creativity, and enthusiasm all these are an important and relevant aspect of leadership that showcase the interpretation skill and assertiveness in work to other employees and they would g et motivated by the leader. New and innovative theories implementation and their situational understanding is the key factor of situational approach (DInnocenzo, Mathieu Kukenberger, 2016). This approach is quite important for the changes scenario in the organization and executes their brain in any situation to overcome the problem. Motivation and commitment are the two subplots that added with that approach and strong and weak leadership differentiation has determined by the implement of approach. The functional approach is the most impactful approach of all as it does not believe in theories rather it wants the level of involvement of leaders in terms of application, management, and innovation. There are certain Leadership theories for different situations and these theories are implemented by leaders to mitigate the adverse situation in a constructive way. There are some lead organizations leaders who have maintained a single theory for a good period of time and they have the responsibility and authority to complete the theory in a suitable way (Jensen et al. 2014). Autocratic Leadership is one of the predominant theories of all time. Leaders who believe in this theory make a decision and without consulting with their subordinates they try to implement that in a quick time. This leadership has few supporters as the autocratic nation only subdue this theory rest of the nation will not accept it anyway (Klenke, 2016). Examples of Albert J Dunlap or Donald Trump are these kinds of leaders who believe in the autocratic theory of leadership. On the other hand, Democratic Leadership involves all their subordinates and communicates with their views and then implements an innovati on in the organization. This is the most appreciable and preferred theory by the leader as well as the employees as they also feel that they are in the part of the discussion and express their thoughts in terms of evaluating the theory (Notgrass, 2014). Jacinda Kate Laurell Ardern is the 40th Prime Minister of New Zealand and she came from the Labour Party. The leader has social democratic and progressive approach. Both these approaches are important for the national welfare and support the safety of Labour management. Ardern has the modern and civilized view over same-sex marriage and supports those events by heart and this shows the assimilation of social ethics for the equity in New Zealand (Esselment, Lees-Marshment Marland, 2014). Ardern has chosen some of the universities for campaigning as the innovative approach to engage the modern student and motivate them for the development of the country is the only motive for this leader. On the other hand, Donald Trump is the 45th president of United States and a different form of leadership has overcome in that situation. Most of the decision was taken by the leader are controversial as the leader has followed by some unconventional business practice (McAdams, 2017). In this leader characteristic, some of the great business decisions are taken and make smarter dealing approach in business as well as the nation. The leader has a good view of a political, psychological and personal aspect of future so those decisions took by Trump are define US future but the way of decision making is a bit controversial for some of the critics. In an organization employee, satisfaction understating is the most important aspect for the leader. In case strategic leadership leaders are implementing a particular strategy with the suggestion of all the senior employees. Most of the leadership normally innovate something and for that reason, accustom process for the employees have to judge them only (DInnocenzo, Mathieu Kukenberger, 2016). Thus in the comparison of both these leaders, Democratic leadership style and applying method of Laurell is important as this leader have qualities like team leadership and transformational leadership process and that evaluate a good number rather than Trump. Leadership models and styles This segment of the essay will cover two factors such as Stakeholder responsibility engagement and Ethics ethical practice. The essay will try to show the chosen leadership factors in the selected leader Christopher Luxon who is the CEO of Air New Zealand (Airnewzealand.co.nz, 2017). Stakeholder responsibility and engagement depends on a trust, which is built on brand value and leadership style (Freeman Moutchnik, 2013). Stakeholders are of varied kinds such as the employees. This is indeed a challenge to retain employees in this globalization dominated the world. Employees have varied options in the same industry. They have a tendency to scuffle between the organizations. This is where leadership plays its role in making such employees realized the importance of being into their selected firm (Carmeli, Gelbard Reiter?Palmon, 2013). This goes very true with the Air New Zealand Company. It is a flag carrier airline of the country. The company is based in Auckland. The merger of Ansett in 2000 did prove wrong for the company. The company has announced a huge loss of around $360 million in the last quarter of September. This was indeed a shocking and an unexpected performance (Airliners.net, 2017). The merger proved wrong for the company. They needed a leadership quality, which could dislodge the created challenges. This was indeed the leadership quality that not only took out the company from such drastic situation but it also helped to attain a big success. 15 years later since the incident happened; the company has now transformed into one of the most successful companies in New Zealand (Stuff, 2017). The question arises that what actually helped the company overcome such a crisis. It was indeed a leadership quality that has remained as per the reputation throughout these years. The recent CEO of the company is no any different. Now, the question arises about what leadership quality has remained in practice in this company. The leadership quality in the chosen leader was confined to two important characteristics such as stakeholder responsibility engagement and Ethics or ethical practice (Lawrence Weber, 2014). The repairing could have never happened had it not been supported by the employees. Employees in this company are engaging and innovating as well. They love innovating with ideas. They do also understand their responsibility, which is very rare with many reputed companies. Christopher Luxon was able to change his philosophy towards more practical terms. Employees were made to feel as if they are an important asset for the company. This was indeed a drastic change in strat egy making that resulted in finding the essential factors needed to dislodge the challenge. Christopher Luxon did encourage its employees by presenting them the example of an ideal leader. This was a kind of leadership that encouraged its employees for their best (Fairhurst Connaughton, 2014). Stakeholders are of varied kinds. Employees are one of the stakeholders. They are an integral part of a firm. An organization needs such employees who are the hard workers. Innovative ideas are expected from such employees (Mok, Shen Yang, 2015). Nevertheless, the Air New Zealand Company was blessed to have such employees who were highly innovative. This is never easy to dislodge a challenge as such it faced in the form of loss in revenues. Christopher Luxon has managed its employees effectively. The leader was able to keep its employees engaged with their responsibilities. The stakeholdermanagement theory dictates the importance of managing the stakeholders. Employees being one of the stakeholders represent themselves as a very vital value to the organizations leaders. Nevertheless, there is a requirement to satisfy them on various factors such as the basic salary packages, additional benefits etc. Christopher Luxon has unarguably maintained the same kind of treatment with its empl oyees (Hrisch, Freeman Schaltegger, 2014). Ethicality is the other factor that prevents a company from criticism. Ethicality is indeed very important as it conveys the reputation that an organization carries. This helps in attracting talented professionals. Nevertheless, Air New Zealand is blessed to have such employees who are both skilled and innovative as well. Luxon has shown an ideal resilient against the challenging situations and emerged out as a winner. Some of the instances can prove this right. There have been instances of controversies related to the outsourcing maintenance and minor policy for seating. However, the company has always roved its resilient against such challenging situations (Scoop.co.nz, 2017). Luxon looks ideal to what the company has attained so far in relation to the ethicalities. However, the leader has never shown any sign of nervousness against such situations. It continued its fighting spirit, which is why the company was able to resurrect from a loss that looked impossible before. From the above example of leadership, this can be concluded that leadership quality is indeed required in the topmanagement team or in the middle management team as well. This is required to run the company under the governing of utmost ethical practices. Moreover, this is also important in getting talented professionals who can use their innovative skills to bring a drastic change like the one that happened with Air New Zealand Company. Change Management Models The two identified leaders are Christopher Luxon and Rob Fyfe. Both the leaders have the leadership quality in them, which has encouraged them to work hard in attaining the success (Airnewzealand.co.nz, 2017). There are different approaches, which could help in bringing a cultural change in the workplace. The organization selected is Air New Zealand. The organization has witnessed two most effective leaders ever since the loss that has happened to the company in the year 2000. They both intended to change the culture at the workplace to bring in the effectiveness, which was missing when the loss has happened to them. There are four approaches using which the required cultural change can be implemented in the workplace. Those four approaches are Structure Process, Incentives, People and Changing enforcing Controls. The selected leaders from the Air New Zealand Company had picked "People" as their approaches towards reshaping the culture at the workplace (Cummings Worley, 2014). They had believed in hiring fresh professionals because they wanted to use innovative strategies, which was not possible with the existing employees. The decision had indeed turned well as they finally had compens ated the loss incurred in 2000. The question arises that what changes had then occurred after they recruited the fresh people. The reason behind selecting the fresh professionals was to get a committed and innovative input from them. Nevertheless, it paid off. The freshly recruited professionals had found the two most effective leaders they had ever worked with. It was a good coordination between the fresh professionals and the two leaders in their own era. This was indeed a union of sheer leadership quality with the innovative engaged employees. Hence, such a consequence was certain to happen (Kim, Kumar Kumar, 2012). Forcefield analysis is really helpful in bringing change in the workplace. This helps in analyzing those factors, which are retarding the change process to happen. This is really important as change process can never be successful without identifying the potential retarding factor in the way of change process (Card, 2013). The analysis has helped in identifying that the Air New Zealand Company had numerous issues when it faced such a huge loss in the year 2000. One of such factors was the shortage of competent employees. This is when the leaders had felt the importance of hiring some fresh professions who are both skilled and innovative as well. The strategy really worked because it was its employees who actually helped in regaining the earned reputation. The change can be brought through successive steps. The first step is to identify and define the change. Then there is a need to align the identified change with the business goals. The afterward step is to determine the consequence s. After finalizing the change process, it is then required to communicate the change process to the internal stakeholders and the shareholders. The change will require effective training as well such as it happened in case of Air New Zealand. After the training is over, implementation will take place. This will be followed by monitoring of the progress, which is important to understand whether any further change is required (Hornstein, 2015). The three leadership styles that match with the change management process of Air New Zealand are the authoritative leadership style, the affiliative leadership style, and the democratic leadership style. Both the CEOs of the company were authoritative when they believed in the freshly hired professionals and teamed with them to bring the much-needed change. They along with the engaged professionals did the thing for the company. They were affiliate when they felt the necessity of hiring fresh professionals to infuse skilled workforce. It actually paid off. The hired professionals were skilled as well as innovative. They kept themselves engaged with the change management goals and objectives. Without their proper cooperation, the result had never happened. Both the CEOs were democratic when they allowed their employees ample in place to accommodate their own strategy making skills. Employees were given enough of freedom to explore their innovativeness. Additionally, the trust that the leaders had shown in their fresh talents has encouraged them to be engaged in the entire change management process. The loss that has happened in the year 2000 could only be compensated when it experienced a cooperating approach of both the CEOs and the freshly recruited professionals (Trivellas Drimoussis, 2013). This can be concluded that change management in an organization needs a cooperative effort of an ideal leadership style and the committed professionals. Both the leaders and the skillful workforce identify the operational related issues and then they move collectively to resolve the issue. The approach that they select needs an utter use of innovative strategies. In this regard, using the approaches specially designed for change management in an organization produces effective results. The fact can well be understood in the business transition of Air New Zealand, which had experienced a huge loss in 2000. After a long time of 15 years, they have been able to regain the lost status. References Airliners.net. (2017).Ansett And Air NZ To Collapse - Why? Full Analysis - Airliners.net. [online] Available at: https://www.airliners.net/forum/viewtopic.php?t=105325 [Accessed 12 Nov. 2017]. Airnewzealand.co.nz. (2017).Air New Zealand: Book Flights NZ International Online. [online] Available at: https://www.airnewzealand.co.nz/ [Accessed 12 Nov. 2017]. Card, A. J. (2013). A new tool for hazard analysis and force-field analysis: The Lovebug diagram.Clinical Risk,19(4-5), 87-92. Carmeli, A., Gelbard, R., Reiter?Palmon, R. (2013). Leadership, creative problem?solving capacity, and creative performance: The importance of knowledge sharing.Human Resource Management,52(1), 95-121. Chemers, M. (2014).An integrative theory of leadership. Psychology Press. Cummings, T. G., Worley, C. G. (2014).Organization development and change. Cengage learning. DInnocenzo, L., Mathieu, J. E., Kukenberger, M. R. (2016). A meta-analysis of different forms of shared leadershipteam performance relations.Journal of Management,42(7), 1964-1991. Esselment, A. L., Lees-Marshment, J., Marland, A. (2014). The nature of political advising to prime ministers in Australia, Canada, New Zealand and the UK.Commonwealth Comparative Politics,52(3), 358-375. Fairhurst, G. T., Connaughton, S. L. (2014). Leadership: A communicative perspective.Leadership,10(1), 7-35. Freeman, E., Moutchnik, A. (2013). Stakeholder management and CSR: questions and answers.uwf UmweltWirtschaftsForum,21(1-2), 5-9. Hrisch, J., Freeman, R. E., Schaltegger, S. (2014). Applying stakeholder theory in sustainability management: Links, similarities, dissimilarities, and a conceptual framework.Organization Environment,27(4), 328-346. Hornstein, H. A. (2015). The integration of project management and organizational change management is now a necessity.International Journal of Project Management,33(2), 291-298. Jensen, K., Scott, R., Slocombe, L., Boyd, R., Cowey, L. (2014). The management and organisational challenges of more joined-up government: New Zealands Better Public Services reforms. Kim, D. Y., Kumar, V., Kumar, U. (2012). Relationship between quality management practices and innovation.Journal of operations management,30(4), 295-315. Klenke, K. (Ed.). (2016).Qualitative research in the study of leadership. Emerald Group Publishing Limited. Lawrence, A. T., Weber, J. (2014).Business and society: Stakeholders, ethics, public policy. Tata McGraw-Hill Education. McAdams, D. P. (2017). The Appeal of the Primal Leader: Human Evolution and Donald J. Trump.Evolutionary Studies in Imaginative Culture,1(2). Mok, K. Y., Shen, G. Q., Yang, J. (2015). Stakeholder management studies in mega construction projects: A review and future directions.International Journal of Project Management,33(2), 446-457. Notgrass, D. (2014). The relationship between followers perceived quality of relationship and preferred leadership style.Leadership Organization Development Journal,35(7), 605-621. Scoop.co.nz. (2017).Air New Zealand Draws Praise On Ethics Issue | Scoop News. [online] Available at: https://www.scoop.co.nz/stories/PO0304/S00130.htm [Accessed 12 Nov. 2017]. Stuff. (2017).Smarts drive Air NZ success. [online] Available at: https://www.stuff.co.nz/business/industries/10519234/Smarts-drive-Air-NZ-success [Accessed 12 Nov. 2017]. Trivellas, P., Drimoussis, C. (2013). Investigating leadership styles, behavioural and managerial competency profiles of successful project managers in Greece.Procedia-Social and Behavioral Sciences,73, 692-700. Van Wart, M. (2014).Dynamics of leadership in public service: Theory and practice. Routledge. Van Wart, M. (2017).Leadership in public organizations: An introduction. Taylor Francis.

Corporate Finance Financial Officer Designation

Question: Describe about the Corporate Finance for Financial Officer Designation. Answer: The chief financial officer designation varies with the nature of the business of the company. The CFO of a company is directly concerned with the financial control and planning. CFO comprise of the top management member. The staff and the line opportunities of the company is concerned with the duties of CFO. The chief financial officer is known with different names such as the financial manager or the financial controller. There are also people working under the supervision of CFO. The selected company for discussion is Real Energy Corporation limited which is listed on the stock exchange and is an explorer of gas and oil. The company was established in the year 2009 and has retained interest of 100% and possesses the potentiality of funding in the future (Asx.com.au 2016). The company is one of the most prolific petroleum producing basin on the conventional offshore. However, the current market capitalization of the company does not reflect the potential of enormous gas resource. A ll the projects undertaken by the company is wholly owned by the company. The company contributes to the operation of several tenements in the Copper Eromanga Basins. The company signed a letter of intent in the year 2015 with the Incitec Pivot regarding the supply of gas from the basin of project of Real Energy Cooper basin and the agreement was signed for the period of 10 years. The company has strong commercial and the technical team. The current financial controller of the company is Ying Ou B who is a master of business administration and has experience in the joint venture, corporate accounting and the finance in the industry of resource and oil (Realenergy.com.au 2016). The responsibility and the objectives of the CFO or the financial controller of the company regarding the companys financial position are discussed below: CFO or the financial controller responsibility- A CFO who is successful is well capable to deliver the responsibilities and the goal of the company regarding its financial reporting. The effective CFO provides the company with the effective outlook for the proper evaluation of the financial records of the company. Accurate reporting and accounting of financial records: The report on the financial status of the company is provided by the CFO and is responsible to keep the accurate financial records. The CFO of the smaller organization is concerned with the handling of the basic duties of accounting and is liable to produce the accounting reports on the monthly and the annual basis. On the other hand, in the larger organization, the responsibilities shifts form handling the accountings and producing the annual reports to the analysis, managing and the oversight (Bishop et al. 2014). The reporting and the actual accounting of the company Real energy Limited is done by the departments or the divisions and in order to gain the complete scenario of the financial status of the company, the CFO needs to review such reporting. However, the board of director needs the annual financial report to be provided by the financial controller in the meeting of board of directors. The financial controller of the company has the responsibility to present the past and t he updated financial information of the company to its various stakeholders such as the creditors, employees, debtors and the management and the board of the directors. This would enable them to get the appropriate and the exact information about the financial status of the company (Brausch 2014). Budgeting and the management- The CFO is concerned with the overseeing the matters relating to the financial statements of the company such as budgeting, salaries, cash flow and investments in the smaller organization. The paychecks of the employees are signed by the finance controller in smaller corporations. In the larger organization, the CFO is concerned with the handling of the administrative role with respect to the budgeting and allocating the resources. On the basis of the reports provided by the division managers, the finance controller of the company makes the administrative decisions such as deciding the pay of scales, budgeting and the resource allocation. The finance controller of the company has an important contribution in the management of the financial risks and the capital acquisition and the strategy of investments. He or she is also responsible for making the capital investment in the company (Frahm 2014). All the financial reports are analyzed and according the finance controller takes the financial decisions. The budget of the company is planned in such a way that all the debt of the company would be paid off when they fall due. The financial mangers maintain the conservative capital structure of the company and this would make the strategy of financing of the companies attractive to the investor and the shareholders. The CFO makes use of debt financing and equity financing in an appropriate way so that the capital structure is at low risk and the return gets maximized (Friedman 2015). Planning and strategy of financials- The long term strategic plan of the company is formulated with inclusion of the CEO and CFO of the company as the finance controller is increasingly partnering with the Chief financial executive to take part in the strategic plan formulation. The CFO is concerned with further enhancing the profitability of the company. The productivity of the Real energy limited is evaluated by the finance controller and he is responsible for searching the areas of efficiency which would be enhanced. The finance manager is responsible to call upon and use their knowledge of marketing and funding of the resources and the company is expected to provide the general outlook of the company with regard to its economies and assist in taking decisions about the resource allocation and taking the risk with regard to the financials of the company (Kliger and Gurevich 2014). The responsibility of the financial position of the company is solely provided by the CFO and the analysis of the present and the past rec ords of the financial reports are done by him or her. It is also the responsibility of CFO to forecast the future aspects of the financial reports and its effect on the financial position and the financial status of the company. Duties and the impact of responsibility of the Real Energys CEO: The CFO of the company is involved with the growth of the business and its profitability and he is also concerned with the acquisition of the properties of production. The acquirement of Mosaic by entering into the arrangement with the AGL limited and the finance manager was instrumental in achieving the decisions. The CFO is liable to perform the technicalities in the financial management. The objectives of the company are aligned with the planning of the integrated business of real energy Corporations Limited. The managers and the board of directors make sure that the objectives and the goals of the company are met and is aligned with the favorable financial status of the company. In achieving the strategic aim and the financial objectives of the company the CFO of the company act as the catalyst in stimulating the companys behavior regarding the same. In order to achieve the higher aim of the business, the CFO intends to perform the operational structure of the company (LeBlanc 20 12). The volatility of the financial market affects the functioning of the company and indirectly effect the share price of the company and he is responsible to imbibe the volatility in the true and the beneficial sense of the company. The various fulfillment of the company regarding the financial reporting is performed by the companys finance controller. The efficiency in the objectivity of the costs and the various strategic objectives of the Real Energy Corporations Limited is performed by the CFO of the company. The CFO is also responsible on the acquisition for the mergers and the business combination of the company and he is also held responsible for accounting of the management of the performance of the various properties of the company. Whether the company is holding the diversified portfolio and is able to handle the financial risk and its efficiency depends upon the skills and the knowledge of the finance managers (Lee and Zhang 2012). The portfolio is built in such a way that it becomes the energy service provider globally to the potential clients all over the world. The financial goal of the CFO of Energy limited is attained successfully by making the working of the company effective and generates the profits and it also depends upon the knowledge of the company. The financial position of the company gets triggered by the incorporation of the skills and the talent of CFO in handling the various financial objectives of the concerned company. The budgeting, planning and the financial reporting of the company are integrated to achieve the better financial position of the company in the present scenario (Mohanty 2014). The agreement which the company entered provides the investment of $ 35 million toward the project development. This provide for the negotiation so that the sale agreement of gas gets finalized. The efficient market hypothesis shows that the stock market performs efficiently as it reflect the relevant information and incorporate all the available information in the market and the individual investor cannot beat the market and the investor cannot earn extra profit by making investment as the information available is perfect. The investor has got tendency to invest in the undervalued securities which would yield more vale in the future and they expect to select the securities that would outperform the market. The investor needs to analyze the market and perform the investment after conducting the proper analysis (Westerlund et al. 2015). The efficient market exists because there exist extensive competition among the investors to earn the profits. The investor spends time in evaluating the stocks that are under priced or overpriced. The investor expecting high return should make the investment in the riskier stocks. This is so because a high risk stock comes up with the high re turn (Ortiz et al. 2015). The pension fund manager is mainly involved with the implementation of the investment strategy relating to the funds which can be managed by him individually or three or more people. The investment quality of the fund is analyzed with regard to the duties of pension fund managers. The pension schemes working in an effective way is the responsibility of the pension fund managers and this would ensure sustainability. The funds of the pension are managed in an effective way by the pension fund manager. The retirement benefits program would be effective if the accumulated funds are managed in an optimum way. For the appropriate management of the funds, the fund managers call for the implementation of the schemes of the new pension funds (Pensions-institute.org 2016). The experience level of the company determines the working of the pension funds managers and it varies company to company. The role of the fund managers comes in regard to the development of the various schemes of the pension funds so that it contributes to the benefits of the pension funds holders and the administration of the pension funds gets administered. The board of the company and the important investment decisions works with the responsibility of the fund managers regarding reviewing, discussing and agreeing with the framework of the various funding strategy. The addressing the performance of the pension funds and make it functions in efficient manner, the pension funds managers need to effectively perform its function along with its own line. According to the efficient market hypothesis, the shares listed in the stock exchange is always traded at the fair value as there does not exist superior information in the market to gain something extra. The extra gain depends upon the willingness of the investors to take additional risks while making the investments. The investor needs to meet the criteria of the efficient market hypothesis. The pension fund manager is concerned with the diversification and the pooling of the pension funds and the financing pattern of the individual gets affected by the pension funds (Verma 2014). Reference: Asx.com.au.(2016).[online]Availableat:https://www.asx.com.au/asxpdf/20151027/pdf/432fpscz3bb7hz.pdf [Accessed 29 Sep. 2016]. Bishop, C.C., DeZoort, F.T. and Hermanson, D.R., 2014. The Effect of CEO Social Influence Pressure on CFO Financial Reporting Decisions. Brausch, J., 2014. Becoming a winning CFO.Strategic Finance,96(1), pp.19-20. Frahm, G., 2014.A Modern Approach to the Efficient-Market Hypothesis(No. 1302.3001). Friedman, H.L., 2015. The Strategic CFO? Implications of the CFO's Role and Responsibilities.Implications of the CFO's Role and Responsibilities (August 18, 2014). AAA. Kliger, D. and Gurevich, G., 2014. Infrastructure: The Efficient Market Hypothesis. InEvent Studies for Financial Research(pp. 5-18). Palgrave Macmillan US. LeBlanc, B., 2012. Sustainability rises on the CFO's' to-do'list.Financial Executive,28(2), pp.54-58. Lee, A. and Zhang, T., 2012. Building the CFO Function: Roles and Responsibilities. Mohanty, S.C., 2014. 'The Role of the CFO has Changed Dramatically Over the Past Decade.The MA Journal,49(6), pp.7-9. Ortiz, R., Contreras, M. and Villena, M., 2015. On the Efficient Market Hypothesis of Stock Market Indexes: The Role of Non-synchronous Trading and Portfolio Effects.arXiv preprint arXiv:1510.03926. Pensions-institute.org. (2016). [online] Available at: https://www.pensions-institute.org/workingpapers/wp0010.pdf [Accessed 29 Sep. 2016]. Realenergy.com.au. (2016). RealEnergy. [online] Available at: https://www.realenergy.com.au/ [Accessed 29 Sep. 2016]. Rick, A.H.I., Karidis, J.P., Pickover, C.A. and Wisniewski, R., International Business Machines Corporation, 2016.Introducing selective energy efficiency in a virtual environment. U.S. Patent 9,268,385. Sun, L. and Rakhman, F., 2013. CFO financial expertise and corporate social responsibility: Evidence from SP 500 companies.International Journal of Law and Management,55(3), pp.161-172. Verma, M., 2014. Priorities of a CFO.Effective Executive,17(1), p.40. Westerlund, J., Norkute, M. and Narayan, P.K., 2015. A factor analytical approach to the efficient futures market hypothesis.Journal of Futures Markets,35(4), pp.357-370.

Role of Personal Selling in B2B Marketing Essay Example

Role of Personal Selling in B2B Marketing Essay Industrial Selling Environment3 Exogenous Variables:3 Endogenous variables:3 FOUNDATIONS OF PERSONAL SELLING: AN ORGANIZATION CUSTOMER FOCUS:5 Promotion and role of personal selling:7 Personal selling: the conceptual framework:9 Stages of the selling process9 Personal selling and Competition:12 Scene 1: NEW FIRM, NEW PRODUCT LINE/MIX13 Scene 2: NEW UNKNOWN FIRM AND OLD, ESTABLISHED PRODUCT CONCEPT14 Scene 3: OLD FIRM, NEW PRODUCT-SERVICE14 Scene 4: OLD FIRM, OLD PRODUCT/SERVICE14 SALES PLANNING:14 Sales force organization15 Variable one: assignment of sales personal:15 Variable two: Type of selling and relevant sales person profiles:17 Variable three: time and territory management17 Variable four: sales training needs18 Variable five: Effective time management of all field sales personnel18 Variable six: optimization of selling efforts in a branch level operation18 Variable seven: Compensation package19 SALES CONTROL19 CHARACTERSTICS OF THE FOUR SALES CATEGORIES20 A model for Industrial Sales Force Management :21 CONCLUSION24 BIBILIOGRAPHY24 ? INTRODUCTION The quality of personal selling is the most important variable in all types of complex industrial marketing. This is very important influencing factor for convincing identified decision making unit members, whose perceived risk in vendor and model selection is the highest for capital plant and equipment, a little lesser for fabricated industrial products and services, and the least for standard industrial products and services, that s standard routine purchase. Personal selling is mainly important for coordinating with external distributors and retailers. We will write a custom essay sample on Role of Personal Selling in B2B Marketing specifically for you for only $16.38 $13.9/page Order now We will write a custom essay sample on Role of Personal Selling in B2B Marketing specifically for you FOR ONLY $16.38 $13.9/page Hire Writer We will write a custom essay sample on Role of Personal Selling in B2B Marketing specifically for you FOR ONLY $16.38 $13.9/page Hire Writer Internal coordination is needed to ensure timely deliveries through the following distribution strategies: †¢Direct distribution to institutional buyers †¢Indirect distribution through channel members to end buyers who may be buying in smaller lots and more frequently. Industrial Selling Environment Industrial sales management focuses on the Ansoff’s product-market mix only for industrial products and services. The following endogenous and exogenous variables need to be considered for effective sales management. Exogenous Variables: Present customers, semi-developed prospects and dealers †¢Known decision making unit members and firm-specific buying practices, based on the culture of the buying organizations that is either decentralized, mixed decentralized and has centralized decision making authority-responsibility pattern. Endogenous variables: †¢Determination of the selling strategy that is which target segments to cater to and which segments to avoid, a long with the decision base. This will depend on the vendor’s current strength and weakness. †¢The selling mix that is 6 Ps. Situational factors tend to be product-market specific †¢Government rules and regulations The need for quality trained sales professionals for three different risk situations with the following product-service groups: Types of purchase decisionsEffect of quality sales presentations by trained marketers Capital Industrial Group (CIG) †¢Very high risk †¢Very time consuming for the DMU of the buying firms †¢Very frequent purchases †¢Top quality, fully trained sales, service professionals need to be deeply involved with all DMU members in targeted buyer firms. Exhibitions, demonstrations, practical problem solving issues. †¢Referrals from satisfied customers play an important role for new vendor selection. Fabricated Industrial Group (FIG) †¢High risk †¢Time consuming for the DMU †¢Infrequent purchases †¢Complex in s far as technical, technological issues are concernedHigher the risk factor, greater th e need for quality problem solvers to: †¢Provide relevant information to DMU members time and again †¢Greater need for conviction and persuasion †¢Greater the role of physical demonstrations and referrals. Standard Industrial Group (SIG) †¢Low risk †¢More frequent purchases †¢Usually large number of well established vendors †¢Low time pressure on buyers for purchase decision making †¢Price and strict adherence to usually well defined quality standards, timely deliveries are the major criteria for split decision making on several vendors. †¢Relationship building also influences decision making over a long period of business contracts †¢Other promotional tools like sales promotion play an important part. Price negotiations are relatively more important as well as credit terms. FOUNDATIONS OF PERSONAL SELLING: AN ORGANIZATION CUSTOMER FOCUS: Business marketing strategy is executed through personal selling. Once the marketer defines target market segments based on organizational characteristics (macro level) or the characteristics of decision making units (micro level), the sales force is deployed to meet the needs of these segments. The salesperson augme nts the total product offering and serves as a representative for both buyer and seller. The image, reputation, and the seller’s ability to satisfy needs are conveyed, to an important degree, by the sales force. By helping procurement decision makers to define requirements and match the firm’s product and service to them, the sales person is offering not just a physical product but also ideas, recommendations, technical assistance, experience, confidence, and friendship. A large toy manufacturer, for example, evaluates suppliers based in product quality, delivery reliability, price, and the value of ideas and suggestion salespeople provide. This buying organization, in fact, openly solicits ideas and evaluates suppliers formally on the number and quality of these recommendations. As a representative for the buyer, the salesperson often articulates a customer specific need to RD for production personnel in the industrial firm. Product’s specification, delivery, and technical service are often negotiated through the salesperson. The salesperson serves to absorb uncertainty, reducing conflict in the buyer-seller relationship. John Knopp, a regional sales manager at Hewlett-Packard, identifies this trait in high performing sales persons; â€Å"they know how to get special things done for the customer inside or outside the system. When something has to be done outside of normal policies and practices, they find a way to get it done smoothly. Relationship Marketing: The trend toward close relationships, or even strategic partnerships, between manufacturers and their suppliers is accelerating in many business market sectors. Several forces responsible for buyer seller relationships helps in rising global competition, the quest for improved quality, rapidly changing technology and the spread of just-in-time operations. Selling Center: The selling organization members who initiate and maintain exchange relationships with industrial customers constitute the organizational selling center. The needs of a particular selling situation, especially information requirements, significantly influence the selling center’s composition. Its primary objectives are to acquire and process pertinent marketing-related information and execute selling strategies. In many industries, teamwork has emerged as a necessary prerequisite for sales success-often requiring a structured, formal selling team approach rather than the loose coalition of individuals in the selling center. Some firms such as Xerox, Hewlett-Packard and DuPont have adopted formal account management teams. The organizational buying center includes individuals who participate in the purchasing decision and who share the goals and risks of that decision. The needs of a particular buying situation dictate the composition of the buying center. Assuming visible roles in this exchange process are the sales person (selling-center representative) and the purchasing agent (buying-enter representative). The salesperson and the buyer each begin the interaction with particular plans, goals and intentions. The salesperson provides information and assistance in solving a purchasing problem in exchange for the reward of a sale. Selling Firm Buying Firm Information PProblem Solving Negotiation Friendship, Trust Product/Services Payment Reciprocity In addition to external negotiations with the buying center, the industrial salesperson, acting on behalf of the potential customer, often carries on internal negotiations with other members of the selling center, such as manufacturing or RD, to ensure a successful exchange relationship. Internal negotiations also occur within the buying center because various members represent the interests of their functional areas in selecting suppliers. Complex flows of influence characterize buyer-seller interactions in the business market. To ensure that customers are as satisfied as possible, business marketers must effectively manage the complex web of influences that intersect in buyer-seller relationships. Relationship Quality: By occupying a position close to the customer and drawing on the organization’s collective strength, the industrial salesperson is often best suited to perform the role of relationship manager. For many complex purchase decisions, organizational buyers face considerable uncertainty. From the customer’s perspective, a salesperson who can reduce this uncertainty improves the quality of the relationship. Relationship quality comprises at least two dimensions: †¢Trust in the sales person †¢Satisfaction with the salesperson In the face of the frequent uncertainty of complex industrial exchange settings, relationship quality contributes to a lasting bond by offering assurance that the sales person will continue to meet the customer’s expectations and not knowingly distort information or otherwise damage the customer’s interests. The continuity of interaction that relationship quality provides then creates ongoing opportunities for the seller to identify the customer’s unmet needs and propose new business. Promotion and role of personal selling: Personal selling is a crucial promotional tool, especially for industrial products and services. The AIDA concept stresses that the perspective buyers and users have to be made aware of the firm’s name and its products and services. Once first level awareness has been created, then results in a positive interest which in turn may lead to probable internal evaluation by the prospective buyers and users, who starts comparing this new offer with those from other established suppliers on technical, commercial and managerial grounds, after sales service etc. For consumer products and services, be these perishable, non-durable or durable items, the following characteristics are usually dominant: ? Large number of buyers and sellers ?Large number of competitors ?Wide geographical dispersions of buyers-users ?A strong influence of emotive factors, and not just rational factors on the buyers-users needs and wants Relatively, a lower sales value and volume, as compared to an equivalent unit of, say, expensive fabricated item-unit wise. In industrial buyer firms, usually the number and types of persons in the ecision making unit are usually much larger, which includes †¢The initiators can be from RD, quality, control, inspection. †¢The influencers can be from export, corporate planning, finance and marketing †¢The deciders are usually senior management personnel †¢The buyers are the internal coordinators from material management †¢The actual users are technical persons Information handling habits: ?Newspapers or insert ions in specialized journals ?Direct mail ?Tele-marketing ?Seminars and conferences ?Exhibitions ?On-the-job convincing programmes ?Use of sales and service professionals Compatible mix of the above The equal potential approach: At first the total present demand can be estimated from ?The number, types and levels of buyers-users ?Their past and present actual purchases, and growth rates ? The industrial buying methods, that id industrial buying process ? Broad geographical dispersions of buyers-users ?Their purchase frequencies and ?The expectations from the suppliers Personal selling: the conceptual framework: Personal selling is one of the most important promotion tools for industrial products and services. In a proactive vendor management the relative roles of promotools will tilt heavily in favor of quality personal selling, especially for fabricated item makers and manufacturers of capital and plant equipment. The promotional budget of the vendors for fabricated items and capital plant equipment, therefore should give †¢Minimum emphasis on publicity †¢Some emphasis on advertising †¢More emphasis on sales promotion and †¢Maximum budget for personal selling Stages of the selling process The stages of the selling process includes the 1. Prospecting and lead generation: †¢Identify a buyer-user (customer), and Maintain the customers Prospective buyer-user identification, with reference to industrial products and services, need to be application oriented. The vendor firms’ personnel have to pre-specify which firms need what types of intermediate components to make their own products and services. This listing is the first step, which leads to DMU identificat ion, assessment of the buying firms’ culture, and also of the quantities needed at a point of time. Simultaneously, competitors and their strengths and weakness need to be assessed. A vendors’ sales objective can then be planned for. 2. Handling any type of objection: First level prospectus and their relevant DMU will need information on the new vendor and the latter’s capability to solve the buyers’ problems, be it technical, commercial, or service related. The vendor firm will also have to provide information regarding the suppliers’ image, credibility, research base, and international affiliation etc. All the information provided in time to all prospective buyers to ensure that the latter parties are aware of the vendors’ services. 3. Quality sales presentations: Face-to-face interactions are essential between the buyers’ decision makers and the suppliers’ sales and service personal. The greater the technical and technological complexity and the price of the industrial product or service, the greater is the need for relatively unknown vendors to send out their best trained sales and service personal to negotiate, persuade and convince the DMU to consider them as source of the best bargain, as compared to prevailing competitive offers. Usually frequent across the interactions are required, in order to determine all aspects of the 6Ps- primarily, aspects such as †¢Product and service specifications and quantity to be delivered at a point of time which are fixed aspects †¢Price and commercial terms and Types of after sales service needed etc. 4. Sales closing: Besides functional and financial aspects, the psychological aspect of timely sales closing is also a basic trait to be learnt and developed by the vendor’s negotiating person or team. The trained negotiator also has to understand when to call it a day and ask for the buyers’ decision- i n other words, right timing is important. A little push from the proactive, aggressive professional helps the DMU, which may be in a state of confusion, to make up its minds. 5. Follow-up, feedback and replanning: This phase is often neglected, if not totally forgotten, by many professional vendors, who need to know, also in their own interest, how their product-service package is helping customers in their production and market-planning operations. These interactions help the vendors know where they stand and what more they need to do to develop a long-term business relationship with targeted buyer-user segments. This critical phase must be built into the vendor’s total selling process as a much-needed tailender, which, in reality, is a never-ending cycle. Hence, selection, recruitment, and planned training have to be carefully organized for professional marketers, whose profiles also need to be job specific. For example, for standard industrial products and services, a good planner and coordinator should have a flair for communication for maintaining external communication, meeting customers and building relationships with local distributors who are expected to service a large number of small type buyer users. For fabricated products as well as capital plant and equipment, however, more of technical specialization and servicing will be needed. The concept of integrated management system will be more relevant since each large party will demand tailored attention, from the designing of the equipment onwards. Here, the entire organization needs to be marketing oriented. For synergy and coordination within the organization, polished and sophisticated technical problem solvers are needed. They are also expected to be consultants to the major buyer-users. This type of work requires top-grade technical-cum-commercial professionals. To sum up, flexible, decentralized vendor level management need to be planners as well as doers. The principle of segmenting, targeting an positioning will be useful, when used on the basis of reliable market-based knowledge of all targeted prospects, competitors, and where needed, information on indirect distribution channel members. For specialized industrial products and services, specialized and fully-trained techno-commercial marketers will have to be selected, recruited, trained and then put on the job. Personal selling and Competition: The role of personal selling and its nature of contribution are influenced by a few exogenous factors, which includes Type of competition: ?Pure competition Monopolistic competition ?Oligopolistic competition ?No direct competitors, especially, for new products and services ? The state of monopolies The stage of the product life cycle (PLC): ?Introduction stage ?Growth stage ?Stage of maturity ?Stage of decline Some endogenous factors, from the vendor’s management’s point of view, are as follows: ? Does the vendor firm know ab out its own strengths and weakness and ? Relevant opportunities and threats ?How far should the firm reach out, say, for geographical coverage ? Are they fully aware about their competitors’ strengths and weakness Type of firmNew(unknown to the industry)Old(established product concept) New firm (unknown to the relevant industry)Scene 1 ?New firm ?New product Ex: Marubeni corporation for aluminum cansScene 2 ?New firm ?Old (similar) product and service Ex: BOC-Ohmeda Ltd for capital medical equipment Old and already established organizationScene 3: ?Old firm ?New product Ex: NCCL for IRCScene 4: ?Old firm ?Old, established product service line Ex: NALCO versus BETZ for (WTC) Scene 1: NEW FIRM, NEW PRODUCT LINE/MIX This is an extremely risky scenario, where the risks to the new vendor are the highest since both the firm and product concept are unknown. For a new firm, a new, unknown project concept can be profitably exploited only planned, systematic business developmental activities are initiated and these are professionally implemented over a fairly long period of time, for each chosen prospective user firm. The vendor firms’ own management also needs to provide the right support and work culture. The business development person has to be a problem solver and a consultant who firmly believes in utilizing the integrated, management system which ensures concurrent achievement of ? The prospect’s expectations and The venture firms’ own, usually long-term aims for an untried concept Scene 2: NEW UNKNOWN FIRM AND OLD, ESTABLISHED PRODUCT CONCEPT This is a situation which arises when a new, relatively unknown firm enters the market with a known product-service concept. Oligopolistic competition can be prevalent in such a situation. Scene 3: OLD FIRM, NEW PRODUCT-SERVICE In third scenario, a known vendor firm such a s M/s Nicco Cables Corporation India Ltd, which had been operating in India for a long time, introduces a totally unknown technology, in this case, that of irradiated cables. The cable industry has a large number of competitive firms which are operating in India. Scene 4: OLD FIRM, OLD PRODUCT/SERVICE Finally, a very safe scenario has been depicted- that of an old, known firm, say, M/s Nalco chemicals India Ltd, which had been operating in India since 1984 with established fabricated industrial products and services. SALES PLANNING: This is a very important phase for any sales management function. It sets the directions and the target for the entire organization. For a new industrial product or service, or even for an established product-service mix, sales’ planning envisages the following: ? Listing of the relevant universe ?Targeting: whom to service ?The process of positioning Especially for industrial products or services, a three phase-planning can be organized: ? Top-down planning, where the firms’ top management lays down its overall objectives, which should base on SWOT analysis. ?Grassroot planning, which will involve all sales service personnel ? Mixed planning process, where internally, usually once a year all the functional heads sit across the table and work out a common, feasible and achievable ? Budget ?Target ?Back-up support Sales force organization Variable one: assignment of sales personal: The assignment of sales personal to customers/territories can be for one of the following types of selling: Consultative selling: The need for knowledge-based and highly specialized expertise and experience demands that an user class or specific accounts, spread over a large geographical terrain, be assigned to a specific group of relevant consultants. For example, an industrial marketing research specialist may not be very comfortable with solving problems for firms which deal with consumers products and services. Variable-1Assignment of sales personal versus the type of selling ? Consultative ?Technical ?Commercial ?Direct Variable-2Type of selling and relevance of sales person’s profile Variable-3Time and territory management Variable-4Sales training needs for developing relevant manpower, who need to be selected for the first the right sales types for the right prospect and customer class need to be chosen and deployed Variable-5Effective time management of all field sales personnel: ? travelling time ?waiting time ?actual contract time for personnel selling ?relevant administrative functions Variable-6Optimization of selling efforts in a branch-level operation Variable-7Compensation package: ?industry-level parity ?monetary compensation direct incentives, both formal and informal Technical selling: For similar types of assignments, technical personnel may be desirable, especially for items with a high degree of technical component and knowledge requirement. Here the allocation of personnel may even be customer and or product specific. However, for products with common or similar technology in put requirements, for example, nuts and bolts, pumps and motors, transformers etc. even geographical coverage can be thought of. Technically knowledgeable fully trained and motivated sales persons have to be put on the job with clearly defined terms regarding ? he geographical or key account based responsibilities and targets ? allowable budgets for travelling, boarding, lodging, and related expenses ? their authority-responsibility relationship with peers and seniors ? the firms basic salary and incentives for actual target fulfillment ? on-the-job holding, problem solving and guidance by more experienced seniors and ? a healthy internal work climate, which should encourage team work and a synergistic approach to take care of the usually high level of market-based rejections of new yet to be established products and services. Commercial selling and direct selling: Both these types of selling need a low level of technical expertise. Hence depending on the area’s size and market needs, geographical assignment of sales people can e thought of. For multi-product marketing companies, however a mix of the above may be called for. From the same firm, a tea marketing division and another division marketing torches and batteries may necessitate different sales teams from the same location, since the customers and their needs are totally different, as also the distribution and promotional basis for awareness and interest generation. Variable two: Type of selling and relevant sales person profiles: There are two types of selling activities that helps the sales personnel of an organization, may have to engage in: ? maintenance selling ?developmental selling In the field of maintenance selling, sales persons primarily have to build long-term relationships with customers, prospects, and dealers or retailers for existing and known product/service categories. Regular planned follow-ups, on-the spot problem solving. Maintenance selling needs long-term relation builders with emphasis on short-term, pre-defined objectives. Variable three: time and territory management ?Assess a given market’s demand and potential, as also the number and geographical spread of the following segments: ? Major customers/prospects ?Medium-level parties ?Small parties ?Virgin prospects ?Dealers ?Internally, work out the past and present sales pattern, over a time period, of the existing buyers and users ? Estimate the business prospects for developmental parties. Simultaneously, the needed sales effort also has to be assessed, qualitatively to start with ? Assign the available manpower to the above buyer-user classes. This has to be worked out with the following factors in mind: ? The need to reach short term business aims, area-wise ?Future developmental planning ?The total cost budget to reach the above separately ?For a predefined period, assess the actual results versus plans and total time and cost investment ? If needed, re-design the selling strategy. Variable four: sales training needs The right type of sales persons need to be chosen for each type of sales, and they have to be effectively trained for the development of the relevant manpower. Comprehensive training is needed from time-to-time. Variable five: Effective time management of all field sales personnel The functional level of sales personnel and the product type will influence the allocation of a sales person’s effective time and its availability. The three major factors affect the time management includes: ? Actual field selling time, during which the sales persons interact with buyers-users. ?Administrative responsibilities, which vary depending on the sales person’s level of functioning. This includes aspects such as †¢Sales forecasting †¢Planning and control †¢Budgeting †¢Training and motivation of people working with them Inter-phase involvement with other departments within the firm and †¢Public relations ?A formal reporting system, within the company and for planned external communication, both written and verbal. Variable six: optimization of selling efforts in a branch level operation The sales manager needs to organize adequate back-up support. The aim is to free t he field sales personnel as much as possible, to enable optimum actual sales contacts with buyers, users and dealers from whom revenue can be generated. The sales managers, therefore need to build up the team spirit. The sales managers, especially at the branch operating levels, have a major role to play in organizing, motivating, staffing, training and controlling. Maintain the market leadership, and at the time, keep the internal sales staff motivated. Variable seven: Compensation package Based on different types of sales, the compensation packages differ: Consultative sales these are characterized by the product or service that is sold at the higher levels of an organization. Consultative type firms normally assign their sales persons specific accounts rather than geographical sales territories. Technical sales the distinctive haracteristic of technical sales is the product knowledge required by its sales persons. Although the sales process may take les time as compared to that of consultative sales, technical sales persons are no strangers to the selling process. This type of selling however is nearly always based on rational buying motives. Commercial sales more sales persons are employed fo r commercial sales than for the other types. The field is composed of two types of salespersons – order takers and order getters. The method of compensation in the commercial sales field varies with the nature of the firms’ product or services. Direct sales direct sales are primarily concerned with the sale of products and services to the ultimate consumer. There is some emotional appeal associated with this type of selling, and as a result, most successful sales persons in the field possess a strong persuasive ability. Unlike the other three types of selling, there is little emphasis placed on the stability of the employment situation. SALES CONTROL This is an internal process to assess actual over a time period. This can be done in terms of the following parameters ? Regional, actual sales versus targets ?Product-service line wise assessments Sales expenses ?Competitive inroads ?Other parameters CHARACTERSTICS OF THE FOUR SALES CATEGORIES Types of salesCharacteristics of the sales categoryCharacteristics of successful sales persons Consultative? Product or service is sold at higher levels of an organization ? Purchasing decisions usually authorized by several executives ? Sales persons assigned specific accounts rather th an geographical territories ? Sales persons are required to discuss the project with several people in the client’s organization? Smooth approach ? Personality compatible with achieving a few large successes periodically ? Ability to gain the confidence to the client Technical? Purchasing decisions requires the approval of several organization members but there are typically one or two buying influences ? Selling is based on rational economic buying motives? Very strong product knowledge ? Strong interest in detail ?Rational approach in utilizing sales techniques Commercial? Sales of a non-technical nature to business and industry ? Sales are often made on the first or second call ?Many more sales of lower rupee value than in the consecutive sector? Strong self organization ? Ability to reach the decision maker in the organizations quickly ? Ability to make a smooth presentation and close the sale Direct ? Sales of products or services to the ultimate consumer ? The sale is usually closed on the first call, or not closed at all ? Emotional appeal to the buyer ?Very high personnel turnover rate? Strong ability to close sales on the first call ? Strong persuasive ability ?Ability to identify a prospects’ buying motives quickly A model for Industrial Sales Force Management : Generally Deploying the sales force is treated as a critical task in Business sales management. The objective is to form the most profitable sales territories , deploy salespersons to serve potential customers in those territories , and effectively allocate sales force time among those customers. Deployment Analysis : A strategic Approach The size of the sales force establishes the level of selling effort that the business marketer can use. The selling effort is then organized by designating sales districts and sales territories. Allocation decisions determine how the selling effort is to be assigned to customers , prospects and products. Proper deployment requires a multistage approach to find the most effective and efficient way to assign sales resources( for example, sales calls, number of salespersons, percentage of salesperson’s time) across all of the planning and control units( PCU s) the firm serves(prospects , customers, territories, districts, products). Thus, effective deployment means understanding the factors that influence sales in a particular PCU, such as a territory. DEPLOYMENT DECISIONS FACING SALES ORGANIZATION Type of DecisionSpecific Deployment Decisions Set total level of selling effort Organize selling effort Allocate selling effort Determine sales force size Design sales districts Design sales territories Allocate effort to trading areas Allocate sales calls to accounts Allocate sales calls to prospects Allocate sales call time to products Determine length of sales call Territory Sales Response : There are eight classes of variables which influences the potential level of sales in a particular territory. The list shows the complexity of estimating sales response functions. Such estimates are needed, however, to make meaningful sales allocations. SELECTED DETERMINANTS OF TERRITORY SALES RESPONSE . Environmental factors (e. x. , health of economy) 2. Competition(number of competitive salespersons) 3. Company marketing

Written and Psychological Contracts of Employment

Written and Psychological Contracts of Employment The basic nature of employee-employer interaction is dictated by the nature of exchange in the employment relationship. An employment relationship is a contract based on a mutually agreed on, voluntary made exchange of promises. In this exchange, each party stands to gain if the exchange agreement is fulfilled and again, each party loses if it is not (Spielberger, 2008, p. 494)Advertising We will write a custom essay sample on Written and Psychological Contracts of Employment specifically for you for only $16.05 $11/page Learn More A contract is always born from between the employer and employee when the employee agrees the terms of employment in which case the acceptance may entail paperwork or just a word of mouth. There are three elements to the contract: offer, an acceptance,† and consideration, which typically takes the form of a â€Å"promise by the employee to perform services in exchange for the promise by the employer to pay for such services † (Reid and Standryk, 2004) The employment relationship is usually documented in a contract of employment which can be a written statement contains certain terms and conditions regarding a given job. However, it necessarily does not have to be in writing, in which case it is called a psychological contract. The basic indication of the existence of an employment contract is the consent of both the employee and the employer to fulfill their obligations, with the former willing to work with expectation of compensation from the latter. It is from this contract that the basis for the relationship between the two parties is drawn, with the contract giving both parties certain rights and obligations called contractual terms, which should complement the rights enjoyed under the statutory labor laws, for example, the right to paid annual leave. Here, an introduction into the content and nature of the employment relationship is given, followed by a definition of the written contract of employment, expounding on the statutory rights, formation, and termination. In addition, the psychological contract of employment is discussed which includes its formation and breach. Key Differences between Written and Psychological Contracts of Employment The main difference between a written and psychological contract lies on how they are made such that, a written contract is always documented and provides duties and responsibilities in a generalized form, while psychological contract involves perceive obligation on the part of both employer and employee. In this case, a written contract will require have specific wording regarding the responsibilities of either party as well as terms of the contract while a psychological contract will only entail reasonable judgement about responsibilities one should undertake.Advertising Looking for essay on business economics? Let's see if we can help you! Get your first paper with 15% OFF Learn More According to Robin son (1996), Psychological contracts tend to be primarily subjective as they depend on what either party to the contract believes is contained in the promise, in which case both parties may have contradicting interpretation. On the other hand, written contracts are objective and clearly stated in the contract form such that both parties expect the same results from the contract. Due to the uncertainty nature of the psychological contracts, it is always difficult to resolve disputes, more so because evidence of agreement may not be categorically substantiated unlike in written contracts where signed and formalized documentation cannot be ignored. Psychological contracts are normally established informally through dialogue between the employer and employee on the role each of them can perform in the contract, without specifically outlining the details of the duties each party will perform. In the case of written contracts, the contract document will contain explicit outline of duties a nd expectations of the contract, which must be signed by the both parties, thus acting as compete piece of evidence in the event a dispute arises. Although it is important to provide all employees with written contracts, some assignments such as freelancer may not need written contracts. Breach of the psychological contract basically arises when either party to the contract feels that the other party has not fulfilled his obligation as promised. Since the magnitude of the breach may not be explicitly defined, the person who feels aggrieved will be affected psychologically and emotionally, with the response being loss of loyalty or loss of motivation, thus leading to general underperformance in the long run. Worse still, unresolved breach of psychological contracts may prove costly especially if there interference with the firm’s reputation as perceived by outsiders (Robinson, 1996). On the other hand, breach of written contracts is easily quantified, especially where either p arty fails to meet expectations, while resolution for the same is always included in the contract form. Formation of a written employment contract normally takes place upon the commencement of the contractual obligation, and according to the statutory requirement, the employer has the mandate to ensure the written contract form is provided to the employee not more than two months after the first day of employment. Therefore, any instance of holding the contract document, as is the case with some employers, is a violation of law, while the employee has the right to demand for the same without any form of intimidation.Advertising We will write a custom essay sample on Written and Psychological Contracts of Employment specifically for you for only $16.05 $11/page Learn More Under the written contracts, terms and conditions of termination are explicitly stated, which in most cases may include lapse of time, mutual agreement, one party giving notice of terminati on or summary dismissal especially due to breach of terms. However, there are instances where legal redress may be sought especially when there is no ‘just cause’ for termination. Using Appropriate Theoretical Discussion, Identify How Psychological Contracts Can Be Broken By Employers Employees’ perceptions of employer psychological contract fulfillment/breach provide the basis upon which employees reciprocate. The assumption made here is that employees have delivered on the terms of their exchange so that the basis for employer reciprocation (i.e. employer fulfillment of obligations) exists (Conway and Coyle-Shapiro, 2006). One challenge arises on how to measure that the psychological contract has been breached, given that what one perceives as a breach may not necessarily appear as breach of contract to the other. For instance, some changes in the behavior of the boss concerning the relationship with employees such as refraining from routine morning greetings o r reverting to phone conversations instead of routine face to face discussions may appear as a breaking the psychological contract to the employee, but not to the employer. However, certain breaches of contract have far-reaching effect, thus should be addressed before they become detrimental to the firm. Poor human resource policies are likely to cause breach of psychological contracts from the employee’s perspective. In some cases, employees will perceive a broken psychological contract when promises made by the employer about human resource practices do not add up to what is actually delivered (Conway and Briner, 2005, p. 65). Employees require mentorship, guidance, and support from their boss while in the organization. Where such support is unavailable, employees feel that their social well-being is ignored and that the employer has failed to perform his part of psychological contract (Conway and Briner, 2005, p. 65). The ever-changing business environment including compet ition in the labour market has forced organization to rethink their strategies, more so in human resources, with the primary aim being to improve employment relationship.Advertising Looking for essay on business economics? Let's see if we can help you! Get your first paper with 15% OFF Learn More As a result of the dynamic climate, employment contractual relationships are becoming more and more threatened, while the hitherto security of tenure and reward for employee loyalty and performance is changing shape. Indeed, psychological contracts are becoming even more risky as most employers and employees alike are more likely to breach their part of bargain (Robinson, 1996). Oftentimes, employees will perceive that employers have broken their contractual obligation and will always react through reducing their level of performance, changing the way they behave in the organization, and always seeking an opportunity to leave the firm for another. Conclusion The world of business is rapidly changing, especially with globalization bringing about integration of both commodity and labour markets on a global level. In this case, competition has gone a notch higher, calling for organizations to restructure their internal resource policies, more importantly on human resources in order to attain a competitive advantage; indeed, organizations are â€Å"pressured to make rapid changes and accommodations to their workforce and employment policies† (Cappelli, 1999, Coffey, Cook, and Hunsaker, 1994). Moreover, it is becoming important for employers to appreciate the role played by employees in organizations’ performance and must find a balancing act on how they must â€Å"manage, renegotiate, and in some cases, violate the psychological contract that they have established with their employees† (Rousseau 1995). Nevertheless, it is paramount that organizations rethink on the effective way to fulfill their roles in psychological contracts in addition to formal written contract given that such contracts are almost inevitable, otherwise they will be always under financial and reputation risk. Reference List Cappelli, P., 1999. The new deal at work: managing the market-driven workforce. MA, Harvard Business Press. Coffey, R. E., Cook C. W., and Hunsaker, P. L., 1994. Management and Organizational Behavior. 3rd Edition. NY, McGraw-Hill/Irwin. Conway, N. and Briner, R. B., 2005. Understanding psychological contracts at work: a critical evaluation of theory and research. NY, Oxford University Press. Conway, N. and Coyle-Shapiro, J. A. M., 2006. Reciprocity and Psychological Contracts: Employee Performance and Contract Fulfillment. London, WC1E 7HX, U.K. (online). Available from: http://filer.case.edu/bac2/MGMT413/groupl/reference%20papers/conway%20-%20reciprocity%20and%20psych%20contracts.pdf Reid, R. B. and Standryk, L. E., 2004. The Written Employment Contract. Lancaster. Brooks Welch L.L.P. (online). Available from: lbwlawyers.com/publications/writtenemploymentcontract.php#establishing . Robinson, L. S., 1996. Trust and Breach of the Psychological Contract. Journal of Administrative Science Quarterly, Vol. 41. Available from: questia.com/googleScholar.qst;jsessionid=M19VkVMZTbnGvMVl9N3ZFc5TRL7N6kB5W2XnzM3WwKP8zg2T752C!-590386660!-18 50433002?docId=5000449233 . Rousseau, D. M., 1995. Psychological contracts in organizations: understanding written and unwritten agreements. NJ, SAGE. Spielberger, C. D., 2008. Encyclopedia of Applied Psychology. Volume 2. MO, Academic Press. Web. Available from: https://books.google.com/books?id=UriYBuiH_FkCpg=PA493dq=KEY+DIFFERENCES+BETWEEN+WRITTEN+AND+PSYCHOLOGICAL+CONTRACTS+OF+EMPLOYMENThl=enei=TIi1TIuJBYqZOouYuJYGsa=Xoi=book_resultct=resultresnum=10ved=0CFoQ6AEwCQ#v=onepageq= .

Retailer Relationships Essay Example | Topics and Well Written Essays - 1000 words

Retailer Relationships - Essay Example Out of all the different brands of retailers in the US, the most influential brand that has affected my life and the life-style of millions around the world is Wal-Mart. This is the main reason why I choose Wal-Mart for this study. Wal-Mart has grown to become the market leader with 4,423 stores and with yearly sales of $307.73 billion, being tripled the total sales figure of the second largest retailer- The Kroger Co (Stores.org, 2012). Its dynamic management strategies and most importantly the business success have influenced me to become a fan of Wal-Mart in its Facebook page and this has made me choose the company for this study. Customer relationship is an antecedent to the value creation and sharing of consumer-seller interaction (Varey, 2002, p. 1). In recent years, building relationship with customers has become an extremely important marketing strategy to help a firm attract, retain and maintain customers for longer period. Wal-Mart has successfully used several social media networks such as Facebook and Twitter to create stronger relationship with its customers. According to recent reports, Wal-Mart continues to tap social media to create stronger relationship with tech-savvy customers with a view to establish stronger brand equity among its customers. Building customer relationship will certainly help the company maintain long term advantages of customer loyalty, which is basically customers’ commitment to repeated purchase and re-patronization for a preferred goods or service. Konrad (2012) found Wal-Mart as the first topper in social media starts since it has more than 15 million fans on the social network. The company has set specific guidelines for its Facebook and Twitter users, asking its customers to strictly adhere to the social media rules and giving them instructions such as be polite and courteous, stay on topic, keep it real and encouraging customers complaints, feedback and opinions (corporate.walmart.com, 2012). Prior to