Free Essays on Knowledge Based Society

As the motion of changing from an industrial based society to a knowledge based society comes into effect, one must consider the positive and negative aspects it can have on a person’s life and their environment; essentially speaking about the world. This concept influences the entire world of an individual, which includes their life at work, home and their learning environment. Like the saying goes, â€Å"knowledge is power.† Being aware, stimulated, challenged, educated are all part of knowledge and the learning process. With the help of technology and computers, this power is now at the hand of everyone, or it will be in the near future. Although the ease of acquiring information is positive, it also has its downfall. Issues arise on the question of what sources can be trusted and what sources should one avoid. Knowledge has in the past been hard to obtain, or only accessible by a selected few. In my opinion the poor have always suffered from the lack of resources or education. Today this is an issue which is rapidly changing, through the use of computers. Computers are more and more becoming a household appliance. It has been predicted that in the future everyone will own a computer. With the help of technology, computers are becoming more and more inexpensive and affordable. With it, the speed of production and invention accelerates faster and faster. The access to knowledge is getting even faster with technology such as the internet, and high speed connection. It is only natural to have advantages and disadvantages with the development of something new. The disadvantages can be minimized through the help of both the individual and the collective. A simple disadvantage occurs when wrong information is accessed or displayed. You don’t want people who seek information to get the wrong idea about a concept, person, or event. All information should be evaluated by seeking other resources. It all comes d... Free Essays on Knowledge Based Society Free Essays on Knowledge Based Society As the motion of changing from an industrial based society to a knowledge based society comes into effect, one must consider the positive and negative aspects it can have on a person’s life and their environment; essentially speaking about the world. This concept influences the entire world of an individual, which includes their life at work, home and their learning environment. Like the saying goes, â€Å"knowledge is power.† Being aware, stimulated, challenged, educated are all part of knowledge and the learning process. With the help of technology and computers, this power is now at the hand of everyone, or it will be in the near future. Although the ease of acquiring information is positive, it also has its downfall. Issues arise on the question of what sources can be trusted and what sources should one avoid. Knowledge has in the past been hard to obtain, or only accessible by a selected few. In my opinion the poor have always suffered from the lack of resources or education. Today this is an issue which is rapidly changing, through the use of computers. Computers are more and more becoming a household appliance. It has been predicted that in the future everyone will own a computer. With the help of technology, computers are becoming more and more inexpensive and affordable. With it, the speed of production and invention accelerates faster and faster. The access to knowledge is getting even faster with technology such as the internet, and high speed connection. It is only natural to have advantages and disadvantages with the development of something new. The disadvantages can be minimized through the help of both the individual and the collective. A simple disadvantage occurs when wrong information is accessed or displayed. You don’t want people who seek information to get the wrong idea about a concept, person, or event. All information should be evaluated by seeking other resources. It all comes d...

Why You Shouldnt Start Your Cover Letter With To Whom It May Concern

Why You Shouldnt Start Your Cover Letter With To Whom It May Concern You’ve found the job you want. You’ve got your resume all set up, now you just need to write that cover letter.   Keep in mind that your cover letter is your first impression. And the first impression of your first impression is how you open up your letter! You’ll want to make it as effective as possible by tailoring your salutation to its appropriate audience- without offending anyone or showing bias of any kind.Rule 1: If you’re not writing to a particular committee or individual avoid the  dreaded impersonal â€Å"To Whom It May Concern.† Also, steer clear of  the generic â€Å"Dear Sir or Madam,† which is just hopelessly bland.Use What You KnowIf you know exactly who will be reading your letter, address it personally! Really. It’s okay. â€Å"Dear John Smith† will work. If you happen to know that your reader is a doctor or has a PhD, try â€Å"Dear Dr. Smith† instead. OR if you know the company culture to be on the informal side, and you’re sure it won’t backfire: â€Å"Dear John† might do.If the â€Å"Dear† freaks you out, you can drop it entirely and just use the name, or you could try â€Å"Hello† instead. When in doubt, though, use â€Å"Dear.†Do Your ResearchIf you don’t know the hiring manager or the person most likely to receive your letter, you could guess. Do a bit of Googling and at least find the head of the department you’re applying to. Even if you shoot for higher up than the person who eventually receives your letter, you’ll still get points for initiative.If You Can’t Find a Name, Try a TitleThe point is to be as specific as possible. If names are unavailable, you can always try â€Å"Dear Senior Analyst Search Committee† or â€Å"Research Assistant Hiring Manager† instead. For that matter, if you know you will be addressing a committee, a simple â€Å"Dear Search Committee† or  "Dear Hiring Committee† will do nicely. Read through the job description for hints- often it will include the name of the committee or department explicitly.When in doubt, err on the side of formal. And never gender a general salutation. â€Å"Ladies and gentlemen† could work. But often guessing on the position/manger/committee will net you more favorable results.Remember, this is your first impression in a letter that serves as an overall first impression. Don’t blow it in the very first line.

How To Develop A Winning Social Media Content StrategyÂÂ

How To Develop A Winning Social Media Content Strategy   Social media is like a sport. Its competitive.  It takes consistent effort. At its best, its a team effort. Like with any sport, social media success also requires strategy. You need the right pieces, in the right place, at the right time. In other words, you need a game plan to guide your  success. But, how do you build a  social media content strategy? Do you actually need one? (Sspoiler alert: YES). What should the end product look like? These are all questions youll solve  in this post. First, youll learn  how to build a cross-platform  social media content strategy, then  download your  social media content strategy template. When youre done, youll have a documented strategy to guide your efforts to success. How To Develop A Winning #SocialMedia Content Strategy (Free Template)Download Your Free Social Media Content Strategy Template Apply the advice in this post with this free PowerPoint template. Once you have it downloaded, follow along with the rest of this post to complete each section. Want to read the book on social media strategy? Check out the latest project from that New York Times best-selling author, Jay Baer, calls "the tactical manual for successful social media programs."  Get Your Book Now: How To Create A Social Media Strategy Why Do You Need A Social Media Content Strategy? We'll keep this brief before getting down to business. Here are the primary reasons everything you're about to learn  is worthwhile: A strategy helps save time by knowing what you'll do before you start. It will also help  you understand why your social media marketing is working (or not working). It supports your  overall social media management efforts. Sound good? Let's move on. Step 1: Start With A Social Media Content Audit Are you headed for a championship season? Or, do you feel like you're entering a rebuilding year? Analyzing your current situation will help expose gaps and  highlight strengths. This will give you a clear picture of what to stop, start, and continue. Which Social Media Channels Are You On? This seems like an obvious question. It's still worth asking, though. Your brand may have abandoned social media accounts you've forgotten about. Follow these steps: Inventory all your channels. Note which ones are active and any that are stagnant. Search for any that may have been abandoned. Do you have multiple accounts on any channels? Merge them (or delete duplicates). Are There Channels You Should Add Or Remove? Sometimes less is more. However, you should be careful before removing a social media channel. The same goes for investing in new ones. Thinking about deleting a social account? Ask these questions first: Am I posting consistently on this channel?  If not, it may be time to start. Is weak performance possibly tied to poor execution?  Be honest with yourself. It's easy to blame  poor performance on a channel "just not working for your business." Sometimes that's an accurate assessment. However, you may just need to change your approach. Are my competitors successful on this channel?  If so, they're probably doing something you're not. If no one else is succeeding, it could be your audience simply isn't there. Do I have time to spend on this platform?  If you can't make it a priority, it may be time to cut it loose. Once you've answered these questions, you should have a clear idea of what you need to do. Pro Tip: Avoid the temptation to join every new social network as soon as they arrive. Properly investing in a few channels is better than chasing distractions or spreading yourself too thin. Tips For Selecting Social Media Channels Understanding each channel's strengths can help you understand if they're right for you. Pro Tip: Not every social network may be right for your brand. What Types Of Content Will You Create And Share  On Each Channel? Here's a simple overview of which types of content you can create across the social media spectrum: After reviewing the content types for each network, ask these questions: Which of these types of content am I currently creating? Which types is my strategy missing? Do I need additional resources to do any of these well? (eg: design software, video equipment, etc.) Who Will Be Creating Content For Your Company? You need a good team to win. Build yours by determining the following: Who will write social media content? If I don't have a designer, how will I create graphics? Do we have the capability to shoot video? Step 2: Set Social Media Goals Once you've audited your social media presence, it's time to set goals. We can break these down into two categories: Business Objectives: These are the overarching business goals you hope to advance through social media. For example, "increasing brand awareness" would be a business objective. Social Objectives: These are goals you'll set specifically for social media. For example, "increasing our Twitter follower count" would be a social objective. Using your template, list your top business objectives and social objectives: Then, establish clear and specific goals to reach these objectives: Need insight into how to set goals and measure your progress toward them? We've got you covered in this deep dive into social media analytics. Step 3: Social Media Competitive Analysis Pro athletes spend a lot of time researching their competition. They review game tape. They analyze  their strategy and tactics. Then, they prepare accordingly.  Don't let your competition outplay you. Do your homework. Don't let your competition outplay you. Do your homework.You're probably aware of who your competition is. Well, at least some of your competition. There could be an upstart you've never heard of. Or, an existing business might be expanding onto your turf. In any case, social media can be a great way to find out who these  interlopers are. Recommended Reading: 21 Social Media Engagement Tactics That Will Grow Your Audience Search Each Channel For Keywords Related To Your Niche For example, if you sell "marketing software," a search on Facebook should yield a list of marketing software companies. See if you can find some competition you didn't know about following this exercise: Search a keyword on Facebook related to your industry. Click the Pages tab and see who shows up. Repeat this process on Twitter, LinkedIn, Google+, and any other network where you have an active presence.  This will likely return a mix of companies you know and some that aren't relevant. However, you'll likely turn up a few that are new to you. Search Google Sometimes obvious tactics are easy to overlook. Set Up Google Alerts for Industry Keywords Make a list of keywords related to your brand and industry. Set up a Google Alert for each keyword. This will send you an email when each term is mentioned on the web: This can help you know when new competitors pop up. Analyze Your Competition's  Social Media Presence You can tell a lot about a business by looking at its social profiles. Take note of the following: Friend / Follower Counts Engagement (Comments, Shares, Etc.) Post Frequency Which Social Channels Are They On Where Are They Most / Least Successful Adjust Your Approach Accordingly Follow this three-pronged approach to put this intelligence to use. 1. What can I replicate?  See a competitor succeeding with a tactic or type of content you're not currently using? Swipe it and do it your own way. 2. What can I do better?  Notice someone doing something moderately well (or even poorly)? Think what you would improve. Then, do it. This could include: Of course, this will depend on what gaps and deficiencies you see out there. The idea is to simply be aware of where you can improve. 3. What can I do differently?  Stand out from the crowd. Figure out how you can put a unique spin on what others are doing. This can be as simple as expressing an opinion contrary to what's popular on a given topic. It could also mean putting a fresh spin on an old tactic. Standing out on #socialmedia starts with strong strategic intent.Now, Complete Step 3 In Your Template Once you've scoured the competitive landscape, fill in the next section of your template. Start by listing your top ten competitors on social media: Next, document their social follower counts: Finally, determine what you can do better, and what you can do differently. Base your analysis on what you've observed on your competitor's social accounts: Step 4: Establish Your Target Audience Are you reaching the right people on social media? That's what we'll find out next. Start By Building A Simple Persona Developing a persona can be a complex process.  Let's break it down into a simple process using social media insights and Google Analytics. Check Your Facebook Insights Tab Facebook provides brand pages with tons of useful demographic information. Go to your Facebook Page and click Insights. Then, find the People tab in the left-hand navigation. Here, you'll find valuable information about your audience demographics. Use Google Analytics to Analyze Your Blog or Website's Demographic Data Google Analytics is an excellent resource for learning more about your audience. Start by logging into your account. Then, head down to the Demographics tab: Here, you can find basic information about your audience's age and gender breakdowns. Let's check out the Interests area next. First, click on Interests. Then, head down to Affinity Categories: This will tell you which topical categories your audience is interested in. This is useful information to have when crafting content (both on social media and elsewhere). Next, click on In-Market Segments. This section tells you which other markets and industries your audience researches. Recommended Reading: How To Track Your Marketing Objectives To Focus On Success Now, Complete Step 4 In Your Template Start building your persona by filling in the fields you see below: Here are some tips for filling in each piece: Name. Feel free to get creative. Job Title: This can be a generalization. Age: This doesn't need to be too specific. Include a range based on what you find under your Facebook Insights tab, and in Google Analytics (go to Demographics, then click Age). Income Level: This can be an average based on salary data for your industry, or your audience's industries. Indeed.com's Salary Search is a useful quick-and-dirty solution for this: Location: This could be a specific city, state, or region. Or, you might break it down by rural vs. urban. Do what makes the most sense in your situation. Interests Hobbies: You can find a lot of this information under Affinity Categories in Google Analytics. Next, let's move onto the second slide: If you're struggling to fill in each piece, consider surveying your audience. Set one up using a service like Survey Monkey or Polldaddy. Convince And Convert also put together this excellent guide on how to run an audience survey. Step 5: Establish Your Brand Voice Tone Once you know who you're talking to, it's time to figure out how to speak with them. This means establishing your brand voice and tone for social media. Establishing brand voice is important for maintaining a consistent tone and messaging across social channels. How do you make your voice suit best practices on each network while staying consistent? That's the problem we're about to solve. Is your brand voice pulling your audience in, or pushing them away?Monitor Discussions On Social Media What kind of language do folks in your industry use on social media? Listen to your audience. Try to keep your tone and word choice within a relatable context for them. Choose Three Words Or Phrases To Summarize Your Brand These can be related to: Product benefits Brand personality Your purpose or mission Think About How Your Audience Views Your Brand Why do your customers choose your product? Why do your readers follow your blog? This is important stuff to know when crafting social media content. For example,  people who visit a hardware store are probably working on home projects. It makes sense, then, that they'd expect to see stuff about DIY home repair on that business's social channels. Apply a similar concept to your own efforts. Compare Your Tone To Your Competitors You don't want to sound like your competition. Making your brand voice unique will help you stand out. Review the social accounts of ten competitors Pay attention to their tone and personality Determine how you can A) be yourself and B) be different from the pack 5  Examples of Brands Who Have Nailed Their  Brand Voice 1.  Old Spice Old Spice maintains an irreverent and humorous vibe throughout all their marketing. Whether you're on their Facebook page, or reading the back of a bottle of their body wash, they create a consistent experience. They turn otherwise boring products into something interesting. 2.  Bobcat Company Think no one would be interested in construction and agricultural  equipment on Facebook? Think again. Bobcat Company does an incredible job of engaging their audience across social media. They do this in part by maintaining a consistent brand voice and speaking to the needs and interests of people who use their machines. 3.  Arby's No one digs deeper to speak to one specific audience than Arby's. Lots of people eat fast food, right? Well, when your audience is that broad, it's easy for your messaging to become so diluted that it effectively interests no one. So, Arby's targets their social media content at gamers, using the exact language  Ã‚  and references their hardcore audience would appreciate. This example references an obscure video game called Flinthook, creating a joyously unexpected experience for fans. Were officially hooked. #flinthook pic.twitter.com/btlYgxEv8z Arbys (@Arbys) April 18, 2017 4. Gary Vaynerchuk Few motivational speakers in the marketing world are as, well, genuinely motivating as Gary Vaynerchuk. That's party because he says what he thinks with uncompromising honesty. That carries through with all of his social media content, too. He's serious, unfiltered, and consistent in his commitment to real authenticity everywhere he publishes. #work A post shared by Gary Vay-Ner-Chuk (@garyvee) on Apr 20, 2017 at 6:54am PDT Now, Complete Step 5 In Your Template This slide is simple enough. Here's what you've got to complete: Brand Voice Description: Consider this a short personality profile. Social Media Tag Line: These three adjectives should describe your social media brand. Social Media Mission Statement: Fill in the blanks to summarize who you're creating social media content for, and why. Social Media Content Strategy: What Will You Create, and Why? We're finally ready to establish the real meat of your social media content strategy. This means answering three main questions: What will you create? How will you create it? Why will you create it? Develop Social Media Brand Standards Consistency counts on social media.  One way to enforce consistency is to create brand standards. These don't have to be complex. Start by defining the following: Acceptable spelling variations for your brand name and product names Acceptable usages for your logo Acceptable color schemes for graphics Brand standards can be much more complex than these items. They also can extend far beyond what you share on social media. If you want to take this to the next level, many brands and organizations make their brand standards public. Here are some  examples: University of Connecticut Moz NASA Nike What Purpose Will Your Content Serve? How will your audience benefit from each piece of content you share on social media? That's what our next step is all about. Check off the following as appropriate using your template: How To Write And Design For Social Media There is an art and craft to writing and designing for social media. It's not just a matter of throwing up any old image with some ill-thought copy. It takes careful thought and planning to get this right. However, keep in mind that these suggested best practices are just suggestions. Start with these guidelines, then adjust based on what you find works best for you. Don't overlook social media copywriting and design. Recommended Reading: How to Write For Social Media to Create the Best Posts How to Work With Designers (With Authentic Advice From 's Designer) How to Design the Best Blog Graphics With Free Tools and Design Theory How Long Should Social Media Copy Be On Each Channel? Recommended Reading: How to Make Writing for Social Media Work for Your Business What Sizes Should Social Media Images Be? ; Which Types Of Images to Create Infographics.  The key here is to create infographics that are specifically optimized for social media. That means they need to be the correct size to be easily readable on each platform. Image Quotes.  People love looking for inspiration on social media. It's no wonder we see so many motivational quote images across the social media spectrum. If you want to stand out, consider creating images with original quotes, along with a link to a relevant blog post. Photos.  Everyone in your office has a smartphone capable of taking decent photos. If you're fortunate, you might have access to a DSLR too. Keep the following photo ops in mind: At events Around your office Customers using your products or services Don't forget that Facebook allows multiple images to be posted into galleries. This can be an awesome way to tell a more complete story than using single images alone. Pro Tip: Consider running a contest that requires participants to submit photos. This can be a great way to obtain a high number of user-generated images you can use on social media. Build a List of Content Curation Sources No one wants to listen to someone who only talks about themselves. So, we recommend incorporating content curation into your social media strategy. Use the Content Curation Source List to compile a repository of trusted sources to share content from: Recommended Reading: How to Curate Content to Benefit You and Your Audience Social Media Video Best Practices (By Channel) Video is increasing in importance across social media. Follow these tips and guidelines to make the most of your video content. What Kinds Of Videos Should I Create? This depends on what's appropriate for your company or blog. Here are some ideas to get started: How-to videos Behind-the-scenes company videos Product videos Event coverage Recruiting videos to attract employees Videos that answer common customer service complaints Recommended Reading: How to Make a Video Content Marketing Strategy to Boost Your New Series How to Get Started With Twitter Video Marketing How to Do Facebook Video Marketing the Right Way Social Media Content Calendar Management Before you start creating content, you'll need something to keep it all organized. That's where your social media calendar comes into play. Build A Social Media Calendar (If You Haven't Already) Your social media calendar is a key piece in your overall content strategy. You have two options: Use a calendar spreadsheet. Use an app. While spreadsheets are free, apps add useful collaboration and automation features. What's most important is that you  keep your content calendar organized to assure your strategy's success. Read our post on building an effective social media editorial calendar to get started with this task. Your social strategy isn't complete without an editorial calendarNext, complete the following slide in your template: 5 Content Calendar Strategy Tips 1.  Vary the types of content you share throughout each week. This means switching up videos, GIFs, infographics, images, surveys, links to blog and website content, plain text posts, and whatever else you have in your content arsenal. 2.  Determine who will own your calendar. Collaboration is key for calendar success. However, it's helpful to have one person who has ultimate editorial control over when posts are scheduled. 3.  Color coding is your friend. Select specific colors to represent certain channels or content types. 4.  Plan social media content at least two weeks in advance. This will make sure your content flow doesn't stagnate. You can also assume you'll have more content to share that will come up in between scheduled posts. 5.  Test. A social media calendar makes it easy to see what content you shared and when. Pay attention to what content does well. Then, share more similar content.  This is how you double down on success. Set Your Posting Schedule How many times should you post a day? Which times and days of the week are best? These are common questions without definitive answers. However, we've crunched the data from tons of studies, and here's what it shows: ; Complete your preliminary posting schedule using the following slide in your template: Recommended Reading: This Is The Social Media Posting Schedule That Will Boost Your Traffic By 192% How To Measure The Success Of Your Social Media Content Strategy This is the part where you impress your CEO. Business owners and executives often don't care about "likes" or "engagement rates." They care about their bottom line. That means conversions and revenue. Show your value by showing how you're making them money. Which Metrics To Pay Attention To Which metrics you use should be determined by your business objectives.  Here are some simple metrics to consider for each network: 3 Ways To Track Social Media Marketing Performance Once your strategy has been up and running for a while, you'll want to measure your performance. Here's how using Google Analytics, Cyfe, and each network's built-in analytics capabilities. 1. Use Google Analytics Google Analytics is an invaluable (and free) tool for measuring social media success. Log into your account. Click Acquisition. Then, click Social. You'll see several useful tabs here. Network Referrals: This tells you which networks are sending traffic to your site. Landing Pages: The specific pages social media is directing traffic toward. Conversions: Which social media networks are driving the most conversions. These are the three easiest places to start analyzing your social media marketing in Google Analytics. We also recommend referring to Google's official Social Analytics documentation to learn how to get started. Afton Negrea also put together an excellent video on measuring social media performance in Google Analytics: Need further assistance? We cover Google Analytics in more depth here. Curious how to use Google Analytics to measure social media marketing? Wonder no more.2. Consider Using Cyfe Another third party option to consider, however, is Cyfe. It's a freemium tool that allows you to build custom dashboards to track the metrics most important to you: Start by creating a new dashboard. Then, select Add Widget. Then, click on Social Media and add each of your social media channels. Continue building out your dashboard. The end result will look something like this. Source: Cyfe.com 3. Use Each Platform's Built-In Analytics Some social media networks provide useful analytics tools for marketers. While we don't have the time or space to cover each in-depth, we recommend familiarizing yourself with each network's official support documentation: Facebook Insights LinkedIn Analytics for Company Pages Google+ Insights Twitter Audience Insights Instagram Business Tools for Brands Pinterest Analytics Power your social media strategy with built-in social analytics.You Need More Than Just A Social Media Content Strategy So far, we've laid out a solid game plan for your social media content. Next comes the hard part: putting your strategy to use. 1. Download your Social Media Content Strategy Template available in this post. 2. Read these posts to nail the tactical execution of your social media strategy: Helpful Posts To Execute Your Social Strategy: The 6 Types Of Social Media Content That Will Give You The Greatest Value How To Make The Best Social Media Images The Easy Way How To Increase Visibility With Social Media Optimization 8 Social Media Best Practices That Will Save You 25.5 Hours In A 2-Week Sprint 21 Social Media Engagement Tactics That Will Grow Your Audience This will be easier said than done. However, you're in this game for the long haul, right? If you're in it to win it, you'll succeed.

The Claim for Negligence - Law Cases Essay Example | Topics and Well Written Essays - 1750 words - 1

The Claim for Negligence - Law Cases - Essay Example Sue is shown the report by her building society. On the basis of this favorable report, she buys the house. She later discovers the dry rot and has to spend a good deal of money to have it rectified. c) Marianne has bought from Ann the house which is ten years old. When the house was built by Brick Ltd., the plans were approved by Greatshire local authority on the basis of a report of independent consulting engineers. The consultants had failed to report on a problem with the foundations. Cracks have now appeared on the kitchen wall which collapses and falls on Tom’s car which is standing beside it. Marianne is so worried by the state of the house that she sells it at  £20,000 less than its market price. She wishes to sue Brick Ltd. I am British Law student so can you please use British English and British resources. That is a coursework in Tort law it is very, very important to use relevant cases and statues. At the moment we are using a book "Streets on Torts" 12th edition by John Murphy it is also important to use this book in the coursework. As a law student, we have to argue everything all the time from both sides, it is not enough just to describe sth, there have to be arguments. The starting point in a claim for negligence is to show that there has been a breach of a duty of care. In this particular situation, there are several issues to be discussed in respect of liability. It is important to note in all of the above claims that no one has been physically injured in any of the occurrences and therefore all claims will be for pure economic loss1. In establishing who can be claimed against it is necessary to discuss the principles of negligence. Firstly it has to be shown that a duty of care was owed, that the duty of care was breached and that as a direct result of that breach harm was caused to the complainant.

IF CURRENCY HEDGING IS SO BENEFICIAL, DO COMPANIES USE ALL HEDGING Essay

IF CURRENCY HEDGING IS SO BENEFICIAL, DO COMPANIES USE ALL HEDGING TECHNIQUES AVAILABLE - Essay Example cts of risks and portent losses in foreign exchange transactions, why has the ambit and scope of hedging not also been extended to other forms of speculative business, or even if it has, why is this that it has met only with a limited degree of success and accomplishment? The hedging strategy enables the investors/company to gain a clear understanding about the happening of the various events that may lead to loss of money for the investors. Foreign currency markets are considered to be very deep, relatively inexpensive and highly liquid where the fund managers are trying to manage their currency options in the foreign investment market. Currency hedging is the most frequently used approach used to manage the degree of risk that is involved in the foreign investment strategies. Research Hypothesis : Why degree of success of currency hedging cannot be derived from other types of non-currency losses or risks, given that in both cases, there is a great deal of monetary value involved in both speculative and currency transactions. That being said, it is necessary to first find out what are the relative advantages of using currency hedging during foreign exchange transactions. Currency hedging can be defined as â€Å"a particular  hedging  strategy  used to reduce  risks  in the foreign exchange market.†Ã‚   We shall consider for a brief moment that there is an importing company in Australia for wheat products, and similarly, there are exporters in London who are shipping the products to Australia. The Australian importing company is worried that if the value of GBP comes down, they would have to pay more for the purchase during future settlement. The current exchange rate is  £1 = AUS $ 1.7796. (Market rates, 2009). If the value of the GBP falls below 1.7796, he would have to pay more AUS $, and then incur losses. The currency exchange fluctuations may be minimal in the event of small transactions, but in the event the import business is for a few billion dollars,

THE BP OIL SPILL IN MEXICAN GULF 2010 Essay Example | Topics and Well Written Essays - 1250 words

THE BP OIL SPILL IN MEXICAN GULF 2010 - Essay Example A crisis refers to an undesirable and unfortunate position that a business finds itself in, and which poses a great threat to the organization (Benoit, 1995). The value of communication in any company is very important, and this importance cannot be understated. The major concept of this work is crisis management, and will employ a special focus on the BP oil company, and the oil spillage crisis of 2010. It shall take keen interest on how well, or otherwise, the crisis was handled by the company. Two theories are important in this work. First is the structural function systems theory which provides an in depth insight in crisis management. It implies that those companies that have a very effective information and communication model are more likely to succeed in crisis management (Lightstone and Driscoll, 2008). The second theory, the diffusion innovation theory, which is a widely applied theory, helps to structure the framework of this work, theoretically. It shows how businesses co mmunicate and disseminate information through specified networks, or after a period of time which results to consistency (Hooghiemstra, 2000). Accounting theories lay great value in communication, and sets up assumptions, methodology and frameworks, to ensure timely, reliable, efficient and consistent information (Islam and Deegan, 2010). The crisis that BP found itself in was a great test to the company’s reputation, which has taken many years to build. The case The case study chosen, in this context is about BP oil spill in the Mexican Gulf in 2010. BP Ltd has operation sin over eighty companies. Statistics reveal that in 2012, it was the fifth largest company in terms of market share, and has over 87, 000 employees globally (BP, 2010). According to this report, on the morning of 20th April 2010, there was a huge explosion at the Macondo Prospect. A drilling rig had exploded, which resulted to the death of eleven people and seventeen others being injured. This was the worst marine accident in the oil industry, which put the reputation of the company at stake. The BP Company addressed the issue through several press releases, interviews, updates via new media including Facebook and Twitter and also through their annual financial report. The use of these means can be attributed to several accounting theories including the stakeholders and legitimacy theory, the systems oriented theory and the positive accounting theory, which will be discussed in the methodology section. Data After the accident, the company CEO, Tony Hayward, was interviewed by several media houses. In the interview, he consoled the family of the bereaved and the injured. The company also issued press releases regarding the accident. The press releases thereafter were released after a period of time, and each of it gave updates about the accident. For instance, between the day of the accident and the beginning of the year 2011, the company had released about thirty or more press release s on the same issue (Landau, 2001). New media has also boosted communication. The company therefore took its chances and continued to communicate via Facebook and twitter, updating all recent developments and photos of the progressing work. The other disclosure vehicle chosen was the annual report of 2010. In this, the chairman, Carl Henric Sanberg addressed the issue. In the same report, there is a summary of the accident, and a detailed explanation of what has been done, and what continues to be done (BP, 2010). The vehicles chosen for corporate analysis in this particular crisis were effective, though not fully. Methodology The

The impact of online selling on small businesses Essay

The impact of online selling on small businesses - Essay Example This essay outlines the benefits and the costs from online retailing for small businesses that use online retailing and for those that do not use online retailing. It also outlines how online retailing would affect the financial management of an existing small business that chooses to move into online retailing. The benefits and costs from online retailing for small businesses that use online retailing Online retailing presents various benefits to small businesses that use it to offer their products and services. In online retailing, the cost of business operations is lower as compared to operating through physical stores. Dale (2010) explains that in online retailing, all only one retail facility is required for sales, shipment and customer services. This reduces the cost of running many retail stores. This mode of business operation involves inbound shipping of products to one location and this makes the cost of shipping lower compared to making shipments to many retail locations. In online retailing, it is easy to control the costs of staff. An example of this is that phone and e-mail support specialists handle all requests from customers. This eliminates the need for sales persons to be stationed at individual retail locations of a business. Online retailing leads to a reduction of time costs because all decision-making personnel are located in one place leading to a quick dissemination of new directives. Lesonsky (2009) states that online retailing leads to improved sales. This is because all the products of a company are housed in one place hence customers benefit from enhanced employee knowledge and stock selection. Improved sales also result from owning an open store that operates all days and all hours of the week. Unlike physical stores who need to attract customers through appealing merchandise displays and securing a prime location, online retailers just require the website. Nissanoff (2006) explains that this is their only interaction point with th eir customers and this helps to eliminate high rent rates charged at prime locations. Owning a physical retail entity is expensive compared to owning an online storefront that is backed by a warehouse that is well-organised for inventory purposes. This is also to say that online retailing presents lower capital requirements for start-ups. It is the desire of every business to gain a competitive advantage over its competitors and online retailing offers this chance. According to Kumar et al (2004), online retailing allows small businesses to capitalize on the differences between them and brick-and-mortar stores by developing efficient business operations that support online storefronts that are user-friendly. This creates a unique opportunity for success to e-retailers. Online retailing also makes it easy to achieve repeated business with customers because online business requires customers to fill in their names, contacts and address in order to purchase products. This creates chanc es for customer follow-ups and timely notification on new products, discounts, offers and promotions. In addition to the above, online retailing creates a chance for expanding the operations of small businesses into the global market. Despite the above benefits, there are some costs from online retailing for small businesses that use it. Unlike retailers with physical stores,