Summary Of Eveline By James Joyce - 960 Words

In 1914 James Joyce wrote a short story called â€Å"Eveline.† The story is about a young girl who wants have freedom and happiness. Also for someone to be there and love her. Eveline is faced with a difficult decision of staying with a family that has practically already fallen apart, or leaving with her future husband, Frank. Eveline lives in a place called Dublin with what is left of her family. Eveline has a big family with brothers and sisters, but one her brothers passed. His name was Ernest and the narrator said â€Å"Ernest had been [Eveline’s] favorite.† Another brother that had been mentioned in the story is Harry. Harry no longer lives at home. He travels a lot throughout the country with his â€Å"church decorating business.† Eveline had also lost her mother, but when her mother was still alive she promised her that she will â€Å"keep the home together as long as she could.† That was her mission according to Linda Rohrer Paige: â€Å"Her mission†¦is providing the glue that will hold together a crumbling family together (Paige).† When losing a mother can be challenging to undergo, but also promising to stay and keep the family together. That would be heart wrenching and that is exactly how Eveline is felling at the moment. Sense her mother had died Eveline felt she is â€Å"imprisoned in domestic, ‘motherly’ duties (Paige).† After all these tragic events that have occurred in Eveline’s life, now she is living at home with her father. There are sometimes where Eveline â€Å"felt herself in danger ofShow MoreRelatedSummary Of Eveline By James Joyce1327 Words   |  6 PagesChoices In the short story â€Å"Eveline,† written by James Joyce in 1914, Eveline lived a poverty stricken life with her father, whom was an abusive drunk. Eveline struggles with wanting to leave her dead end life or stay and take care of her father, which she believes is her duty. James Joyce’s â€Å"Eveline† tells a story of a girl who longs to live her own life away from her dark depressing home and her abusive father and start a new life with Frank who offers her a new life that she has only dreamed ofRead MoreSummary Of Eveline By James Joyce1811 Words   |  8 Pagesin â€Å"Eveline† Through symbolism, history, and allusion, James Joyce depicts a struggle between paralysis and motivation in the short story, â€Å"Eveline.† The story shifts between the happenings of present day and past recollections. Early on, the protagonist, Eveline makes the decision to leave home in order to make a better life for herself. She wants to flee from her abusive, alcoholic father. Eveline determines that it is time to make her own choices. When it comes time to leave, Eveline is mentallyRead MoreSummary Of Eveline By James Joyce1617 Words   |  7 PagesThis is a story of an eighteen year old girl named Eveline, who was beaten, abused, threatened and frustrated by her father, in which she makes a decision to run away from home. But when she flashed back on the promises she made to her mother, she decided to stay with her family â€Å"strange that it should come that very night to remind her of the promise to her mother, her promise to keep the home together as lon g as she could† (James Joyce 204). Eveline wisely realized that leaving her family was notRead MoreEveline1643 Words   |  7 PagesIn â€Å"Eveline,† James Joyce uses the juxtaposition of the ever-changing setting and the unchanging stoic character of Eveline in order to exemplify the character’s reluctance and inability to move forward. James Joyce is known for his juxtaposition of light and dark throughout his short stories, specifically in his story â€Å"Araby.† I would argue that Joyce is using the contrast of opposing forces described above between the setting and the character in a similar way as he was light and dark. â€Å"Araby†Read MoreReview Of Eveline By James Joyce1684 Words   |  7 PagesJames Joyce’s short story, â€Å"Eveline,† displayed Eveline’s indecisiveness on whether to leave home or stay at home. In the first part of the story, Eveline lost the physical presence of her family and friends; they either preceded in death or moved to another place. As she tried to develop her new life with her father, she noticed her father’s violent actions that she does all she can to escape the violence (Joyce, par. 9). When she explored life with Frank, she developed feelings for Frank in orderRead MoreChange: The Seed of Evolution2514 Words   |  11 Pagesunassociated (â€Å"Epiphany†). Authors often use this device not only to convey a realization on the part of their character, but also to allude to an internal message (â€Å"Epiphany†). James Joyce employed this device in many of his works in hopes of revealing to his Irish peers the low esteem of their conduct (Bulson 33). James Joyce was born in Ireland to a borderline destitute/middle-class family. After his graduation from the University College, he moved to Paris to study medicine only to be called backRead MorePsychoanalytic Criticism Of Eveline1958 Words   |  8 PagesJames Joyce wrote a short story, â€Å"Eveline,† to discuss Eveline’s indecisiveness on whether to leave home or stay at home. In the first part of the story, Eveline lost the physical presence of her family and friends; they either preceded in death or moved to another place. As she tried to develop her new life with her father, she noticed her father’s â€Å"violent† actions that she does all she can to escape the violence. When she explored life with Frank, she developed feelings for Frank in order to escapeRead MoreEveline3513 Words   |  15 Pageshardship. Alcoholism and abuse, as portrayed in â€Å"Eveline† were rampant. As a result, many of the Irish sought to escape James Joyce represents everyday life of Dublin in the early twentieth century in his collection of short stories, Dubliners. Dubliners consists of 15 stories and each of them unfolds lives of many different Dubliners vividly. By describing details of ordinary life and characters inner life, which is described by their interior monologue, Joyce succeeds in showing the realistic landscapeRead MoreMiss1743 Words   |  7 PagesDubliners Dubliners is a collection of 15 short stories by James Joyce, first published in 1914. The fifteen stories were meant to be a naturalistic depiction of the Irish middle class life in and around Dublin in the early years of the 20th century. The stories were written at the time when Irish nationalism was at its peak, and a search for a national identity and purpose was raging; at a crossroads of history and culture, Ireland was jolted by various converging ideas and influences. They centre

Biography of Thomas A. Becket - 513 Words

A Saracen princess followed a wealthy crusader from the Holy Land to London. In 1118 Thomas Becket was born on St. Thomas day. Thomas Becket came from a loving family and was very educated. Thomas Becket attended the canons regular a Merton Priority in Sussex, and then attended the University of Paris. When Becket returned home from college his parents had passed away. Thomas Becket was then urged to make his way through life with no aid from anyone and a better future. Anyone that knows Thomas Becket knows him as a strongly built and very spirited young man. Becket also loved to play field sports which he spent most of his spare time hawking and hunting. At the age of twenty- four Thomas Becket was given a post in the house hold Theobald, archbishop of Canterbury. While working there Thomas took minor orders he resolved on a career in the church. For further learning Becket received permission to study canon law at the University of Bologna, then continuing his studies at Auxerre, F rance. When Thomas Becket returned to England he became provost of Beverly, and canon at Lincoln and St. Paul’s cathedrals. In 1154 Becket ordination as deacon occurred, Theobald appointed him archdeacon of Canterbury. Becket was appointed the highest religious in office after a bishopric or an abbacy. He then was appointed with more complex affairs; he was sent on several important missions to Rome. Also later on in 1154 Henry II became king. Around the same time Thomas Becket received a bigShow MoreRelatedEssay on Biography of St Thomas Becket2129 Words   |  9 PagesSt Thomas Becket (December 21, 1118 – December 29, 1170) was Archbishop of Canterbury from 1162 to 1170. He engaged in a conflict with King Henry II over the rights and privileges of the Church and was assassinated by followers of the king in Canterbury Cathedral. Life before his consecration Thomas Becket (also known as Thomas à   Becket, although many people consider this incorrect)[1] was born in London sometime between 1115 and 1120, though most authorities agree that he was born DecemberRead More Nature v. Nurture in Mark Twains Puddnhead Wilson and Those Extraordinary Twins2229 Words   |  9 Pagessociety because lacked education, family traditions, morals, and both family and societies values. His birthright excluded him from the environment and only `society he felt comfortable. Two babies, Valet de Chambers, born into slavery and Thomas a` Becket Driscoll, born into societys elite, born the same day, switched at birth to different environments, change their lives forever. Though `nature versus nurture will continue to be a debate for years to come, other factors need to be includedRead MoreGeoffrey Chaucer : The Father Of English Literature2002 Words   |  9 Pagespublic service to earn a living and pay off his agglomerate of debt. Geoffrey Chaucer was considered to be one of the greatest writers or poets of all time. â€Å"His major works have retained their relevancy even in the college classroom of today, (Biography)†. â€Å"Perhaps the chief characteristics of Chaucer’s works are their variety in subject matter, genre, tone, and style and in the complexities presented concerning the human pursuit of a sensible existence, (Encyclopedia Britannica)†. Chaucer alsoRead MoreEssay on The Canterbury3492 Words   |  14 PagesThe Canterbury The Canterbury Tales begins with the introduction of each of the pilgrims making their journey to Canterbury to the shrine of Thomas a Becket. These pilgrims include a Knight, his son the Squire, the Knights Yeoman, a Prioress, a Second Nun, a Monk, a Friar, a Merchant, a Clerk, a Man of Law, a Franklin, a Weaver, a Dyer, a Carpenter, a Tapestry-Maker, a Haberdasher, a Cook, a Shipman, a Physician, a Parson, a Miller, a Manciple, a Reeve, a Summoner, a Pardoner, the Wife of

Strategic Perspectives Free Essays

string(236) " to offer similar value with a lower price; differentiation, achieved by a company when it offers benefits different from and of more value than those of its competitors; and, focus on either of the two \(Kim, Nam and Stimpert, 2004\)\." 1.0 Executive summary Since 2008, a number of human rights issues such as poor working conditions and mishandling/abuse of staff have become a great concern for Zara resulting in PR crises. This report identifies and critically analyses Zara’s stakeholder issues employing key concepts such as the stakeholder theory, organizational ethics, CSR concepts and reputation management concepts. We will write a custom essay sample on Strategic Perspectives or any similar topic only for you Order Now It proposes better handling of ethical and governance issues and their institution in the organization’s corporate culture. This report also evaluates Zara’s levels of strategy focusing at two levels; the business and corporate level. Corporate strategy entails the pursuit of three generic strategies towards competitive advantage including cost leadership, differentiation, or a focus on either of the two. Zara is identified to pursue a hybrid strategy simultaneously pursuing both cost leadership and differentiation in its numerous strategic choices. With regard to corporate level strategy which focuses on the organization’s overall scope, Zara has adopted a growth strategy pursuing vertical integration, market development, market penetration and product development strategies in its endeavour to sustain its growth and strategic positioning. This report concludes by evaluating the various strategies it suggests for their sustainability, acceptability and feasibility and therefore potential benefit to the company and capacity for implementation. 2.0 Issues affecting the image of the company A number of issues have impacted Zara since 2008 resulting to what can be referred to as PR crises which have become a great concern for the company in its strategic positioning as it looks forward into the future (Inditex, 2013). This report employs a critical application of organizational ethics theory, CSR concepts, stakeholder applications and reputations management concepts in the identification and analysis of these stakeholder issues. These concepts are however limited by their lack of clear and decisive methods through they can be utilized effectively to develop standards (Dricscoll and Hoffman, 2002). Notable among the crises was the human rights concerns with regard to Zara’s operations in 2011 and testimonies by Zara staff of abuse and terror meted against them later in 2012. In the former instance, the company was accused of employing suppliers in its outsourced production strategy who were running sweat shops, an accusation which subsequently led to the closure of one of its factories over poor labour conditions. The company agreed to these accusations taking the position that the misdeeds pointed out amounted to a serious breach to its code of conduct (Inditex, 2013; Economist, 2012). In the latter instance, testimonies and claims of abuse and terror meted on 25 of Zara’s employees, including store managers and staff, were aired in the media. The company undertook to regularize such situations through the enhancement of supervision of the production systems of its entire network of suppliers (Economist, 2012). 2.1 Stakeholder theory The Stakeholder theory states that, without regard to the fact that some stakeholders would make more contributions to the organization, all stakeholders are entitled to equal treatment (Dricscoll and Hoffman, 2002). Stakeholders include individuals, organizations or groups that have legitimate interest in the business and who therefore affect or are affected by its actions (Nordberg, 2011). With crises and concerns over abuses of human rights, Zara’s corporate reputation and brand equity was hard hit giving it the image of a business entity which neither places sufficient importance to the needs of its stakeholders nor regard to them (Economist, 2012; Buelens, et al., 2011). With the interdependence between the company and its stakeholders, it is essential for an organization, in the recognition of the needs of its stakeholders, to act and reason rationally as well as to make ethical responses. The organization’s leadership is required to have the desire, will and the skill that will ensure that all stakeholders are treated with respect and their voices heard (Buelens, et al., 2011). 2.2 Corporate social responsibility Among the ways in which corporate entities may shore up their reputation and image as perceived by its stakeholders is through conformance and adherence to ethical principles (Dricscoll and Hoffman, 2002). A notable avenue is the pursuit of Corporate Social Responsibility (CSR) which is a mechanism integrated into business processes and an organization’s business model that ensures that ethical principles and provisions in law are complied with and monitored (Nordberg, 2011; Dricscoll and Hoffman, 2002). It entails the deliberate attempts by an organization to do good as a corporate citizen in reciprocation of goodwill it enjoys from society. For success in ensuring adherence to ethical principles and in the endeavour to build up its corporate image and reputation, Zara needs to institute mechanisms towards CSR that would also serve to guide its mission towards a better relationship with its stakeholders, outline its stand on such issues and as well clearly indicate the promis es it intends to uphold for society as an entity obtaining its sustenance within society (Dricscoll and Hoffman, 2002). 2.3 Organizational ethics Organizational ethics is a concept that expresses the values of an organization to its stakeholders (Dricscoll and Hoffman, 2002). It includes written codes of ethics or standards such as Zara’s â€Å"Code of Conduct for External Manufacturers and Workshops of Inditex† which it claims to have had (Inditex, 2013); systems of reporting which are guarded with confidentiality; as well as ethics training and advice (Buelens, et al., 2011). Despite its claims of written codes of conduct, it is evident that they were not complied with, respected and adhered to. For its success in entrenching organizational ethics, Zara should endeavour to institute elaborate systems traversing the entire organization and its partners that enable the maintenance of requisite ethical standards (Nordberg, 2011). 3.0 Zara’s levels of strategy 3.1 Business level strategy of Zara The primary aim of a business in the competitive business environment, underpinning its goals and objectives of sustenance and growth, is to develop an edge over rival firms building on its resources and competencies. Porter fronts three generic strategies which a company can employ in its pursuit of competitive advantage over its rivals (Kim, Nam and Stimpert, 2004). They include cost leadership, in which a company seeks to offer similar value with a lower price; differentiation, achieved by a company when it offers benefits different from and of more value than those of its competitors; and, focus on either of the two (Kim, Nam and Stimpert, 2004). You read "Strategic Perspectives" in category "Essay examples" A company can pursue a hybrid of both strategies simultaneously, achieving differentiation and a price lower than its rivals. Zara pursues a hybrid strategy seeking to exploit both cost leadership and differentiation strategies. Its closest and most comparable rivals challenging its market presence and competitive advantage include Gap, HM and Benetton though Zara sits closest with HM in the more fashionable and less priced segment. Zara is however considered to be more fashionable among the three, a position the company intends to sustain and exploit (Inditex, 2013; Economist, 2012). Its strategic venture into the low-cost segment through its Lefties brand of stores illustrates its pursuit of a clear cost leadership strategy enabling Zara to tap into lower market segments meeting the need of customers in the current harsh economic times (Inditex, 2013). This ensures that the company is still better placed to sustain its growth and profits even with unfavourable shifts in the economy and consumer spending. However, Zara primarily pursues a differentiation strategy through significant focus on competitive strategies that enhance overall efficiency in its entire value chain (Economist, 2012; Inditex, 2013). Zara’s value chain, which is often tweaked to enhance efficiency and performance, is a major platform upon which the company derives its differentiation from rivals. Enhanced efficiency is enabled by vertical integration and therefore control of crucial processes; employment of technology to coordinate suppliers, production and distribution processes; outsourcing of intensive tasks; as well as its finely-tuned logistics and just-in-time manufacturing strategy which shorten response time and enable the achievement of greater flexibility in variety, frequency and amount of new styles produced (Economist, 2012; Inditex, 2013; BloombergBusinessweek, 2009). The constant refinement of operations in pursuit of continuous efficiency gains including leveraging on technology to enhance crucial production processes has enabled the company to reverse the trend of costs rising faster than revenues. Enhanced efficiency and attendant effectiveness lead to the minimization of costly errors, reduction in costs which consequently enables the enhancement of bottom line and price (Inditex, 2013; Carpenter and Sanders, 2007). Zara also derives its differentiation from its effective market intelligence and focus on continuous awareness and understanding of the customer. Customer feedback through personalized ‘word-of-mouth’ interactions with staff at store level used to assess their preferences and wants is used to guide design and development, as well as other essential improvements (Inditex, 2013; BloombergBusinessweek, 2009). Unlike its competitor’s reliance on electronic consumer data, this has enabled quick turnaround of merchan dise through quicker replenishment of popular items and removal of slow-selling lines enabling Zara to generate more cash, reduce inventory and eliminate the need for significant debt on held inventories which has a direct impact on costs (Inditex, 2013; BloombergBusinessweek, 2009). These strategies and the resultant efficiency have enabled the company to achieve enhanced return visits by customers far greater than the industry average on several indices, a significant competitive advantage (Inditex, 2013; Economist, 2012). They have also enabled Zara to incur significantly less expenditure on advertising with the saved revenue being redeployed to enhance competitive advantage (Inditex, 2013). 3.2 Corporate level strategy Corporate level strategy as the highest level of strategy in an organization is concerned with the overall scope, seeking to add value to constituent businesses/ elements within the entire organization (Lynch, R., 2006). In its pursuit of competitive advantage in the hostile business environment characterized by intense competition and economic challenges, Zara has adopted a growth focus in its corporate strategy. This is evidenced by its pursuit of vertical integration, market penetration, market development and product development strategies in an attempt to sustain its growth and strategic positioning in the fashion industry (Lynch, R., 2006; Inditex, 2013). Guiding these strategic decisions and particular choices, the Ansoff matrix highlights scenarios in consideration of the existence or newness of products or markets (Christodoulou and Patel, 2012; Mintzberg, et al., 2008). Existing productNew product Existing marketMarket penetrationProduct development New marketMarket developmentDiversification Ansoff matrix 3.2.1 Market penetration and market development Zara is hindered by constraints resultant from its Spain-centred model, a major weakness in its endeavour to sustain growth and to maintain its strategic positioning (BloombergBusinessweek, 2009; Economist, 2012). An outward focus towards market development is essential. This has necessitated international expansion and the exploitation of untapped markets including North and South America, Asia, Middle East, Africa and the rest of Europe, particularly Italy. Enabled by the construction of additional distribution facilities in Zaragoza, Spain and in South America, as well as the upward scaling of its logistics processes to enable the realization of economies of scale in the strategic expansion, the company has spread out into Asia, America, Australia, India and Africa (BloombergBusinessweek, 2009; Economist, 2012). The company has also sought to achieve market penetration in its development of virtual stores, tapping into the opportunities in internet retailing and marketing through online stores and boutiques. Available in ten countries and seeking entry into the USA and Korea, the company has since 2010 sought to exploit this model venturing into this field (Inditex, 2013; Economist, 2012). 3.2.2Product development For a company to survive and grow in the fast changing fashion industry, it is essential that a business keenly enhances product development, matching or beating its rivals in output and production of new items. Zara has endeavoured to maximize its throughput of new items keeping merchandise in stores always new and fresh. This frequency, enabled by just-in-time manufacturing and focus on limited runs, also ensures that products do not stay long enough risking replication or imitation (Inditex, 2013; Carpenter and Sanders, 2007). The active pursuit of market intelligence and awareness and appreciation of customer preference ensures that the company does not become complacent and unresponsive thereby losing its track in the fast changing and intensely competitive industry (Carpenter and Sanders, 2007; Thompson, et al., 2008). 3.2.3 Vertical integration To enhance control of the entire business and its processes, achieve stability of production and thereby strengthen its competitive position, Zara has pursued vertical integration strategies. These include forward integration through the investment in distribution facilities and specialty stores, as well as backward into production and manufacturing facilities. Zara has also developed subsidiaries that manage its purchases of fabric and dyes (Inditex, 2013). The company has undertaken this strategy in an endeavour to minimize its exposure to expensive distributors and suppliers and the inefficiency attendant to the lack of complete control of especially crucial processes. 4.0 Recommendations Zara in its performance and strategic positioning can be considered to be a success. However, the company cannot afford complacency and should endeavour to maintain its competitiveness and to sustain its position in the fashion industry into the future. At its strategic position and level of maturity and given the slow growth of the fashion industry and attendant economic challenges (Economist, 2012; BloombergBusinessweek, 2009), a number of strategies are suggested for Zara to pursue for its sustenance into the future. Among these strategies is Diversification either into a business that also deals in fashion or to an unrelated field adding value and broadening present business. Also recommended is the strengthening and sustenance of its successful strategies such as efficiency in its entire value chain which has been the primary factor that has enabled its differentiation; Market Development in its international expansion and exploitation of new markets; and Market Penetration in the exploitation of the boom in the information technology field, enhancing its virtual platforms and stores. Such ventures have the potential of being important avenues through which the company can acquire additional revenue, as well as, reducing its exposure to vulnerabilities of its centralized model and complete focus on a single line of business. 5.0 Evaluation of strategies A simple and straightforward criteria used to evaluate strategy is the Suitability, Acceptability and Feasibility model (SAF). It offers a process of rationalization to assess importance, priority and likely success of each strategy identified (Haberberg, A., and A., Rieple, 2008; Thompson, et al., 2008). This report evaluates two strategies identified above including: diversification and continued market development. 5.1 Suitability Suitability is concerned with the rationale of the strategy and its overall fit in the organization’s mission (Thompson, et al., 2008). At the company’s level of maturation, with regard to the Industry Life Cycle (ILC), and stature in the fashion industry, diversification is highly recommended as a priority strategy given that its strong competitive position in the fashion industry is constrained by slowed growth in the market. This strategy would enable the broadening of present business to include complementary products (Carpenter and Sanders, 2007). Continued market development is also recommended for Zara enabling it to tap into new markets enhancing its growth and ensuring its sustainability. These strategies would generally also enable the company to lower its vulnerabilities to financial and political factors that could affect it given its centralized model, as well as risks attendant to the fashion industry (Economist, 2012; Mintzberg, et al., 2008). 5.2 Acceptability Acceptability deals with the expected outcomes of the implementation of strategy and expectations of stakeholders (Thompson, et al., 2008). Diversification, if pursued, would enable the capturing of cross-business strategic fits such as the creation of new competitive strengths and capabilities, the sharing of facilities to reduce costs, and/or the spreading of risks across diverse businesses (Christodoulou and Patel, 2012). Market Development and entry into new territories/geographical areas and distribution channels enable the company to exploit markets that are not saturated, utilising its surplus production capacity. These strategies would enable the generation of additional revenue and the securing of shareholder interests which contribute to the enhancement of shareholder value (Carpenter and Sanders, 2007). They would also reduce risks due to Zara’s centralized mode of operations. 5.3 Feasibility Feasibility is concerned with the capacity of the organization to implement the strategy, especially focusing on the availability of resources (Thompson, et al., 2008). With Zara’s success in the fashion industry and, consequently, availability of adequate financial and organizational resources, as well as the consideration of the diminishing prospects of growth in the fashion industry (Economist, 2012; BloombergBusinessweek, 2009), diversification should be a priority strategy for Zara. Its surplus financial and organizational resources can be exploited to enable the company’s sustenance and growth. These surplus resources can also be utilized in pursuit of Market Development. Its highly efficient distribution system can be scaled up, such as in its present initiative to develop additional distribution facilities (Inditex, 2013), to build the company’s capacity to exploit the opportunity offered. Zara has successfully found activities that matter to customers and has significantly enhanced key activities enhancing its key activities. However, to sustain this strategic position and achieve necessary growth into the future, the company needs to pursue appropriate strategies as outlined above especially diversification, market development and the continuous pursuit of efficiency gains. 6.0 References BloombergBusinessweek, 2009. Zara Looks to Asia for Growth. August 26 Buelens, M., K., Sinding, C., Waldstrom, R., Kreitner, and A., Kinicki, 2011. Organisational Behaviour, 4th Edition: McGrawHill Higher Education Carpenter, M., and W., Sanders, 2007. Strategic Management: A Dynamic Perspective. Harlow: Pearson Prentice Hall Dricscoll, D., and W., Hoffman, 2002. Ethics Matters: How to Implement Values-Driven Management Economist, 2012. Inditex Fashion forward Zara: Spain’s most successful brand, is trying to go global. Mar 24th. LA CORUNA Haberberg, A., and A., Rieple, 2008. Strategic Management: Theory and Application, Oxford: Oxford University Press. Inditex, 2013. Zara. Viewed from: http://www.inditex.com/en/who_we_are/concepts/zara Kim, Nam and Stimpert, 2004. â€Å"The Applicability of Porter’s Generic Strategies in the Digital Age: Assumptions, Conjectures, and Suggestions.† In: Journal of Management, 30, 5 Lynch, R., 2006. Corporate Strategy, (4th ed.), Harlow: FT Prentice Hall Mintzberg, H., B., Ahlstrand, and J., Lampel, 2008. Strategy Safari: The Complete Guide Through the Wilds of Strategic Management , 2nd Edition, Prentice Hall Nordberg, D., 2011. Corporate Governance: Principles and Issues. London: Sage Publications. Christodoulou, I., and Z., Patel 2012. BKEY 601 Strategic Perspectives, McGraw Hill editions. Thompson, A., A., Strickland, and J., Gamble, 2008. Crafting and Executing Strategy: (16th edition), Maidenhead: McGraw-Hill How to cite Strategic Perspectives, Essay examples

Franchisingfuture1 Essay Example For Students

Franchisingfuture1 Essay A franchise, by definition is a legal agreement that allows one organization with a product, idea, name or trademark to grant certain rights and information about operating a business to an independent business owner. In return, the business owner (franchisee) pays a fee and royalties to the owner. This one-time fee paid by the franchisee to the franchisor is referred to as a franchise fee. The fee pays for the business concept, rights to use trademarks, management assistance and other services from the franchisor. This fee gives the franchisee the right to open and operate a business using the franchisor’s business ideas and products. A royalty fee is a continuous fee paid by the franchisee to the franchisor. The royalty fee is usually a percentage of the gross revenue earned by the franchisee. The Federal Trade Commission (FTC) is authorized by the United States Congress to regulate the franchise business.(1) The Federal Trade Commission oversees the implementation of the Fr anchise Trade Rule, which requires that franchisors disclose all pertinent information to potential buyers of a franchise, and monitors the activities of franchisors. There are four basic types of franchises used by businesses in the United States. Product Franchise: Manufacturers use the product franchise to govern how a retailer distributes their product.(2) The manufacturer grants a storeowner the authority to distribute goods by the manufacturer and allows the owner to use the name and trademark owned by the manufacturer. The storeowner must pay a fee or purchase a minimum inventory of stock in return for these rights. An example of this type of franchise is a tire store. Manufacturing Franchise: These types of franchises provide an organization with the right to manufacture a product and sell it to the public, using the franchisor’s name and trademark.(3) This type of franchise is found most often in the food and beverage industry. Most bottlers of soft drinks receive a franchise from a company and must use its ingredients to produce, bottle, and distribute the soft drinks. Business Opportunity Ventures: These ventures typically require that a business owner purchase and distribute the products for one specific company.(4) The company must provide customers or accounts to the business owner, and, in return, the business owner pays a fee or other consideration as compensation. Examples include vending machine routes and distributorships. Business Format Franchising: This is the most popular form of franchising. In this approach, a company provides a business owner with a proven method for operating a business using the name and trademark of the company.(5) The company will usually provide a significant amount of assistance to the business owners in starting and managing the company. The business owner pays a fee or royalty in return. Typically, a company also requires the owner to purchase supplies from the company. One of the main benefits of franc hising is lower risk. Most business experts agree that a franchise operation has a lower risk of failure than an independent business. A reason for this is that the product or service is already established. A franchisor offers a product or service that has sold successfully. An independent business is based on both an untried idea and operation. Three factors will help you to predict the potential success of a franchise. The first is the number of franchises that are in operation. The second predictor is how long the franchisor and its franchisees have been in operation. A third factor is the number of franchises that have failed; including those bought back by the franchisor.(6) Another benefit of franchising is a large degree of assistance. The most difficult aspect of a new business is start up. Few experienced managers know about how to set up a new business because they only do it a few times. However, a franchisor has a great deal of experience accumulated from helping its fr anchisees with start up. This experience will help reduce mistakes that are costly in both money and time. Assistance is usually offered once the initial start up is completed. For instance, a franchisor will provide management assistance, such as accounting procedures, personnel management, facility management, etc. Marketing assistance is typically offered as well. A franchisor can prepare and pay for the development of professional advertising campaigns. Regional or national marketing done by the franchisor benefits all franchisees.(7) In addition, the franchisor can provide advice about how to develop effective marketing programs for a local area. This benefit usually has a cost because many franchisors require franchisees to contribute a percentage of their gross income to a co-operative marketing fund. The benefits of purchasing a franchise explain why more than 50,000 franchise opportunities exist in the United States. However, this compares to almost 14 million independent b usinesses.(8) There are obviously reasons why not everyone chooses the franchise option. One major drawback to starting a franchise is the initial franchise fee. This can range from a few thousand to several hundred thousand dollars. There are two critical matters that affect your decision about buying a franchise. These are whether you can afford the franchise fee and if you can expect a reasonable return on investment. Franchisors also will typically require a franchise to pay continuous royalty fees. The fees are a percentage of the gross income from the business. Usually the royalty fee is less than ten percent.(9) Some franchisees begin to resent the royalty fees after several years because they have developed experience and built a strong customer base. This success often results in a feeling that the business could continue without the assistance of the franchisor. Besides the royalty fee, franchisors often require a cooperative marketing payment as well. There are other cost s involved that are not financial. One example is the conformity to standard operating procedures. It is important to understand that for most franchisors, there is just one way to do things, and it is their way. Success results from proven methods of operation, so the franchisor does not want any variations. A franchisee can become frustrated when he or she believes that there is a better way to do things. The inability to make changes readily is also a problem with franchises. A franchisor may prohibit selling products or services other than those approved by the franchisor. These restrictions are difficult to follow when you believe that there is strong customer demand for a new or different product. There is often a method for making suggestions, but this can sometimes be cumbersome and time-consuming. The franchisee is subject to decisions made in the central office of the franchisor. As a franchisee, you must be willing to limit your independence as an entrepreneur.(9) The Fra nchise Agreement forms the foundation of the relationship between the franchisor and the franchisee. The franchise agreement incorporates all the obligations of the franchisor and franchisee, the rules governing the way the business is conducted, as well as the conditions under which either party may terminate the agreement. It must anticipate all possible difficulties that may arise during the term of the agreement. This agreement is legally binding.(10) Every line of this document should be scrutinized before any commitment is made. Indeed, it is not only advisable but also essential that professional advice is sought. An experienced franchise attorney should be consulted before any agreement is signed. A franchise sometimes involves signing two agreements, a purchase agreement and the franchise agreement itself. The purchase agreement is a short document simply stating that, subject to a suitable site being found, the franchisee will enter into the contract set out in the franchi se agreement provided, of course, that the franchisee has read and approved the franchise agreement within a reasonable time.(11) Having accepted this condition the franchisee pays the franchisor a deposit which forms part of the initial fee. The search for a suitable site as well as associated research into planning, permitting, viability of the site, etc. can begin. If no suitable site is found, the deposit is usually returned. However, if the franchisee rejects the site or changes his/her mind about the franchise, the deposit is usually forfeited.(12) The franchise agreement is a far more detailed document and covers the following areas: 1. Nature and name of the activity being franchised 2. Franchise territory 3. Term of the franchise agreement 4. Franchise Fees 5. Obligations of the franchisor and franchisee 6. Selling the business 7. 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