MADM760:Strategic Management

Strategic Management:MADM760

 

Abstract

In recent years, strategic management has increased in popularity as well as its importance (Tapera, 2014). In the last century, firms have concentrated on employing plans on a long term basis with the assumption that the internal and external business environments would remain constant. However, there is an increase in awareness among entrepreneurs and managers that business evolves much quicker than in the past. Therefore, it necessitates the employment of strategic plans to safeguard firms against losses. Notably, firms employ contingency plans to facilitate the recovery of essential information in a business. Focusing on the increasingly important roles of design, user experience, and innovation in shaping competitive advantage, strategic management incorporates concepts such as value creation, setting objectives, global integration, value chain efficiencies, and diversification. Thus, the paper endeavors to explore the importance of strategic management to businesses. It aims to explore the advantages as well as the disadvantages of strategic management. In addition, the paper seeks to evaluate the concepts of strategic management and its theories with the aim of offering a descriptive analysis of the effect of strategic management to organizations.

Background information

According to Robinson (2005), strategic management involves a continuous process of developing strategies aimed at profiting companies. It attempts to maintain an equilibrium between the company as well as the internal and external business environment. Johnsen (2015) also explores the concept of strategy in that it involves the actions of the management that influence the operations and the running of a company. The strategy of a company involves the approaches to business that managers assist in their development. Such moves facilitate the attraction and retention of customers to the company. Other approaches ensure that the company has the ability to maintain a competitive edge in the business market. Therefore, the approaches are tailor-made to ensure that companies maintain their market position and competitive advantage thus boosting the performance of organizations. Besides, the strategy is meant to increase the revenue of the company by exploiting internal resources and external factors to gain market share.

Strategic management entails the scanning of the environmental processes, coupled with the formulation and implementation of the strategy. It also involves the evaluation, review, and monitoring of the process of implementation. The objective is to ensure that the organizations achieve their long-term goals. Additionally, Siren, Kohtamaki, & Kuckertz (2012) perceive the employment of strategy as the culmination of different sets of actions aimed at supporting a set of goals. These actions are aided by the decisions in a company that assists in the self-sustenance of the organization.

Strategies assist management in crafting the operations as well as the conduction of the business in an organization. It clearly spells out the road map to be used for the achievement of the objectives of an organization. According to Tapera (2014), strategic management is the catalyst for satisfying customers, and as a result, improves the financial performance of a business. Importantly, an organization that is strategically focused is deemed to be a stronger performer than a company that does not prioritize strategical management. The execution and the formulation of an effective strategy have significant impact on the growth of the revenue, earnings as well as the investment returns.

Strategic management offers various benefits. They include the identification, exploitation as well as the prioritization of the opportunities. It helps in the provision of a view that is objective to the challenges in the management. Furthermore, it involves a framework that is key to the improvement of the control as well as the coordination of activities (Harrison & John, 2010). In addition, it helps in the minimization of the effects of the changes that are adverse to the firm. Besides, it allows for the decisions that are major in firms to be taken that supports the objectives that are established.

Strategic management allows for the allocation of the time as well as the resources in an effective manner, for the opportunities that are identified. As a result, it allows for the allocation of resources that are few offering less time to the devotion of correcting decisions that are erroneous (John L Thompson, 2010). The concepts of strategic management also facilitates in the behavior integration of the individuals assisting in the net effect of improved performance in the firm. It is linked to the ability of the concepts to foster progressive thinking. Besides, it offers an approach of cooperation, enthusiastic as well as integration to facing the challenges and the opportunities.

Benefits of strategic management

Financial benefits

Johnsen (2015) is of the opinion that the firms that employ the concepts of strategic management are more successful than other firms that lack its incorporation. As a result, the firms that employ concepts of strategic management have evidence of increased in the sales volume and productivity. In comparison to other firms, the employment of concepts in strategic management sets apart firms in terms of their productivity than other firms without any activities on the planning of the systems. Evidence indicates that the firms that are high performing prioritized on the systems of planning to take care of the fluctuations in the future in the various environments affecting organizations (Freeman, 2010). It includes the internal as well as the external environment. Further, the firms that employ systems of planning that integrates the concepts of the theories in the management of strategy show superior performance in their finances in the long run in comparison to the industry.

Improved decision making

According to Siren, Kohtamaki, & Kuckertz (2012), senior management requires the information in the business to offer the decisions necessary for the running of an organization on a daily basis. These decisions are vital in that they culminate in impacting the organization positively through the increase in revenue and competitive advantage. A strategic framework will facilitate faster decision making which will improve the performance of the organization as efforts will be driven towards the success of the organization. A strategy is key as it offers the essential framework for the making of decisions that are driven towards the achievement of the objectives of the organization (Harrison & John, 2010).

The concepts of strategic management facilitates firms that are high performing to make decisions that are informed with anticipation that is good in the consequences in the short and long run. Contrary, Lidia & Varbanova (2013) states that firms with poor performance majors on the activities with consequences in the short term. Therefore, such firms fail to have a good forecast of the future and its conditions. The strategists that are involved with firms with poor performance are most times occupied with the meeting of deadlines as well as solving of problems that occur internally in the firm. As such, the strategists underestimate the potential of their competitors and at the same time, overestimate the potential of their firms.

Most often, the strategists attribute the poor performance of their firms to factors that are uncontrollable such as the foreign competition, changes in technology as well as poor economy (Johnsen, 2015). For instance, the annual number of companies that fail in the United States exceed 100,000 (Siren, Kohtamaki, & Kuckertz, 2012). The failures include bankruptcies, liquidations, receiverships mandated by the court as well as foreclosures. However, it is important to note that the failure in businesses is not entirely based on the strategic management that is ineffective. Importantly, the concepts of planning have been proven to yield financial benefits that are substantial.

Ensures understanding

Strategic management ensures that there is an allowance for employees to participate during the process of the development of the strategy. It enables the understanding of the focus of the business, the reasons for choosing to focus on a particular goal and the benefits that are derived from the achievement of those goals. For example, understanding the direction of a company makes it easier for employees to offer their support (Rothaermel, 2013). There is the need for the establishment of a process that allows for the formulations and the communication of the strategy. Such a process helps in challenging the set-out strategy as well as increasing the support for it. Johnsen (2015) is of the opinion that good processes and formulation of strategy are key to the deployment of an effective as well as an efficient strategy.

Ensures progress measurement

The establishment of performance measures is essential as it assists the senior management team in dissecting the vast quantity of information available to firms. These measures assist a company in aligning various decisions with the strategy of the organization. Notably, the strategy assists the company in setting the direction and ensures that an organization is aligned according to its objectives (Robinson, 2005). Therefore, the measures of performance allow the passing of information that is key to decision makers, thus facilitating the evaluation of the progress of a company.

Increases innovation in an organization

Organizations are perceived to be strategically agile if they are able to capitalize on the opportunities that result from unanticipated changes in a successful way. Effective strategic management will result when the strategy is formulated based on various market conditions, including internal resources and external forces. Consequently, it will lead to an improvement of the organization’s ability to respond to the changes in the business environment. The formulation of strategy is most visible through the senior managers of an organization when they employ off-site retreats with the purpose of developing priorities as well as the direction for the organization (Johnsen, 2015). Such forums assist with the establishment of strategies.

Formation of the strategies are the decisions that culminate from the daily operations of a company. The decisions leading to strategy formation are determined by the focus of the company in pursuing opportunities presented to it. Siren, Kohtamaki, & Kuckertz (2012) suggests that for the maintenance of an efficient strategic system of management, there is a need for the existence of a good process for the formulation of a strategy that ensures flexibility. The flexibility capitalizes on the opportunities that arise in the business environment.

Maintenance of order in firms

The concepts of strategic management facilitates in empowering of the employees as well as the managers. As a result, it fosters discipline in the firm’s internal environment, and order. Therefore, Siren, Kohtamaki, & Kuckertz (2012) proposes that it can be the onset of a turnaround in a firm’s effectiveness and maintenance of a management system. In addition, the strategic management offers the renewal of the confidence in the strategy that the business employs. Hence, the process of strategic management provides the fundamental platform for the identification as well as the rationalization of the need for the changes to the employees and the managers in a firm. As such, it helps the members of the organization to perceive the changes in firms as opportunities rather than threats.

Disadvantages

Unpredictable future

Strategic management requires companies to anticipate changes in the future business environment, however, these changes are difficult to anticipate. As such, if the future is not anticipated, then strategic management is futile in its efforts. Evidence suggests that organizations that employ strategic management often achieve better results than organizations that fail to do so, regardless of goal attainment. Tapera (2014) categorically states that the action of strategically thinking of the alternatives in the process of formulating a strategy boosts the ability to make a decision by the management, especially during a crisis.

Lack of value on return of investment

The return on investment is an issue that has been associated with the difficulty of realizing value derived from the process of formulating a strategy (Freeman, 2010). Difficulty exists in justifying the effect of the formulation of strategy, in terms of its value, especially when most of the processes of formulating strategies lies in books with senior management. The process of strategy formulation should be linked to the process of deploying the strategy to realize an improvement in the performance of the organization. As such, the strategy used in the investment can have a positive effect on the returns (Siren, Kohtamaki, & Kuckertz, 2012).

Globalization orientation

Currently, businesses are getting globalized. In a bid to stay ahead in the competition, companies employ operations in the business that are foreign. In addition, firms are constantly faced with the challenge of globalizing its operations. Therefore, it leads to the emergence of orientations. For instance the management of the international human resource as well as the international finance. Importantly, firms have to continuously renovate their strategic management to take care of the new orientations (John L Thompson, 2010).

Diversifications

There has been an increase in the risk levels in the market as a result of globalization. As such, the increased uncertainties, as well as the changes that are rapidly in the environment of the business, necessitate the use of operations that are diversified. The diversification involves the focus of firms in various areas of the business to deal with the risks in business that are diversified. As such, firms move away from the specializing in a particular market. Consequently, the capacity of the strategic management should facilitate the management of the opportunities in business as well as the identification of diversification (Lidia & Varbanova, 2013).

Stiff competition

Previously, firms were exposed to local competitions when they operated in local markets. However, with the increase in globalization, pressure has been exerted in the market. Precisely, competition has become stiff. Thus, firms have to develop strategies that are effective, to survive in the competition. The strategic management process can facilitate the generation of intelligence in the competition. It can also assist with forecasting of the rivals successive moves. Therefore, it can foster the development of a competitive strategy to face out the rivals (Harrison & John, 2010).

Cripple agility

According toSiren, Kohtamaki, & Kuckertz (2012), the processes of strategic management can cripple the ability of organizations to remain agile in various ways. For instance, when firms undertake processes of strategic management, it can result in the management failing to approve some opportunities. As such, if the formulation of strategy offers the only opportunity for the addressing of the issues, it may in itself inhibit the ability of firms. It is as a result of the process inhibiting the formation of strategy which results in the missing of opportunities (Rothaermel, 2013). In addition, it offers the potential for firms to stifle in innovation. Therefore, in this case, the process of strategic management in itself inhibits the ability of firms to seize opportunities as well as innovate.

The other method that firms impede their ability to remain agile is through the execution of the alignment and strategic integration. The alignment facilitates in firms directing their efforts in one direction to achieve the objectives of a firm. Robinson (2005) cites alignment as a major contributor of the success of strategies that are well executed. However, it is vital for the comprehension of the need for the processes that are appropriate as well as the criteria for the assessment and integration of the opportunities in the period of planning as it affects the ability of firms to stay agile. Besides, various methods exist in the management of strategy that allows the formulation of firms as well as the deployment of strategy, while at the same time developing the agility of strategies and integration (Harrison & John, 2010).

Conclusion

Stiff competition, globalization, and evolving markets are presenting challenges to businesses in ways never before seen. As such, companies need to develop and execute strategies to remain competitive. Strategic management is a vital field in management that assists companies to survive turbulent business environments. Like any discipline, strategic management offers both advantages and disadvantages. It can be used as a process and at the same time as a tool of collection to the needs and requirements of the organization. Strategic management is not a process on its own, neither is it a single tool as is usually documented. When it is used correctly, it can assist organizations to plan, control, as well as manage its operations in a manner specifically designed to reward the firm.

References

Freeman, R. E. (2010). Strategic management : a stakeholder approach. Cambridge: Cambridge University Press.

Harrison, J. S., & John, C. H. (2010). Foundations in strategic management. Mason: South-Western Cengage Learning.

John L Thompson, F. M. (2010). Strategic Management. Andover: Cengage Learning.

Johnsen, A. (2015). Strategic Management Thinking and Practise in the Public Sector: A Strategic Planning for All Seasons? Financial Accountability & Management, 243-268.

Lidia, & Varbanova. (2013). Strategic Management in the Arts. London: Routledge.

Robinson, R. (2005). The Advantages and Disadvantages of Strategic Management. Abaris Consulting, 1-5.

Rothaermel, F. T. (2013). Strategic management : concepts & cases. New York: McGraw-Hill Irwin.

Siren, C. A., Kohtamaki, M., & Kuckertz, A. (2012). Exploratin and Exploitatin Strategies, Profit Performance, and the Mediating role of Strategic learning: Escaping the exploitatin trap. Strategic Enterpreneurship Journal, 18-41.

Tapera, J. (2014). The Importance of Strategic Management to Business Organizations. The Internatinal Journals Research Journal of Social Science & Management, 122-129.

 

The capital requirements

Introduction

The capital requirements also referred to as capital adequacy ratio refers to the capital amount that the financial institutions have to maintain in accordance with the regulations of the financial institutions. It is expressed as a percentage. The variables involved are the equity ratio and the debts. The requirement is vital as it prevents the firms in the financial sector from becoming insolvent by not taking advantage of the leverages (Acharya, et al., 2011).

Personally, I feel the Capital Adequacy Requirement is capable of reducing the risk of Authorised Deposit-taking Institutions from collapsing. This is based on the fact that the capital requirement uses the ratio of the equity that is dependent on the liability of a firm as well as the equities that it holds. As such, it assists firms to make informed decisions based on their equities and debts. Furthermore, I believe, according to Docherty & Viort, (2013), it assists firms in making timely liabilities as well as other risks such as the credit and operational. Besides, firms can determine the minimum of the CAR, thus, offer the know-how of the opportune periods for expansion. As a result, firms can expand based on the amount of their capital.

The CAR accounts for other factors that are pertinent to the bank’s evaluation of their capital adequacy. The factors take into consideration the assets quality, the provisioning adequacy, the effectiveness of the management systems of the bank to control as well as manage their credit risks. It also includes the risks of the market and profitability. The Australian Regulatory Prudential Regulation Authority (APRA) assists banks to determine their capital adequacy (Drumond, 2009). Hence, it ensures that there is adequacy of the resources for banks based on their type, size, and quality. It adopts an approach that is based on the risk that evaluates the adequacy of the bank’s capital. Thus, it is in accordance with the aspects that were recommended by the Basle Committee on Banking Supervision.

The regulatory evaluates the risks that have the highest probability of occurring especially those that are associated with the debt defaults.  It also takes into consideration the transfer risks associated with a change in the country. Risk weightings consider the basis of the portfolio on the chances that are relative of the counterparties that are in compromised positions to assist banks in meeting their obligation (Sayer, 2011). Thus, the risk weights which are used are based on the judgment of the potential of the risks for the various kinds of counterparties. These offer no guidance on the risks of the credit associated with the individual’s counterparties exposure.  The banks that are foreign fail to be under the guide, however, there is the expectation of standards of capital adequacy from the home country of the banks (Francis & Osborne, 2010).

The Greater as well as the Hume Bank have their core capitals in accordance with Tier 1 standards. It includes the share capital and the preference shares that are irredeemable and noncumulative. The focus of the guideline was on a worldwide level that takes into consideration the bank’s operation as well as the subsidiaries consolidated in accordance with the accounting standards of Australia. There is a need for the incorporation for the equity of the shareholders at the onset of the bank capital, as well as the reserves that are disclosed. In light of this fact, there is adherence of the essential capital as well as an account for the resources of the capital. It contributes to the bank’s flexibility as well as resilience, especially those with financial challenges (Sayer, 2011).

Conclusion

The authorities with the mandate of regulating the banks need to constantly monitor the ratio of the capital adequacy to ensure that ADIs are able to mitigate their losses, as well as their requirements of their capital. The introduction if the capital adequacy bars banks from becoming insolvent because of the lack of taking leverage (Docherty & Viort, 2013).

References

Acharya, V. V., Kulkarni, N. & Richardson, M., 2011. Capital, Contingent Capital, and Liquidity Requirements. Regulating Wall Street: The Dodd-Frank Act and the New Architecture of Global Finance, pp. 143-180.

Docherty, A. & Viort, F., 2013. Regulation of the Banking Industry. Better Banking: Understanding and Addressing the Failures in Risk Management, Governance and regulation, pp. 113-174.

Drumond, I., 2009. Bank Capital Requirements, Business Cycle Fluctuations and The Basel Accords: A Synthesis. Journal of Economic Surveys, 23(5), pp. 798-830.

Francis, W. B. & Osborne, M., 2010. On the Behavior and Determinants of Risk-Based Capital Ratios: Revisiting the Evidence from UK Banking Institutions. International Review of Finance, 10(4), pp. 485-518.

Sayer, S., 2011. Bank Capital Requirements, Business Cycle Fluctuations and the Basel Accords: A Synthesis. Issues in Finance: Credit, Crises and Policies, pp. 5-37.

 

 

Are peacekeepers (blue helmet) effective to bring peace?

Are peacekeepers (blue helmet) effective to bring peace?

Introduction

The activities of peacekeeping have existed since antiquity. Thus, peacekeeping has its roots in the management of conflict of the great powers (James, pp. 4). As such, there are continuity ties as well as parallelism in the activities of peacekeeping that happened in the past and currently. Hence, Bellamy and Paul Williams are of the opinion that the idea for the great powers to be mandated with the responsibility for ensuring the maintenance of peace is an old phenomenon (61). For example, in the ancient Roman Empire, there was the enforcement of the law that ensured it took care of the political boundaries. Currently, the states that are powerful have justified their interventions into the affairs of other countries to protect the peace on a global scale. This has been for the greater good, however, most times, it has been to protect their self-interest. The nations that have been for the greater good include the British, in their stand for the abolishment of the slave trade that ruled the global world (Bellamy and Paul Williams, pp. 61). Therefore, the paper attempts to explore whether the activities of the peacekeepers (blue helmet) are effective in bringing peace. It aims to offer a brief history of the onset of the activities of peacekeeping. It further endeavors to shed light on the ways in which the peacekeeping activities have been effective by the use of examples.

Background

Peace as a collective responsibility

The nineteenth century saw the uprising of the collective action by the international organization to pursue both security as well as peace. The cooperation that was brought about by the development of the European nations featured as the initial steps towards the maintenance of peace in the world. However, it is important to note that the initial attempts by the great powers of the European were as a result of selfish reasons. Hence, these efforts resulted in failure. In light of this fact, it led to the great strides towards the institutionalizing of the international cooperation in the onset of the twentieth century. For instance, it resulted in the League of Nations as well as the UN (Beardsley and Skrede, pp. 77).

Collective Actions

The collective actions comprise of the missions to the state of China as well as Crete. It was after the signing of the Berlin treaty. The missions were for the maintenance of a status quo or in other words protecting the great powers interests. The importance of the state of Crete to the European great powers was of great interest to them. For instance, there was the looming of a general war in 1896 (Bellamy and Paul Williams, pp. 62). It was brought about by the ethnic clash that occurred in the state of Crete. Greece was attempting to protect itself against the invasion of the Ottoman. Consequently, Italy, France, Russia, Britain, Germany and Austria-Hungary responded to the threat. They began by blocking the invasion of the island to safeguard the entry of the Ottoman. Afterward, there was the deployment of the multinational force that was strong that numbered 20,000 to maintain the peace (Bellamy and Paul Williams, pp. 62).

There was also the initiation of the Cretan police reform, judiciary as well as the civil administration. As a result, two years later, there was the imposition of a status of uniqueness and importance of the Crete state. It included the provision of the autonomy for the island as well as the creation of the ruling elite of the Greek that was imposed on the Ottoman suzerains. Another example of a collective action was the response of the international community on the rebellion that occurred at the onset of 1900 referred to as the rebellion of the Boxer (James, pp. 7). Although it was instigated by the ambitions of colonialism, it is warranted as a precursor of the enforcement of the collective action. The Boxers represented a society that was loosely organized comprising of the peasants of the Chinese community that protested against the biasedness of the Chinese court that was influenced by the great powers of the foreigners.

The influence of the great powers has significantly increased since the rise of the war referred to as opium that occurred from 1839 to 1842 (Bellamy and Paul Williams, pp. 62). During this period, the Britain had attempted to employ the supremacy of their navy to force themselves into the market of the Chinese. They wanted to have the right to transact their opium business, and at the same time, expose the Chinese market to exploitation by the foreign nations. Therefore, the culmination of the humiliation experienced from the Manchu elite that were ruling, coupled with the increase in taxes, issues with the land rights, poor administration as well as various natural disasters that were major triggered the social unrest that resulted in a revolt referred to as the Great Taiping in the year 1850 to 1854 (Bellamy and Paul Williams, pp. 63). In comparison to the First World War, the rebellion claimed more lives. However, the powers of the European aided its eradication. As a result, there was the extension of the influence to the state of China.

The need for an international organization

The 1900 saw a period of fifty-five days that was as a result of the besieging of the diplomatic legations by the Boxers in the city of Beijing (Bellamy and Paul Williams, pp. 63). The major powers responded by authorizing actions that were joint to relieve themselves of their diplomatic missions. The naval squadrons, of the western took positions in Taku, under the Seymour of the British admiral’s command. The reinforcements of the Russians, as well as the Germans, moved towards the capital. August 14 saw the lifting of the siege as a result of the defeat of the Chinese armies (Bellamy and Paul Williams, pp. 63). Therefore, the operation showed the willingness of the various states in defending the interests of the common. The placement of the national contingents under the commander from Germany, that was not foreseen, further, demonstrated the willingness of the coordination of the nations. In addition, there was the continuity of the development of the international organization. The year 1899 through to 1907 saw the agreement by the representatives of the states globally to limit the war recourses as well as the means that were accepted during a war (Bellamy and Paul Williams, pp. 63). It included the ban on the employment of gasses that were poisonous. However, the Hague’s conference failed with their intention to eradicating war.

It failed since it was dependent on the great powers willingness to the implementation of the Hague agreement. The willingness was usually eroded due to the rivalry that existed in the onset of the twentieth century. In 1919, there was the resurgence of the Nations League that came as a result of the increased pressure on the states of European to managing the affairs of the international community (Bellamy and Paul Williams, pp. 64). The membership of the league extended beyond the great powers of the European states. It represented an attempt that was more ambitious in the management of the international society than the Europe Concert (James, pp. 7).

Effectiveness of Blue-helmet operations in peacekeeping

The UN was formed as a result of the failure of the Nation’s league by the allies of the western nations in the course of the Second World War. It was as a result of the mass loss of the lives as well as the devastation caused on the physical body by the tenacious war. Besides, it was coupled with the atomic bomb invasion that convinced the leaders of the international community that there was the necessity of an international organization. Hence, for the effectiveness of the organization to be high, it needed to integrate the capacity that lacked in the League of Nations (Bellamy and Paul Williams, pp. 70).

Effectiveness during missions

During the cold war, in 1950, according to the intervention that was led by the US in Korea showed that the UN was fortified in dealing with the collective security (Bellamy and Paul Williams, pp. 71). The circumstances upon which the authorization of the intervention occurred without the inclusion of the Soviet Union in the matters pertaining to security, illustrated its prowess (Durch, pp. 1). Thus, the Korean War provided the best platform for the UN to pursue a collective role in security that was major. In addition, the concept development of the preventive diplomacy in the UN offered the organization with the role that was collective in the security, which was at the center of its operations in peacekeeping. Besides, UNEF I that formed the onset of the missions of peacekeeping of the organization illustrated the principles that the organization stood for such as impartiality, limited usage of force as well as consent. It was demonstrated in the Sinai deployment to assist in defusing the crisis that occurred in Suez in 1956 (Durch, pp. 7). Notably, it was perceived that the decreased force usage was due to their nature of the response to the events that were extraordinary that were facing the Suez.

Nevertheless, the UN had undertaken activities of peacekeeping earlier in the Middle East, the subcontinent of the Indian as well as the Balkans (Wills, pp. 47). There are accounts of other operations that the organization undertook before the lapse of the Cold War. In addition, it undertook its peacekeeping activities to the Congo, Korea as well as the New Guinea that was under the Dutch (Karlsrud, pp. 44). Importantly, the operation of the organization in Congo was more complex, with its operation being multifaceted as well as costly. During the climax of the violence, there were troops approximately twenty thousand. These were to offer assistance to the civilian component as their role was interwoven (Thakur, pp. 42). Thus, the responsibility of the ONUC was for the maintenance of order as well as law during the period of decolonization in Congo after the rule of the Belgian (Bellamy and Paul Williams, pp. 73).

The shift in the security situation forced the organization to also change from preventive diplomacy to the enforcement of peace in order to safeguard the territorial integrity of the Congo (Karlsrud, pp. 48). As a result, the effect of ONUC to the peacekeeping of the UN was profound (Bellamy and Paul Williams, pp. 73). Furthermore, the Soviet Union, as well as France, complained that the mandate of the organization in the state of the Congo had been exceeded, and as such, there was a little control that the organization had to the direction of their mission. Consequently, there was the complaint of the costs that were spiraling and as such, refusal in the payment of dues (James, pp. 6). In light of this regard, there was an immediate crisis in the funding of the operations of the UN pertaining to peacekeeping. It is a crisis that the UN has never been able to overcome. The insistence of the French, as well as the Soviet Union, led to several reforms in the management and the constitution of the operations of peacekeeping by the UN.

It is important to note that the reforms in the management led to the mandating of the operations to take a period of six months at any given time. As such, it offered the council of the security the responsibility of monitoring the operations of the individual organizations constantly. It also offered the members that were permanent the right to authorize the operations continuation. The crisis that occurred in the UN’s finances led to the scrapping of the expenses related to peacekeeping activities from the budget that was general. Therefore, it resulted in the development of a budget that was separate in the activities of peacekeeping (Paris, pp. 13).

Afterward, the UN undertook other missions that were large. For instance, in Cyprus, the UNFICYP as well as the UNEF II (Paris, pp. 14). Importantly, there was the strengthening of the secretary general’s office under the leadership of Waldeim and Thant. However, in 1970, the cold war that worsened had implications on the council of the security (Wallensteen and Johansson, pp. 28). It led to a retreat of the activities of peacekeeping, hence, resulted in one mission between the onset of 70 and the late 80s (Bellamy and Paul Williams, pp. 73). The mission was in Lebanon by the UNIFIL.

Conclusion

The background information concerning the onset of the activities of peacekeeping is vital in the comprehension of the enforcement of peace as a collective responsibility of the global state. The international cooperation is mandatory for the maintenance of peace in the nations under crisis. Thus, the importance of the international organizations cannot be downplayed since the various nations play a key role in the world (Terrie, pp. 21). Hence, there is the need for constant monitoring of the activities that occur within the nations to safeguard the prevalence of peace. The activities of peacekeeping cannot be left to one state, but, it is a collective responsibility that ensures that peacekeeping is at the center of every state. Importantly, the effectiveness of the international organization is dependent on its management as well as its constitution. Thus, it is vital for periodic reviews of the policies pertaining peacekeeping by the international organization to ensure that they are capable of dealing with the arising issues regarding peace. However, it is paramount for the various nations to offer their support to the international organization and not hold ransom its activities based on a change in its structure. In as much as the reforms are vital, the focus should not be lost on the importance of the international organization to the maintenance of peace for the greater good.

 

Works Cited

Beardsley, Kyle and Kristian Skrede. “Peacekeeping as Conflict Containment.” International Studies Review (2015): 67-89. DOI: 10.1111/misr.12205.

Bellamy, Alex and Stuart Griffin, Paul Williams. Understanding Peacekeeping. Cambridge: Polity press, 2004. Book.

Durch, William. The Evolution of UN Peacekeeping. New York: St. Martins Press, 1993.

James, Alan. Peacekeeping in International Politics. London: Macmillan Academic And Professional Ltd, 1990.

Karlsrud, John. “The UN at war: examining the consequences of peace-enforcement mandates for the UN peacekeeping operations in the CAR, the DRC and Mali.” Third World Quarterly (2015): 40-54. DOI: 10.1080/01436597.2015.976016.

Paris, Roland. At War’s End. New York: Cambridge University Press, 2004.

Terrie, Jim. “The use of force in UN peacekeeping.” African Security Review (2010): 21-32.

Thakur, Ramesh. “The Responsibility to Protect at 15.” International Affairs (2016): 415-434.

Wallensteen, Peter and Patrik Johansson. Security Council Decisions in Pespective. Oxford: Oxford University Press, 2003.

Wills, Siobhan. Protecting Civilians. Oxford: Oxford University Press, 2009.

detox diets and organ health

More people are becoming interested in detox diets and organ health. As a health educator, one of your roles is differentiating evidence versus popular media and marketing. In this discussion, we will explore evidence that supports the role of nutrition in liver health to add to your ability to differentiate nutrition science from media.

Start by reading the article titled, Impact of nutritional changes on nonalcoholic fatty liver disease.

Focus on the general concepts, as opposed to understanding every word. After completing the reading, answer the following question for your initial post: “What evidence-based general nutrition recommendations would you share with patients interested in liver health?”

Use the assigned article, with appropriate APA citations, to support your position with at least 10-1 sentences to support your case.

Reference(s)

Perdomo, C. M., Frühbeck, G., & Escalada, J. (2019). Impact of nutritional changes on nonalcoholic fatty liver disease. Nutrients, 11(3). https://doi.org/10.3390/nu11030677

 

should advanced practice nursing be guided by theory?

Application of Nursing Theories in Practice and Research

should advanced practice nursing be guided by theory? Why or why not?

All advanced practice nursing should be guided by theory. The main purpose of the theory aspect is improving practice which is attained through positively influencing the health status and quality of life of the patients (Saleh, 2018). Theory tends to provide foundational knowledge of care concepts that enables the advanced practice nurses to explain the actions that they intend to make to enhance the wellbeing of the patients and the reasons why the actions are undertaken. This is essential in the practice since it grants the APN the chance to articulate evidence that helps in the justification of the methodologies employed in practice.

What is a theory-practice gap and does a theory-practice gap exist today in advanced practice nursing?

The theory-practice gap refers to the separation witnessed between the theoretical knowledge and the practical application in the nursing field and it is usually associated with adverse consequences. That is, it is the gap between what should happen and what happens. The theory-practice gap still exists today in advanced practice nursing. The practicing nurses tend to use the language of nursing theory rarely unless accrediting bodies mandate them (Greenway, 2018). Some of the reasons for the observed phenomenon include the fact that the practitioners view nursing theory and practice as two separate activities and since theory contains concepts that should be explained before being employed in practice

Can DNP/APN prepared nurses help to invigorate nursing theory guided practice and research? How can/will they?

DNP/APN prepared nurses can help to invigorate nursing theory-guided practice and research. DNPs’ core competencies are centered on organizational systems, leadership, healthcare finance, health policy, and the integration of evidence-based practices (Edwards, et al., 2018). Using these core competencies, the practitioners can enhance the application of nursing theory in practice and research. For instance, as leaders, DNPs can ensure that the other healthcare practitioners employ the relevant theoretical backgrounds to support methodologies adopted during practice and when conducting research. The practitioners also help in educating the next generation of nurses. They can ensure that future professionals have the adequate theoretical background to govern their practices and research.

How should non-nursing theory influence nursing science research and advanced practice?

Non-nursing theories tend to influence nursing science research and advanced practice. The non-nursing theories are also referred to as borrowed theories and entail knowledge developed by other disciplines such as psychology which are adapted to the discipline of nursing. The borrowed theories and concepts should be redefined and resynthesized to ensure their effective application in the nursing field (Nwozichi, Olorunfemi, & Madu, 2021). Non-nursing theories should be employed as the basis for the formulation of nursing concepts that enhance the quality of healthcare services that are availed to the patients. This is since the borrowed theories allow nursing professionals to interpret, expand, add and validate various aspects within the discipline.

What role should DNP prepared nurses play in the integration of nursing theory in research and advanced practice? How can/will they do this? What preparation do they need?

DNP-prepared nurses play a critical role in the integration of nursing theory in advanced practice and research. The Doctor of Nursing Practice tends to represent the highest level of preparation in nursing practice and focuses on innovative and evidence-based practice which reflects the application of credible research findings (Trautman, et al., 2018). Since the DNP practitioners are prepared to deal with complex issues facing the patients and healthcare, they should consider employing theoretical aspects when making critical decisions to support the methodologies adopted. They are required to have advanced knowledge relating to the theories and their implications to research and practice.

Reflection and Application

Ensuring that I employ the nursing theories while making critical decisions regarding the provision of care to patients will help me to close the theory-practice gap. The theories should govern my nursing behaviors such as patient education, caring, and implementation of innovative and creative interventions. I will consider employing Peplau’s Theory of Interpersonal Relations who focuses on the development of a therapeutic relationship between a nursing practitioner and the client (Hagerty, et al., 2017). The theory is also applicable in the scholarly DNP project since it can help me ensure that I incorporate aspects that aim at enhancing the nurse-patient relationship.

References

Edwards, N., Coddington, J., Erler, C., & Kirkpatrick, J. (2018). The Impact of the Role of Doctor of Nursing Practice Nurses on Healthcare and Leadership. Medical Research Archives, 6(4), 1-11.

Greenway, K. (2018). What is a Theory-Practice Gap? An exploration of the concept. Nurse Education in Practice, 34.

Hagerty, T. A., Samuels, W., Norcini-Pala, A., & Gigliotti, E. (2017). Peplau’s Theory of Interpersonal Relations: An Alternate Factor Structure for Patient Experience Data? Sage Journals, 160-167.

Nwozichi, C. U., Olorunfemi, O., & Madu, A. M. (2021). Exploring issues in theory development in nursing: Insights from literature. Indian Joural of Continueing Nursing Education, 22(1), 3-9.

Saleh, U. S. (2018). Theory guided practice in nursing. Journal of Nursing Research and Practice, 2(1), 18.

Trautman, D. E., Idzik, S., Hammersla, M., & Rosseter, R. (2018). Advancing Scholarship through Translational Research: The Role of PhD and DNP Prepared Nurses. The Online Journal of Issues in Nursing, 23.

 

NU 708 MODULE 7 Evidence Based Practice

Evidence Based Practice Sustainability

 

Introduction

The application of Evidence-Based Practice in nursing is essential since it enhances decision-making process thus resulting in quality care provision and improved patient outcomes. Evidence-based practice entails application of the most appropriate information when formulating decisions relating to the provision of care (Melnyk & Fineout-Overholt, 2019). In the contemporary society, EBP is a critical aspect in the DNP professional practices because it enhances adoption of relevant technological interventions, emphasis on health promotion and helps address some of the modern healthcare problems. Consequently, it is imperative to explore some of the strategies that can be adopted to enable practitioners convey best practice recommendations to others, translate evidence into practice, and contribute to the sustainability of EBP.

Discussion

Competency development through training and education is one of the strategies that can help in translating evidence into practice and contribute to the sustainability of the EBP. Training and education enhance skills and knowledge that practitioners have in relation to the application of evidence into their practice and enable them to have the basic concepts about the application of the EBP in long term (Fisher, et al., 2017). One of the barriers to EBP adoption and sustainability is the lack of relevant skills and knowledge among practitioners (Hailemariam, et al., 2019). Enacting a competency-based training and education program will enable nurses to understand and acquire relevant level of know-how on utilization of evidence from research when making decisions relating to provision of care.

Another strategy is the adoption of mentorship programs to coach nurses. Mentorship is critical in the implementation and sustainability of evidence-based practice since it helps in strengthening beliefs about the values of EBP among practitioners and their capability to implement it (Titler, 2008). One of the limitations for effective implementation and sustainability is the weak belief among nurses. Some of the mentors that can be included in the program include the EBP steering committee researchers and nurse managers (Proctor, et al., 2015). Through mentorship, practitioners can get direct support from leaders, have a deeper understanding of the application of evidence in decision making and also consult with managers on the best practices to adopt.

Adopting a reflective practice is another strategy that can be employed to enhance implementation and sustainability of EBP. Reflective practice entails interrogating the daily practice efficacy thus enabling the nurses to learn from their professional experience (Davies, Tremblay, & Edwards, 2017). It grants the practitioners a chance to understand the strengths and weaknesses of their practice thus empowering them to enact effective and desirable practice. A healthcare organization should consider adopting reflective practice discussions which will provide the nurses a platform to clarify and analyze the application of evidence from research in the decision-making process (Shelton & Lee, 2019). Reflective practices also create a space for the appropriation of new knowledge as an emerging internal process rather than it being an imposed external innovation.

Conclusion

In conclusion, it is very important for any healthcare organization to enact measures to enhance the translation of evidence to practice and ensure the sustainability of the EBP among nursing practitioners. Some of the measures include competency development through training to improve the skills and knowledge of the nurses, establishing a mentorship program to strengthen their beliefs, and adopting reflective practices to enable the practitioners to learn from their professional experience. Therefore, competency development, mentorship programs, and reflective practice are examples of strategies that can be adopted to help practitioners convey the best practice recommendation, enhance the translation of evidence into practice and ensure the sustainability of the EBP.

References

Davies, B., Tremblay, D., & Edwards, N. (2017). Sustaining evidence-based practice systems and measuring the impacts. https://nursekey.com/sustaining-evidence-based-practice-systems-and-measuring-the-impacts/

Fisher, C., Cusack, G., Cox, K., Feigenbaum, K., & Wallen, G. R. (2017). Developing Competency to Sustain Evidence-Based Practice. The Journal of Nursing Administration, 46(11), 581–585. https://www.ncbi.nlm.nih.gov/pmc/articles/PMC5120868/

Hailemariam, M., Bustos, T., Montgomery, B., Barajas, R., Evans, L. B., & Drahota, A. (2019). Evidence-based intervention sustainability strategies: a systematic review. Implementation Science, 14(57), 1-12 https://implementationscience.biomedcentral.com/track/pdf/10.1186/s13012-019-0910-6.pdf

Melnyk, B. M., & Fineout-Overholt, E. (2019). Evidence-based practice in nursing & healthcare : a guide to best practice. Fourth Edition. Philadelphia: Wolters Kluwers.

Proctor, E., Luke, D., Calhoun, A., McMillen, C., Brownson, R., McCrary, S., & Padek, M. (2015). Sustainability of evidence-based healthcare: research agenda, methodological advances, and infrastructure support. Implementation Science, 10(88), 1-13 file:///C:/Users/ADMIN/Downloads/proctorsustainability2015.pdf

Shelton, R. C., & Lee, M. (2019). Sustaining Evidence-Based Interventions and Policies: Recent Innovations and Future Directions in Implementation Science. American Public Health Association, 109(2), S132–S134. https://www.ncbi.nlm.nih.gov/pmc/articles/PMC6383970/

Titler, M. G. (2008). Patient Safety and Quality: An Evidence-Based Handbook for Nurses. Rockville: Agency for Healthcare Research and Quality (US). https://www.ncbi.nlm.nih.gov/books/NBK2651/

 

[Quantitative Thesis sample]

The purposeof this researchis to examine dimensionsof service quality, which areTangible(X1), Reliability(X2), Responsiveness(X3), Assurance(X4), and Empathy(X5)that have a main role in driving  overall Customer Satisfaction(Y). The  design  of  this  research used a quantitativeapproach and primary data in the form of 180 questionnaire responses were been collected from a costumers PT. Hasta Ayu Nusantara.The findings of this  research  are ReliabilityandEmpathyhavea partiallysignificantinfluence towardscustomer satisfaction, while Tangible, Responsiveness and Assurancedo nothaveit. 

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A Strategic Marketing Report on Gregg Inc

Introduction

The success of any organisation solemnly depends on how effective or ineffective their strategic marketing is. Strategic marketing can be defined as the analysis, actions and decisions made by an organisation aimed at creating and sustaining itself an acquire competitive advantage. An organisations strategic marketing encompasses the company visons, missions and strategic objectives. In addition, the environment in which an organization operates- the internal and external environment is crucial for an organization’s strategic management. Often strategic management asks questions that answer questions depending on the analysis done and depending on the decisions needed in terms of which industries to compete in and how they should maintain their competition levels from immediate competitors. The company, together with the management leaders should allocate resources that include finances, time and labour while developing an effective strategy. The development of an effective strategy will create room for the implementation of effective strategies and has been identified as an ongoing, evolving process by strategic managers.  Advancement in technology has attracted investors and customers to diversify their businesses and organizations into international markets. Working with consultancy firms essential for companies that wish t branch into unknown global markets and conduct primary research before entry. The Ashanti Marketing Solutions (AMS) Limited is a marketing consultancy firm based in Europe. Gregg remains to be the finest bakers in Europe and recently wishes to diverse into Romania. This paper is a strategic marketing report of Greggs Inc. that aims to evaluate their sustainable market capabilities through the use of business marketing tools that include PESTLE and Porters Five Forces analysis. Also effective recommendations that can improve the organisations competitive advantage in Romania.

 

Company Background

Gregg’s inception occurred in the 1930s where the Company focused on delivering eggs and years on a bike to families in New Castle upon Tyne. Jon Gregg, the company founder, opened a small bakery shop in New Castle on Gosforth high street in 1951, following positive feedback from his immediate customers. Through this single shop, Jon Gregg’s popularity grew from baking high quality bread from finely milled wheat which gave his products a distinctive sense of taste and texture. The Company’s expansion began in 1984 after John Gregg’s death, and Ian Gregg took over the business.  The Company expanded to up to 5 shops within the nearby regions. Ian oversaw the Company through to the 21st century (Greggs, 2021). In the 1970s, Ian further expanded the business beyond northern England, and by 1974, Gregg had acquired properties across different regions (About Gregg, 2012). The management switch hands in 1984 with Mike Darington as the managing director. Mike shared the company mission and visions and further expanded the business by opening 260 within two decades. Gregg was listed on the stock exchange and has continued to depict immense expansion in the midlands. And in North London (Greggs, 2021). Today the Company has over 1600 stores globally and aims at launching 600 more stores within the next few years. Notably, the Company achieved revenues of 734.5 million in 2012 (Greggs, 2021). The Company’s operating profit also increased to 51.8 million in 2012. The Company has tried to enter into new foreign markets such as Belgium, which closed down following their considerable concentrations in the UK market.  Recently, the Company seeks to enter Romania, and this report will provide a strategic external analysis using Porter Five Analysis and the Pestle analysis business tools.

Objectives of the Report

This report aims at understanding the external and internal factors that go into launching a business in a foreign country. It also explores the various decision that is of primary concern that the business should consider before making this decision. A marketing segmentation research will be conducted to determine the appropriate marketing mix for Gregg’s entry into Romania.

Entry into new markets

Over the past years, Gregg has tried severally to entrant foreign markets. Some of these entrants have proven successful, while others have been deemed disappointing. The first time Gregg expanded into international markets was when they opened a market in Belgium. However, the stores were closed down following high competition levels and lack of a strategic management strategy. Gregg aims to look back at their failures and venture into a new market, Romania, Europe. Greggs Inc. There are various reasons why a company chooses to branch into other markets locally and internationally, thereby increasing their increasing company growth, increasing their customer base, reducing labor costs, and gaining a competitive advantage are some of the key concerns. According to Greggs Chief Executive Ken McMeikan, “Over the past two years particularly, I’ve been travelling to different parts of the world and trying to look at the countries where I believe there is demand from a customer base in terms of their tastes, and also maybe where there is a competitive opportunity for us to go into those countries.”. Therefore, depending on the market, these factors should be of primary concern before the Company decides to venture into European markets by conducting business analysis tools to determine whether or not Greggs can venture into the country.

Business analysis

Pestle analysis

Organizations need to identify external factors within which the Company operates because it provides and forms a context in which events such as procurement, production, and marketing are based. According to Al-Turki, (2011), a pestle analysis evaluates a companys impact over a range of six external factors which include the Political, Economic, Social, Technological, Environmental, and Legal Issues. However, it is unfortunate that organisations have no control over these factors, yet it affects a business’s operations. The pestle analysis is a fundamental requirement during marketing and entry into the foreign market because it exposes the opportunities that the company might take advantage of as well as identify possible threats that the company needs to be on the lookout. Moreover, a detailed pestle analysis will assist the organisation to develop and set clear goals and objectives that will simplify ensure efficiency when tracking and monitoring a firm.

Political factors

These are the political factors that an organization needs to consider before setting up a business in another country. These include factors such as government policy, trade policy, and politics. Generally, Romani has been recognized as a peaceful country free from terrorism threats and political instability (OECD, 2002). This environment will offer Gregg Inc an environment to set up and conduct business in a foreign land. In addition, the peaceful nature of the Company will create a space where customers can freely purchase their bakery goods and services from the store. The government also supports and encourages new entrants into the market because it positively supports the country’s economy. Therefore, the political analysis promotes easy entry into Romania.

Economic factors

These are the factors that define how profitable an organisation will be in international markets. These include factors such as inflation, growth of the domestic product, inflation, among others. For Gregg Inc., Foreign direct investments will pose a huge challenge especially if Romania’s policies are strict. The existing European laws favour direct investments since they are free from business regulations which could potentially discourage potential investors into the country (ITA, 2020). Europeans’ Foreign direct investments are protected by legal frameworks which permits transactions through Foreign Trade and Payment Acts. The policies chaperon all businesses, including industries in the bakery and produce industry. However, Romania’s economy has been on a surge over the past few years. In 2017, the country recorded a 7% growth rate in their GDP (ITA, 2020). This will favor Greggs Inc because the Company will be established in a country whereby growth is expected.

Social factors

These are the day-to-day factors that promote the development of an organization. The social factors comprise religion, education, culture, population, among others. Most Romanians are Christians, which means that there are no religious factors that could affect business. The country’s population growth rate has continued to grow over the years, meaning that the region provides a great customer base for their products and services (Chief’s pencil, 2020). According to (Gregg, 2020), Roman’s cuisine includes starters, main course, and dessert. It is widely known that people from Romain consume food depending on their social status, although they majorly have three meals a day. The tenaculum, the prandium, and Cena taken in the morning, midmorning, and afternoon. However, it is true that Romanians do not prefer sausages; hence should not be added to the Greggs. Inc menu rather focuses on incorporating the foods and snacks that individuals from Romania will enjoy, such as Sandwiches and soups (Chief’s pencil, 2020). Additionally, the products’ affordability will be another factor that will play a huge role in attracting and retaining customers in Germany. Although the nature and scope of the market competition are high, the Company should remain adept at providing goods and services that will attract and retain more customers, which will gain the Company a competitive advantage.

Technology factors

These are the factors that affect how innovation will affect a company. Gregg Inc should incorporate innovation strategies that will gain them a competitive advantage. These include developments such as company drive-throughs. These have ensured that individuals can get their meals, snacks, and drinks without necessarily getting into the store. In addition, there are delivery services that have industrialized this sector over the past years, which has increased sales for various companies within the country. Gregg should attract customers through the use of various social media platforms, Facebook, Instagram, and Twitter, to gain more customers. The Company could also develop customization strategies for major events such as Halloween and Christmas packages to attract more customers to their Company.

Legal Factors

These are the external factors that affect how a business operates and how customers behave. Some of the legal factors that Greggs. Inc should consider include adherence to consumer law, employment law, health and safety laws, clean neighbourhood and environment law and food safety laws in accordance to the Romanian Government.

Environmental factors.

These factors adhere to the policies that adhere to the set principle and regulations within a certain country. Greggs should ensure that their Company adheres to the Romanian government laws and regulations to prevent potential problems for the Company. Also, opening stores at equally and busy places and providing affordable and tasty meals will increase the Company’s competitive advantage.

Justification of Entry in the International Market

The success of any organisation across foreign markets depends on their preferred mode of entry. Focusing on Greggs Inc main line of business, the products and services they will venture with include, but not limited to Sandwiches, cakes and pastries, sweet snacks and the newly launched vegan products. These are the main products that the company seeks to launch in the country following their pre-determined possibility of gaining competitive advantage in the country. Although high competition is expected, the company will penetrate through the industry successfully, guided by the unique taste of their products and their outstanding services.

When an organisation has made the decision to venture into foreign markets, there are a variety of options that the company can use. The options vary on costs, risks and the locus of control that can be exercised over them. Simple forms of foreign market entry include exporting products using either direct or indirect means as such as an agent and countertrading. According to (NAME) these market strategies best work with companies dealing with non-perishable products. Thus, Greggs Inc. should not consider this because they produce perishable bakery products. Besides exporting, other market entry strategies include licencing, joint ventures, partnerships and alliances, mergers and acquisitions.  These are some of the strategies that Gregg Inc. that may incorporate when venturing into Romania; a foreign market.

. For Greggs Inc, forming partnerships and alliances will ensure successful penetration into foreign markets. This will in turn promote competitive advantage for the company over other businesses in the sector. Greggs Inc. will target a local bakery that is well versatile and understands the needs of their consumers promptly. Also, strategic alliances will ensure that all contractual agreements between Greggs Inc and a Romanian based company are well understood prior to making and agreements. Understanding partnerships is also important for companies because they will determine the future growth or the company (Maekelburger et al., 2012, 458).  Also, the local partner should be aware of the market trends and population that will help the business. Therefore, getting a local partner will yield more advantages for Gregg Inc.

According to Eurostat (2019), Romania is expected to record a 2% increase in total sales in the food and beverage sector by 2021. The national institute of statistics of data for 2018 explained that the total number of foodstuffs accounted for € 1794 million in terms of exports and € 3377 million in terms of imports having a trade balance of € 1583 million (Eurostat 2019). In the bakery sector, Romania recorded a turnover of € 422 million, which increased compared to 2017 reports (southeast European Industrial Market 2020). The number has increased ever since, with more advancement in technology. Besides, allying with another brand means increased consumer numbers since attracting customers will not be a challenge (E-commerce news, 2018). Contractual agreements are therefore important across major company departments, notwithstanding company rules and policies which are crucial for smooth company operations.

Another mode of entry into foreign markets are Mergers and acquisitions. This is an expensive mode of entry, yet appealing since the company gets to be in control and can easily access new markets promptly. The acquiring organization gets exposed to the market but may face challenges in case they change the method of operation. Although European laws favour company acquisition, it could be disadvantageous following the value of its currency.

Conclusively, based on the various modes of entry discussed, it is best that Greggs. Inc settles with forming strategic alliances and partnerships with another bakery company in Romania for the following reasons, First, Romania is expected to record a 2% increase in total sales in the food and beverage sector by 2021. This means that Gregg is speculated to benefit largely using another pre-exist company. Additionally, the home company is aware of local partner is aware of the market trends and population, meaning that Greggs Inc. will not start from scratch at understanding the market and the needs of their consumers. It will therefore be more appropriate for Greggs Inc to identify a company in Romania to form strategic alliances.

Standardization

Standardization is a vital element and vital when making new investments across foreign markets. The standardization process calls for prompt understanding of the 4Ps in marketing. These are Price, place, product and promotion. The 4Ps in marketing will assist organisations to understand more about their consumers interests and the amount they are willing to spend on purchasing bakery products such as a sandwich. Global standardization helps the organization understand how the customers perceive the products and services they offer. From the perception, the organization can improve the quality of the goods and the type of services they offer. For example, in e-commerce, global standardization has helped the business use similar marketing strategies over different countries with different beliefs and cultures.

Market Segmentation and Targeting

Market segmentation can be defined as the segregation of potential buyers into groups or segments based on their daily needs and how they tend to react to a marketing action. Marketing segregation allows customers to attract different consumers who have different expectations of goods and services. It was agreed that since Romania nears the UK, their taste habits should be similar. Europe is one of the highest consumers of bread globally, making in approximately 80kg per person per year. Therefore, having a concentration strategy will provide operational focus on a single familiar market, giving Gregg Inc. a competitive advantage (Dolnicar, Grun & Leisch, 2018). The Company’s target market is for all individuals across all ages, especially those between 9years to 40 eras respectively. According to (Gregg 2020), the Company strives to offer and adjust according to its customers’ demands and behaviours. Greggs Inc. can segment the Company demographically, behaviourally, geographically, or psychologically (McDonald and Dunbar, 2012). Effective market segmentation will allow a company to increase its overall efficiency by focusing on efforts that produce the highest return rate.

Porter’s Generic Strategy

Organizations operate in challenging and highly competitive business atmospheres where uncertainty about what will happen in the future. Therefore, companies must understand their strategic environment to identify their competitive environment. Gregg’s Inc. should adopt the Porters’ Generic Strategy to achieve their competitive advantage over other Romania bakeries. Porter’s generic strategy is an essential framework used by organizations when identifying potential markets; they can gain a competitive advantage. These strategies include cost leadership, Differentiation, cost focus, and differentiation focus. To effectively implement these strategies, commitment and supporting organizational arrangement are essential for an organization to achieve a complete profitability index. These strategies will be discussed in detail. (Appendix 1)

Differentiation

This strategy involves the uniqueness of a product that will allow a price premium for target consumers (Moraes, 2017). According to Peng (2014), a product’s uniqueness depends on factors such as quality, sophistication, and prestige. These factors are essential when attracting consumers willing to pay premiums, thus achieving a competitive advantage. Therefore, Greggs Inc. should consider providing target consumers with unique products that will attract consumers in Romania. However, to accomplish this, Greggs should balance both product costs and benefits relative to underlying competitors.

Cost Leadership

This is a strategy involving achieving the lowest costs in an industry to gain a competitive advantage. According to Li & Li (2008), cost leadership strategy strives to supply a standard, no-frills, high volume product at the most competitive price to customers”. For Gregg Inc, this means that the company should out from its competitors by getting cost-efficient product suppliers. This, in turn, reduces the production costs, which increases the product’s potential success that was lowly priced. There are four major cost drivers that Greggs Inc can adopt when delivering cost leadership; these include reduced input costs, economies of scale, experience, and product design. Greggs Inc. should therefore determine their most efficient cost drivers to gain significant market share and competitive advantage.

Focused Strategy

This is a strategy that revolves around creating a specific target exemplary well. Essentially, this strategy ensures that companies narrow down their target market specifically to keep up with competitors competing in broader ways (Porter, 1980). Gregg Inc should adopt this strategy by offering products and services to a particular niche at reduced prices or higher values than competitors. This is an effective strategy when implemented when the correct propositions are adopted.

Hybrid Strategy

According to Acquaah & Ardekani, (2008), a hybrid strategy is where the company can simultaneously involve cost leadership and differentiation strategies. Thus, Gregg Inc should adopt the hybrid strategy to gain and take advantage of both cost leadership and differentiation strategies.

Conclusion

Greggs is among the top bakery producers in the United Kingdom. Investing in a different country calls for stringent analysis and research concerning the people’s culture most especially when dealing with foreign markets. Departments that should be involved during this process include human resources and market departments. Human resource and marketing departments will ensure that customer satisfaction is attained, and there is maximization of profits. Besides, organisations need to ensure that their modes of entry into an international market are clear especially when dealing with a country with currency stability. Germany and Europe are some of the countries that have adopted the use of technology, therefore making the industry attractive globally. The practices and culture of the citizens in Germany have facilitated the growth of this industry. Therefore, it is evident that Investing Greggs Inc. into Romania will largely benefit the organisation.

 

 

 

 

 

References

Acquaah, M. & Ardekani, Y. (2008). Does the implementation of a combination competitive strategy yield incremental performance benefits? A new perspective from a transition economy in Sub-Saharan Africa. Journal Business Research, (61)4, p. 346-354.

About Greggs, (2012). Greggs plc. http://corporate.greggs.co.uk/aboutgreggs

Chef’s pencil. (2020). Top 10 Romanian Foods – Most Popular Dishes in Romania. Retrieved from; https://www.chefspencil.com/top-10-romanian-foods/

Dolnicar, S., Grün, B., & Leisch, F. (2018). Market segmentation analysis: understanding it, doing it, and making it useful. https://public.ebookcentral.proquest.com/choice/publicfullrecord.aspx?p=5471159.

E-commerce News (2018). Ecommerce in Germany – Ecommerce News. [online] Ecommerce News. Available at: https://ecommercenews.eu/ecommerce-in-europe/ecommerce-germany/ [Accessed March 12, 2021].

Eurostat. (2019). Food Manufacturing in EU regions. Retrieved from; https://ec.europa.eu/eurostat/en/web/products-eurostat-news/-/edn-20191015-1

Greggs. (2021). Strategy in Action. Retrieved from; https://corporate.greggs.co.uk/strategy/strategy-in-action

Greggs. (2021). Vison and Values. Retrieved from; https://corporate.greggs.co.uk/at-a-glance/vision-and-values

https://link.springer.com/article/10.1057/jibs.2012.12

https://onlinelibrary.wiley.com/doi/abs/10.1002/smj.804

International Trade administration (ITA) (2020). Romania – Country Commercial Guide. Retrieved from; https://www.trade.gov/knowledge-product/romania-temporary-entry

Lee, G.K. and Lieberman, M.B., 2010. Acquisition vs. internal development as modes of market entry. Strategic Management Journal, 31(2), pp.140-158.

Li, C. & Li, J. . (2008). Achieving superior Financial performance in China: Differentiation, Cost, leadership, or both? Journal of International Marketing, (3)16, pp. 1-22

Maekelburger, B., Schwens, C. and Kabst, R., 2012. Asset specificity and foreign market entry mode choice of small and medium-sized enterprises: The moderating influence of knowledge safeguards and institutional safeguards. Journal of International Business Studies, 43(5), pp.458-476.

Mcdonald, M., & Dunbar, I. (2012). Market segmentation: how to do it and how to profit from it. Chichester, John Wiley & Sons.Bottom of Form

Moraes, A.J.D. (2017). Strategic Choices and Business Strategy. Egham: Royal Holloway University of London.

Organisation for economic Co-operation and development. (OECD). 2002. Romania Enterprise Policy Performance Assessment. Retrieved from; https://www.oecd.org/countries/romania/1955188.pdf

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Code of Professional Ethics

Exercise 1: Code of Professional Ethics

Almost every professional society has developed and posted on-line its code of conduct which members of that profession are expected to follow in order to remain “members of good standing”. In this exercise, I want you to examine the code of conduct that is most closely associated with Business Management. In a 2 typewritten page review of your profession’s code of conduct (please attach the code to the exercise) I want you to examine and discuss such things as:

1.) What issues/topics are covered? Why these?
2.) What topics are not covered? Why not?
3.) What are the strengths of the code of conduct?
4.) What are the weaknesses of the code?
5.) How effective is the code in preventing misconduct? Proof?