Origin of the Postal Rule Essay Example | Topics and Well Written Essays - 2500 words

Origin of the Postal Rule - Essay Example Consequently, a general rule dictating the time of an efficient acceptance was required1. The postal rule was originally invented as an attempt to provide some form of assurance to an offeree acknowledging an offer through post. From the case of Adams v Lindsell [1818] the courts ruled that if the general rule concerning acceptance of an offer is applied to an acceptance sent by post, then an offeree would never truly be certain of the existence of an obligatory deal until the offeror confirms receipt of the letter of acceptance2. The postal rule was applied in this case since post was the singular way of communication. This assignment aims at critically discussing the postal rule its similarities to e-mail and whether it should be expanded to encompass modern modes of communication specially email3. Applicability of Postal Rule to E-mail At its instigation, the post was solely the only means of communication. The introduction of other modes of communication over the years, calls for expansion of the rule to include particularly email since it is the most commonly used method of settling deals. This rule should also extend include e-mail since e-mail is essentially a letter in electronic form. Moreover, at time of inception of the rule, post was expedient and fast; this true for e-mails today hence applicability of the rule to e-mail4. However, it is difficult to classify e-mail as either instantaneous or not since in some cases it may reach the recipient in a matter of seconds and delays are rare. On the other hand, it is common for mails to take longer to reach the recipient hence the postal rule may not stand at this point. Similarities of the Post and Email There are several comparisons between post and e-mail. Firstly, when an e-mail is sent from the sender’s outbox it cannot be recalled and this situation is similar to the postal rule5. Additionally, an e-mail is a digital comparable of a letter sent via post. All usual functions of postal mail hap pen through e-mail like advertising or invitations to treat (Partridge v Crittenden [1968]). Acceptance through e-mail remains unsettled by courts since there still exists uncertainties on the subjects of offer and reception related to the development of e-mail based contracts. In this case, there are different points of acceptance. It could be the moment when thee e-mail departs from the sender’s outbox, the instant it gets into the recipients inbox, when it is collected from the server or when it is read. This is also analogous to the postal rule as it is not clear when an acceptance is made. In the postal rule an acceptance is binding when the acceptor puts it in the mail box for return mail to the offeror not considering whether it reaches him/her. Since the establishment of the postal rule in the 1800s, several other means of communication have come up. This includes telephone, telegraph, email and facsimile. Both the post and email are both used as avenues of communicat ion since the message/information is delivered finally regardless of the time taken to deliver the message. Another similarity is the greeting cards. When email was first introduced, it did not have things like greeting cards. At the time, only the postal service did. Nowadays, greeting cards can be sent via email and may even come with sounds and songs`. In both

Role of Strategic Management in Planning

Role of Strategic Management in Planning INTRODUCTION While some firms adopt strategic opportunism as a strategic planning method used mainly by senior managers who use it to assess their firms capacity to recognize and respond to identified windows of opportunity (or threat) that may require strategic changes as it would be pointless identifying strategic opportunities that the firm lacks in the competencies and resources to take advantage of them, others firms use human judgment in making operational decision making, this could involve situation assessment, actions taken to gather additional information, generating plausible hypotheses and other alternatives which either depicts Strategy as science or art. This paper aims at analyzing certain terms and elements in strategic management that explain business strategy as an art or science, terms like design, rational, hypothesis, culture or creativity etc. It also explains situations where organisations are presented with either luck or opportunity and how to what extent judgment is exhibited in the strategic decision making. ANALYSIS Role of Strategic Management Elements in planning and decision making According to Constable (1980) Strategic Management addresses the management processes and decisions which determine the long-term structure and activities of the organisation. This further explains that strategy incorporates planning activities on Management Processes which encompasses both the formal structured process (prescriptive approach) and the informal structured processes (emergent strategy change). This provides the Managers the ability to spot opportunities for and threats to the organisation in its future plans and the changing environment in which it operates. As information is seen as input into an organisation process which produces decisions as the output, the strategy of an organisation e.g. avoiding a threat or exploiting an opportunity determines the Management Decisions that need to be taken that is expected to be a solution of apparent problems, the feasibility and the requisite resources for implementation. Beck (1987) argued that many British companies lack strategic clarity, this comprises of mainly three reasons: Thompson (1993) explains, The difficulties of forecasting in todays business environment; the lack of managerial competence in many companies; and above all, the frequent absence of strong leadership from the top. Other reason maybe the distinction between established views incompatible with the formal and elaborate strategic planning systems present in the 1960s and 1970s, however failed to work in most cases. Strategic Planning helps organizations answer series of questions about how well the company is doing and why, where it should seek to develop in the future. Thompson (1993) further argued that, Most successful companies strategically are likely to be those that are aware of where they are and of what lies ahead, those that understand their environment and those that seek to achieve and maintain competitive advantage. Also, Thompson (1993) asserted that whatever strategy exist in an organisation, organisations ace in strategic thinking are more distinguished from their less successful competitors by a common pattern of management which are highlighted below: Key success factors inherent in the economics of the business are effectively identified than their competitors. Markets are segmented to gain critical competitive advantage. The segmentation is based on competitive analysis conducted on the markets, thus, segments are separated according to its strengths and weaknesses of different competitors Successful companies base their strategies on the measurement and analysis of competitive advantage. Good strategic thinking implies an understanding of how situations will change over time, thus companies can anticipate their competitors responses. Companies are able to give investment priorities that promise competitive advantage While one may be agreeable that business strategy initiatives depend on a mixture of luck and judgment, opportunism and design to succeed, different views need to be analyzed as business strategy itself can be a combination of the aforementioned features. This is because a good business strategy will succeed irrespective of the factor of luck but a good business strategy has to be able to take advantage of opportunities, be planned with great insight and judgment without relying on the good wind of luck to see it through. Companies with superior business strategies who dominate their various industries are there because of their unique insights and capabilities in the formation and execution of their strategy. However luck seems to plays a role in performance of a companys strategy. Three broad scholastic perspectives exist for explaining the relationship between luck and business strategy; Kovenklioglu and Greenhaus, (1978) held the view that luck plays little or no role in the performance of a strategy, this is articulated by Day and Maltby, (2003) who held the view that a belief in luck is irrational. The last perspective believes that luck plays a substantial role in the long run by creating short-term success which then positively positions a company for superior performance in the long run or that luck may create a lasting success via a combination of lucky efforts. This is synonymous with Mintzbergs positioning school of thought which places a company within the context of its industry and tries to devise ways to improve its strategic position within that industry. A typical case study is the position of Microsoft in the software industry; which came about when by a stroke of luck, Paul Allen, saw a magazine in a grocery store with a picture of the new microcomputer , the Altair made by a company called MITS and decided to write a BASIC interpreter for it. This led to the formation of Microsoft which grew to become the biggest software company in the world. This position has enabled them to implement successfully their business strategy of copying the products of their competitors and making it better using the vast resources available to them, then bundling it with windows to force it down the throat of consumers in order to kill off the competition. Another illustration is the browser wars between Microsoft and Netscape in 1997, when incumbent king of browser, Netscape Navigator faced an unprecedented challenge from software king, Microsoft. Netscape navigator had the dominant market share (about 80%) which Microsoft wanted; it devised a business strategy which involved licensing Mosaic an existing browser as the platform for its internet explorer. Then it decided to give away internet explorer by bundling it with the Windows 95 plus. This was effective in stealing Netscapes market share because Netscape charged for its browser. It would have been impossible for Microsoft to keep its rigorous monopoly in the software industry if it werent for its strategic position which it had already attained through windows at a time when microcomputers was just been born. It has been said that the reason Microsoft became the biggest software company was bill gates being at the right place at the right time. Legend has it that it was Digital Researchs Gary kildall that was first contacted to supply the software for the new IBM PC but as matter of luck he turned it down preferring to fly in his airplane. This made IBM to contact bill gates who went on to supply PC DOS which was developed into windows. The table below represents the attributes of Strategy as design and Strategy Judgment, each of which exhibits the characteristics of Strategy as Science and Strategy as art respectively. STRATEGY AS ART OR SCIENCE..The concept of Strategic Thinking The term Problem Solving is most often scientific related which is an activity of finding the solution to a problem; this could also be defined with respect to strategic problems where the problem solving activity is finding a solution. Hitt explained, the concept of strategic thinking where Mintzberg also argued that Strategic Planning is an analytical process aimed at programming already identified strategies which exhibits strategy as a science, however, strategic thinking is believed to be a synthesizing process, utilizing intuition and creativity, whose outcome is an integrated perspective of the enterprise, this sees strategy as an art. Strategic Thinking denotes all thinking about strategy with specific characteristics. According to Nasi (1999) Strategic Thinking extends both to the formulation and execution of strategies by business leaders and to the strategic performance of the total enterprise and for Mintzberg (1994) who is one of the foremost advocates of strategic thinking, argued that, the term is not merely alternative nomenclature for everything falling under the umbrella of strategic management; rather it is a particular way of thinking with specific characteristics. On both two issues discussed on whether strategy is seen as a Science or an Art, a whole spectrum of views exists most of which are highlighted in the table below on the aforementioned two schools of thought on strategy. Business strategies are usually developed from a companys mission statement which is basically a statement of a companys dream and aspiration for its future based on its plans. The success of any strategy however depends on its implementation this is because strategy is more an art than a science. Science test for facts using established laws of physics whereas art deals with expressions of concepts, thoughts and ideas. In this way it mostly mimics the use of business strategies not as a way to test for the success or failure of a companys goals but rather a way to express the desire of its management for the future of the company. However, there are aspects of science in the way strategies are formed, planned and executed. The entrepreneurial school of thought sees strategy as a visionary process, it stresses the use of a cocktail of insight, judgment and intuition in the formation of strategies and this articulates the importance of judgment in business strategy For example in the decisive battle of the ball-point pen between Bic, Parker, Sheaffer and Waterman, Bics strategy that eventually won the battle was based on a very important judgment of the market need in devising a cheaper and better version of the biro pen. Bic realized that the cost of a Parker Pen which dominated the market at the time was exorbitant and it devised a strategy to reengineer its design to produce cheaper pens which could be sold for a few cents and this meant they were disposable and as such were widely adopted. Burnes (2004) wrote, Mintzberg views approach to strategy as a virtue, he compared art of strategic making to pottery and managers to potters who mould the clay with the shape of the object evolving in the hands, this can be reflected in Emergent Strategy, strategy that evolves according to need which is constantly adjusted and adapted and Crafting Strategy, developing strategy according to the needs of the organisation and environment, thus seeing strategy as an art. 205. Contrarily, Burnes further argued through the works of Hoskin (1990) who claimed Pennsylvannia Railwayss executives, Herman Haupt should be given credit for initiating a business strategy which made use of full interactive play of grammatocentrism and calculability, thus implying strategy to be a quantitatively-oriented discipline which focuses on numerical analysis for market forecast , thus portraying strategy as a science Mintzberg et al, (1998) developed in the early 1960s two schools of thought for strategy; Planning school and Design school. The Planning school was pioneered by Igor Ansoff (1965) which was based on formal procedures, formal training, formal analysis and quantification this was based more on abstract thinking. The Design school, pioneered by Chandler (1962) placed more emphasis on appraisal of organisations opportunities and threat. Mintzberg also laid out the five main interrelated definitions of strategy The Strategy as a perspective mentioned above sees strategy as an abstract concept, mainly existing in peoples mind, which characterizes strategy as an art. In addition, Mintzberg et al, Johnson (1987) further argued strategy as a social science through three views of business strategy JOHNSONS VIEWS OF STRATEGY Rationalistic view: sees strategy as an outcome of series of preplanned actions designed to achieve goals. Emphasizes strategy as a science i.e. systematic and rational attributes Adaptive or incremental view: sees strategy evolving through an accumulation of relatively small changes over time. Emphasizes strategy as art i.e. dynamic and creativity Interpretive view: sees strategy as product of individual and collective attempts to make sense of. Emphasizes strategy as a science i.e. interpreting, evidence, past events etc. Burnes (2004) continued the argument between strategy being an analytical stream (formulating strategy rather than prescribing) or prescriptive (controlled, prescriptive process on strategy based on rational model of decision making) through Mintzberg et al, Johnson work on whether strategy is a process or an a rational phenomenon but the classifications of various approach to strategy was absent which Whittongton emphasized in his four generic approaches to strategy. WHITTINGTONS GENERIC APPROACH TO LONDON Classical Approach: portrays strategy as a rational process based on analysis and quantification (strategy as science) Evolutionary approaches: uses analogy of biological evolution to describe strategy development through prediction. (Strategy as a science) Processual Approach: concentrates on nature of organisational and market processes (Strategy as art) Systemic Approach: sees strategy as a link to dominant features of the local systems, involving deliberate process, planning and predictability. (Strategy as science) An effective business strategy may include both strategic thinking and the essential elements of a strategic planning process, thus, strategic planning can drive out strategic thinking. Harrison (2003) mentioned that, Henry Mintzberg, a famous strategist defined strategic planning as an analytical process aimed at carrying out strategies that have already been identified and strategic thinking involves intuition and creativity, i.e. it is so rigid that it tend to drive-out the creative-thinking processes which accentuates strategy as an art, its way of synthesizing stimuli from the internal and external environments in creating and integrated perspective of an organisation, this displays the scientific base of strategy. Strategic thinking is seen as crafting strategic architecture thus characterized by essential elements highlighted in the below by Harrison (2003), Intent Focused: Built on managerial vision of where the firm is going and what it is trying to become. This is called strategic intent Comprehensive: A system perspective which envisions the firm as a part of a larger system of value creation. It, understands the linkages between the firm and the other parts of the system. Opportunistic: Seizes unanticipated opportunities presented to the firm Long-Term Oriented: Goes beyond the here and now. Looks several years into the future at what the firm will become, based on its strategic intent. Built on Past and Present: It doesnt ignore the past or present but instead, learns from the past and further builds on a foundation of realities of the present. Hypothesis Driven: A sequential process in which creative ideas are then critically evaluated. Is willing to take a risk STRATEGIC LUCK While some firms hope to yield above expected normal returns from implementing business strategies, they must however be consistently conversant with the future value of those strategies than other firms playing in the same market. Other firms gain advantage in strategy implementation which is either a manifestation of these special insights into the future value of strategies, or a manifestation of a firms good fortune and luck, as sometimes, the price of the strategic resource acquired may be based on expectations on the return potential of that strategy However, unexpected greater organisational profits can simply be unexpected, a surprise, and a manifestation of a firms good luck and possibly not its ability to accurately anticipate the future value of a strategy. Even well-informed firms can be lucky in this manner. Some organizations actual returns on strategies could be greater than the expected returns; this resulting difference is often regarded to be manifestation of a firms unexpected good fortune. Although most of the success of the company has been deliberate and designed, luck has also been part of it. Luck can also play a role in the formation of business strategy as was the case of the battle of the ball-point pen, when Chicago businessman Milton Reynolds, stumbled upon a new product on a business trip to Argentina, he then bought a few samples knowing that another company Eversharp had bought the patents for a million dollars and widely publicised it, devised a strategy to be first to market in order to take opportunity of the publicity already gained in the US. Reynolds then sold the Pens for hefty prices to anxiously waiting customers thereby making millions of profit. Strategic luck can be demonstrated in the success of the POST-IT Notes originally developed the firm 3M. The idea of Post -it notes came from Dr Spencer in 1968 but didnt emerge until 6 years later when it appears to be a solution for a problem of Art Fry (a colleague of Dr Spencer at 3M) in finding songs quickly in his Hymnal book. Even though Dr Spencer was talking to colleagues and anyone ready to listen about his discovery, no one really knew how to use it until Art Fry came up with the idea of using the post it note to retrieve quickly what he needed from his hymnal book. As a result post it notes became really popular and was used in almost every office. Had it not been the problem Art Fry that require a solution post it notes may not have known the success they had and still have. (Big success) The more accurate an organisations expectations about a potential strategys return are, the less luck plays in generating above normal returns but when the organisation has less than perfect expectations, luck can play a role in determining an organisations returns to implementing its strategies. Consequently, strategies yielding above normal returns may be as a result of a firms ability to uniquely implement a strategy which either reflects the competence of the firm to make accurate expectations, underestimating the true value of the strategy or it had no special expectations but the strategy still yielded above normal returns, these are real reflections of a firms good fortune and luck. Exxon recorded its fourth-straight year profits, enduring wild swings in oil prices and a worldwide drop in demand in 2008. Falling oil prices in the latter half of 2008 hurt its oil production arm (CNN Money.com, 2009). Thus, Barney (1985) explained, because luck is, by definition, out of a firms control, an important question for managers becomes, How can firms become consistently better informed about the value of strategies they are implementing than any other firms? Firms that are successful at doing this can, over time, expect to obtain higher returns from implementing strategies than less well-informed firms, although, as always, firms can be lucky. Another perspective of luck is that it only affects performance of strategy in a few instances but which when averaged out over a lengthy period of time appears to be insignificant. These two views are consistent with scientific inquirys assumption of causality. This perspective is most evident in sports, whereby a team like Manchester united may perform poorly in a few games due to some bad luck but will generally do better than the other teams over the course of the season due to their superior football strategy. STRATEGY AS DESIGN Johnson, Scholes, Whittington (2005) introduced the idea of strategic lenses[1] which design lens is part of, they explained the design lens as a strategy idea formulated through objective and careful analysis and planning which is implemented down throughout the organisation by the top management. Johnson et al stated, Strategy as design views strategy development as the deliberate positioning of the organisation through a rational, analytic, structured and direct process. Johnson et al (2008), argues that strategic design basically builds on two main principles; Managers are, or should be, rational decision makers. Managers should be taking decisions about how to optimise economic performance of their organisations. Although most strategies are by design or deliberate, some of them are however emergent. Porter (1990) was one of the proponents of deliberate strategy which argue for the creation of detailed plans on which a business can exert its full influence because market conditions will be relatively stable for the strategic planning period. Mintzberg, a Proponent of the emergent school of thought argued for the creation of objectives or goals for the future of the company but leaving the implementation to the flexibility of market forces. In order words Mintzberg advocates leaving the strategy open to changes in market conditions. These schools of thought make it inappropriate for me to agree with the statement that strategy is a mixture of design as this is not always the case. The success of Amazon can be attributed to the design of its strategy. Following the effervescence of online shopping, Amazon has successfully designed its strategy to meet customers requirements and needs in a way. It has allowed customers to shop from their homes, offices or any other locations without having to physically go in the shop. Amazon also appears to offer a wide range of products and services, and gives the chance to post any comments, rate the products their bought and offer review for products as well which helps buyers in their choice. Amazon has grown from strength to strength over the years as a result of this well design strategy. (Bokardo) Rational choice is being based on the consideration of the decision making consequences and thus be the anticipations of the future effects of possible actions. Invariably by implication, considerations would be given to the diverse benefits and limitations of different strategic options on the basis of evidence that informs on the likely outcomes of decisions made. As Johnson et al (2008) stated, the assumptions typically underpinning a design view of strategy are in two forms which are as follows: In terms of how strategic decisions are made: Systematic Analysis Strategic positioning, an analysis that provides basis for the comparing organisational strengths and resources with changes in its environment in order to be able to take full advantage of opportunities and circumvent threats. Analytic thinking precedes and governs action Objectives are clear and explicit and basis upon which options are evaluated. Making assumptions about the form and nature of organisations Organizations are hierarchies. Organisations are rational systems Organizations are mechanisms by which strategy can be put into effect. STRATEGIC OPPORTUNISM Just as in science field, strategic planning demonstrates the importance of the use of rigorous flexible methods, results and theories in order to take advantage of strategic opportunities with an impact by improving the direction of the knowledge thats been produced. The above expresses the term strategic opportunism an ability to remain focused on long-term objectives while staying flexible enough to solve day-to-day problems and recognize new opportunities. A managers most important role is to plan a long-term, strategic course for the company, keeping the company geared towards that direction. Given that goals are often static contrary to the business environment, success in this role could however elude managers as each day brings an incessant stream of surprises, new information and opportunities. It can be said that the difference between successful and failing companies is in their ability to sense and respond to opportunism in their business environments. Mintzberg Environmental school of thought sees strategy formation as a reactive process, in effect a response to the external environment. The importance of opportunism to the overall strategy of a company cannot be over emphasized be it technological or financial opportunism. Bernand stated, the challenge for managers, then, is to maintain both flexibility and direction. While no magic formula exists for balancing todays plan against a five-year plan, strategic opportunism can be an effective way to respond to immediate concerns while setting and pursuing long-term goals. This can be illustrated in the case of the Snapple Beverage Corporation, a drink company that was founded in 1972. Having known a good success in the 1990s in the cold channel dominated by small independent drinks distributors, Snapple was bought in 1992 for $143 million by a private firm (Thomas H. Lee) that sold it a year a later after taking in public for the $1.7 billion to a successful firm, Quaker Oats. However under the ownership of Quaker, Snapple was deficient, thus it was later sold in 1997 for the modest sum of $300 million to the Triarc Company. Triarc took this opportunity (of getting a company for a small price) and put back Snapple on track, using the niche market they were previously in, instead of following the mistakes of other firms that wanted Snapple to compete with big brand names. Triarc used the failure Quaker oats as an opportunity and made it as they sold Snapple in 2000 for the staggering sum of $1.4 billion to Cadbury Schweppes. Strategic opportunism focuses mainly on identifying and exploiting the immediate market opportunities at hand with a view to leverage the companys existing strategic assets and competencies and avoids commitment.Harrison (2003) argued that, although strategic thinking is based on strategic intent, it does exhibit a certain level of intelligent opportunism, which he defined as the ability of managers to take advantage of unanticipated opportunities to further intended strategy or redirect a strategy. Therefore, it can be concluded that Strategic Opportunism is characterized by the following according to Aaker (2004): Driven by a focus on the present. Premise that environment is so dynamic and uncertain that it is not feasible to aim at a future target. Strategic flexibility and willingness to respond to opportunities is necessary. Change is the norm. Minimizes risk of missing emerging opportunities. Reduces risk of strategic stubbornness. Requires decentralized structure. Needs entrepreneurial personnel. STRATEGIC JUDGMENT Judgement is usually what the decision makers add to uncertainties or ambiguities in any business strategy. Arguably, its believed that managers gain judgment through past experience and its the experience of specific situations and activities that gives specific types of judgment. Pettigrew (1973) argue that experience is the most important source of what managers call their personal development. Mumford (1980) and Stuart (1986) stated that, the process of acquiring the experience which shapes managerial judgment can also be facilitated by working with those who have already demonstrated ownership of the desired qualities of judgment. Conclusively, since strategic judgment has been attributed to experience acquired, thus, can be related to Strategy as experience which is one of the strategy lenses. According Johnson et al (2005), The Strategy experience lens views strategy development as the outcome of individual and collective experience of individuals and their taken-for-granted assumptions most often represented by cultural influences. Thus, an apparently coherent strategy of an organisation may develop on the basis of a series of strategic moves of which make sense in terms of previous moves. Its being discussed that strategic judgment most often influenced by experience, which can be further broken down into various forms. Managerial judgment in strategy planning or formulation could be as a result of certain circumstances, development and experience. Furthermore, Johnson et al (2005) discussed the elements that act as influence on judgment: Individual Experience and Bias Individual experience could be in terms of the mental (cognitive) models people build over time to help make sense of their situation. It exhibits certain characteristics; Cognitive bias is inevitable The future is dependent and related to in terms of the past experience Bargaining and negotiation between high-ranking individuals in terms of how issues are being understood Collective experience and organisational culture Johnson et al (2005) defined Organisational culture as, the basic assumptions and beliefs that are shared by members of an organisation, that operate unconsciously and define in a basic taken-for-granted fashion an organisations view of itself and its environment. Its also depicted in these characteristics; Managers understanding of the strategic position of their organisation Likelihood of strategic drift[2] Innovation requiring the questioning and challenge of basic assumptions The taken-for-grantedness of a firm may include its strengths which may provide bases for competitive advantage. CONCLUSION In summary, Strategy as design describes the strategic management process which is really the steps and sub-processes of an organisations strategy needed to maintain or improve the organisations performance. Its also been argued that business strategy requires judgment. Though, judgment is most often a personal evaluation and analysis which each individual is committed to, firms and managers captured by their past have higher resistance to change and low in innovation. Conclusively, some innovative business strategies are determined by culture of managers and organisations with their personal judgment, expectations and adequate design methodologies planning, others are simply a variation of luck owning to the fact that some firms just happened to be in the right place at the right time, by taking full advantage of some opportunities that may arise in the global market place, thus, realising it and then developing it into a successful strategy. REFERENCES Aaker, D (2004) Strategic Market Management (7th Edition) England: John Wiley Sons, Inc Burnes, B (2004), Managing Change (4th Edition) England: Pearson Education De Wit, B Meyer, R (1998) STRATEGY: Process, Content, Context (2nd Edition) London: Thompson Learning Fifield P. (1998), Marketing Strategy, 2nd Edition Butterworth: Heinemann. Harrison, J (2003), Strategic Management of Resources and Relationships: Concepts and Cases USA: John Wiley Sons Hitt, M.A; Freeman, R.E and Harrison, J.S (2001), The Blackwell Handbook of Strategic Management, Oxford: Blackwell Publishers

Snowmobiling on Priest Mountain Essay -- Descriptive Writing Examples

Snowmobiling on Priest Mountain In late May I never pictured myself carving a highmark on Priest Mountain. Priest Mountain is nestled on the east edge of the Grand Mesa National Forest. Deep sugary snow and feathery blue spruce trees cover the mountain and the area around. One fine day it occurred that I had the opportunity to carve my highmark and I still I have the mental image of my territory after that day. Even before that day, Priest has left a impression on me. Priest Mountain, for me, has been such a majestic riding area; IÃ ­ve been riding in this area for more than 10 years, and it is such a magical place to ride. On this one fine day, we had a typical Colorado snow storm.. I can recall this very trip to the wonderful Grand Mesa because my mom was sick and it was Mother's Day. She told me to go have fun, and that she'll wait until she feels better. My dad wanted to play in a golf tournament, but I wanted to go snowmobiling. We both agreed that he would play golf in the morning and once he was done, I would meet him in the parking lot on the mesa to go snowmobiling. My dad said, "Don't leave until I call you!" "Dad, just watching TV, I'll be here." I replied. The snow began to fall, and I could not control myself; so I just left. Jeff rode with me in the Power Stroke, and Alex rode with Justin in the Dodge. By the time I reached Cedaredge, I couldn't even see the sleds behind me because the snow was flying like crazy. I wondered why my dad was still playing golf in this weather, but that's my dad; he loves to play golf. The whistle of the turbo diesel and the classic rock was getting me pumped for the awesome ride to come. By the time we were on top of the mesa, there was one foot of new fluffy snow... ... halfway. Justin followed, he came down and told us to take the high side, there is less snow. I was ready; I hit the throttle and from the basin up, the ride seemed to last forever. I began to climb and my Yamaha screamed like a cat in a fight. I followed the backbone and kept climbing until I came out on top I arrived at the crest and quickly noticed the mountain top bowl lined with snow. I plowed through the snow up to the peak of the bowl; man, what a view from the top. I could see the guys down at the bottom and miles into the distance. I could almost see all of Delta County in one shot and it was magnificant. I had now conquered the mountain, Priest from now on feels like my place. This mountain will certainly be a part of me for the rest of my life. I'm sure I will travel to other places that will be beautiful, but nono of them will match Priest Mountain.

Professional Development of the Nursing Professionals Essay

In 2010 the Affordable Care ACT was signed into law. With these laws, the United States is being provided an opportunity to completely redesign its health care system. The model includes heath care that is easier to access, affordable by all, higher safety standards, and higher quality with improved patient outcomes (Robert Wood Johnson, Institute of Medicine, 2010). The United States’ health care workforce is largely comprised of nursing professionals. Their role can be pivotal with the reorganization, but are faced with a number of barriers. The Robert Wood Johnson Foundation and the IOM responded to the need for the assessment and transformation of the nursing profession by producing a report which provides recommendations for the future of nursing. Within this report, four key messages were created, the first three being our focus today: * Nurses should use their education and training to its fullest extent * Nurses should expand their education levels and training via seamless, progressive educational models * Nurses should play a leadership role with other health care professionals to reorganize health care * Improved medical health records data and containment systems for more efficient planning and policy creation (Robert Wood Johnson, Institute of Medicine, 2010). Obtaining an RN degree should be only the beginning of the lifelong learning process for nursing professionals. Obtaining a higher degree level (BSN or above) should be a smooth process which is encouraged and rewarded. The report recommends licensing, certifying and accrediting bureaus create mandatory competencies and evidence of skills mastery as a complement to the degree program and board exams (Robert Wood Johnson, Institute of Medicine,  2010). This will ensure effective critical thinking processes and increase patient safety. Creating a more diverse nursing population will open otherwise previous barriers to this vastly expanding field, while allowing the patient population to widen their views of what nursing really entales. After all, the nursing population should be as diverse as the patient population. Finally, educating nursing students alongside other health professionals, including physicians, throughout their nursing careers will encourage them to become future lead ers working collaboratively together. (Cresaia & Friberg, 2010) The Affordable Care Act of 2010 will challenge health professionals to create a more patient centered system. Opening new opportunities for expanding the nursing role and scope will help to bridge the gap in care for chronic conditions, preventative medicine, palliative care, and coordination and transition of care (Robert Wood Johnson, Institute of Medicine, 2010). By delivering care to the community and focusing on wellness, prevention and education, healthcare will again be reinvented and adapt to the growing needs of the communities. Creating new careers and scopes of practice for advanced degree nurses will enable patients to have easier access to health care, and more affordable care. Advanced degree nurses are known to provide longer consultations, and provide more education-based, preventative medicine, and increase recall (Laurant, Reeves, Hermens, Braspenning, & Grol, 2009). With the nursing profession continuing to change, more nursing leadership roles are evolving. Though the community is not accustomed to visualizing a nurse in leadership capacity, all nurses must become leaders in order to transform the current working model into the patient centered model. More leadership skills and positions will be necessary to design, implement, evaluate and advocate for the future of health care needs. Working alongside physicians and other health professionals require these leadership skills to achieve a targeted outcome. This also transcends to the care environment by ensuring evidence-based improvements are implemented. The Affordable Care Act of 2010 will provide an opportunity for the health  care system in the United States to be completely redesigned. With nursing being the largest health care profession, nurses can assist with obtaining the objectives in the IOM report which suggests recommendations for the future of nursing (Robert Wood Johnson, Institute of Medicine, 2010). Allowing nurse to use their education and competencies to their fullest, more higher degree level nurses will emerge. By expanding their education and training, more leaders in nursing will be created and new opportunities will arise. Community oriented, wellness and disease prevention will be crucial to the growing community needs. By placing Nurse Practitioners in these areas of expertise, cost will be lowered and patient satisfaction, as well as outcome will rise. Furthermore, working as a partnership with physicians and other health care professionals will create a more collaborative working environment and provide b etter patient outcomes as well. References Cresaia, J., & Friberg, E. (2010). Conceptual Foundations: The Bridge to Professional Nursing Practice (5th ed.). St. Louis, MO: Elsevier. Laurant, M., Reeves, D., Hermens, R., Braspenning, J., & Grol, R. (2009). Substitution of doctors by nurses in primary care. The Cochrane Library. Retrieved from http://onlinelibrary.wiley.com/doi/10.1002/14651858.CD001271.pub2/abstract?systemMessage=Wiley+Online+Library+will+be+disrupted+4+Feb+from+10-12+GMT+for+monthly+maintenance Robert Wood Johnson, Institute of Medicine. (2010, October 5, 2010). The Future of Nursing: Leading Change, Advancing Health (Institute of Medicine). : Robert Wood Johnson Foundation Initiative on the Future of Nursing.

Goodyear Case study Essay

The tire industry is divided into two end-use markets, the original equipment tire market and the replacement tire market. Original equipment tires are sold by tire manufacturers directly to automobile and truck manufacturers. Goodyear is the second largest tire producer worldwide. It operates 44 tire product plants in 28 countries and 7 rubber plantations. Goodyear has the broadest line of tire products of any tire manufacturer. It is one of the best known and recognized brand names in the world. Goodyear is also one of the leading national advertisers in the U.S. Goodyear is the market leader for original equipment tires at 38%. Replacement passenger car tires account for 75% of annual sales for Goodyear. They are the market share leader in the U.S. replacement tire market. Passenger car tires account for 15%, light truck tires for 11% and highway truck tires for 23%. Goodyear brand tires have the broadest retail coverage with almost 8,000 â€Å"retail points of sale† or 20% of all US replacement tire locations. Nearly 2 million which accounts for 5% of replacement tires are being replaced annually at 850 Sears Auto Centers. Discount, multi-brand independent dealer’s market share rose from 7% to 15% between 1982 and 1992. Market share for replacement tires captured by retailers not serviced by Goodyear has grown from 17% to 35% (1982-1992). Goodyear’s market share declined 3.2%, or 4.9 million units between 1987 and 1991. Goodyear stores reported a 1% decline in replacement tire market share to 9%. 2.0CASE PROBLEM The Sears proposal raised several strategic considerations for Goodyear. First, as a matter of distribution policy, Goodyear has not sold the Goodyear tire brand through a mass merchandiser since the 1920s, when it sold tires through Sears. Decision to sell Goodyear brand passenger car tires again through Sears would represent a significant change in distribution policy and could create conflict between its franchised  dealers. Second, if the Sears proposal was accepted, several product policy questions loomed. Specifically should the arrangement with Sears include (1) only the Goodyear Eagle Brand or (2) all of its Goodyear brands? Sears would provide a great opportunity for Goodyear for several different reasons. Sears is a large National Retailer with 850 Auto Centers with potential sales on 2 million replacement tire sales annually. It gives Goodyear the opportunity to stop the bleeding of market share 3.2% loss over last 4 years. They could take advantage of Sears sponsored pr omotions for those consumers that have become more prices sensitive and less brand loyal. They can also position themselves as the premium national brand at Sears. 3.0GOODYEAR TIRE AND RUBBER COMPANY Goodyear Tire and Rubber Company, headquartered in Akron, Ohio, was founded in 1898 by Frank and Charles Seiberling. The company began as a supplier of bicycle and carriage tires, but soon targeted the fledgling automotive industry. The Goodyear Tire & Rubber Company, incorporated on August 29, 1898, is a manufacturer of tires. The Company, together with subsidiaries and joint ventures, develops, manufactures, markets and distributes tires for a range of applications. The Company also manufactures and markets rubber-related chemicals for various applications. The Company is an operator of commercial truck service and tire retreading centers. The Company operates approximately 1,300 tire and auto service center outlets where it offered its products for retail sale and provided automotive repair and other services. The Company manufactures its products in 52 manufacturing facilities in 22 countries, including the United States. It operates through four operating segments representing i ts regional tire businesses: North American Tire; Europe, Middle East and Africa Tire (EMEA); Latin American Tire, and Asia Pacific Tire 4.0SEARS, ROEBUCK & COMPANY Sears, Roebuck & Company, commonly referred to as Sears, is an American multinational department store chain headquartered in Hoffman Estates, Illinois, in Greater Chicago. The company was founded by Richard Warren Sears and Alvah Curtis Roebuck in 1886, as the R.W. Sears Watch Company in Minneapolis, Minnesota. Julius Rosenwald took control in 1895 and expanded its sales and profits greatly. In 1925, it began opening local department stores. The business peaked in the 1950s and 1960s, and then began a long, slow contraction. In 2005, it was bought out by Kmart, which renamed itself Sears Holdings. In 1973, it opened a new headquarters in the Sears Tower, a 108-story, 1,451-foot (442 m) skyscraper that was the tallest building in the world until 1998. Until October 1989, Sears was America’s largest retailer, when it was surpassed by Walmart in domestic revenue. Target, Best Buy, and Home Depot have also surpassed Sears since. As of 2012, it is the fourth-largest U.S. department store company by retail sales and is the 12th-largest retailer in the United States, leading its competitor Macy’s in 2013 in terms of revenue. 5.0INDUSTRY BACKGROUND World tire production in 1991 was approximately 850 million tires. North American production accounted for 29%, Asian production was 28%, and Western European production accounted for 23%. The tire industry is divided into two, broad segments: original equipment (OE) tires and replacement tires. The OE segment accounts for 20-25 percent of tires sold annually and these unit sales are trending downward. The replacement tire segment accounts for 70-75 percent of tires sold each year and this unit sales trend is â€Å"flat†. Passenger car tires account for 75 percent of annual sales and the remaining 25% go to commercial and miscellaneous usage. Although 10 tire manufacturers account for 75 percent of worldwide production, only three firms account for 60 percent of all tire sales sold. These three firms are Michelin, Goodyear, and Bridgestone. These firms compete in both the OE and replacement tire segments. Although Goodyear is second to Michelin in worldwide production, it is the U.S. market leader in both the OE and replacement segments. Even though the OE segment is smaller, it is viewed as strategically important by tire manufacturers because prominence in the OE segment provides volume related scale economics in the production of tires and it is believed that car owners satisfied with their OE tires on new vehicles will buy the same brand when they replace their worn tires. It should be noted though that passenger replacement tire buyers are becoming more price sensitive and less likely to simply replace their branded OE tire with the same brand of replacement tire if they are significantly more expensive. Demand in this market is directly related to the average mileage driven per vehicle, therefore, the longer a tire’s tread life the less they need to be replaced. Competition in this industry is intense in both the passenger OE and replacement tire segments. Competition in the OE segment revolves around the major vehicle manufacturers and supplying some or all of their tire needs for the new model year cars and trucks. Competition in the replacement tire segment occurs across the marketing mix. Major tire manufacturers compete on the basis of product variety and innovation, â€Å"retail points of sale,† price and promotion Goodyear is the second largest tire manufacturer in the world, behind Michelin which manufacturers and markets the Michelin and Uniroyal/Goodrich brands. The Goodyear brand is the single largest brand, in terms of sales to the OE tire segment. Its share of this segment is 38 percent. It is noteworthy; however, that Michelin with its Michelin and Uniroyal/Goodrich brands combined capture 30 percent of the OE tire segment. Goodyear brand tires capture the largest portion of sales in the U.S. replacement tire market: 15 percent of passenger car tires, 11 percent of light truck tires, and 23 percent of highway truck tires. Companywide share increases in each category when sales of its Kelly-Springfield brand are included. Goodyear’s relative competitive position is also due to the fact that they have the broadest line of tire products of any tire manufacturer and have the broadest retail coverage with almost 8,000 retail points of sale, most of which are company owned or franchised. 5.1Distribution Major manufacturers of tires capitalize on their reputation and experience as producers of building strong wholesale and retail dealer relationships and networks through which to sell their brand name replacement tires to vehicle owners. The industry uses â€Å"retail points of sale† to gauge the retail coverage of tire manufacturers and their brands. Goodyear has the broadest retail coverage with almost 8,000 retail points of sale. Independent tire dealers usually carry the brands of several major manufacturers and a discount priced private label brand to give a full assortment of qualities, brands, and price ranges to choose from. Retail tire outlets there were owned or franchised by the manufacturers carried only the manufacturer’s name brands and maybe a private label discounted price line. Department stores and major retail chains (like Sears) occasionally carried manufacturers’ brand tires but usually marketed only their own private label brands. In most co mmunities, price is the dominant competitive appeal in an  intensely competitive industry. Many dealers feature and push their private label brands of tires because the profit margins are higher. Dealer sponsored private label tires accounted for 15 to 20 percent of total replacement tire sales in the US in 1991. For this reason, it would be beneficial for Goodyear to consider providing a private label brand for Sears, if they decide to use them as a retail channel, to capture this growing market. 5.2Marketing Major tire producers often use network TV campaigns to promote their brands, introduce new types of tires, and pull customers to the retail dealer outlets. Network TV budgets commonly run from $10 million to $30 million, and their budgets for cooperative ads with dealers run from $20 million to $100 million. Print media is also commonly used extensively. 5.3Customers Few replacement buyers are very knowledgeable about tires and many end up choosing a tire based on price and some just follow the recommendation of their local dealer. Consumers are becoming more price sensitive/conscious while abandoning brand loyalty. This is important to remember because it defeats the purpose of presence in the original equipment segment. Therefore, being in a market segment, which is not as profitable, for a reason that is no longer viable, might be a strategic error? Most replacement tire customers do not have a preference, which makes it easy for tire salespeople to switch customers to private label brands that deliver higher profit margins 6.0DECISION MAKING PROCESS Decision to suggest Goodyear to accept the proposal offered by Sears and  award Sears to sell Eagle brand tire. The decision made was appropriate. From the case, it is clear to see that Goodyear was suffering from loss in market share and profits, thus it is essential that the decision made be executed to ensure that Goodyear would regain its competitive advantage, regain its market share, and turn its losses into profits 7.0conclusion and recommendation Goodyear defensive strategy would consist of changing their retail structure, declining market share in the replacement tire segment and have a flat original equipment volume. As for changing their retail structure they could do this by having non company owned or franchised company stores which are capturing a larger percentage of the tire replacement market. Discount, multi-brand independent dealer’s market share rose from 7% to 15% between 1982 and 1992. The reason that Sears is a good viable option is because of the declining market share in the replacement tire segment. Market share for replacement tires captured by retailers not serviced by Goodyear has grown from 17% to 35% (1982-1992) and market share loss of 3.2% over last four years. As for original equipment tire volume, the replacement tire market which represents 60% of Goodyear sales worldwide is more profitable that the original equipment market. Goodyear’s unit volume has plateaued in this segment at 38% . So I believe that only selling high performance Eagle brand tires at Sears is the best alternative for Goodyear. References 1. Roger A.K & Robert A.P (2013). Strategic Marketing Problems. Cases and Comments.(Thirteenth Edition).England. 2. Marketing Strategy. In Wikipedia. Retrieved October 25,2014 from http://en.wikipedia.org/wiki/Marketing_strategy3.Goodyear Tire and Rubber Company. In Wikipedia Retrieved October 27, 2014 from http://en.wikipedia.org/wiki/Goodyear_Tire_and_Rubber_Company4.Swot Analysis. In Mind Tools October 29, 2014 from http://www.mindtools.com/pages/article/newTMC_05.htm

Intertidal Zone Characteristics, Challenges, and Creatures

Intertidal Zone Characteristics, Challenges, and Creatures Where the land meets the sea, youll find a challenging habitat filled with amazing creatures. What Is the Intertidal Zone? The intertidal zone is the area between the highest tide marks and lowest tide marks. This habitat is covered with water at high tide and exposed to air at low tide. The land in this zone can be rocky, sandy, or covered in mudflats. What Are Tides? Tides are bulges of water on the Earth caused by the gravitational pull of the moon and sun. As the moon rotates around the Earth, the bulge of water follows it. There is an opposite bulge on the other side of the earth. When the bulge happens in an area, it is called high tide, and the water is high. In between bulges, the water is low, and this is called low tide. In some locations (e.g., the Bay of Fundy), the water height between high tide and low tide may vary by as much as 50 feet. In other locations, the difference isnt as dramatic and could be just several inches.   Lakes are impacted by the gravitational force of the moon and sun, but since they are so much smaller in comparison to the ocean, the tides even in large lakes arent really noticeable. It is tides that make the intertidal zone such a dynamic habitat. Zones The intertidal zone is divided into several zones, starting near dry land with the splash zone (supralittoral zone), an area that is usually dry, and moving down to the littoral zone, which is usually underwater. Within the intertidal zone, you’ll find tide pools, puddles left in the rocks as water recedes when the tide goes out. These are great areas to gently explore: you never know what you might find in a tide pool! Challenges in the Intertidal Zone The intertidal zone is home to a wide variety of organisms. Organisms in this zone have many adaptations that allow them to survive in this challenging, ever-changing environment. Challenges in the intertidal zone include: Moisture: There are usually two high tides and two low tides each day. Depending on the time of day, different areas of the intertidal zone may be wet or dry. Organisms in this habitat must be able to adapt if they are left â€Å"high and dry† when the tide goes out. Sea snails such as periwinkles have a trap door called an operculum that they can close when they are out of the water to keep moisture in.Waves: In some areas, waves hit the intertidal zone with force and marine animals and plants must be able to protect themselves. Kelp, a type of algae, has a root-like structure called a holdfast  that it uses to attach to rocks or mussels, thus keeping it in place.Salinity: Depending on rainfall, the water in the intertidal zone may be more or less salty, and tide pool organisms must adapt to increases or decreases in salt throughout the day.Temperature: As the tide goes out, tide pools and shallow areas in the intertidal become more vulnerable to temperature changes that could occur from increased sunlight or colder weather. Some tide pool animals hide under plants in the tide pool to find shelter from the sun. Marine Life The intertidal zone is home to many species of animals and plants. Many of the animals are invertebrates (animals without a spine), which comprise a wide group of organisms. Some examples of invertebrates found in tide pools are crabs, urchins, sea stars, sea anemones, barnacles, snails, mussels,  and limpets. The intertidal is also home to marine vertebrates, some of whom prey on intertidal animals. These predators include fish, gulls, and seals. Threats Visitors: People are one of the biggest threats to the intertidal zone, as tide pools are popular attractions. The cumulative impact of people exploring tide pools and stepping on organisms and their habitat, and sometimes taking creatures has resulted in a decrease in organisms in some areas.Coastal Development: Pollution and runoff from increased development can damage tide pools through the introduction of contaminants. References and Further Information Coulombe, D.A. The Seaside Naturalist. Simon Schuster. 1984, New York.Denny, M.W. and S.D. Gaines. Encyclopedia of Tidepools and Rocky Shores. University of California Press. 2007, Berkeley.Tarbuck, E.J., Lutgens, F.K. and Tasa, D. Earth Science, Twelfth Edition. Pearson Prentice Hall. 2009, New Jersey.

Return on Investment

Return on Investment Return on Investment (ROI) refers to a well-known financial metric commonly used to analyze the financial results which arise from personal investments as well as deeds. A number of varying metrics are basically known by the same definition. However, the most popular refers to a metric that I seek to discuss in this paper known as ROI.Advertising We will write a custom essay sample on Return on Investment specifically for you for only $16.05 $11/page Learn More Normally used as a cash flow metric, the Return on Investment particularly makes a comparison of the scale as well as scheduling of investment gains which are matched directly to the scale and scheduling of costs involved. In any situation where the ROI is seen to post a high rate, it implies that the gains which have been made compare well with the costs that had been incurred (Saleemi, 2006). Return on Investment has grown into a well-known concept within the past few decades mostly as an all-purpos e metric for analyzing capital attainments, business initiatives, and conservative fiscal investments. These investments are directed into stock shares or into venture capital use. The issue of popularity however is not much important since the metric is commonly used by people without really understanding the merits and demerits that are associated with it.  Return on Investments is used to measure how profitable a transaction is at times. This definition is very accurate as well as very important. There are business men who make use of different metrics in economics instead of ROI to imply one and the same thing. Such use is potentially wrong and lacks knowledge since efficiency is a word that is similarly used to define a measure that is arrived at by using very few varying financial metrics such as Internal Rate of Return (IRR), Return on Capital Employed among others. The inherent meaning in the metric, Return on Investment, is somewhat implied in how its naming is done. Retu rn on Investment seeks to answer questions such as, what is that is attained for that which is spent, do the returns anticipated surpass the costs involved, and do the returns attained perfectly justify the costs used? Many types of ROI measure what is gained from a certain cost through a calculation. Ratio is also used sometimes. Normally, an outcome which is more than 0.00 implies that returns overweigh costs while a Return on Investment which is low implies that costs that are involved greatly surpass the returns. Where certain probable actions are actively competing for finances and when other carrying elements between the alternative options are realistically the same, the investment or action carried out having a greater level of ROI is the best choice to arrive at (Scotch, 2005).Advertising Looking for essay on business economics? Let's see if we can help you! Get your first paper with 15% OFF Learn More The use of ROI is very important as I seek to e laborate below. It is quite helpful for the decision makers. In fact, decision makers must recall that an ROI measure on its own is not an adequate ground for resorting to a certain action over a different one. A Return on Investment which has been calculated for an anticipated action fails to say anything concerning the chances that anticipated returns as well as costs really occur as anticipated. This implies, the Return on Investment on its own does not mention anything concerning uncertainty or risk. It only depicts how the returns can be measured against the costs if the anticipated outcomes actually come about. Owing to this very fact, a good analyst will endeavor to assess the chances of varying ROI results and wiser people charged with making decisions will make a consideration of both the scale and risks associated with this metric at all times. In addition, the decision makers will anticipate realistic proposals from an analyst as well concerning how ROI may be improved up on by decreasing the costs, adding gains or speeding up gains (Moloney, 2009).  When analyzing a financial statement, analysts mostly measure the financial health of a business as well as the nature of operations that go on. With this in mind, there are several measures that are involved and normally called ROI as well. They are Return on Capital Employed, Return on Total Assets, Return on Equity, and Return on Net Worth. Similarly, in other scenarios where the emphasis is mostly on the evaluation of cash flow, ROI at times is used to point at the aggregate cash flow outcomes for a given time frame. In addition, there are people who insist other cash metrics are ROI.  Average rate of return is the first metric. Internal rate of return is the second metric. By simply analyzing how the terms are used, a different type of ROI which measures the bundles of cash used for greater investments is sometimes referred to as the cash on cash evaluation or simply the return on invested capit al. In conclusion, there are many Returns on Investment measures that are commonly used and the terminology lacks a single definition on its own that is universally known. This means that when making a review of the measures of ROI, or when even told to come up with one, it is very pertinent that care is employed to ascertain that all the people involved are able to describe the measure in the same manner. References Moloney, T. (2009). Business Finance. New York: Sage Publications.Advertising We will write a custom essay sample on Return on Investment specifically for you for only $16.05 $11/page Learn More Saleemi, N. (2006). Economics in Practice. New York: Rout ledge Publishers. Scotch, B. (2005). Business Management. London: Prentice Hall.