Financial Management - WHSmith PLC Essay Example | Topics and Well Written Essays - 2500 words

Financial Management - WHSmith PLC - Essay Example However, WHSmith Retail sales fell by 1% to 1,453m from last year's 1,463m, driven mainly by a 2% loss in its High Street Retail business. This loss in high street retail was only mildly offset by the excellent performance in travel retail characterized by an 11% increase in profits to 21m from 19m in the previous year, and a 3% increase in sales. Reasons for the overall profit loss of the group were attributed to a significant decrease in sales due to unsuccessful marketing and promotions and the continued sale of products with decreasing demand; and an unsuccessful investment in technology, which contributed to the company's increased costs. Another aspect of the retail business is WHSmith Online. Launched in 2000, the retail website, www.whsmith.co.uk, has not been utilized by the company to its potential and is not integrated with the rest of the retail business. It experienced a loss of 2m in profit, similar to the previous year and sales of 7m. In order to turn the company around and increase retail sales, the company will focus on developing a multi-channel retail strategy, taking advantage of WHSmith Online's full potential to increase online sales, as well as sales in high street and travel stores. Shank and Govindarajan (1991) defines strategic cost management as "the process through which a sophisticated understanding of an organization's cost structure is developed and used in the search for sustainable competitive advantage." They argue that blending the three themes of value chain analysis, cost driver analysis, and competitive advantage analysis represents the most powerful way to determine which strategic direction will be most beneficial for an organization (Shank and Govindarajan, 1992). By applying Shank and Govindarajan's framework, one can understand why implementing a multi-channel strategy will benefit WHSmith's retail business in the long run. WHSmith Value Chain Analysis A value chain is "linked set of value-creating activities" (Shank and Govindarajan, 1992). Based on WHSmith's value chain, one can see that a multi-channel retail strategy is most profitable for the company. First, by analyzing WHSmith's internal value chain, one can infer that WHSmith Online has developed as a separated business division that is not integrated into the WHSmith Retail since its launch in 2000. WHSmith Online does not support any of the value chain activities of the group and its potential was not fully explored. Thus, it remains to be a traditional retail business. In the purchasing stage, products are purchased from its distributors based on the demand forecasted by the company. These products are then shipped to warehouses, which deliver them to the respective high street retail stores in the distribution and merchandising stages. High street retail stores then arrange these products, utilizing the available spaces and conduct marketing activities as directed by the central office in the store operations and marketing stages. At this stage, the point of sale is situated at cash registers in each store and mails received by the company from its loyal customers. Figure 2. WHSmith Internal Value Chain Analysis Based on the existing internal value chain and the performance during the previous year, the following improvements need to be employed (WHSmith, 2004): Purchasing: Discontinue purchase

UKs Economy in Europe Essay -- Economics Economy England United Essay

UK's Economy in Europe When one talks about a strong economy, a few key economic indicators will get mentioned; inflation, unemployment and economic growth. These are considered the three main macroeconomic indicators of any economy. To define a strong economy in the simplest form you must have a low rate of inflation, low unemployment and steady economic growth. During this essay there will be comparisons between other European countries (e.g. France, Germany, Luxemburg, Belgium, Spain, Italy) and these economic indictors mentioned as well as others. We will start to look at inflation rates. "The British economy has slowed over the past 12 months, but remains among the strongest in the developed world, a report has said" (BBC News Online). Last month the Underlying rate of inflation in the UK remained unchanged at 2.3%, which is below the governments target rate of 2.5%, this is good for the economy. The headline rate of inflation, which includes mortgage interest payments, fell last month by 0.4% to 1.7%. These figures show the rate at which prices are increasing. When we compare the UK's annual inflation figure of 1.2% to that of Germany and France (-0.6% in October), which is around the 2% mark, it seems that our rate is quite low and therefore good for our economy. The Eurozone inflation is expected to be 2.1%; this is measured by the Monetary Union Index of Consumer Prices (MUICP). By looking at this we can see that this figure is very close to the UK's inflation rate. On the whole inflation in the UK is at a lower rate than that of its European neighbours, which is an indicator of a strong economy. When we look at unemployment in the UK we can see that it is around 900,000 or 2.3%. This is the lowest it has been since the 1970's and is at a lower percentage rate than Japan and the USA. Germany who has recently announced that they have just entered a recession has a very high rate of unemployment at around 8.0% and France, Finland and Spain even higher. The UK, Netherlands and Luxemburg are amongst the lowest unemployment rates in Europe. "Unemployment is up again in France and Germany, in a sign that the eurozone's two biggest economies are still in the grip of a downturn" (BBC News Online). France and Germany have the largest economies in Europe and recent figures show that unemployment increased by 15,000 a... ...ong performance is reflected by such indicators as solid growth and forecasts for next year predicting an annual growth of 2.75% - 3.75%. Inflation currently at 2.3% is lower than forecasted which is a strong indicator for a strong economy. Our unemployment is at the lowest it has been since the 1970's and lower than that of the two biggest economies in the world at present at 2.3% or around 900,000. Interest rates are remaining unchanged at 4%, which is low, and the reason for the British economy having a firm housing market. The UK's main economic problem is the manufacturing output. It could be argued that this sector of the economy is in recession after figures of negative growth in the last two quarters. As a result of this the UK is suffering from an all time high trade deficit, which is also due to the high value of the pound. But overall the UK economy is in a good state taking into advantage the global economic slowdown which is going on around it. References: www.bbc.co.uk Sources:  · www.bbc.co.uk  · www.bized.ac.uk  · www.europa.eu.int  · www.ukonline.gov.uk  · The Daily Mail Newspaper  · The Business Environment - Brooks/Weatherston

Chile Case Analysis Essay

Introduction The Multi-Product Chile case showed all the characteristics of a decision case. At the end of the case, Mr. Thompson, the new manager, had to face with a decision whether or not continuing with the changes started by the company. Therefore, we approached at the case with a decisive standpoint. 1. What are the specific problems & issues facing the company? Managers organization structure chart shows that the work distribution could not be done well. There are too many managers and this might lead to a very high individual competition. The working structure of the company does not promote teamwork, each division is working individually and the staff is not working as a team and this decreases the effectiveness of the compensation system, which has also been held as an individual activity. Another major issue is the lack of trust on each other, caused mainly by cultural aspects that lead the employees to be more individual: everyone is only interested in themselves, not in the area they work in. Sales representatives are only interested on the product they are specifically selling and that causes differences with what the clients are looking for. Therefore, the company struggles to accept changes happening right now. 2. How do you evaluate the approach the firm has taken so far? Multi-Products Chile has tried to keep up with the new trends in the market by meeting the new and constantly evolving customer’s needs. Before Thompson’s arrival, the Key Accounts review and Integrated Solutions program were already been launched. The new identification of company’s Key Accounts as a strategic relationship with the customers was aimed to create a long-term competitive advantage for the firm and creating new benefits for the clients. Integrated Solutions meant a completely different approach in the relationship with the customers: the sales representatives focused their efforts from one product and many clients to one client and a different set of products. The role of the sales representative had to evolve becoming a â€Å"consultant† for the customer. The issue of Chilean cultural barriers to overcome, in order change their sales policy, was not an easy one. They are a closed culture and the mentioned lack of trust that emerged between the co-workers represented an issue in the team working approach required by the transition to an integrated sales model. In our view the firm has moved in the right direction. Even though the sales were doing well with no sign of a crisis, the profit margin was decreasing. The customers were asking for a different kind of service and, in order to be competitive in the future and coherent with the innovative spirit of the firm, a step forward was necessary. Meet the customer needs is the key to success and now the big challenge is trying to align the approach with the Chilean culture. Moving from a traditional selling model to an integrated also represented an opportunity to align their strategy with all the other Multi-Products branches all over the world. 3. What actions should the firm take going forward? From an integrated solutions model standpoint, every single employee should be on the same page in terms of team motivation, company coherence, and content on the multi-products structure. This innovative model from the traditional business model has a lack of adaptability in the Chilean culture because the company’s implementation isn’t in its full effect. Therefore, a change in a more streamlined and lean management structure that coincides with the integrated sales model, which could be tweaked according to the Chilean culture, could be the way forward, especially when the profit margin  is decreasing where the times of culture adaptability change are needed. The fact that the Chileans are â€Å"workaholics,† and they are dedicated, in turning their dedication to a team oriented strategy could suffice for the â€Å"one voice, one face, one company,† as part of their integrated solutions model. The incentive structure could be tweaked as well for sales representatives, where a higher commission and bonus model for higher sales in effect could boost the company’s performance. If this is streamlined, this could be the factor increase in the company’s market share from a low profit margin. Due to the fact that Chileans are naturally competitive work oriented people, an innovative competition structure that is internal and fun could be established whereby, workers motivate themselves to beat each other, which could overall beat the benchmark targets for the sales and marketing segment in the integrated solutions model. In going forward, merging the integrated solutions model, key accounts and the Chilean culture norms, mores and values of their work standards, where the team as whole could leverage their core strengths in competition, hard work with their sales representatives, could be their main factor advantage in the market. 4. What are the key supply chain(s) links in this case? How might the supply/value chain be used as an analytical framework for understanding the organizational and managerial challenges facing the company? This case shows different key actors of the supply chain. Starting with the initial inventory with its way of procurement. Then, they explain the way they deliver their products, which is via truck shipment mostly. The new sale solution they are implementing affects the way they will manage their orders. Adding more services in the process, as customer will need advices. Its overall way of retail is challenged in this case, aside from facing an overhaul in the sales division; its supply chain has to be adapted to answer the new needs. The company will need to pivot from a push production to a pull production. Hence, most of the supply chain is affected. This is the main organizational challenge, because every aspect of their current supply chain will have to change. They want to reach the next level, going from a simple offering of products to a retailer of solutions, as mentioned earlier. For the supply chain, that means, more reactivity and flexibility. Several layer tools needs to be implemented. They should apply a just in time production, meaning that they will have, at least, to use the lean manufacturing to eliminate the wastes in their production. They will work with smaller trucks to sale more often. A reduction of their waste in the manufacturing process, and the pace they can change their production should be as low as it can. Its sales people need to learn how to work together, but the top management needs to be on the same page regarding this project, everything will start with their support. And it’s a real mistake that they still have people openly doubting the overall at this point of the process. The challenge would be to rally those executives. Then create an atmosphere where collaboration is valued and useful. The entire success of this overall relies on the way people can adapt to it. And it won’t be easy regarding the social value that Chile people developed. The organizational side is important, but should not be the main focus, as it is motioned in the case that they are still delivering in time their products. But keeping these changes in mind is important for the long term, which is also a switch in the company’s culture. 5. How have STEEPLE factors impacted the company? The social aspect of Chile has a direct impact on our company, as people in Chile are workaholics where they are more focused on individual goals than the company’s goal. The use of incentives to individual sale representatives will help increase the sales but this will again drive them towards their own individual goals. Technological innovation helps us in deriving 30 percent of sales. There is potential in the market but the economy is increasing slowly as compared to other Latin American countries. Being political stable since last 10 years, there are legal issues regarding regulation and standards while dealing with other countries. Conclusion To conclude, the wisest option for Thompson is to continue the overhaul of the company’s management and organizational systems. Because Multi-product Chile is at a critical point where it has to adapt in order to stay  competitive. Even if the project faces difficulties, it has to be achieved. The main factor for success, aside from the technical parts, would be to rally the employee towards this project. Starting with the executive, this is inconceivable that they are still facing trust issue from the managers at this point of the project. Regarding the technical part, in order to be able to deliver according to the new standards, they will have to switch their production from a push production to a pull production. We would recommend starting with the basic tools of the lean manufacturing.

Major Works Review Of A Raisin In The Sun By Lorraine...

MAJOR WORKS REVIEW GENERAL 1. Title A Raisin in the Sun 2. Author Lorraine Hansberry 3. Date of Original Publication 1958 4. Novel Type Play STRUCTURE 1. Point of View Play; there is direct characterization from the playwright 2. Relationship to Meaning Not available 3. Plot Structure a. Exposition The characters are introduced by Hansberry. It is the 1950’s in a tiny apartment in Southside Chicago. The Younger family has just suffered the loss of Walter’s dad, with a $10,000 inheritance check supposedly to arrive in the near future. Upon hearing about the check, Walter, the protagonist, hopes to be able to take the money to invest in a liquor store. His sister, Beneatha hopes to be able to use it to attend medical school and Mama†¦show more content†¦Mama believes that doing so will leave Walter as a hollow, empty shell. Asagai, one of Beneatha’s lovers, came from Nigeria to propose and asked for her to come back with him. He wants her to pursue her career as a doctor there. This gives Beneatha hope for a better future and allows her to see things somewhat differently. f. Resolution In the end, Walter figures that nothing he does with money can beat the pride and hard dedication that he has put into his family. He tells Linder to leave and the Younger’s move in to their new home. Mama comes back for her plant, which represented lost hope and growth within the family since the beginning. Now, she can officially claim that this is all she has ever wanted in life – for her living conditions to increase and for her family to be happy. g. Other Significant Structural Elements As expositions are meant to come directly at the beginning, it is a little different in A Raisin in the Sun. In the play, the storyline does not really start until the introduction of multiple characters. CHARACTERS 1. Protagonist a. Name and Significance Walter Lee Younger is the protagonist of A Raisin in the Sun. The entire plot line is centered on him, revealing his everyday life and struggles. b. Characteristics and Thematic Significance Walter is Lena’s oldest child and is married to Ruth. As the ambitious man that he is, he still caused everyone in his family lots of trouble. WithShow MoreRelatedLorraine Hansberry s Life As A Whole1461 Words   |  6 Pagesidentified Lorraine Hansberry’s life as a whole. Hansberry was born on May 19, 1930 in Chicago. She was the third youngest out of seven siblings. Her parents contributed a large amount of money to NAACP and the Urban League, because of this Hansberry was never comfortable with her rich girl status, so instead she identified herself as â€Å"poor†. She was admired by the children who were so often independent and matured which she imitated. Later on in Hansberry early life, 1938, the Hansberry moved intoRead More Lorraine Hansberry Essay555 Words   |  3 Pagesfirst play, A Raisin In the Sun, is based on her childhood experiences of desegregating a white neighborhood. It won the New York Drama C ritics Circle Award as Best Play of the Year. She was the youngest American, the fifth woman and the first black to win the award. Her success opened the floodgates for a generation of modern black actors and writers who were influenced and encouraged by her writing. Hansberry was born in 1930, the youngest of four children of Carl and Nannie Hansberry, a respectedRead MoreA Raisin in the Sun: The Foundation of Family Essay1203 Words   |  5 PagesThe idea of family is a central theme in Lorraine Hansberry’s play A Raisin in the Sun. Hansberry alludes to the Old Testament book of Ruth in her play to magnify â€Å"the value of having a home and family†(Ardolino 181). The Younger family faces hardships that in the moment seem to tear them apart from one another, but through everything, they stick together. The importance of family is amplified by the choices of Walter and Beneatha because they appear to initiate fatal cracks in the Younger family’sRead MoreAnalysis Of The Book A Raisin Of The Sun 2263 Words   |  10 PagesMAJOR WORKS REVIEW GENERAL 1. Title : A Raisin in the Sun 2. Author: Lorraine Hansberry 3. Original Publication: March 11, 1959 4. Novel Type: Domestic Tragedy STRUCTURE 1. Point of View: 2. Relationship to meaning: 3. Plot Structure a. Exposition b. Inciting Incident c. Events contributing to rising action d. Climax (Crisis/turning point) e. Events contributing to falling action f. Resolution g. Other Significant Structural Elements: CHARACTERS 1. Protagonist a. Name and significance:Read MoreAnalysis Of Lorraine Hansberry s The Sun Essay1723 Words   |  7 Pagesraisin in the sun is a play written by Lorraine Hansberry, who was one of the very first African American ever to have her play performed on Broadway, during the civil rights movement. The play takes place in an uncomfortable small two bedroom apartment which the Younger family stays in. Throughout the play the family faces money, as well as family problems, but when they receive a large check the oldest son lets it get the best of him. According to Frank Ardolino journal article of Hansberry’sRead MoreAnalysis Of The Book The Raisin Of The Sun 1878 Words   |  8 PagesMAJOR WORKS REVIEW General Title : Raisin in the Sun Author : Lorraine Hansberry Date of Original Publication : 3/11/1959 Novel Type : Realistic Drama Play Structure Point of View : The play is written in a third person point of view of the narrator. Relationship to meaning: Being the narrator of the play, you will know the background and description of each character, the setting and mood of the stage. Plot Structure Exposition : The Younger family has recently lost their head of the familyRead More The American Dream in Lorraine Hansberrys A Raisin in the Sun and Arthur Millers Death of a Salesman 2744 Words   |  11 Pagesbe rich. A Raisin in the Sun, written by Lorraine Hansberry, and Death of a Salesman, written by Arthur Miller, both address the American Dream. Both plays discuss the desire for wealth and how the desire may lead to one’s downfall. However, each play is very different in addressing issues such as race and feminism. A Raisin in the Sun and Death of a Salesman have the same major theme of the American Dream, but address other issues differently along the way. A Raisin in the Sun is about an AfricanRead MoreEssay about The Development of Black Playwright3240 Words   |  13 Pagesthe century when African Americans fought for freedom and equal rights. The major figureheads who developed and moved black playwright forward were William Wells Brown, Angelina Weld Grimke, Willis Richardson, Alain Leroy Locke, James Baldwin, Langston Hughes and Lorraine Hansberry. African Americans’ ancestors were chained, shrouded in death and pain they were dragged on long journeys across the sea from their home to work till their very last breath on fields run by colonists. With slavery beingRead MoreSummary Of A Raisin Of The Sun 2918 Words   |  12 PagesARITS MAJOR WORKS REVIEW GENERAL 1. Title – A Raisin in the Sun 2. Author (Playwright) – Lorraine Hansberry 3. Date of Original Publication – 1958 4. Novel Type – Play, Realist drama STRUCTURE 1. Point of View – third person objective, with the narrator giving stage directions to actions of characters 2. Relationship to meaning: Since she chooses all scenes to write about, Lorraine Hansberry is often considered the narrator and is able to provide perspective into the setting and action of theRead MoreHow to Write a Research Paper11497 Words   |  46 Pagessearch for secondary information from a variety of mediums such as analyses of Bradstreet s works by other critics, historical information about the conventions of poetry during Puritan times, Bradstreet biographies, etc. Primary Sources are original words of a writer (novel, speech, eyewitness account, letter, autobiography, interview). Secondary Sources are works about somebody and about his/her work. These include books and articles about a novel, speech, document, or scientific finding. There