Nineteenth Century Businessmen Robber Barons Essay Example

Nineteenth Century Businessmen Robber Barons Essay In the 19th century, the United States experienced a rapid industrial revolution and economic growth. The U.S. was transformed from a country of rural farms and small towns to a modern industrial nation dominated by large cities and factories. Leading the way throughout the industrial boom were big businessmen notoriously known for their ruthless business tactics, so should history portray these business leaders as creative industrial pioneers or greedy robber barons? According to Howard Zinn, â€Å"Robber Barons† was accurate in describing these businessmen. He stated â€Å"the new industrialists such as John D. Rockefeller, Andrew Carnegie, and J.P. Morgan adopted business practices that encourage monopolies and used the powers of government to control the masses from rebellion.† (Zinn). Whereas, John S. Gordon argues that such â€Å"the 19th century men of big business such as Rockefeller and Carnegie developed through the oil and steel industries’ consumer p roducts that improved the lifestyles of average Americans† (Gordon). In my view, Howard Zinn presents a more convincing argument of why 19th-century businessmen should be dubbed â€Å"robber barons†. Zinn calls attention to numerous examples of robber barons paying off government officials to pass legislation that would benefit their businesses. The magnitude of corruption becomes evident as Zinn describes President Cleveland’s involvement. President Cleveland appointed chief advisor William Whitney, a millionaire and corporation lawyer, who just so happened to be involved with Standard Oil. After Whitney was appointed to Secretary of Navy he immediately set about to create a â€Å"steel navy,† buying steel at artificially high prices from â€Å"Robber Baron† Andrew Carnegie’s plants (Zinn). John S. Gordon offers little defense to such allegations of corruption and even admits big businessmen utilized secret railroad rebates to dominate their competitors (Gordon). Zinn continues We will write a custom essay sample on Nineteenth Century Businessmen Robber Barons specifically for you for only $16.38 $13.9/page Order now We will write a custom essay sample on Nineteenth Century Businessmen Robber Barons specifically for you FOR ONLY $16.38 $13.9/page Hire Writer We will write a custom essay sample on Nineteenth Century Businessmen Robber Barons specifically for you FOR ONLY $16.38 $13.9/page Hire Writer

Effects of Biological Warfare essays

Effects of Biological Warfare essays The Effects of Biological Weapons on the Past and Presents Society Thesis: Biological Warfare is morally and inhumanely wrong, It is the wrongful killing of men, women, and children. It should be stopped no matter what the circumstances are. I. Introduction into the bad effects of biological warfare through some examples. a. Example of single affect of biological warfare b. Example of a country using Biological Warfare II. Definition of Biological Warfare III. Reasons why biological warfare should be stopped. b. Impossible to control or predict its effect. IV. Countries that still produce biological weapons The Effects of Biological Weapons on the Past and Presents Society In 1978, a popular writer and Bulgarian exile by the name of Georgi Markov was going on his way to work in the British Broadcasting Corporation, which is better known as BBC, where he broadcasted to his homeland from a station named Radio Free Europe. While he was walking he felt a sudden sharp pain in his leg. When he turned around he observed a man picking up an umbrella. The man apologized for what he had done and kept on walking. Georgi Markov became sick that night and died a couple of days later. The autopsy that was conducted on the body uncovered a small pellet that had a coat of ricin on it, which is a biological poison (Mayer, p 4). Throughout the early 1900s, Great Britain was developing a biological weapon program. It all started because Great Britain was afraid that Germany and Japan had a great advantage in biological technology in comparison to them. They were testing to see the range of spread of the anthrax spores. Great Britain tested its weapons on the coast of the Island of Gruinard in Scotland were they thought it was far enough from they coast so it would not contaminate or hurt the mainland. In the year of 1943 throughout many experiments that were conducted it was proven that sheep and cattle were affected with an...

How to Become an Editor

How to Become an Editor If your email inbox is jammed with friends and family sending you little projects like resumes, reports, or other documents to review, you might already be an unofficial editor. If finding grammatical issues in public places makes you cringe, and you want to bust out your red pen every time someone uses â€Å"supposably† on Facebook, it might be time to take your hobby to the next (professional) level. Or, if you’re like me, you have an English-type degree and aren’t sure what you want to do with, but you do know that you love reading and writing, it could be the right path for you. What Does An Editor Do?There are lots of different kinds of editors. At the most basic level, an editor is someone who ensures the quality of writing- either print or digital. They may also:manage projects from start to finish.review topics in specialty areas (like medical, technical, or legal writing) for accuracy.make decisions about what content should be included in a book, public ation, or website.select books for publication.organize writing into a coherent structure.copyedit and proofread material for grammar, style, and proper usage.factcheck content before publication.work with writers to shape, develop, and refine their writing- fiction or nonfiction.rewriting content, or writing supplemental material, like introductions, headlines, notes, etc.hire content writers.consult on layout and design.develop content strategies for publications or publishers.You find editors wherever there are words presented to the public, basically. They’re employed by book publishing companies, newspapers, magazines, companies in all industries for in-house and corporate communications, websites, and other places that need to deal with content. Think of an editor as a content wrangler, in all of its many forms. Let’s look at some of the more common career paths for editors: [via PayScale]What Skills Do Editors Have?Editors are multitaskers. They have to be write rs, judges, fix-it-fast technicians, managers, and shepherds.These are some of the most crucial skill sets that you’d need as an editor:Editors are organizational enforcers. They work on deadlines (often short and unforgiving ones) and with sets of rules (like page limits or layouts) to make sure the writing is as good as it can be for the target format.Strong writing  and verbal skills are a must for editors. Sure, you may be working with other people’s writing instead of your own, but you need to be able to recognize good writing if you’re going to fix writing that needs a little help. That means you need to be able to understand what others are putting out there, and be able to revise/refine that as necessary. It also means you should be able to express your own thoughts clearly as well. Communicating back and forth is an essential part of any editor’s job.Part of being an editor is not only making tough decisions about content or writing, but also c ommunicating to the writer why you think these changes are important. This means being able to navigate sometimes difficult conversations with a broad array of personalities. Some writers are open to constructive feedback. Others†¦are not. True story: I once had an author email me on Christmas Eve, and let me know that I’d ruined her holiday by communicating a change to her book. Part of being a professional editor is being able to manage the writer/editor relationship with diplomacy and patience.Always one of the bedrock freelance careers, freelance editing is one of the best ways to dip your toes into the career if you’re new to the field, or not quite sure this is what you want to do full-time. That means you need to have some hustle in you, networking and always on the lookout for potential new jobs.You’ll need attention to detail. â€Å"Close enough† should not be in your professional vocabulary as an editor. Whether it’s a fact that seem s questionable or a stray comma, a pair of eagle eyes is one of your biggest professional assets as an editor.Being an editor often means being able to roll with new technologies. Knowing the latest design and layout programs, or editing software, will be key in finding and keeping editorial jobs. Basic coding skills are a huge plus for your resume as well. Content is a fast-moving industry, so a red pen alone just won’t cut it anymore.Content expertise is a must. There’s a big world of writing out there, and no one can be an editor for all things. Whichever lane you’re in, make sure you’re as knowledgeable as you can be. For example, if you specialize in editing medical writing for journals, read as much as you can in your field. Know your trends. If you’re an editor for an online food site, know what the latest foodie trends are.What Education Do Editors Need?There’s no hard-and-fast rule about how much education editor should have. You do n’t need any special licensing or certification to be an editor. However, most editorial jobs do require at least a college degree. A degree usually assures a base line of reading, writing, and critical thinking skills, but you don’t necessarily have to have a degree in English, Literature, Creative Writing, or similar disciplines (though those do help if you want to go into traditional book editing). The most important part is having strong writing, verbal, and communication skills, and developing experience. And in fact, if you want to specialize in an area like legal editing or medical editing, a degree in one of those subject areas might be just as useful as English or Communications.Editors should always be open to continuing education as well. Many schools, like New York University, Emerson College in Boston, and the University of Denver offer graduate programs in publishing. Many online schools, community colleges, four-year colleges and universities, and techni cal schools also offer individual classes in types of editing, proofreading, or other skill-building areas for editors. Editors may also want to take classes in graphic design, publishing software, web design, or project management to develop their supplemental skills as well. Sites like Mediabistro (which will become your new best friend, BTW, if you’re an editor) have great information about classes and training opportunities available to writers and editors.Many editors start with internships at publishing companies or specific publications, to build skills and gain experience in the field.To Freelance or Not to Freelance?While there are traditional full-and part-time jobs out there for editors, many people opt to go the self-employment route, and create a freelance editing career path for themselves. This is also the way to go if you’re adopting editing as your side hustle before you make it your career. If you’re interested in becoming a freelance editor, t wo of the first things you should do are 1) build a great resume packed with strong experience bullet points, and 2) keep growing your network.How Much Do Editors Get Paid?Let’s just say that editing is a career you choose for love, not necessarily money. That’s not to say you can’t earn a living as an editor (you can!), but, well, when was the last time you heard anyone referred to as â€Å"millionaire editor So-and-So†? (If you have heard that recently, definitely let me know. Asking for a friend.) Because there are so many different kinds of editors working on different types of projects, the compensation levels vary too.As a general group, the U.S. Bureau of Labor Statistics pegs the median editorial salary at $56,010 per year, or $26.93 per hour. PayScale puts editor salaries in an even broader range, from $32,810 to $80,595Here are some of the median pay stats for different kinds of editors:Magazine Editor: $48,509Copy Editor: $41,325Associate Book Editor: $42,761Content Manager: $53,575Book Editor: $49,332Web Editor: $48.030Variable factors include level of experience, location (cities like New York and Chicago are often hot spots for editorial jobs), and full-time salary vs. freelance or project-based rates.What is the Outlook for Editors?While the field isn’t expected to grow as much as some industries (particularly tech and healthcare), editors are a perennial need, especially as people push to have quality content available in every conceivable print and digital form.So what do you think? Are you ready to pick up your red pen (or red pen app) and start content-managing for your supper?

Comparison matrix Essay Example | Topics and Well Written Essays - 1000 words

Comparison matrix - Essay Example This type of learning transcends to a more interconnected view of the universe [where] knowledge is seen as an abstract whole to be accessed through inquiry of themes, issues, experiences, and problems (Mathison and Freeman, 1997). This approach to social studies learning also encourages discussion, critical thinking, creativity and decision making which is applicable in a real world setting. Its drawback is its cost because implementation of integrative learning may require an overhaul of the curriculum being used in the current K-12 system. According to the study of (Petrides et al., 2011) while textbooks provide a cost saving method to facilitate learning, textbook learning still requires more opportunities for more engagement and interaction such as â€Å"in-class discussions led by students, supported by web-based interactive technologies† (41). Compared to integrative learning, textbook learning is very limited as the interpretation of the universe is limited only to the viewpoint of the author and does not provide the opportunity for application, comparison and discussion of the text. c) Commercially purchased social studies learning – commercially purchased social studies learning such as technology assisted teaching medium (DVD tutorials, online learning) became more versatile today than they were first introduced, it still cannot facilitate critical reflection and decision making due to the limitation of the medium (Rose and Fernlund, 1997). Unlike the integrative method of social studies learning where a student can infer to various discipline in synthesizing his or her interpretation of the universe, commercially purchased social studies learning are only limited to the pre-set curriculum of the program purchased. Online learning may provide interaction but the coverage of discussion is not as comprehensive compared to integrative mode of learning. Commercially purchased social studies learning can also be costly

Jazz & Rock in the Soviet Block Essay Example | Topics and Well Written Essays - 1000 words

Jazz & Rock in the Soviet Block - Essay Example They were seen as thugs and hooligans revolting and siding with the capitalist west. For instance, outward appearance was seen to be double oppositionist. This explains why sixties teenagers enjoyed the illusion of seeing themselves as revolutionaries by simply wearing blue jeans keeping long hair. A different paradoxical aspect is that rock movement during its promising phases stood at the heart of dynamic artistic amateur by embracing a wide activity range like acting, puppetry, ballet movement etc. thus integrating a few criticism elements which had been denied expression in other public life spheres (Anna Szemere, Some Institutional Aspects of Pop and Rock in Hungary, Pp 125). Rock and jazz verse structures  are known to influence individual actions within a common activity situation. This kind of musical progression focuses on both community and individuality. For the soviet youth it had no comparison. Rock music gradually evolved into essential freedom and self expression ing redient. It was viewed by its lovers as a political action companion rather than a being just a driver. This was especially because it unfolded from the west. Many rock ‘n’ roll musicians adhered to west anti war movement because of its rebelliousness appeal rather than political goals.  Rock music engendered opposing the authority, specifically when it was tied to rigid political ideologies restricting freedom of expression (Yuri Pelyushonok, Strings For a Beatle Bass, Pp. 8-17). Rock and jazz  played an important role in  subverting the Soviet Union political order. This unique genre of music undermined Soviet authority and humanized the West. It helped to alienate the young generation from oppressive political systems and sparked a revolution. It was achieved through use of... This essay mostly discusses on how the youth lost interest in the Soviet unshakeable ideals of communism. The Soviet youth no longer thought of English-speaking people as enemies. The essay describes how in the process of jazz and rock music development in the USSR the Communists had lost two young generations. The impact and power of music as a revolutionary act is a main focus of this essay, such change was incredible and remarkable in the Soviet Block. Even if some people were no rock or jazz fans due to political reasons, since the political system was against it, by merely having to listen to music was disobedience by itself. Active participation by extension made an individual an active agent working against the soviet regime. The researcher also mentiones that some of the dedicated writers and composers went to greater lengths of concealing their dissent and discusses impacts and effects of it. This was given a code name, ‘Rocking the Wall.’ Either way, the music reached its audience and the message was well received. Some songs would be indirectly talking about the west or the United States or sometimes capitalism. To the music fans this was coded message which was obviously ridiculing and criticizing the soviets and their communist ideologies. To conclude, the researcher sums up that the communist regimes inability curb, replace, eradicate, or assimilate rock music influence probably helped in ensuring that the population would one day turn against totalitarianism.

Phases Of A Cell Cycle Biology Essay

Phases Of A Cell Cycle Biology Essay Interphase is a part of the cell cycle in which the cell reproduces more DNA, it is the time when a cell accomplishes the most this is the time that the cell is preparing to divide. It is duplicating its organells and increasing the amount of cytoplasm it has in order to undergo cell division interphase constitutes the longest period of the cell cycle and is divided into three successive phases. G1 phase S phase G2 phase 2.1.1. G1 Phase: The first part of the inter phase is G1. In G1phase the cellular metabolic rate is high in which cell normally grows in size. And synthesis of m-RNA, t-RNA, r-RNA and proteins occur. This phase involves accumulation and synthesis of specific enzymes needed to control DNA-synthesis and production of DNA base unit so that the supply is at hand when synthesis being. 2.1.2. S Phase: The S phase is the intermediate phase between G1growth phase (gap-1) and G2 growth phase (gap-2).During the portion of cell cycle the DNA molecule are actually duplicated to produce two similar daughter cells. 2.1.3. G2 Phase: During the gap between DNA synthesis and mitosis, the cell will continue to grow. It is also called pre-mitotic phase. In this phase energy is stored for chromosome movement. Mitotic specific protein RNA and microtubule subunit are synthesis. 2.2. Mitotic Phase: This phase involves the division of nucleus and division of cytoplasm. At this stage the growth and protein production stop. All of the cell cycle focused on the complex and orderly division into two similar daughter cells. Mitosis is much shorter than inter phase. Lasting phase only one two hours. As in both G1 and G2, there is a checkpoint in the middle of mitosis that ensures the cell is ready to complete cell division actually stages of mitosis can be viewed at animal cell mitosis. 3. Mitosis: It is a process of nuclear and cell division in which the numbers of chromosomes in daughter cells are same as that of parent cell. 4. Phases of Mitosis: Mitosis is a continuous process which has two phases. Karyokinesis Cytokinesis 4.1. Karyokinesis: This phase involves the nuclear division .Animal cell has a special structure for cell division called centriole. At the start of mitosis centriole is divided into two pairs. Each pairs migrate to the opposite side of the nucleus thus forming two poles of the dividing cell. The microtubules including aster and spindle are called mitotic apparatus. There size is larger than nucleus. The function of the mitotic apparatus is to attach and capture chromosomes, align them correctly and separate them so that equal distribution of chromosomes should take place. The microtubules are set of fibers which are three in number. They originate from each pair of centrioles. One set of microtubules is called astral microtubules which form aster outward. The other two sets form the spindle in which one is kinetochore microtubules and other is polar microtubules and other is polar microtubules. 4.1.1. Stages of Karyokinesis: Karyokinesis can be divided into four stages. Prophase Metaphase Anaphase Telophase 4.1.1.1. Prophase: Chromosomes can not be seen in the interphase stage even by electron microscope. However by using some special stains chromatin network of fine threads can be seen which is called chromatin. The following events take place in prophase. Nuclear envelope along with nucleoli disappear Centrioles completely migrate towards their poles Mitotic apparatus is organized Cytoplasm becomes more viscous The chromatin material get condensed by folding and chromosomes appear as thin threads and eventually become thick consisting of two chromatids attached with centromere 4.1.1.2. Metaphase: At metaphase chromosomes have become completely thick consisting of chromatid. These chromatids are attached to centromere. The Cells has special area the kinetochore where kinetochore fibres of mitotic apparatus attach. The kinetochore fibers of spindle are attached to kinetochore region of chromosomes and align them at the equator of the spindle forming equatorial plate or metaphase plate. Each kinetochore gets two fibers each from opposite poles. 4.1.1.3. Anaphase: It is very important phase of mitosis. The kinetochore fibers of spindle contract toward their respective poles exert force which separates the two chromatids from centromere. In this way two sister chromatids are formed. Half of them move to one pole and other half towards other pole. 4.1.1.4. Telophase: As the chromosomes reach to their respective pole telophase starts. The chromosome starts unfolding and become chromatin material. Mitotic apparatus starts disappearing while nucleus and nuceolic appears and thus two nucleoli are formed at each pole of the cell. 4.2. Cytokinesis: Cytokinesis is a phase of the mitosis in which whole of the cell divides. At this phase the astral microtubules send signals to equatorial region of cell which activate action and myosin to form contractile ring. This contractile rings form cleavage furrow in the center of cells which get deepens gradually and ultimately divide the parent cell into two daughter cells. 5. MEIOSIS: Meiosis is a special type of cell division in which the numbers of chromosomes in daughter cells are reduced to half as compare to parent cell. In animals it occurs in diploid cells at gamete formation while in plants it takes place at spore formation at gamete formation. Meiosis can take place in two divisions Meiosis I Meiosis II The first meiotic division is reduction division and second meiotic division is like that of mitosis. After two divisions diploid cell produce four haploid cells. 5.1. Stages of Meiosis I: Meiosis I is further divided into four sub-stages as following Prophase I Metaphase I Anaphase Telophase 5.1.1. Prophase I: Prophase I is a very long phase. The chromosomes in this phase behave like the homologous pairs which is different as that from mitosis. The similar chromosomes are called homologous chromosomes. Prophase I is divided into five sub stages. Leptotene Zygotene Pachytene Diplotene Diakinesis 5.1.1.1. Leptotene: At this stage the chromosomes appear as very long narrow thread and the size of nucleus increase and homologous chromosomes become closer. 5.1.1.2. Zygotene: First essential phenomenon of meiosis i.e. pairing of homologous chromosomes called synapsis starts. This pairing is highly specific and exactly pointed, but with no definite starting point. At this phase nuclei also disappears. Each paired but no fused complex structure is called bivalent or tetrad. 5.1.1.3. Pachytene: The pairing of homologous chromosomes is completed. Chromosomes become more and more thick. Each bivalent has four chromatids, which wrap around each other. Non-sister chromatids of homologous chromosomes exchange their segments due to chiasmata formation. During the process called crossing over. In this way reshuffling of genetic materials occur, which produces recombination. 5.1.1.4. Diplotene: The next stage of meiosis is diplotene where bivalents are distinct and contracted. During this phase the chiasmata of each bivalent undergoes terminalization that are the movement of two homologous chromosomes to the two ends. During the stage of prophase due to chromosome contraction they are very distinct as visible bivalent structure. 5.1.1.5. Diakinesis: Next phase is diakinesis where the chiasmata are fully terminalized and the two chromosomes remain together though fully terminalized. 5.1.2. Metaphase I: Nuclear membrane disorganize at the beginning of this phase. Spindle fibres originate and the kinetochore fibres attach to the kinetochore of the homologous chromosomes from each pole and arrange bivalent at the equator. The sister chromatids of individual chromosomes in bivalent behave as a unit. 5.1.3. Anaphase I: In this succeeding anaphase that is Anaphase I, the homologous centromeres move towards opposite direction of the pole. The centromere of each chromosome remains intact. The chromosome being separated there is no chaismata at this stage. 5.1.4. Telophase: Nuclear membranes organize around each set of chromosomes at two poles. Nucleoli reappear thus two nuclei each with half number of chromosome is formed, later on, cytoplasm divides thus terminating the first meiotic division. 6. Summary: Each cell cycle has two phase- interphase and mitotic phase. Inter phase is highly metabolic phase and subdivided into G1, S, G2 phases. Dividing phase involves the division of nucleus and division of cytoplasm. Mitosis is an equational cell division occurs in somatic cells producing two cells of the same chromosomes number of parent cell. Karyokinesis occurs in four phase à ¢Ãƒ ¢Ã¢â‚¬Å¡Ã‚ ¬prophase, anaphase, metaphase, telophase and is followed by cytokinesis. Meiosis is a reductional cell division occurs in germ cells producing four cells of half chromosomes number from that of parent cell, Nucleus divides twice in meiosis. Prophase I is of longer duration with substages leptotene, zygotene, pachytene. diplotene, diakinesis and is characterized by bivalent formation and crossing over through chaismata formation.

Case 1

Case Analysis 1: Hightone Electronics, Inc. Identification Information: This case analysis is from chapter 1 of our text book, Operations Management. It is found on page 25 and titled, â€Å"Hightone Electronics, Inc. † Summary of the Facts of the Case: Hightone Electronics, Inc. (HEI) is an electronic components supply company founded over 50 years ago. The company has a reputation for high quality and service. HEI's simple business of supplying radio repair shops with parts has grown to include home delivery, and larger customers such as technical schools, universities, and well-known corporations.The company stocks and sells over 22,000 different items and most customers receive their order within 48 hours. George Gonzales is the operations director for HEI. He has been tasked with making operations management decisions necessary to make HEI a successful Internet-based business. Mr. Gonzales agrees that this is an important step for the future success of the company but bel ieves there is more to solving the problems of the transition to web-based than the board thinks. Case Questions: 1.Explain why operations management is critical to the success of a business. Operations management (OM) is critical to the success of a business for several reasons. OM is responsible for the decision-making and leadership process that creates the product or service the business provides. The role of OM is to take inputs such as, labor, raw materials, and technology, and turn them into finished goods or services. Other functions of the business, such as marketing, are also important. But, without OM, there would not be a product/service to market to consumers. Reid, 2-23) Why would developing an Internet-based business require different operations consideration for HEI? A traditional catalog-order business and an Internet-based catalog-order business would be very similar in general appearance. A transition to web-based ordering though, would require changes. First, the company would need to upgrade its technology. Either through outsourcing or internal servers, the company would need to create a website. The website would need to be able to handle the customer traffic without crashing.Also, the website would need to be user-friendly so as not to frustrate and turn away potential customer. Customer support personnel would need to be trained to guide customers with questions about the website. Second, and more important than the actual website, is coordinating orders so that requested goods are shipped to the proper customer. Each order transaction will not be entered by a person. Therefore, all of the information gathered by the website will need to be converted to orders easily understood by warehouse personnel.Is George Gonzales correct in his assessment that this would not be â€Å"business as usual†? Yes. The core functions of the physical locations of the catalog-order business will remain mostly the same as before. They will receive o rders, and ship out goods. However, the methods of obtaining orders, customer feedback, return orders, special orders, and many other less notable but still necessary functions will change drastically. If done properly, it will most likely streamline the business, but the initial transition will be difficult. . Recall that HEI wishes to continue its reputation of high quality and service. Identify key operations management decisions that need to be considered. * Will we receive more/less orders? * If demand increases, can HEI supply the demand? * If demand decreases, can HEI â€Å"weather the storm† until demand rebounds? * What new personnel will be required? * Can current employees be trained? * Do new, more technically-advanced employees need to be hired? * Can stock be reduced and operations made more lean? * Should stock be increased?How different will these decisions be for the Internet business? The major difference will be that with a lot of the web-based area of the business, work will be handled electronically and not in a physical location. This will eliminate the need for large call centers and central records keeping locations. A few servers could hold all the information once held by an entire department such as sales, accounting, customer service, etc. This also changes the focus from managing many low-skilled employees to fewer moderate-to-high-skilled employees. Case 1 chapter 2 CHARTING A COMPANY’S DIRECTION: VISION AND MISSION, OBJECTIVES, AND STRATEGY McGraw-Hill/Irwin Copyright  © 2013 by The McGraw-Hill Companies, Inc. All rights reserved. LO1 Grasp why it is critical for company managers to have a clear strategic vision of where a company needs to head and why. LO2 Understand the importance of setting both strategic and financial objectives. LO3 Understand why the strategic initiatives taken at various organizational levels must be tightly coordinated to achieve companywide performance targets.LO4 Become aware of what a company must do to achieve operating excellence and to execute its strategy proficiently. LO5 Become aware of the role and responsibility of a company’s board of directors in overseeing the strategic management process. 2-2 What Does the Strategy-Making, Strategy-Executing Process Entail? 1. 2. 3. 4. Developing a strategic vision Setting objectives Crafting a strategy Implementing and executing the chosen strat egy 5. Monitoring developments, evaluating performance, and initiating corrective adjustments 2-3 FIGURE 2. 1 The Strategy-Making, Strategy-Executing Process 2-4 TABLE 2. Factors Shaping Decisions in the Strategy-Making, Strategy-Executing Process Internal Considerations Does the company have an appealing customer value proposition? What are the company’s competitively important resources and capabilities and are they potent enough to produce a sustainable competitive advantage? Does the company have sufficient business and competitive strength to seize market opportunities and nullify external threats? Are the company’s prices and costs competitive with those of key rivals? Is the company competitively stronger or weaker than key rivals? External ConsiderationsDoes sticking with the company’s present strategic course present attractive opportunities for growth and profitability? What kind of competitive forces are industry members facing and are they acting to enhance or weaken the company’s prospects for growth and profitability? What factors are driving industry change and what impact on the company’s prospects will they have? How are industry rivals positioned and what strategic moves are they likely to make next? What are the key factors of future competitive success and does the industry offer good prospects for attractive profits for companies possessing those capabilities? 2-5Factors Shaping Strategic Decisions External Considerations What are the industry’s economic characteristics? How strong are the competitive forces at play? What forces are driving change in the industry? What market positions do rivals occupy and what moves are they likely to make next? What are the key factors for future competitive success? What are the company’s external opportunities? 2-6 Factors Shaping Strategic Decisions Internal Considerations How well is the present strategy working? What are the company’s competiti vely valuable resources, capabilities, and internal weaknesses? Are the company’s prices and costs competitive?Is the company competitively stronger or weaker than key rivals? 2-7 Stage 1: Developing a Strategic Vision, a Mission, and Core Values Strategic Vision Is top management’s views about the firm’s direction and future product-market-customer-technology focus Provides a panoramic view of â€Å"where we are going† Is distinctive and specific to a particular organization Avoids use of innocuous uninspiring language that could apply to most any firm Definitively states how the company’s leaders intend to position the firm beyond where it is today 2-8 Characteristics of Effectively Worded Vision Statements GraphicPaints a picture of the kind of firm that management is trying to create Flexible Is not so focused that it makes it difficult to adjust Feasible Is within the realm of what is possible Directional Is forward looking to change Desirable Indicates why the directional path makes sense Focused Is specific enough to provide guidance in decision making Easy to Communicate Can be explained in simple terms 2-9 TABLE 2. 2 Characteristics of Effectively Worded Vision Statements Paints a picture of the kind of company that management is trying to create and the market position(s) the company is striving to stake out.Is forward looking; describes the strategic course that management has charted and the kinds of product-market-customer-technology changes that will help the company prepare for the future. Is specific enough to provide managers with guidance in making decisions and allocating resources. Is not so focused that it makes it difficult for management to adjust to changing circumstances in markets, customer preferences, or technology. Is within the realm of what the company can reasonably expect to achieve. Indicates why the directional path makes good business sense.Is explainable in 5 to 10 minutes and, ideally, ca n be reduced to a simple, memorable â€Å"slogan† Graphic Directional Focused Flexible Feasible Desirable Easy to communicate 2-10 TABLE 2. 3 Common Shortcomings in Company Vision Statements Short on specifics about where the company is headed or what the company is doing to prepare for the future. Doesn’t indicate whether or how management intends to alter the company’s current product-market-customer-technology focus. So all-inclusive that the company could head in most any direction, pursue most any opportunity, or enter most any business.Lacks the power to motivate company personnel or inspire shareholder confidence about the company’s direction. Provides no unique company identity; could apply to firms in any of several industries (including rivals operating in the same market arena). Doesn’t say anything specific about the company’s strategic course beyond the pursuit of such distinctions as being a recognized leader, a global or world wide leader, or the first choice of customers. Vague or incomplete Not forward looking Too broad Bland or uninspiring Not distinctive Too reliant on superlatives 2-11Concepts and Connections 2. 1 Examples of Strategic Visions—How Well Do They Measure Up? 2-12 Concepts and Connections 2. 1 Examples of Strategic Visions—How Well Do They Measure Up? 2-13 Examples of Vision Statements To be the global leader in customer value. Provide a global trading platform where practically anyone can trade practically anything. Red Hat To extend our position as the most trusted Linux and open source provider through a complete range of enterprise software, a powerful Internet platform, and associated support and services. 2-14 Core Concept Strategic Inflection PointsA change in vision is required when it becomes evident to management that the industry has changed in a significant way that renders the company’s current vision obsolete. 2-15 The Importance of Communicating the St rategic Vision An engaging, inspirational vision Challenges and motivates the workforce Articulates a compelling case for â€Å"where we are going and why† Evokes positive support and excitement Arouses a committed organizational effort to move in a common direction 2-16 Expressing the Essence of the Vision in a Slogan Nike To bring innovation and inspiration to every athlete in the world The Mayo ClinicThe best care to every patient every day Greenpeace To halt environmental abuse and promote environmental solutions. 2-17 Why a Sound, Well-Communicated Strategic Vision Matters 1. It crystallizes senior executives’ own views about the firm’s long-term direction. 2. It reduces the risk of rudderless decision making by management at all levels. 3. It is a tool for winning the support of employees to help make the vision a reality. 4. It provides a beacon for lower-level managers in forming departmental missions. 5. It helps an organization prepare for the future. 2-18 Strategic Vision versus Mission StatementA strategic vision concerns a firm’s future business path—â€Å"where we are going† Markets to be pursued Future product/ market/customer/ technology focus The mission statement of a firm focuses on its present business purpose—â€Å"who we are and what we do† Current product and service offerings Customer needs being served 2-19 Developing a Company Mission Statement Ideally, a company mission statement is sufficiently descriptive to: Identify the company’s products or services. Specify the buyer needs it seeks to satisfy. Specify the customer groups or markets it is endeavoring to serve.Specify its approach to pleasing customers. Give the company its own identity. 2-20 Example of a Mission Statement The mission of Trader Joe’s is to give our customers the best food and beverage values that they can find anywhere and to provide them with the information required for informed buying decisi ons. We provide these with a dedication to the highest quality of customer satisfaction delivered with a sense of warmth, friendliness, fun, individual pride, and company spirit. 2-21 Examples of Mission Statements To help people and businesses throughout the world realize their full potential.To organize the world’s information and make it universally accessible and useful. 2-22 Strategic Mission, Vision, and Profit Firms sometimes state that their mission is to simply earn a profit. Profit is the obvious intent of every commercial enterprise. Profit is not â€Å"who we are and what we do. † Profit is more correctly an objective and a result of what a firm does. 2-23 Linking the Strategic Vision and Mission with Company Values CORE CONCEPT A firm’s values are the beliefs, traits, and behavioral norms that the firm’s personnel are expected to display in conducting the firm’s business and pursuing its strategic vision and mission. -24 CONCEPTS & CON NECTIONS 2. 2 ZAPPOS MISSION AND CORE VALUES Deliver Wow through Service Embrace and Drive Change Create Fun and a Little Weirdness Be Adventurous, Creative, and Open Minded Pursue Growth and Learning Build Open and Honest Relationships with Communication Build a Positive Team and Family Spirit Do More with Less Be Passionate and Determined Be Humble 2-25 Stage 2: Setting Objectives Why set objectives? To convert the strategic vision into specific performance targets To create yardsticks to track progress and measure performance Objectives should:Be well-stated (clearly worded) Be challenging, yet achievable in order to stretch the organization to perform at its full potential Be quantifiable (measurable) Contain a specific deadline for achievement 2-26 Core Concept Objectives are an organization’s performance targets—the results management wants to achieve. 2-27 Stage 2: Setting Objectives (cont’d) What Kinds of Objectives to Set Financial objectives Communicat e management’s targets for financial performance Are lagging indicators that reflect the results of past decisions and organizational activities Relate to revenue growth, profitability, and return on investment -28 Stage 2: Setting Objectives (cont’d) What Kinds of Objectives to Set Strategic objectives Are related to a firm’s marketing standing and competitive vitality Are leading indicators of a firm’s future financial performance and business prospects. If achieved, indicate that a firm’s future financial performance will be better than its current or past performance. 2-29 Core Concept The balanced scorecard is a widely used method for combining the use of both strategic and financial objectives, tracking their achievement, and giving management a more complete and balanced view of how well an organization is performing. -30 TABLE 2. 4 The Balanced Scorecard Approach to Performance Measurement Strategic Objectives †¢ Winning an x percent m arket share †¢ Achieving customer satisfaction rates of x percent †¢ †¢ †¢ †¢ Increase percentage of sales coming from new products to x percent Financial Objectives †¢ An x percent increase in annual revenues †¢ Annual increases in earnings per share of x percent †¢ An x percent return on capital employed (ROCE) or shareholder investment (ROE) †¢ Bond and credit ratings of x †¢ Internal cash flows of x to fund new capital investment †¢ Improve information systems capabilities to give frontline managers Achieving a customer defect information in retention rate of x percent x minutes Acquire x number of new †¢ Improve teamwork by customers increasing the number of Introduction of x number projects involving more of new products in the than one business unit next three years to x Reduce product development times to x months 2-31 Examples of Financial ObjectivesX% increase in annual revenues X% increase annually in after-tax p rofits Profit margins of X% X% return on capital employed (ROCE) Sufficient internal cash flows to fund 100% of new capital investment 2-32 Examples of Strategic Objectives Winning an X% market share Achieving a customer retention rate of X% Acquire X number of new customers Reduce product defects to X% Introduction of X number of new products in the next three years Increase employee training to X hours/year Reduce turnover to X% per year 2-33 Examples of Company ObjectivesGeneral Motors Reduce the percentage of automobiles using internal combustion engines through the development of hybrids, range-extended electric vehicles, and hydrogen fuel cell electric engines. Reduce automotive structural costs to benchmark levels of 23% of revenue by 2012 from 34% in 2005. Reduce annual U. S. labor costs by an additional $5 billion by 2011. 2-34 Examples of Company Objectives The Home Depot Be the number one destination for professional contractors. Improve in-stock positions so customers ca n find and buy exactly what they need.Deliver differentiated customer service and the know-how that our customers have come to expect. Repurchase $22. 5 billion of outstanding shares during 2008. Open 55 new stores with 5 store relocations in 2008. 2-35 Short-Term and Long-Term Objectives Short-Term Objectives Targets to be achieved soon Milestones or stair steps for reaching long-range performance Long-Term Objectives Targets to be achieved within 3 to 5 years 2-36 The Need for Objectives at All Organizational Levels Objectives Are Needed at All Levels 1. Set business-level objectives 2.Establish functional-area objectives 3. Set operating-level objectives last Long-term objectives take precedence over short-term objectives 2-37 Stage 3: Crafting a Strategy Crafting a strategy means asking: How to attract and please customers How to compete against rivals How to position the firm in the marketplace and capitalize on attractive opportunities to grow the business How best to respond to changing economic and market conditions How to manage each functional piece of the business How to achieve the firm’s performance targets 2-38A Firm’s Strategy-Making Hierarchy A firm’s strategy is a collection of initiatives undertaken by managers at all levels in the organizational hierarchy Crafting strategy is a collaborative effort that: Involves managers from various levels of the organization Is rarely something only highlevel executives engage in Requires choosing among the various strategic alternatives 2-39 Concept to Action In most firms, crafting strategy is a collaborative team effort that includes managers in various positions and at various organizational levels.Crafting strategy is rarely something only highlevel executives do. 2-40 Concept to Action Corporate strategy establishes an overall game plan for managing a set of businesses in a diversified, multibusiness firm. Business strategy is primarily concerned with strengthening the firm†™s market position and building competitive advantage in a single business company or a single business unit of a diversified multibusiness corporation. 2-41 FIGURE 2. 2 A Company’s Strategy-Making Hierarchy 2-42 Corporate Strategy versus Business StrategyCorporate strategy is orchestrated by the CEO and other senior executives and establishes an overall game plan for managing a set of businesses in a diversified, multibusiness company. Business strategy is primarily concerned with building competitive advantage in a single business unit of a diversified company or strengthening the market position of a nondiversified single business company. 2-43 The Strategy-Making Hierarchy Corporate strategy †¢ Is orchestrated by the CEO and other senior executives and establishes an overall game plan for managing a set of businesses in a diversified, multibusiness company. Addresses the questions of how to capture cross-business synergies, what businesses to hold or divest, which new markets to enter, and how to best enter new markets—by acquisition, creation of a strategic alliance, or through internal development. Business strategy Functional-area strategies †¢ Is primarily concerned with building competitive advantage in a single business unit of a diversified company or strengthening the market position of a nondiversified single business company. Are concerned with the strategies specifically related to particular functions or processes within a business (marketing strategy, production strategy, finance strategy, customer service strategy, product development strategy, and human resources strategy). †¢ Are relatively narrow strategic initiatives and approaches of limited scope for managing key operating units (plants, distribution centers, geographic units) and specific operating activities such as materials purchasing or Internet sales. 2-44 Operating strategies Stage 4: Implementing and Executing the Chosen StrategyManaging the strate gy execution process involves: Staffing the organization to provide needed skills and expertise. Allocating ample resources to activities critical to good strategy execution. Ensuring that policies and procedures facilitate rather than impede effective execution. Installing information and operating systems that enable personnel to perform essential activities. 2-45 Stage 4: Implementing and Executing the Chosen Strategy (con’d) Managing the strategy execution process involves: Pushing for continuous improvement in how value chain activities are performed.Tying rewards and incentives directly to the achievement of performance objectives. Creating a company culture and work climate conducive to successful strategy execution. Exerting the internal leadership needed to propel implementation forward. 2-46 Stage 5: Evaluating Performance and Initiating Corrective Adjustments Triggering change as needed: Monitoring new external developments Evaluating the firm’s progress Mak ing corrective adjustments Managing strategy is an ongoing process, not an every-now-and-then task A firm’s vision, objectives, strategy, and approach to strategy execution are never final -47 Corporate Governance: The Role of the Board Of Directors The Role of the Board Of Directors in the StrategyMaking, Strategy-Executing Process: 1. Oversee the firm’s financial accounting and reporting practices. 2. Diligently critique and oversee the company’s direction, strategy, and business approaches. 3. Evaluate the caliber of senior executives’ strategy-making and strategy-executing skills. 4. Institute a compensation plan for top executives that rewards them for actions and results that serve shareholder interests. 2-48 Strong Boards Lead to Good Corporate GovernanceA Strong, Independent Board of Directors: Is well informed about the company’s performance Guides and judges the CEO and other top executives Has the courage to curb management actions it be lieves are inappropriate or unduly risky Certifies to shareholders that the CEO is doing what the board expects Provides insight and advice to management Is intensely involved in debating the pros and cons of key decisions and actions 2-49 Leading the Strategic Management Process The Strategic Management Process calls for six managerial actions: 1.Making sure the company has a good strategic plan 2. Stay on top of what is happening (MBWA) 3. Putting constructive pressure on organizational units to achieve good results 2-50 Leading the Strategic Management Process (cont’d) The Strategic Management Process calls for six managerial actions: 4. Pushing corrective actions to improve both the firm’s strategy and how well it is being executed 5. Leading the development of better competitive capabilities 6. Displaying ethical integrity and leading social responsibility initiatives 2-51 Making Sure a Firm Has a Good Strategic PlanResponsibility of CEO Effectively communicate th e vision, objectives, and major strategy components Exercise due diligence in reviewing lower-level strategies for consistency with higher-level strategies 2-52 Staying on Top of How Well Things Are Going Stay connected to the field by managing by walking around (MBWA) Insist that top managers spend time in the trenches to exchange information and ideas through face-to-face contact with employees Prevent overly abstract thinking and getting disconnected with reality of what’s happening 2-53Pushing for Good Results and Operating Excellence Fosters a results–oriented, high-performance culture Treat employees with dignity and respect Encourage employees to use initiative and creativity in performing their work Set stretch objectives and clearly communicate expectations Focus attention on continuous improvement Reward high performance Celebrate successes 2-54 Initiating Corrective Actions to Improve Strategy and Execution The leadership challenge of making corrective adjus tments is twofold: Deciding when adjustments are needed Deciding what adjustments to makeLeader’s responsibility is to step forward and push corrective actions 2-55 Leading Social Responsibility The strength of management commitment determines whether a company will implement and execute a full-fledged strategy of social responsibility that: That protects the environment Actively participates in community affairs Supports charitable causes Supports workforce diversity and the overall well-being of employees 2-56 Displaying Ethical Integrity The CEO and other senior executives must set an excellent example in their own ethical behavior.Top management must declare unequivocal support of the company’s ethical code. Top management must be prepared to act swiftly and decisively in punishing ethical misconduct. 2-57 Leading the Development of Better Competitive Capabilities Lead efforts to strengthen existing competitive capabilities Anticipate changes in customer-market req uirements Proactively build new competencies and capabilities that hold promise for building an enduring competitive edge 2-58