Financial Statement Analysis Research Paper

Question: Describe about the Financial Statement Analysis Research Paper? Answer: Introduction Financial statements help to understand the financial health of a company. However, when accounts are manipulated, it provides a negative usage to stakeholders. Stakeholders face many issues in reading the market such as improper guidelines, fraudulent practices and manipulations. This research paper makes a study of the financial statement analysis issue. The methodology involved is to study the issue through a case study of the financial statement of Apple Inc. The ratio analysis made is through the horizontal method and vertical method. The horizontal method is done through the financial statement analysis, growth expectations and equity valuation of Apple Inc., over a period of 4 years from 2012 to 2015. The analysis is made through figures presented in the annual reports of the company and the issues that stakeholders face while reading the annual reports of a firm. The literature relating to manipulation issues, the causes, methods involved in manipulations is analyzed through Apple Inc. The findings are made and conclusions of the study provided through detailed study. Literature Overview Jerry M Rosenberg has defined Accounting Ratios as any relationship of a companys earnings to the firms market price of its stock. They are also called as financial ratios as they show the relationship between various figures stated in the financial statements. Ratio analysis is the most widely used financial analysis tool. These ratios help to assess the liquidity, profitability and the capital structure of the business, especially to compare the performance of the firm in relation to its previous performance (Sarngadharan kumar, 2011). Financial Statement Analysis Users view the financial statements of a firm for various reasons. Investors look at the profitability of the firm over time and by comparing them with other firms in the same industry. The continuity, stability and solvency of a firm is seen by a strong cash flow. The capital structure gives them a picture of the value of holdings by investors. Other stakeholders include the lenders, pension fund managers, banks, employees and suppliers. The business managers read the financial statements to know the performance of the firm and to spot problems that arise in the firm(Fridson Alvarez, 2002). Securities and Exchange Commission (SEC) The role of the SEC is to protect the interest of stakeholders and to maintain an orderly and efficient market to facilitate capital formation so that firms confirm to transparent accounting practice and also confirm the standards of disclosure as specified(SEC, 2013). Methodology: Case Study-Apple Inc. The research paper consists of current issues regarding the financial statement analysis of stakeholders. The methodology used in this research is through a case study of Apple Inc. The current issues that stakeholders face in reading financial statements are analyzed. Issues arise regarding financial analysis under horizontal and vertical methods. Details regarding Apple Inc and stakeholders involved in Apple Inc. are seen by using various analytical tools. Though the Securities and Exchange Commission (SEC) takes steps to prevent fraudulent practices manipulations, there are many reasons why corporate make use of loopholes in presenting incorrect financial statements. History Apple is an American international company which manufactures personal computers, computer software, mobile phones and computer peripherals. This company was co-founded by Steve Jobs in 1976. It is the third largest mobile phone makers. Some of its well-known products are the iPhone, iPod, the iPad, and the Macintosh line of computers. The financial statement analysis helps to inspect the productivity and feasibility of Apple Inc. through the income statement, the balance sheet, statement of retained earnings and statement of cash flows. Stakeholders of Apple Inc. The interests of the stakeholders are the main concern of Apple Inc in while considering the different aspects of its business. They are Customers or consumers: They are the companys top stakeholders. Providing effective and good products at reasonable prices to customers is the priority of the firm. But customers of Apple have accepted the premium pricing policy along with the superior quality of the product. Employees of Apple Inc Investors Employees of distributors and suppliers Impact of financial statement manipulation The stakeholders are the main users of the financial statement projected annually by the firm The investors, bankers, suppliers, creditors, employees are various stakeholders who read the financial reports and take decisions regarding the relationship with the firm. Unless the stakeholders understand the issues and read between the lines, they will be misled into taking wrong decisions regarding the firm. Big corporate like General Motors, Lehman Brothers, Enron, AIG, Freddie Mac, are some examples of bankrupt firms which predicted wrong financial statements and had to close their firms as they were bankrupt while stakeholders lost their investments in these firms. Financial Statement Analysis(Cook, Apple Inc. - Annual Report, 2015, 2015)(Cook T. , 2014)(Cook, Apple Inc.- Annual Report, 2013)(Cook, Apple Inc.- Annual Report, 2012) (Ernst Young, 2015) Financial Statements are analyzed from the annual reports of companies. A study is made on how stakeholders analyze the financial statement of Apple Inc. Key methods of analyzing financial statements are the horizontal method and the vertical method. The horizontal method analyzes the financial statement over a series of periods. In this sample the financial statements are studied for a period of four years from 2012 to 2015 of Apple Inc. The financial statement analysis, growth expectation and equity valuations are studied. The vertical method analyzes the financial statement between competing firms and between the industry figures. Horizontal method Under the horizontal method, the financial analysis made within the firm by means of ratio analysis over a time-frame. The time-frame considered here is four years from 2012 2015. The ratios analyzed on Apple Inc are to gain knowledge about financial analysis, growth expectation and equity valuation (Sarngadharan kumar, 2011) Financial Analysis Liquidity Ratios Liquidity Ratios 2012 2013 2014 2015 Current Ratio 1.50 1.68 1.08 1.11 Quick Ratio 1.48 1.64 1.05 1.08 Cash Ratio 0.76 0.93 0.40 0.52 Source: Nasdaq(Nasdaq, 2016) Liquidity ratios help to analyze if the firm has the ability to meet its current or short-term obligations The current ratio is very good in 2012 while it has come down in 2015. The current assets are just able to meet the current liabilities in 2015 and are just satisfactory. The Quick ratio shows the overall liquidity position of the firm. This is also known as the liquid ratio. It places more emphasis on the ability of the firm to convert current assets into cash. Quick assets are current assets less inventory and prepaid expenses. A liquid ratio of 1:1 is considered satisfactory and Apple Inc has just satisfactory liquid assets to meet liquid liabilities(Palepu Healy, 2013). The Cash Ratio is a liquidity ratio that reflects the ability of the firm to pay its current liabilities with its cash and cash equivalents. This ratio is analyzed by its creditors. Apple Inc has a cash ratio of less than 1 which shows that it does not have the required cash balance to pay off its debts. In fact, this ratio shows deterioration over the years. The cash balance consists of cash obtained through tax evasion as reported through new articles.(TOI, 2016). Profitability Ratios 2012 2013 2014 2015 Gross Margin 44% 38% 39% 40% Operating Margin 35% 29% 29% 30% Net Margin 27% 22% 22% 23% ROE 43% 31% 34% 46% ROA 42% 26% 26% 31% Source: Morningstar(MorningStar, 2016) Gross Margin: This shows the percentage of revenue that is available to cover operating expenditures and other expenditure. Apple Inc.s GP margin has decreased after 2012 though it is recovering over the years showing that it is increasing its revenue to cover expenses Net margin: This indicates profitability. Apple Inc.s net profit margin has also fallen since 2012, showing a marginal improvement after its fall in 201 . Year on year, the companys revenue has increased to 233.72bn from 192.80bn which is a 27.86 % increase. It has also decreased its cost of goods sold, selling and administrative expenses as well as interest paid as a percentage of sales. These improvements have increased the growth of net income to 53.39bn from 39. T5bn which is 35.14% (Marketwatch, 201). ROE: This measures how much a company generates as profit from the shareholder money invested. It compares the profitability of the company with that of other firms in the same industry. This ratio has also improved after 2013 showing that investments made with the shareholder money get good returns adding to the profit of the business ROA: We find that the ROE exceeds ROA in 2012 and 2015 showing that earnings is more than sufficient to pay the interest charges on levered capital structure(Billingsley, 2006) Growth Expectation Current Qtr Mar 16 Next Qtr June 16 Current Year Sep 16 Next Year Sep 17 Earnings estimate 2.00 1.78 9.07 10.02 Revenue Estimate 52.10B 47.76B 227.45B 240.84B Earnings 2.16 1.81 1.88 3.23 EPS 2.00 1.78 9.07 10.02 Source: Yahoo Finance(Yahoo, 2016) The dividend per share (at a five year average) at 1.26% has grown at 8.7%. This is a noteworthy positive trend since there are not many companies in the communication equipment industry paying such good dividend. The EPS (at 5 year average) is at its highest in 2015. The industry average is 9.39 which show that the company has attained good growth. The estimated growth for September 2017 is 10.02(Yahoo, 2016) The revenue estimate shows a positive trend for the next year The growth-stock newsletter: The Motely Fool has recommended that Apple Inc. will triple its stock markets return over its last 13 year performance. Apple CEO Tim Cook has made bullish statements in its last employee meeting regarding its iPad business Equity Valuation (value in 000s) 2012 2013 2014 2015 Common Stocks $16,422,000 $19,764,000 $23,313,000 $27,416,000 Retained Earnings $101,289,000 $104,256,000 $87,152,000 $92,284,000 Total Equity $118,210,000 $123,549,000 $111,547,000 $119,355,000 EPS 6.31 5.68 6.45 9.07 Dividend 0.38 1.63 1.81 1.98 Source: Nasdaq(Nasdaq, 2016) Balance Sheet (value in 000s) 2012 2013 2014 2015 Current Assets $57,653,000 $73,286,000 $68,531,000 $89,378,000 Total Assets $176,064,000 $207,000,000 $231,839,000 290,479,000 Current Liabilities $38,542,000 $43,658,000 $63,448,000 $80,610,000 Total Liabilities $57,854,000 $83,451,000 $120,292,000 $171,124,000 Source: Nasdaq(Nasdaq, 2016) Current assets include cash and cash equivalents; short-term investments; net receivables and other current assets. Total assets include current assets, long-term investments, fixed assets, goodwill, intangible assets and other assets Current liabilities include accounts payable, short-term debt and other current liabilities have increased significantly from last year Total liabilities include current liabilities, long-term debt, other liabilities and deferred liability charges (Wahlen, 2015). Porters five forces determine the ability of the firm to earn returns on capital that exceeds cost of capital Rivalry within existing firms Threat from new entrants Threat of substitutes Suppliers bargaining power Buyer bargaining power(Viebig, Poddig, Varmaz, 2008). Issues in Horizontal Analysis On analyzing the companys Balance Sheet, we find that The total assets and the total liabilities of the company have grown. However, we find that the liabilities are growing at a higher rate than the total assets though the profits projected are good. The shareholders equity has improved from last year. However, it has not been able to cross the 2013 figure. The statement of financial position and stockholders equity gives information to stakeholders about the company resources which is its assets and the source of capital which is its liabilities and equity Accounting based equity valuation is criticized as the earnings are subject to distortion and manipulation. The accounting numbers reported, affect their personal objectives. Leading Investment banks use the DCF model for equity valuation as investors prefer the present value of the future cash flows low risk, high returns and liquidity. (Wild, Subramanyam, Halsey, 2007) We find that the financial statement analysis through ratios, growth expectation and equity valuation project a good report of Apple Inc. However, we find that profit, sales and value of the firm are not steady as sales are lopsided depends only on iPad and iPhone (Benner, 2015). Vertical Method Through vertical analysis, financial statements, growth expectation and equity valuation are studied between firms within the same industry and compared to industry standards. However, stakeholders face various issues through such comparisons. Apple plays a major role in the cell phone industry and other products. Some of its competitors taken for comparison are HP Inc.and Alphabet Inc. within the electronic equipment industry Comparison between competing firms and industry standards (as of 2015) Apple Inc. HP Inc. Alphabet Inc. Industry Market Cap 589.3 21.06 509.08 993.9 Revenue 234.99 101.74 74.99 637.90 Gross Margin 0.40 0.24 0.62 0.22 Operating Margin 0.30 0.8 0.26 0.05 Net Income 53.73 4.43 16.35 0.05 EPS 9.40 2.08 23.59 0.09 RD Expenses 3.5% - 16.1% - Source: Yahoo Finance(Yahoo, 2016) Issues in Vertical Analysis Hp Inc has a comparatively low market cap but is able to generate higher revenue than Apple Inc. The gross margin and the net margin is also high showing that on a percentage basis, HP inc. generates more profits than Apple Inc. Stakeholders especially shareholders do not make such intimate study on the industry as a whole while making investments. The amount spent on research and development is also comparatively less showing that future products will be impacted by this low expenditure which would affect the future growth of the company(Yahoo, 2016) If Apple has to be compared with software companies, it should be compared to Dell, HP. Lenovo and Microsoft. Hence, with different segments within industries, it is difficult to classify firms within particular industries and make comparisons, as their line of business varies along with its revenues which confuses its stakeholders Apple has product lines like iPad, iPhone, iTunes, Mac, Software and Peripherals while Microsoft has various business divisions like Online Services, Server and Tools, Windows and Windows Live, Entertainment, Devices and Business (Office). From 2007 to 2011, the revenue has increased from $5,000 m to $27,000m for Apple while it has grown from $5,000m to 21,000, for Microsoft. However, the chief reason of growth of Apple is due to iPhone and iPad while it is an overall growth for Microsoft. Though the rate of growth of Microsoft is not as high as Apple, it shows overall growth in revenue which is healthier than Apple(Dediu, 2011). Stakeholders are the main users of the financial statements. By projecting a positive statement, firms are able to attract stakeholders to invest in their firms. This helps them in decision-making regarding investments in firms. Through financial analysis they get an idea of the performance of the firm as they help stakeholders analyse financial statements, study its growth expectation and equity valuation before investing in them(Mohana, 2011). Manipulation Issues Cause for manipulation Statutory flaws The Financial Accounting Standard Board (FASB) which is responsible for the GAAP standards provides various provisions that corporate management makes use of while preparing accounts. Firms make use of the flexibility in GAAP standards to paint a rosy picture of the companys financial position Management Corporate executives are paid in proportion to the financial performance of companies and hence project a positive statement As auditors and corporate executives have a good relationship, the auditors are influenced by corporate to bend accounting rules to keep away negative projections and bolster incomes so that stakeholders get a positive idea about the firm(Gibson, 2011). The accounts are manipulated for various reasons. a) The firm shows bad performance during the current period and can look strong in the years ahead b) To put all poor financial information into the current period so that the fault can be attributed to the current economic environment c) To project good financial information for the future period when the company can get more identity(Wahlen, 2015) Methods of Manipulation of Financial Statements Inflate earnings during the current period through artificially inflating incomes and revenues. Deflate expenses during the current period, artificially to meet expectations. Deflate earnings during the current period as a counterintuitive measure to project a poor performance of the firm. Failing to record expenses or reducing liabilities improperly. Holding back revenue to bolster future performance of the company as a revenue source. To shift future expenses into the current period, such as provision of depreciation and depletion through manipulation of accounting standards. To shift current expenses into the future period or earlier period, such as writing off impaired assets Increase profits through the sale of assets and investments and recording the sale as revenue To record fictitious revenue of sales that do not exist or showing loan proceeds as revenue To record revenue before completing the entire service and before product shipment Issues raised by stakeholders of Apple Inc. Currency Issues Apple Inc has to depend on various countries like China, Korea and India for its products. Currency fluctuations and political factors are ever-persistent risks that the company faces every year and hence comparison over time-period and between industries is tough(FinancialTimes, 2016) P/E ratio Bajarin an industry analyzer on his analysis of Apple Inc, states that market trends and business strategies are being distorted throughout the tech industry which he calls as the reality distortion theory. In the last quarter, Apple has shown a healthy profit margin with its revenue more than $48 billion. Fortune has listed Apple Inc first in four major categories. However the P/E ratio is much lesser than Amazon, Google, Facebook and Dell. Bajarin argues that investors who invest in companies after reading the annual reports come to the conclusion that Apple Inc. is a good investment but if the stock prices are less than that of its peers, they would lose out on their investments(Bajarin, 2013). Cash balance Apple Inc. (AAPL) In the 2015 annual report, Apple has shown that it holds cash of $187 billion. This amount is equal to about 88% of the annual sales of the company. Usually such high cash balance is held as precautionary cash. The reason stated, is that if such cash balances are not held, they will have to depend on debt and capital markets. Another tech company in the late 1970s was Intel, faced such as the situation when it entered innovative technology and had to depend on external capital markets for its fund. However, Faulkner argues that Apple is not using this cash balance as a precautionary reason but to get around the high corporate tax made on the company by the US. He also feels that investors would find such huge cash balance as a positive indication on the stock (Faulkender, 2016). Tax evasion Tax avoidance is an illegal and unethical perspective followed by multinationals like Microsoft, Apple, Google and Starbucks. Apple is described as the largest tax avoider by the Senate Subcommittee on Investigations in US. It has avoided 44billion pounds over the past four years through the Double Irish scheme. It has saved over $12.5 billion through intellectual property rights through commercial benefit in US corporation tax (Colle, 2014). Stock prices Time to time, Apple Inc., stock prices show irregularities. The instance taken for analysis is between September 19, 2013 to December 28, 2013 when the stock closed at $702.10 and 509.8 respectively. The stock had drifted low without any concrete reason such as low earnings or poor product line development. This stock manipulation also took place during July 25, 2013 and August 2013when shares soared 24%. This was an increase of about $135 within 42 trading sessions. These manipulations are due to the ground breaking innovations brought about by Apple and hence movement of these stocks is easier than Microsoft or other firms in the same sector(Johnson, 2013). These stock movements are due to rumors spread deliberately by the management to make use of market movement Forecast rumors Apple has project revenue for the end-of-quarter at $75.5-$77.5 billion. Though the numbers are high, it has fallen below the Wall Street forecast. Forecasts are artificially created by firms to get investor attention. Lopsided growth Another reason for its slow growth is the poor sales in iPad though iPhone continues its growth Though Apple Inc. shows good overall growth, the sales figures are high, mainly due to its iPad and iPhone turnover showing that the company has a lopsided growth. If these products fail, the company will not be able to survive for long (Fool, 2016). Findings The research paper has made a study on the financial statement analysis, growth expectation and equity valuation. The projections that the stakeholder will read through these analysis and the true picture of Apple Inc. through the horizontal and vertical analysis present a vast difference. This is because financial analysis faces various issues. A definite underlying theory to analyze financial statements does not exist: With no definite theory, ratios are subject to untested assertions and are replete Conglomerate firms are large firms having a wide range of industries and diversified product lines. They do not have suitable benchmarks for financial evaluation Window dressing is part of financial accounting practice to present a rosy picture to its stakeholders Price level changes are not included in price level changes Variations in accounting policies between companies such as depreciation policy, valuation of stock, foreign exchange transaction, provision of reserves, research and development and revaluation of assets Interpretation of results have varying yardsticks with industry averages. Hence whether a certain ratio is good or bad cannot be judged easily(Chandra, 2008) Conclusion Apple Inc. is a successful company on a global level playing an important role by producing innovative models and marketing good quality products. The research paper has taken Apple Inc. for its case study to study the financial statement analysis issues. The study has done the financial statement analysis through the horizontal and vertical method by using various ratios from the reports of Apple Inc. Through comparative study over a time period and within firms and the industry, the issues that stakeholders face when they invest their money into Apple Inc. is projected. Manipulations issues affect the financial statement analysis, growth expectation and equity valuation distorting the view of stakeholders who are the real users of the financial statements of the firms. Bibliography Bajarin, B. (2013, March 4). Apple's Reality Distortion Field Relocates to Wall Street. Retrieved March 23, 2016, from Techland Time: https://techland.time.com/2013/03/04/apples-reality-distortion-field-relocates-to-wall-street/ Benner, K. (2015, October 28). Apple's sees another quarter of enviable growth; but can the iPhone grow in fiscal 2016. The Economic Times , pp. 1-10. Billingsley, R. (2006). Understanding Arbitrage: An Intuitive Approach to Financial Anlaysis. New Delhi: Wharton School Publishing. Chandra, P. (2008). Financial Management: Theory and Practice. New Delhi: Mc-Graw-Hill. Colle, S. (2014). State-induced, Strategic, or Toxic? An Ethical Analysis of Tax Avoidance Practices. Business and Professional Ethics Journal , 53-82. Cook, T. (2014). Apple Inc. - Annual Report. Washington: Apple Inc. Cook, T. (2015). Apple Inc. - Annual Report, 2015. Washington D.C.: Apple Inc. Cook, T. (2012). Apple Inc.- Annual Report. Washington D.C.: Apple Inc. Cook, T. (2013). Apple Inc.- Annual Report. Washington D.C.: Apple Inc. Dediu, H. (2011, September 29). Comparing Top Lines: Apple vs. Microsoft. Retrieved March 3, 2016, from ASYMCO: https://www.asymco.com/2011/09/29/c Ernst, Young. (2015). Apple Inc. - Current Report. California: Apple Inc. Faulkender, M. (2016, February 5). Apple Inc. (AAPL) Sitting on $187 billion to Avoid US Tax; Economic Distortion Not Clear. Retrieved March 23, 2016, from Value Walk: https://www.valuewalk.com/2016/02/apple-inc-aapl-sitting-on-187-billion-to-avoid-u-s-tax-economic-distortion FinancialTimes. (2016, March 20). Equities: Apple Inc. Financial Times , pp. 1-5. Fool, M. (2016, February 19). Motely Fool: Investing. Retrieved March 20, 2016, from The Motley Fool: https://www.fool.com/investing/general/2016/02/ Fridson, M., Alvarez, F. (2002). Financial Statement Analysis: A Practioner's Guide. New York: John Wiley Sons. Gibson, C. (2011). Financial Reporting and Analysis: Using Financial Accounting Informatiopn. Australia: Cengage Learning. Johnson, S. (2013, July 1). Apple Inc. (AAPL) Stock Manipulation Report. Retrieved March 23, 2016, from Personal Finance: https://www.pfhub.com/apple-inc-aapl-stock-manipulation-report Marketwatch. (201, March 24). Fact Set Research Systems Inc. Retrieved March 24, 2016, from Market Watch: https://www.marketwatch.com/investing/stock/aapl/financials Mohana, P. (2011). Financial Statement Analysis and Reporting. New Delhi: PHI Learning. MorningStar. (2016, March 17). Financials-Morningstar. Retrieved March 17, 2016, from Apple In AAPL: https://financials.morningstar.com/ratios/r.html?t=AAPL Nasdaq. (2016, March 17). Nasdaq. Retrieved March 17, 2016, from AAPL Company Financials: https://www.nasdaq.com/symbol/aapl/financials?query=ratios Palepu, K., Healy, P. (2013). Business Analysis and Valuation: Using Financial Statements. South-Western: Cengage Learning. Sarngadharan, kumar, R. S. (2011). Financial Analysis for Management Decisions. New Delhi: PHI Learning Priviate Limited. SEC. (2013, June 10). US SEC: What We Do. Retrieved March 24, 2016, from US Securities and Exchange Commission: https://www.sec.gov/about/whatwedo.shtml TOI. (2016, March 20). Apple: News. Times of India , pp. 1-5. Viebig, J., Poddig, T., Varmaz, A. (2008). Equity Valuation: Models from Leading Investment Banks. West Sussex: John Wiley Sons. Wahlen, J. (2015). Financial Reporting, Financial statement Analysis and Valuation. Mason: Content Technologies. Wells, J. (2011). Corporate Fraud Handbook: Prevention and Detection. New Jersey: John Wiley Sons. Wild, J., Subramanyam, Halsey, R. (2007). Financial Statement Analysis. New Delhi: Tata McGraw-Hill. Yahoo. (2016, March 24). Apple Inc (AAPL). Retrieved March 24, 2016, from Yahoo Finance: https://in.finance.yahoo.com/q/co?s=AAPL

Tourism and Hospitality Business-Free-Samples-Myassignmenthelp

Question: Discuss about the Cultural Diversity amongst the Employees in the Hospitality Industry. Answer: Diversity is the variety of factors that differentiate one individual from another. It can be on the basis of age, gender, culture, religion, sexual orientation, social status and personality. Many global companies credit their diverse employees for their success. The businesses which run successfully across various latitudes and longitudes have culturally diverse employees. Culture diversity is the diversity of human on the basis of different cultures and societies. These cultures and societies help build his value system. Cultural diversity also takes into account the religion, language, race, gender, ethnicity and sexual orientation. The companies started to accept this diversity in early 2000s due to changes in demography and workforce (Canas and Sondak, 2014). This essay focuses on the cultural diversity amongst the employees in the hospitality industry. Managing people across varied cultures has become very important aspect of this industry. People from various cultures come together in hospitality to work together and this provides newness to the companys environment and helps in handling diverse customers as well. However, this also poses certain challenges for the management to coordinate the diverse staff and maintain harmony amongst them. These diverse employees have varied history, traits, language and come from different location. Thus, they have varied needs that shall be coordinated with that of the company to motivate them to excel in their respective jobs. Depending upon the culture, they may have different areas of expertise as well. Cashing on those can prove to be fruitful for the organization. For example, French are believed to have food knowledge of healthy food and wine, while an American can have hardcore management acu men that can help manage the organization more professionally (Abramson, Moran and Harris, 2014). Collision of different cultures in the workplace may have great impact on the whole organization. Thus, cultural diversity and its awareness can be very useful and profitable for any company in tourism and hospitality industry. Employees cultural background also effects how they act on a given situation, how they communicate with each other, whether they are team player or individual worker, and what is their approach towards task completion. For example, for Germans truth is of utmost importance, while for English they prefer things not being poked unnecessarily. Japanese bow while greeting each other and not prefer to shake hands while in western countries it is a common practice. Thus, different cultures affect the overall working of the organization by bringing in their individual value system in it (Singal, 2014). Cultural diversity in tourism and hospitality industry facilitates cultural exchange on global level. Hospitality industry gives a great opportunity to the employees and tourists to learn about various places and cultures. Every employee thus needs to be trained to respect and appreciate various cultures. This would help them attend to various guests with equality and do justice to their jobs. Working in diverse environment enables one to understand other cultures, religion and language easily and appreciate it. This knowledge cannot be left upon the hand of personnel who might not completely appreciate the knowledge and diversity of guests coming from around the world, despite having the best intentions. Employees with diverse background can help design and implement the corporate vision and mission that would help company grow globally. The well comprehended vision would facilitate understanding and appreciating different cultures and also ensure satisfactory delivery of the servic es through effective communication and service standards (Aitchison, MacLeod and Shaw, 2014). Higher level of management is most visible face of the company in the competitive environment. Cultural diversity at this level would enable the business to portray and develop a positive image of the company. The image would portray that the company is inclusive in this nature and provides equal employment opportunity to all the cultures and sections of the society regardless of their religion, race, nationality, gender etc. Further, cultural diversity is crucial for hospitality and tourism industry at all the levels. To acquire talented pool of employees, the recruiter needs to be open to diversity. The culturally diverse top management would promote the recruitment of culturally diverse employees at all the levels. Also the new talent would be keener to apply and work in such diverse company where he can learn about various other cultures as well. Organizations that discriminate are not promoted and appreciated by youth of this century (Reynolds, Rahman and Bradetich, 2014). Diverse workforce creates a competitive advantage for the organization by improving staffs morale which in turn increases the employee retention of the organization. The customers in hospitality and tourism industry come from various locations on the globe. Culturally diverse workforce brings stronger cultural approach and understanding of the varied clients that they are serving. With the increased growth of social media, it takes no time for companies to grow or fall. Hotel and tourism industry is most vulnerable of all. Having diverse workforce and servicing clients by understanding them can prove to be a great deal for the organization to promote itself in the market (Hult News, 2017). The tourism and hospitality industry needs to account upon the cultural diversity in the organization. If a business fails to do so, it may set itself as a bad example in the industry and tends to lose the number of clients who may come from various cultures. The big chains of businesses are usually present in a number of cities. For example, Four Point by Sheraton is available in a variety of countries and cities. Thus it shall have a pool of faithful customers who would like to book it at all the possible locations. However, if the hotel does not have diverse staff in all its location to take care of variety of clients, its customers would feel new uniqueness in the hotel in that particular location. This may lead to boredom and clients may want to shift to other hotel which has local culture to offer along with their standards of service. This way, the hotel would lose its customer to another chain which is more adaptive in its nature (Suedekum, Wolf and Blien, 2012). This example is more appropriate for the diverse locations which have unique style and culture. The hotels in such locations are booked only on the basis of unique experiences they offer to their customers. The businesses shall thus focus on exploring the cultural diversity of their local talent along with their standard employees in order to serve better experience in terms of food, culture, language and experience. The businesses can also explore the type of tourists visiting the particular area based on cultural diversity and provide services which amalgamates there style with the local style. This way they would not lose on the customer for not being adaptive and competitive enough (Kalargyrou and Costen, 2017). As found in one of the Glassdoor surveys, majority of the job seekers prefer diversity while evaluating the company. If the company isnt culturally diverse enough, it portrays being closed minded and not adaptive enough to promote multicultural environment. This would reduce the talent pool of the employer and only a few bunches of people who might be merely motivated by the money would be interested in applying in such company. Thus the company might have to compromise on the quality of staff it recruits. Also when an employee may not feel appreciated on the grounds of his culture and society, he might be less loyal towards that company and shift at the first opportunity available to him ( Hult News, 2017. In order, to improve their position as a culturally diverse company, the management needs to understand how it can manage its diverse workforce. Managers shall different cultures share different experiences. They need to sync these experiences and values to strengthen the core of the company. The managers shall create programs that help employees share each others culture and increase awareness about various cultures. This shall improve the employees attitude towards various cultures and appreciate the shared point of views. Further, it shall help employees become flexible to communicate with one another and help solve confusions faced in relation to alien culture which they may have to deal with while serving the clients (Gong, 2012). The companies shall also conduct training and education sessions for their employees to understand and be sensitive towards differences. This training would help them become competitive and successful in conducting their jobs better. Cross cultural tr aining at higher levels would help managers to gain knowledge different cultures and develop managerial skills to tackle diversities in foreign markets and have a competitive edge over managers of other companies. Another important practice shall be to provide equal opportunities to all. Negative stereotype should be avoided. Everyone shall be given equal chance of proving his/her capabilities. Pre-employment screening shall also be fair. The interview shall be similarly structured for all the applicants and cultural sensitive test should be conducted. HR department shall be regular with their measures of practicing fairness with the employees from different cultural backgrounds. Such company would have an upper hand over its competitors with satisfied employees and diverse cultural setup (Boella and Goss-Turner, 2013). References Abramson, N., Moran, R. and Harris, P. (2014). Managing cultural differences. 9th ed. London: Routledge. Aitchison, C., MacLeod, N. and Shaw, S. (2014). Leisure and tourism landscapes. London: Routledge, Taylor and Francis. Boella, M. and Goss-Turner, S. (2013). Human resource management in the hospitality industry. 9th ed. London: Routledge. Can?as, K. and Sondak, H. (2014). Opportunities and challenges of workplace diversity. 8th ed. Boston: Pearson. Gong, Y. (2012). Managing cultural diversity in hospitality industry. Las Vegas: University of Nevada, pp.20-27. Hult News (2017). How cultural differences impact international business in 2017 - Hult News. [online] Hult News. Available at: https://www.hult.edu/news/cultural-differences-impact-international-business/ [Accessed 10 Aug. 2017]. Hult News (2017). 13 benefits and challenges of cultural diversity in the workplace in 2017 - Hult News. [online] Hult News. Available at: https://www.hult.edu/news/benefits-challenges-cultural-diversity-workplace/ [Accessed 10 Aug. 2017]. Kalargyrou, V. and Costen, W. (2017). Diversity management research in hospitality and tourism: past, present and future. International Journal of Contemporary Hospitality Management, 29(1), pp.68-114. Reynolds, D., Rahman, I. and Bradetich, S. (2014). Hotel managers' perceptions of the value of diversity training: an empirical investigation. International Journal of Contemporary Hospitality Management, 26(3), pp.426-446. Singal, M. (2014). The business case for diversity management in the hospitality industry. International Journal of Hospitality Management, 40(2), pp.10-19. Suedekum, J., Wolf, K. and Blien, U. (2012). Cultural Diversity and Local Labour Markets. Regional Studies, 48(1), pp.173-191.

s Music

Folk Music in India While putting together the performance of â€Å"The Raja’s Secret† was fun, it also was a lot of hard work. Each member was vital in making our performance a success. Helena did not only organize the group paper, but she also played the lead role as the Raja. Both Laurie and Adrian were in charge of the props which allowed the play to come to life. They also were the woodcutter and guard respectively. Erin and Lauren served as the costume managers and as the tree and Manji respectively. Sarah was in charge of the songs for entry into the play as well as being the narrator. I was in charge of checking the group requirements to make sure nothing was missed as well as acting as the Royal Musician in the play. We all worked very well together and kept our group organized so that we could present our country, India, in the best fashion possible. By participating in this project, I learned a lot about the music of India and how to perform a play. I found out about the different instruments used and the attire they wear. I also realized that it isn’t as intimidating as I thought it would be to perform in front of the class. I also now know that group projects aren’t as bad as they used to be in the past. Music in the villages is learned almost immediately. From childhood the music is heard. There are numerous public activities that allow the villagers to practice and polish their skills. These are the normal functions which match village life with the earth. The music is a fundamental component of functions such as weddings, engagements, and births. There is a surplus of songs for such occasions. There are also many songs associated with planting and harvesting. In these activities the villagers routinely sing of their hopes, fears and aspirations. The instruments in India are very important to the music. Folk instruments are commonly crafted by the musicians themselves. It is very common ... 's Music Free Essays on India And It\'s Music Folk Music in India While putting together the performance of â€Å"The Raja’s Secret† was fun, it also was a lot of hard work. Each member was vital in making our performance a success. Helena did not only organize the group paper, but she also played the lead role as the Raja. Both Laurie and Adrian were in charge of the props which allowed the play to come to life. They also were the woodcutter and guard respectively. Erin and Lauren served as the costume managers and as the tree and Manji respectively. Sarah was in charge of the songs for entry into the play as well as being the narrator. I was in charge of checking the group requirements to make sure nothing was missed as well as acting as the Royal Musician in the play. We all worked very well together and kept our group organized so that we could present our country, India, in the best fashion possible. By participating in this project, I learned a lot about the music of India and how to perform a play. I found out about the different instruments used and the attire they wear. I also realized that it isn’t as intimidating as I thought it would be to perform in front of the class. I also now know that group projects aren’t as bad as they used to be in the past. Music in the villages is learned almost immediately. From childhood the music is heard. There are numerous public activities that allow the villagers to practice and polish their skills. These are the normal functions which match village life with the earth. The music is a fundamental component of functions such as weddings, engagements, and births. There is a surplus of songs for such occasions. There are also many songs associated with planting and harvesting. In these activities the villagers routinely sing of their hopes, fears and aspirations. The instruments in India are very important to the music. Folk instruments are commonly crafted by the musicians themselves. It is very common ...

Using the Samples Compare and Contrast Essay

Using the Samples Compare and Contrast EssayIn order to use the samples compare and contrast essay you must first be able to distinguish the sample and contrast examples properly. The process of identifying the difference between the actual assignment and an excerpt or example is important for this section of the test.First of all, be certain that the actual sample you are copying is not an exact copy of the actual assignment. The goal is to give students a general idea of the requirements of the assignment. Be sure that you do not simply duplicate the entire page with a single font color.By contrast, if you are copying a paragraph that has been written to exactly mimic the assignment then you are borrowing the ideas and rhetoric from the assignment without the actual writing style and content. This violates the samples compare and contrast essay guidelines.So, before copying any sample, look for similarities, but do not copy exactly the text of the actual example. See if you can fin d differences in the paragraphs, as well as in the general formatting. Try substituting the word 'or' for 'and' and see if it changes the impression. Be careful not to borrow the ideas that are not original, since if the sample and contrast essay is based on some original ideas, the sample will not pass.You should be able to quickly identify a sample from a contrast essay. On most tests, each and every example that is given contains the exact wording from the actual course work, so your ability to decipher an example will be determined by your ability to discern what the assignment entails.Do not try to fit the essay into any pre-existing expectations of your writing. No matter how much you love the contrast essay examples, you cannot try to use them to fit your own expectations of writing.The samples compare and contrast essay can be modified to fit other styles of writing. For example, you can substitute a comparison for an explanation, or a contrast for a contrast. This is really a personal choice, and you should make your choices based on how you feel about the assignment at hand.Comparing is definitely required in this kind of essay. Make sure that you are clear and precise when presenting the contrast or comparison. All examples have many similarities, but the key is to present different situations as completely different.

How To Do A Competitive Analysis In Three Easy Steps + Free Template

How To Do A Competitive Analysis In Three Easy Steps + Free Template So your boss has come to you and said you need to do a competitive analysis. Maybe youve never done one before, or maybe its been a while and you need to brush up on your skills before you conduct another one. Either way, weve got your back. By the end of this post, you’re going to Learn what a competitive analysis is (and why you should care) Easily be able to conduct your own competitive analysis (because I’m breaking it down into three easy steps) Get an example of what one looks like (for easy reference later) AND be able to download your very own competitor analysis template down below. Let’s get to it. Learn How To Do A Competitive Analysis In Three Easy Steps + Free TemplateWhat Is A Competitive Analysis? If you've never done a competitive analysis before, this is a good place to start. Every business that I know of has competitors. (This isn't just for the Nike's of the world, because the smaller you are, the more vulnerable you are to the competition.) The smaller you are, the more vulnerable you are to competition, so get to that competitive...Understanding the strengths and weaknesses of your competition is important to the success of your business. Besides better understanding the environment your business operates in, conducting regular competitive analyses also helps you: Understand how you can improve your own promotional tactics†¦ Forecast the future of the market (especially related to the economic climate)... Better target current customers†¦ AND helps you read new audiences. Said another way - conducting a competitor analysis is crucial to how you decide to operate your entire  business. Recommended Reading: How to Complete a Social Media Audit in 9 Steps (Free Template) Competitive Analysis Definition According to Entrepreneur, the competitive analysis definition is this: â€Å"Identifying your competitors and evaluating their strategies to determine their strengths and weaknesses relative to those of your own product or service.† Competitor analyses are more complex than just figuring out what your competitors are (or are not doing). They're about taking what you learn and improving your own business. After all, data that doesn't drive change is just a number. Data that doesn't drive change is just a number. Here's how to do a competitive analysis right.So without further ado†¦ Let’s jump into how to do a competitor analysis! How To Do A Competitive Analysis Performing a competitive analysis might seem like just  another task on your ever-increasing to-do list. And, while it might seem daunting at first, they're not that complicated and they are really beneficial. And to prove it - I’ve broken down how to do a competitive analysis in THREE (yes, just three) easy steps. Step 1: Identify Your Competitors This is an obvious first step. To start, perform a Google search of the products/services YOUR business offers, and take note of the results. For example, if you sell camping materials, you would type â€Å"camping tents, lantern, camping equipment, etc.† into the search engine, and then review the results, and compile a list of companies who also sell camping materials. It's important to be realistic about who your actual competitors are. Here are a couple of examples: If you’re a small business owner with a local brick-and-mortar women's clothing boutique, your competition is not the men’s retail store across the street (even though they are also selling clothing). The competition you should really focus on would be another women’s clothing store who is selling the exact same product as you. They are the ones who will have the largest impact on your success. OR If you’re a marketing agency in Minneapolis, Minnesota, your direct competition is other similar-sized marketing agencies in the area - not Ogilvy (a major advertising agency) in New York City. And once you feel confident about your pool of competitors, it’s on to the next step! Recommended Reading: 90 of the Best Marketing Quotes to Prove Every Point Step 2: Research Your Competitors After you’ve identified who your direct competitors are, it’s time to research them! This step is often the most time-consuming of the three, but it's also is the MOST important step. The data you collect here will directly impact the outcome of your analysis. The first phase of the research should be focused on the business of your competitors. Things you should look for include: Pricing strategies. Sales format. I.e. online or physical location? Product offering Next - you need to figure out why a customer would choose to purchase from your business and not one of your competitors. The best way to do this is to survey new /current customers. Recommended Reading: The Best Free Marketing Proposal Template That Will Get a Yes Here are a few questions you could ask new/current customers: What other business were you considering before you picked us? What do we have that our competitors did not have? Is there anything you wished we did have that our competitors do have? This honest feedback is one of the best ways to figure out how you stack up against your competitors in the eyes of your customers. Finally, you need to dig into their marketing materials and comb nearly every aspect of their website, social media and email communication. Here are the major things you need to consider: What are they doing with their marketing content? What are there overall strategies when it comes to demand generation, PR / social media, and product marketing? Who is their target audience? (I.e. Young professionals? College students? Professional marketers?) How many followers do they have on all the social networks? How are they positioning themselves in the market? (I.e. Are they the highest / lowest $$$ option?) Recommended Reading: The 30 Best Content Research Tips That Will Make You More Influential Step 3: Compare Your Business The last step is to compare yourself with your competitors. The best way to do this is by performing a SWOT analysis for each competitor, which helps you identify your own strengths and weaknesses, and in turn, identify your future opportunities and threats (this is where the term SWOT comes from). Once you’re done, you will have a clear picture of how you stack up against your competitors, and have all the information you need to decide what changes need to be made to optimize your business.

Case study report Essay Example | Topics and Well Written Essays - 3000 words - 2

Case study report - Essay Example One approach is to ensure they understand the cultural, organizational, and national framework to ensure the personnel tasked with the duties of implementing such strategies understands the expectations and the context of the business. Reardon’s Hotels is one of the United Kingdom companies in the hotel industry embracing the concept of MNCs. The hotel has seven branches with it’s headquarter in Bristol. Edward Readson is the current Chief Executive Officer (CEO). The organization has an up-market accommodation as its strategic market position. The managerial style and the organizational culture is that of a father figure because it’s a family run business (Reardon’s family) but follows a standardization human resource policy. Their primary customer targets are the travelers. Given that, most MNCs have strategies that lure, attract, and retain the best staff, tailoring the reward scheme that is justified to, the position will play a critical role in buildi ng the institution (Marginson et al., 2010; Tony 2010). Therefore, the MNC plays a significant role in influencing change and the possible directions the organization is likely to take to ensure acceptance and profitable entry into various markets across the globe. Therefore, the case of Reardon Hotels is a good example in assessing the roles played by MNC in the context of HRM to ensure integration and differentiation within and between the national and international system of organization. There are several perspectives on literature that assessed the MNC by examining the differentiation and integration. The perspective associated with the fact that most MNCs have had a tendency of retaining their national goals and values (Doremus et al 1998), because they retain a much stronger link between their country of origin and the subsidiaries. However, some researchers have documented converging evidence that aimed

Homeland Security Essay Example | Topics and Well Written Essays - 1750 words

Homeland Security - Essay Example This essay discusses that the Threat Analysis Division is entrusted with the duty of detecting vulnerable areas in USA’s critical infrastructure framework and its vital resources. It functions through its four main divisions. The Alternative Analysis Division utilizes alternative analysis instruments and techniques to recognize critical assumptions, challenge their results and finally arrive at a conclusion. This Division works in collaboration with the analysts of the I&A. The Collections and Requirements Division has been allotted the duty of identifying fundamental ISR capabilities of the DHS and accordingly constructs the required ISR enterprise architectures. The Plans and the Integration Division is responsible for integrating the plans and programs of the overall intelligence enterprise of the DHS. The Information Sharing and Knowledge Management Division monitors the information technology resources of the DHS and ensures their proper governance.In conclusion, It is ev ident from the above discussion that, The United States has to deal with the potential threat of the internal terrorist organizations along with the external dangers of terrorism. In fact, the US intelligence agencies have identified these home-grown branches of the militant groups as an immediate danger to the country considering their easy access to America’s resources and its people. After the September 11, 2001’s terrorist attacks the Federal Government had adopted a two-pronged approach to counter-terrorism.... Security agency studies have predicted that this trend will continue in the future as well. Ever since the Al-Quaeda’s attacks on the World Trade Center on September 11, 2001, the United States has intensified its efforts to counter terrorism and eradicate the terrorist groups completely. The US Homeland Security Advisory Council has set up a special cell called the ‘The Future of Terrorism Taskforce’ for this purpose. According to a report of the Taskforce, there is a high possibility that the US and its allied countries will experience an increase in the frequency and magnitude of terrorist activities in the near future. Thus, the Federal Government should consider ‘terrorism’ as a chronic problem and adopt a sustained evolutionary strategy to counter its ill-effects. In fact, there are international terrorist organizations which have established their bases in the country and conduct their militant activities centering round these operational camps . The after-effects of globalization, the polarization of the US economy and the rising income-inequality have all created a conducive atmosphere for these terrorist groups to flourish and expand their networks in the domestic territory. The US needs to be extra careful regarding these indigenous terrorist groups since they pose an immediate danger to the national security. (Lijn, 2011,p.2) American security experts have not been satisfied by the existing US Homeland Security System in the past. The terrorist attacks of September 11, 2001 had prompted the Federal Government under President Bush to implement a two-pronged strategy to counter global terrorism. On one hand the Government undertook a security intelligence operation to identify and locate the terrorist groups and their sponsors and