International Business - 4580 Words

Notes by: Priscilla Yuen Finance Management Learning objectives: * What are the factors affecting sales revenue? * How to estimate and project annual sales revenue? * What is net profit? * How to manage cash flow? * How to raise money? * How to calculate operational breakeven point * What is Net Present Value (NPV) * What are key financial ratios? 1.1 What are the factors affecting sales revenue * To estimate and project the annual sales revenue that the company will receive over the next few years, it will need to consider the following factors: * Competitors’ strengths and market shares: -If many of the competitors are large with substantial resources and your company is new to the†¦show more content†¦* The company needs to estimate and project the annual sales revenue that it will receive in the 1st 3 to 5 years of business. The following are the 4 iterative steps: * Step 1: -The company starts by estimating the total market in terms of the number of customers, and the number of products sold or services provided for each customer * Step 2: -The company estimates the market shares of major competitors -Assuming that your major competitors take up 55% of the total market -Your company has to deduct the market shares ofShow MoreRelatedInternational Business Ventures2671 Words   |  11 PagesInternational Business Ventures Measuring a potential business venture has many aspects which the international manager must be aware of in order to convey the correct information back to the decision makers. Being ignorant to any of the aspects can lead to a false representation of the project, and hence an uninformed decision being passed. In order for a business to survive it must grow. 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Impact Of Digital Marketing On E Commerce - 9734 Words

PROJECT REPORT ON â€Å"IMPACT OF DIGITAL MARKETING OR E-COMMERCE IN CURRENT BUSINESS SCENARIO† (A CASE STUDY OF TATA CONSULTANCY SERVICES) SUBMITTED BY ANKUR NARANG ENROLLMENT NO.: 1321000782 UNDER SUPERVISION OF MR. SUPREET SINGH Submitted in partial fulfillment of the requirements for qualifying P G PROGRAMME IN MANAGEMENT In (MARKETING) INSTITUTE OF MANAGEMENT TECHNOLOGY CENTRE FOR DISTANCE LEARNING GHAZIABAD MAY, 2015 TABLE OF CONTENTS CHAPTER CONTENTS PAGE NO Certificate 3 Acknowledgement 4 Declaration 5 1. Introduction to the Study ⇒ Company Introduction Objectives of the study 6 12 19 2. ⇒ Review of Literature 20 3. Research methodology 41 4. Data Analysis and Interpretation 43 5. Finding and Suggestions 53 6. Conclusions and Limitation 56 7. References 58 8. Appendix 61 CERTIFICATE This is to certify that ANKUR NARANG a student of IMT – CDL Ghaziabad has completed project work on titled â€Å"IMPACT OF DIGITAL MARKETING OR E-COMMERCE IN CURRENT BUSINESS SCENARIO:- A CASE STUDY OF TATA CONSULTANCY SERVICES† under my guidance and supervision. I certify that this is an original work and has not been copied from any source. Signature of Guide : ____________________________ Name of Project Guide : ____________________________ Date : ____________________________ ACKNOWLEDGEMENT With Candor and Pleasure I take opportunity to express my sincere thanks and obligation to my esteemedShow MoreRelatedE Commerce : A Small On Line Business1317 Words   |  6 Pages$265 billion (internetretailer.com). Today technology is business. E-commerce is big business. In the discussion I will state how e-commerce impacts consumers in many areas. First, I will define e-commerce. Then, I will discuss the advantages and disadvantage of e-commerce. 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Woolworths Supply Chain Management

Question: Discuss about the Woolworths Supply Chain Management. Answer: Introduction: Woolworths is the biggest chain for supermarket in New Zealand and Australia. Their main objectives are to provide their customers with home supplies, groceries, non-food items, seasonal goods and minor electronic products. Woolworths are dealing through 3200 retail stores and 6000 suppliers all over the countries. They have an excellent management of supply chain system for smooth supply of their products to their customers. Background: The company manage their supply chain through Tradestones Merchandise Lifecycle Management. Woolworth derives 100% of meat product and 98% of fresh vegetables and fruits from the native suppliers of Australia (King and Thobela 2014). Therefore, they altered their approaches to empower the supply chain and implement better management of inventories. To facilitate the smooth delivery, they established distribution centres all over the country. Currently, they operates 2 meat, 3 liquor, 8 regional, 2 national and 1 produce centre as well as manages contracts with transport provider to have uninterrupted logistics (Morgan 2014). At present, the business approach of Woolworths is based on the Differentiation Strategy that directs the company to focus on creating unique marketing program and product link in order to achieve the leading position in the industry. Through positioning their business using the objective of Fresh Food People they achieved a bigger portion of market share (Knox 2014). The aims of this assignment are to identify the importance of supply chain management for conducting the business in competitive way. Woolworth is well-known for their smooth management of supply chain. The study will give a thought about the way data will be collected and the analysis of collected data. The assignment will give a clear idea about the management of supply chain of Woolworths and find out the ways for the improvement of the supply chain, which in turn, will contribute to the growth of the company (Kuhn 2014). Problem statement: The major problem under this research assignment is to evaluate the supply chain management of Woolworths Limited and its impact on growth of the companys business. Definition of terms: Supply chain management: The term supply chain management is the effective streamline for a companys supply activities that maximize the value of customers and enable to gain competitive advantages in the industry. It represents the attempt of suppliers to achieve uninterrupted supply chain that are economic and efficient (Wieland and Handfield 2016). Supply chain involves everything starting from production, development to the system of information required to direct the company. The ultimate target of any efficient supply chain is to minimize the usage of resources. The supply chain management involves three primary movements (Wisner, Tan and Leong 2014). They are: Movement of finances Movement of information Movement of products The flow of information involves communicating orders and updating the delivery status. The movement of finances involves the payment schedule, credit terms, title and consignment related to ownership and the movement of product involves the transfer of goods from supplier to buyer and again from the buyer to the seller in case of any return (Fawcett, Ellram and Ogden 2014). To achieve smooth supply chain, companies are turning towards the advanced software with web-based service providers, who ensure smooth deliveries of product. Various major supplier offer to provide e-procurement marketplaces for the goods where the producers can deal and even bid auction with the suppliers (Stadtler 2015). Differentiation strategy: The differentiation strategy involves the expansion of an item that provides unique characteristics that are identified by the customers and the customer recognize the product as better as compared to the competitors product. The company may charge extra price as the charge for uniqueness of the product (Daryani and Abdollahi 2016). The company believes that the extra earning will cover the extra cost incurred towards making the product unique. Companies that are successful in differentiation strategy possesses the below mentioned internal potencies: Possess highly creative and skilled development team for their product Possess good reputation with regard to innovation and quality Have access to various scientific and technological researches Have strong team for sales with the capability of communicating the positive sides of the product successfully (Rong, Hongshan and Jiang 2013). Risks associated with the strategy of differentiation involve simulation by the competitive firms and alteration in customers preferences. In addition, the firms adopting the Focus strategy may able to attain even larger differentiation in the market place (Nielsen 2015). Literature review: Management of supply chain states the procedure through which the information, services and services are transferred from the seller to the purchaser. An efficient chain for supply must ensure the smooth integration and co-ordination of the procedure through minimization of usage of resources (Arli et al. 2013). A supply chain mainly involves three types of flows that are: flow of product or services, flow of finance and flow of product. However, for Woolworths only the flow of product has been taken into consideration. Flow of product is the movement of services, goods or information from the supplier to buyer and again from the buyer to seller, in case of any returns (Monczka et al. 2015). The supply chain of Woolworths is focused on the assuring the availability of their product in the store in a cost-effective manner. The operation team for supply chain are responsible for moving and managing their stock from the purchase point from the seller to the door of stores. The development team of supply management assists the uninterrupted supply chain and they are accountable for implementing, developing and designing all new systems, infrastructure and procedures required for the exceptional service of supply chain with minimization of cost (Lawley, Birch and Craig 2016). Woolworth is one of the biggest chain for supermarket around Australia. The company manages their supply chain very efficiently all over the nation. The primary objective of the company is to offer their customers with fresh products. The company obtain almost all their items related to meat, fruit and vegetable products from the native supplier of Australia (Singhry 2015). Universal Product Network (UPN), the 100% subsidiary of the company maintains the supply chain operation. During the last few years, the company UPN have withdrawn their contracts with few companies for which they used to manage the operation of supply chain, to concentrate fully on the supply chain management of Woolworths. Warehouse and inventory management procedures have been updated with the new management of warehouse system for managing the perishable product and reducing the shrinkage with improvement of employees productivity at the same time (Devin and Richards 2016). In extending and maintaining the competitive advantages, the companys focuses are on improvement and development of the below mentioned features: Replacement and planning for the supply chain as and when required Replenishment of the main objectives of the procedures and the processes managing the operational element of the supply chain Re-organising the flow of the product through infrastructure of warehousing, distribution and increasing the capacity, wherever required Woolworths supermarket is the owner of largest share that is, 39% share of $82 billion grocery sector of Australia with a margin of 9.3% that is considered as the best in the world. Australia has more per capita supermarket as compared to UK and US, which benefits Woolworth to experience the exceptional high purchasing power that is leveraged with their suppliers. Their extremely good leverage even gained attention from federal government and Australian Competition and Consumer Commission (ACCC) for their effective management of competition in the supermarket organization. A supply chain to be coordinated, three components are required. They are: alignment, adaptability and agility. All the three components are crucial to meet the goal of business. The major problem in co-ordination is the lack of communication from the management to other objectives of the supply chain. It is noticed that out of 7331 employees, only 20% actually form part of the supply chain and assist in transferri ng goods from producers to DC and again to the retailers. This generates a silo influence that could lead to the poor communication procedure among the retailers, supply chains and logistics. It is believed that improving the present communication system for supply chain will definitely be less time consuming for implementation with minimization of cost (Jie, Parton and Chan 2015). To provide the customers with lower prices, they literally forced the suppliers to get the product at cheaper prices. The company also decreased the salaries of their employees involved in supply chain management to offer their customers with fresh and low price products rather than improving the supply chain. However, as soon as the company realized their mistake, they tried improving the supply chain instead of wage cut-off (Ariyawardana, Ganegodage and Mortlock 2017). Various risks are associated with the supply chain procedure, they are: Inaccurate demand forecast Risk related to demand and supply management Risk related to Service/product management Risk related to information management Risk at macro level (Eriksson and Svensson 2016). Research Questions: The main questions for this research proposal will be: How Woolworths manages the supply chain? What are the steps taken to improve the supply chain? What are major challenges faced by Woolworths in managing effective supply chain? How the risks are treated in managing the supply chain? How the products are transferred from the supplier to buyers through the effective supply chain? Research Hypothesis: The hypothesis for this research is planned to identify the impact of supply chain with regard to relationship between the supplier and buyer and the whether it has impact on achieving the competitive advantages. The hypothesis of the research is as follows: H01: The introduction of new approaches will have positive impact on sales of the company H11: The introduction of new approaches will have no impact on sales of the company Research Methodologies: Research methodology states about the methods used in the process of research. It refers to the procedure or the process that assist to carry out the research in an organized and systematic way. It helps in getting the idea about various methods used for the purpose of the research. It is a structured way of conducting the research procedure. Sampling technique: The sampling technique will be used for this research will be cluster sampling. Under cluster sampling, total population will be segregated into various clusters or groups and a simple random sampling will be carried out. Here, in the given situation, clusters will be formed as per the different region of the country. Analysis Method: The collected data will be analysed through various statistical methods, such as, standard deviation, median, mean, mode, correlation using different variables. The regression analysis for the research will also be carried out. The dependent variables will be number of staff working under the supply chain sector and wages of those staffs. Time Horizon: Time horizon states the time required for the research. In the 1st week the research topic will be selected. The background of the study will be identified in the 2nd week, which will be followed by the statement of problem in the 4th week. Literature review will be carried out in the 6th week, which will be followed by forming the Research questions and hypothesis. In the 8th week data will be collected from various sources and analysis and interpretation of data will be carried out in the 10th week. Conclusion of the study will be due in the 12th week and finally the research thesis will be due in the 14th week. Gantt chart: Table 1: Gantt chart (Source: Created by author) Research process: The procedure of research explains the way through which the research will be carried out. The research process will be carried out through following steps: In the first step, the problem for the research will be identified In the second steps, the literature review and various risks associated with that will be identified In the next step, research methodologies will be identified and various method for collecting the data will take place In the next step, analysis of the collected data will be prepared Finally the outcome of data and conclusions will be prepared. Data collection method: For a research to be carried out in an appropriate manner, the required data is collected through primary data collection method or secondary data collection method. Primary data are accumulated through surveys, observations, interviews, and questionnaires. On the other hand, secondary data are collected through journals, articles, books, that already include the information related to the research. Justification of the chosen Data Collection Method: The qualitative as well as quantitative both will be taken into consideration for this research and data will be collected through secondary method. Data shall be gathered from the official website of the Woolworths. The companys website will be followed to get information regarding their suppliers and customers. Woolworths annual report will be evaluated to check whether the improvements in the supply chain will impact the increase of sales. Further data will be collected through questionnaire and will be provided to the managers, employees and customers of the company. Expected outcome: The outcome of the research is expected to be positive. The supply chain management is the relationship between the customers and the suppliers and will have positive impact on introduction of new approaches. This signifies that Woolworth must introduce new strategies to achieve uninterrupted supply chain system, which in turn will help in improving the sales of the company (Woolworthsgroup.com.au 2017). Conclusions: The research will provide Woolworth a set of reliable and valid methods to improve their supply chain system. The measurement identified in the research will assist the company in developing new aspects for supply chain. The efficient supply chain will have positive impact on the sales as well as performance of the company. This proposal will give a clear idea about the data collection method and the way through which the supply chain system of Woolworths can be improved. References: Ariyawardana, A., Ganegodage, K. and Mortlock, M.Y., 2017. Consumers' trust in vegetable supply chain members and their behavioural responses: A study based in Queensland, Australia.Food Control,73, pp.193-201. Arli, V., Dylke, S., Burgess, R., Campus, R. and Soldo, E., 2013. Woolworths Australia and Walmart US: Best practices in supply chain collaboration.Journal of Economics, Business Accountancy Ventura,16(1). Daryani, M.A. and Abdollahi, M., 2016. Relationship of entrepreneurial orientation and company performance: Role of differentiation strategy and innovativeness performance.international journal of advanced biotechnology and research,7, pp.1209-1225. Devin, B. and Richards, C., 2016. Food Waste, Power, and Corporate Social Responsibility in the Australian Food Supply Chain.Journal of Business Ethics, pp.1-12. Eriksson, D. and Svensson, G., 2016. The process of responsibility, decoupling point, and disengagement of moral and social responsibility in supply chains: Empirical findings and prescriptive thoughts.Journal of Business Ethics,134(2), pp.281-298. Fawcett, S.E., Ellram, L.M. and Ogden, J.A., 2014.Supply chain management: from vision to implementation. London: Pearson. Jie, F., Parton, K. and Chan, C., 2015. Australian beef supply chain integration: case studies of the two largest Australian supermarkets.International Journal of Supply Chain and Operations Resilience,1(2), pp.121-138. King, L. and Thobela, S., 2014. Woolworths farming for the future.International Food and Agribusiness Management Review,17(B). Knox, M., 2014. Supermarket monsters: Coles, woolworths and the price we pay for their domination.The Monthly. Kuhn, R.U., 2014.Woolworths Holdings Limited's (WHL) Strategic Business Positioning in the South African Clothing and Food Industry(Doctoral dissertation, Nelson Mandela Metropolitan University). Lawley, M., Birch, D. and Craig, J., 2016. 20 Managing sustainability in the seafood supply chain.A Stakeholder Approach to Managing Food: Local, National, and Global Issues, p.284. Monczka, R.M., Handfield, R.B., Giunipero, L.C. and Patterson, J.L., 2015.Purchasing and supply chain management. Cengage Learning. Morgan, R., 2014. Market share narrows between Coles and Woolworths, while ALDI makes important gains.Roy Morgan Research,* HYPERLINK" https://roymorgan. com/findings/5427-market-share-narrows-between-coles-woolworths-while-aldi-makes-gains-201402120013"* roymorgan. com/findings/5427-market-share-narrows-between-coles-woolworths-while-aldi-makes-gains-201402120013. Nielsen, L., 2015. Product Positioning Differentiation Strategy.Hearst Newspapers. Rong, H.U., Hongshan, X.I.A. and Jiang, Y., 2013. Complex dynamics for airlines' price competition with differentiation strategy.Journal of Transportation Systems Engineering and Information Technology,13(1), pp.11-16. Singhry, H.B., 2015. An Extended Model of Sustainable Development from Sustainable Sourcing to Sustainable Reverse Logistics: A Supply Chain Perspective.International Journal of Supply Chain Management,4(4). Stadtler, H., 2015. Supply chain management: An overview. InSupply chain management and advanced planning(pp. 3-28). Springer Berlin Heidelberg. Wieland, A. and Handfield, R.B., 2016. Supply Chain Management. In5th World Conference onProduction and Operations Management. POM 2016. Wisner, J.D., Tan, K.C. and Leong, G.K., 2014.Principles of supply chain management: A balanced approach. Cengage Learning. Wisner, J.D., Tan, K.C. and Leong, G.K., 2014.Principles of supply chain management: A balanced approach. Cengage Learning. Woolworthsgroup.com.au. (2017). Woolworths Group: Quality Brands and Trusted Retailing. [online] Available at: https://www.woolworthsgroup.com.au/ [Accessed 6 Feb. 2017].

Ways to Be Happy Now free essay sample

When you find It hard to be happy It can be downright well, depressing. Nobody likes to be unhappy and feel down and no one wants to get stuck in that feeling for a long period of time. Thats why finding ways to be happy is important. If you want to be happy then you have to do something to make that happen. You cant Just sit around and dwell on wanting to be happy! Sometimes you have to go out and force yourself to be happy, and sometimes all you have to do is change your focus to be happy.Either way, take action and get yourself out of the non-productive funk of sadness and find a way to start to feel better. 10 Different Ways to Be Happy 1. Change the Way You Think If you are constantly thinning about the future or the past then It can be easy to get stuck In a rut of being unhappy. We will write a custom essay sample on Ways to Be Happy Now or any similar topic specifically for you Do Not WasteYour Time HIRE WRITER Only 13.90 / page Why? Because living In the past puts your focus on regret and living in the future puts your focus on anxiety and worry. How can you be happy when you are regretful, anxious, or worried? The solution is to focus on the present. Live in the moment.Take joy in the day that you are living and appreciate hat there may not be a tomorrow to worry about. When you live in the present you focus on things that bring you happiness and you recognize the blessings that you have right now. Many people who experience near death or a tragedy will automatically pick up this mind-set of living In the moment. They enjoy what they have and they stop taking life for granted. Dont wait until tragedy strikes to get into this mind-set. Enjoy today Today. 2. Use a Journal or Gratitude Journal I personally think that any kind of Journal writing Is good for you.It lets you see your Houghton on paper and Judge whether they are really worthy of being upset about. Sometimes after a horrible day Ill write down the things I thought made me upset and I will end up laughing about how silly they really are. Writing in a journal can put things into perspective. A gratitude journal on the other hand should not be about the bad things in your day, but rather it should only be about the things you are grateful for In your day. It can allow you to quickly see how many blessings you have that you didnt notice before, and the effect of that awareness can overfill into your next day and the next day after that. Decide What Matters Most in Life A great way to really see whats important in your life is to picture yourself at the end of your life. Decide whether that little misunderstanding or that rude person is going to matter when you look back at your life. Chances are that they are not. The things that matter In life are happiness, love, and peace. Feeling good about yourself and When you look back on your life wouldnt you rather see a life full of purpose that was enjoyed to its fullest? In the end thats what really matters that you saw the good and enjoyed it while you could. 4. Dont Sweat the Small StuffIts so easy to get worked up over little things and let them drag you into a pit of unhappiness, but if you want to be happy in life you have to learn to let go of the little things and move past them. If you hold onto them too tight then they can turn into bigger things or wasted time in your life. For example, if you get cut off in traffic do not make it into an issue of gigantic proportions. You are not doing yourself any good by blowing up over the incident and it may cause you to waste your time complaining about the situation. You dont know if that person was racing to see their wing father or if they were Just a Jerk.Either way, dont let them affect your day, week, or life. 5. Get it over With If you are not happy because you have to do something that you dont want to do, and there is no way out of it, then dont drag it on forever instead get it over with! Procrastination can drain your energy and exhaust your mind. When you think and worry about something that you have to do you are causing yourself to be unhappy. Take action, avoid procrastination, and be happy. 6. Change up Your Life If you are not happy with your daily life then try changing up your routine.Life can become somewhat of a chore when you are doing things that dont make you happy day after day, but if change up your life and do things that cause you to be happy then you dont have to worry about that. If you ever find yourself saying l hate doing this then you may need to stop doing whatever you are doing. So many people say thats easier said than done, but thats not true. If you hate doing your Job then why cant you go out and find another Job? Why do you have to stay in your Job for your entire life if you hate it? You cant be happy if you hate doing what you are doing in NY area of your life, so dont do what you hate.Only do what you love. 7. Dont Compare Yourself Do you find that you feel like you are not good enough? This is probably because you are comparing yourself to other people. For instance, if your neighbor gets a new boat do you feel as though in order to be happy you need to get something similar if not the same? This is common. Its called trying to keep up with what we think will make us happy. The truth is you will not be happy because you are like someone else or because you have what someone else has. Thats not happiness. Thats called longing. Happiness is enjoying what you have and understanding that you are perfect the way you are. When you understand that, and feel it, you will really be happy. 8. Add No To Your Vocabulary saying yes to something that I absolutely did not want to do or have time for Ive learned to say no, and this has reduced my stress, allowed me to feel like Im standing up for myself, and most importantly gotten me out of some dreadful situations. Dont be scared to say no if you dont want to do something. People will understand that you are not always at their beck and call, and if they dont then they re probably yes people themselves and are Jealous of you being able to say no. 9.Appreciate Your Relationships Whether you are married, in a relationship, or Just have some of the best friends in the world, appreciate your relationships. Your closest allies are there to help you be happy and feel good about yourself and the more you appreciate them and nurture those relationship the happier you can be. 10. Dont Bottle Up Your Emotions There are a lot of people who dont react to situations that demand reactions. If you are one of these people then you have to know that bottling up your emotions so that body has to deal with them but you is not the way to be happy.Trying to pretend that you are dealing with everything okay is not going to make everything be okay! Holding in emotions is a good way to raise your stress level and blood pressure, and it can also cause health problems in your life if you do it too often. Instead of bottling up your emotions try writing them down in a Journal, crying, screaming into your pillow, or Just talking it out with a close friend.

Web Site Development Essay Example For Students

Web Site Development Essay I propose to develop a web site for anyone in the sunglass, contact lens,colored contact lens or laser vision correction market. The most importantfeatures included in this site must be: savings, convenience and top qualityproducts. It is necessary to tie all aspects of the site together smoothly. Bythis I mean the shopper must have the ability to purchase at any point In thesite, as well as the ability to get anywhere from anywhere. We must outline ouravailable products and services in such a way as to make it a No Brainerfor anyone. Our available products must be outlined from the onset. If vendorsneed to be contacted to develop a wholesale relationship then this must be takencare of as soon as possible. We will write a custom essay on Web Site Development specifically for you for only $16.38 $13.9/page Order now We must assess which products will maximize ourprofit, which will maximize our marketability and which are just of necessity tocarry. We must develop a database of products and maintain prices, additions andsubtractions accordingly. One service I had in mind was to develop a freeservice for anyone interested in laser vision correction. We can develop anapplication where the patient inputs his/her doctors written Rx or theircontact lens box/bottle prescription, and we can take this information anddevelop a sort of internet merge letter. By this I mean, we can send them anemail response as to their current eye condition, the best suited surgicalprocedure for their condition, history of others w/ their Rx resultsand maybe even doctors in their area. I understand this might take away from thepromotion of INSIGHT, but remember, anything free ? keeps em coming back!!This will more marketing tool to draw people in, rather than a service. Also,some production company or another could be contracted out to develop videoswhich we could sell to candidates, doctors, surgeons, etc.. . Dr. Sopher coulddevelop a video directed to practicing optometrists interested in salestechniques in the examination room.

A Survey of Information Technologies in Logistics Management Essays

A Survey of Information Technologies in Logistics Management Essays A Survey of Information Technologies in Logistics Management Essay A Survey of Information Technologies in Logistics Management Essay A Survey of Information Technologies in Logistics Management Anil Gurung University of Texas at Arlington Department of Information Systems and Operations Management, College of Business Administration Office: Room 630 Business Building Box 19437 701 S West St. Arlington, Texas 76019-0437 Voice: 817. 272. 3528 Email: [emailprotected] edu ABSTRACT This paper analyzes the impact of information technologies (IT) on logistics by conducting a survey of literatures on academic logistics journals and practitioner journals. The literature survey and practice find that third party logistic providers have better opportunity to leverage IT since they need to have interoperable IT systems with their customers. The business philosophy of Just-In-Time (JIT) has also contributed to the impact of IT in logistics. Further, information technologies are identified that has benefited the logistics. Future directions of logistics are discussed. INTRODUCTION The proliferation of information technologies (IT) and the internet technologies have provided impetus and challenges to the logistics. New technologies present new means to manage the flow of information. IT as a productivity tool can be utilized to both increase the capability and decrease the cost at the same time (Closs et al. , 1997). It has been widely accepted that firms can achieve competitive advantage by cost reduction or differentiation with the proper implementation of IT (Porter Millar, 1985). Enabled by IT the logistics has become a source of competitive advantage for many firms. Two streams of research are identified that highlights the role of IT in logistics. First stream relates to just-in-time logistics information system (Anderson Quinn, 1986; Bookbinder Dilts, 1989; Das Handfield, 1997; Gomes Mentzer, 1988; Perry, 1988; Schwarz Weng, 2000; Spencer, M. S. et al. , 1994; Spencer, M. S. et al. , 1996; Takahashi Nakamura, 2000; Titone, 1996; Wafa Yasin, 1996). The other stream is the third party logistics (Lewis Talalayevsky, 2000; Peters et al. , 1998; Sauvage, 2003; Sink Langley, 1997; Vaidyanathan, 2005). Importance of IT in logistics has grown to some extent by business philosophy of Just-InTime (JIT) by firms. With the emphasis of firms on JIT, the impact of logistics has grown as it is increasingly recognized as a source of consistent, low lead time, damage free deliveries (Bardi et al. , 1994). In pursuit of competitive advantages, firms outsource their functions which are noncore competencies so that they can focus on their core competencies. A recent survey found that 83 percent of the surveyed Fortune 500 companies reported having at least one contract with a third-party logistics provider (Lieb Bentz, 2004). Over the years, the use of third-party logistics has been increasing. Similar survey of Fortune 500 companies taken in 1991 had only 38 percent of the respondents reporting the use of third-party logistics provider (Lieb, 1992). The 618 third party logistic operators attempt to harness the capability of information technology to provide superior services to their customers. The objective of this paper is to study how IT has impacted logistics. To this end, literature review of both leading academic and practitioner logistic journals is conducted. The next section will report the framework of logistics. The following section will analyze the IT enablers in logistics. Then, the implications of ecommerce are discussed followed by a section on future directions for logistics. REVIEW OF THE LITERATURE A classification scheme logistics functions provides a meaningful way to study how IT has impacted the various functions of logistics. Previous research in logistics have categorized the use of information systems in logistics in different ways. A system of logistics functions can be divided into following five broad areas (Bowersox, 1974): facility location, transportation, inventory, communication and material movement. Based on the problem areas that application addresses, seven areas of logistics has been identified as facility location, inventory control, order entry, vehicle scheduling, warehouse layout planning, freight rate retrieval, and product and shipment tracing (Ballou, 1976). Another survey identified five categories as facility location, inventory control, transportation, production scheduling, and total physical distribution (House, 1978). These categories treated each category as individual entities rather than a whole system. Noting this shortcoming, Stenger (1986) proposed another classification consisting of transaction systems, short-term scheduling and inventory replenishment systems, flow planning systems, and network planning and design systems. Expanding on the framework developed by Bowersox, Novack et al (1992) divided logistics function into two categories. The first category refers to physical activities that are required various utilities of customer need. These will include inventory, transportation and customer service operations. The second category refers to flow of information or transaction activities that follow or initiate the physical activities. The physical and information flows in logistics function is well-depicted in Figure 1 that shows the categorization of logistics functions as described by Vaidyanathan (2005). As shown in the figure, information flows between logistics function are managed, coordinated and supported by various logistics technologies. 619 Inventory and Logistics Management: Freight Consolidation Freight Distribution Shipment Planning Traffic Management Inventory Management Carrier Selection Order Entry/ Management Information Flow Customer Service: Freight Payments Auditing Order Management Fulfillment Help Desk Carrier Selection Rate Negotiation Information Flow Warehousing: Packaging Product Making Labeling Warehousing Material Flow Transportation: Fleet Management Cross Docking Product Return Figure 1: Categorization of Logistics Functions (adapted from Vaidyanathan 2005) IT enablers in Logistics The literature in logistics is full of instances where information technology has been touted as a means to enhance logistics competitiveness (Bowersox, 1974; Closs et al. , 1997; Rabinovich et al. , 1999; Stenger, 1986). Yet there has been few empirical studies that relates logistics information capabilities to logistics competence (Closs et al. , 1997). A popular framework in information systems discipline put forward by Gorry Morton (1989) place logistics decisions as structured and varying from operational to strategic. The role of logistics information systems as operational and strategic enablers in different areas of the firm’s supply chain has been stated in the literature (Langley et al. , 1988). There has been a shift of IT from being an enabler of operational and material handling functions to being an enabler of decision-making and activityplanning functions within the supply chain (La Londe Auker, 1973). Logistics Information System Logistics Information System (LIS) is the application component of logistics information technology. An effective LIS facilitates the proper information flow between inventory, 20 Information Flow warehousing and transportation to realize the high level of customer service. The ability to optimize the logistics cost and service levels is affected by the LIS of the firm and its partners. Firms that provide better logistics services at a lower cost can have competitive advantage over its competitors (Bardi et al. , 1994). Two classes of LIS has been recogn ized in the literature (Closs et al. , 1997). Logistics operating systems (LOS) refer to transactional applications such as order entry, order processing, warehousing, and transportation. Logistics planning systems (LPS) refer to coordinating applications such as forecasting, inventory management, and distribution requirements planning. EDI Electronic Data Interchange (EDI) has successfully enhanced the communication between firms which is essential for logistics. This technology requires firms to have common data formatting and transmission standards or protocols. Such technologies have been employed by companies to coordinate their value chain activities including logistics. Early applications of EDI has been on transmitting vehicle location information by railways to their customers. Other types of logistics information carried by EDI are purchase orders/releases and changes, advanced shipping notices, bills of lading, and invoices. Timely and accurate information is crucial in decision making about complex logistics problems. Japan Airlines (JAL) adopted EDI to manage their complex value chain logistics required for their operations, including procurement and just-in-time delivery of aircraft fuel, repair and maintenance aircraft parts, food catering and other customer requirements (Chatfield Bjorn-Andersen, 1997). The competitive advantage gained by companies employing EDI is cited in the literature. Firms utilizing EDI were better able to fulfill greater number of services to their customers (Rogers et al. , 1992). Bar coding Bar coding is one of the most IT enablers to date and has made significant impact in the practice. Starting in 1960’s some of the earliest implementation of bar codes were in rail road cars. Nowadays it is rampant in anything that needs to be identified and tracked. The different type of bar codes are available, known as symbologies, for different purposes. In practice, most firms prefer to use industry standards rather than proprietary standards for most of their bar codes on their products. By following industry standards, bar codes reduce the complications inherent in the use of multiple standards and thus provides a strong foundation for integrating the corporate logistics and the supply chain (Closs Kefeng, 2000). Real-time communications capability The logistics IT capability of real-time communications is essential for maintaining the flow of information. As noted by Dudley Lasserre (1989), one of the important roles of logistics IT is to substitute information for inventory. To make real-time tracking of goods, logistic information systems of business partners should have real-time communications capability. The business partners require an integrated messaging architecture which exchanges business data while customizing business flows and format transformation. Real-time communications also allows for schedule plans to change in dynamic routing and scheduling system when the vehicles are 621 already out on the road. Any last minute changes in routing and scheduling system or constant tracking has been possible only with real-time communications ability of the respective systems. RFID RFID helps to identify, track and locate items automatically. The use of Radio Frequency Identification (RFID) is expected to increase rapidly in coming years. Often referred to as the next step in the evolution of bar-coding, RFID is growing rapidly in the automatic data capture and identification market (Srivastava, 2004). RFID is not a new technology, in fact, its use dates back to 1940’s but only now it is starting to make a significant impact within the supply chain. The growth in use of RFID will be enhanced to some extent by mandates from large retailers such as Wal-Mart and Target, and the US Department of Defense, who require their suppliers to adopt this technology within the next few years (Asif Mandviwalla, 2005). Among the companies that are piloting RFID in their supply chain management prominent ones are WalMart, Procter Gamble, Coca-cola and Gillette. Although the biggest driver in the popularity of RFID has been supply chain, companies are experimenting in other applications as well. Other applications are theft detection, asset tracking, mobile payments, in-process inventory tracking and luggage tracking. Dell, Seagate, Boeing and Ford are among other companies that are using RFID to track their in-process inventory in manufacturing. An RFID system includes transponders or tags that can identify items ; antennas that allows tags to be interrogated and to respond; and software that controls the RFID equipment, manages the data and interfaces with enterprise applications. RFID has lots of potential to improve the efficiency in the supply chain and reduce waste. For example, efficiency would result from automatic update of inventory system when products with RFID tags are unloaded from trucks into stores. The advantages of RFID over bar coding are as follows: RFID tags can provide longer read distances; store more data; require no direct line of sight between tag and reader; and can collect data from multiple sources simultaneously (Asif Mandviwalla, 2005). There are some technical and business challenges to overcome before RFID can be ubiquitous. Technical issues include problems of interference, security and accuracy while business issues relate to costs and lack of standards. Another significant business challenge in adopting RFID faced by managers is to work out a business case for the executive board. Early adopters of these technologies are marred by problems such as possible adverse consumer outbursts to perceived invasion of privacy, reliability of the RFID system, and issues related to health, safety and IT integration. IMPLICATION OF ECOMMERCE ON LOGISTICS The growth of ecommerce pose opportunities and challenges for logistics. As internet retailing increases the companies are accepting orders from their clientele across the borders. In many instances the location of clients are not covered by any existing distribution system of the companies. On such occasions the companies have no resort but to turn towards third party logistics operators for physical flow of goods. As for the information flow, the companies need to have capabilities for ecommerce applications. The group of technologies and processes for coordinating logistics information flow has been named e-logistics. An important web 622 technology that facilitates the exchange of business data among logistics business partners across different platforms is extra markup language (XML). For example, UPS is exploiting the power of the web services to streamline its information flows for logistics activities such as RFQ, shipping and tracking. Changing Trends in Logistics Consultants are beginning to take an active part in helping out the shippers select third party logistics operators. Shippers hire consultants to help them align business processes with supply chain strategies. The newly coined term â€Å"4PL† for consultants stands for dominant role that consultants will be taking in managing the resources, the technology and the processes in the supply chain. It is yet to be seen whether the shippers will let the consultants manage all the logistics processes. Instead of handing over the authority to manage the logistics processes to the consulting firms, shippers may choose to develop alliance with the third party logistics operators and maintain the supply chain themselves. The key thing that will allow coordination between shipper firms and the third party logistics will be information technology and management skills to run the supply chain effectively. This implies that firms should also have proper logistic technologies in place to enjoy the full benefits of use of third party logistics. FUTURE RESEARCH DIRECTIONS The research directions that are available for researchers in logistics are numerous. Before companies implement new logistic information technologies such as RFID it is important to assess the viability of adopting the technology. What would be the expected benefits? What is the ROI? Researchers can come up with various econometric models to predict the outcomes of adopting logistics technologies. Modeling techniques can be used to assess the scenarios that would be beneficial for adopting new technologies. As companies are entering into ecommerce, better coordinating techniques are required to streamline logistics activities for transactions taking place on the internet. Collaborative technologies for supporting e-logistics would greatly enhance the future logistics. Multi-agent systems (MAS) provide an interesting avenue of research that is applicable for supporting logistics technologies on the internet. Intelligent software agents can be used to assess the bids offered by multiple third-party logistics operators. To support global ecommerce the companies need to have different options for global logistics. The best way to traverse the geographical distribution is through technology. What are the communication channels and technologies that would benefit the company in terms of monitoring and coordination logistics functions? More empirical evidence will be preferred to establish the direct link between organizational performance and logistics information systems. Researchers can seek to examine the complex relationships between logistics technologies and performance from different paradigms and theories. The perspective of organizational learning can be used to evaluate the performance gained by employing logistics information systems. 23 CONCLUSION The objective of this paper was to observe the impact of information technology on the logistics functions. A literature review of the academic and practitioners journals was conducted. The information technologies that have been used to support logistics functions were discussed. It is evident that academic researchers are aware of new tec hnologies in practice such as RFID. Development in technologies offer sources of competitive advantage for companies. Adoption of new technologies provide challenge and opportunities for the companies. Proper business case and calculation of ROI needs to be done to assess the expected benefits from new technologies. Changing trends in business in terms of ecommerce open new markets for firms for all sizes to expand their market share. Strategic use of information resource would bear results of competitive advantage and thus leading to success stories. The best practices in logistic information technologies need to be adopted by firms in alignment of their strategic goals. Future trends in logistics may prompt companies to rethink their logistics strategies. Firms may choose to use third party logistics in order to focus on their core competencies. However, firms need to have logistics information systems in place that is compatible with the third party operators in order to fully benefit from their services. REFERENCES Anderson, D. L. Quinn, R. J. 1986, The Role of Transportation in Long Supply Line Just-InTime Logistics Channels , Journal of Business Logistics, vol. 7, no. 1, pp. 68-88. Asif, Z. Mandviwalla, M. 2005, Integrating the Supply Chain with RFID: a Technical and Business Analysis, Communications of the AIS, vol. 15, pp. 393-427. Ballou, R. H. 976, Computer Methods in Transportation-Distribution, Transportation Journal, vol. 16, no. 2, pp. 72-85. Bardi, E. J. , Raghunathan, T. S. Bagchi, P. K. 1994, Logistics information systems: The strategic role of top management, Journal of Business Logistics, vol. 15, no. 1, pp. 7185. Bookbinder, J. H. Dilts, D. M. 1989, Logistics Information Systems in a Just-In-Time Environment , Jo urnal of Business Logistics, vol. 10, no. 1, pp. 50-67. Bowersox, D. J. 1974, Logistics Management: A Systems Integration of Physical Distribution Management and Materials Management, Macmillan Publishing, New York, NY. Chatfield, A. T. Bjorn-Andersen, N. 1997, The impact of IOS-enabled business process change on business outcomes: Transformation of the Value Chain of Japan Airlines, Journal of Management Information Systems, vol. 14, no. 1, pp. 13-40. Closs, D. J. Kefeng, X. 2000, Logistics information technology practice in manufacturing and merchandising firms An international benchmarking study versus world class logistics firms, International Journal of Physical Distribution Logistics Management, vol. 30, no. 10, pp. 869-86. 624 Closs, D. J. , Goldsby, T. J. Clinton, S. R. 1997, Information technology influences on world class logistics capability, International Journal of Physical Distribution Logistics Management, vol. 27, no. 1, pp. 4-17. Das, A. Handfield, R. B. 1997, Just-in-time and logistics in global sourcing: An empirical study, International Journal of Physical Distribution Logistics Management, vol. 27, no. 3/4, pp. 244-59. Dudley, L. Lasserre, P. 1989, Information as a Substitute for Inventories , European Economic Review, vol. 33, no. 1, pp. 67-88. Gomes, R. Mentzer, J. T. 988, A Systems Approach to the Investigation of Just-In-Time , Journal of Business Logistics, vol. 9, no. 2, pp. 71-88. Gorry, G. A. Morton, M. S. S. 1989, A Framework for Management Information Systems, Sloan Management Review, vol. 30, no. 3, pp. 49-61. House, R. G. 1978, Computer Models in Distribution Management, Journal of Business Logistics, vol. 1, no. 1, pp. 129-52. La Londe, B. J. Auker, K. 1973, A Survey of Computer Applications and Pr actices in Transportation and Distribution, International Journal of Physical Distribution, vol. 3, no. 5, pp. 92-301. Langley, C. J. , Carlisle, D. P. , Probst, S. B. , Biggs, D. F. Cail, R. E. 1988, Microcomputers as a Logistics Information Strategy, International Journal of Physical Distribution and Materials Management, vol. 18, no. 6, pp. 11-7. Lewis, I. Talalayevsky, A. 2000, Third-Party Logistics: Leveraging Information Technology , Journal of Business Logistics, vol. 21, no. 2, pp. 173-85. Lieb, R. C. 1992, The use of third-party logistics services by large American manufacturers, Journal of Business Logistics, vol. 13, no. 2, pp. 29-42. Lieb, R. C. Bentz, B. A. 004, The Use of Third-Party Logistics Services by Large American Manufacturers: The 2003 Survey, Transportation Journal, vol. 43, no. 3, pp. 24-33. Novack, R. A. , Rinehart, L. M. Wells, M. V. 1992, Rethinking concept foundations in logistics management, Journal of Business Logistics, vol. 13, no. 2, pp. 233-67. Perry, J. H. 1988, Firm Behavior and Operating Performance in Just-In-Time Logistics Channels , Journal of Business Logistics, vol. 9, no. 1, pp. 19-33. Peters, M. J. , Lieb, R. C. Randall, H. L. 1998, The use of third-party logistics services by European industry, Transport Logistics, vol. , no. 3, pp. 167-79. Porter, M. E. Millar, V. E. 1985, How information gives you competitive advantage, Harvard Business Review, vol. 63, no. 4, pp. 149-60. Rabinovich, E. , Windle, R. , Dresner, M. Corsi, T. 1999, Outsourcing of integrated logistics functions, International Journal of Physical Distribution Logistics Management, vol. 29, no. 6, pp. 353-73. Rogers, D. S. , Daugherty, P. J. Stank, T. P. 1992, Enhancing service responsiveness: the strategic potential of EDI, International Journal of Physical Distribution Logistics Management, vol. 22, no. 8, pp. 15-20. Sauvage, T. 2003, The relationship between technology and logistics third-party providers, International Journal of Physical Distribution Logistics Management, vol. 33, no. 3, pp. 236-53. Schwarz, L. B. Weng, Z. K. 2000, The Design of a JIT Supply Chain: The Effect of Leadtime Uncertainty on Safety Stock , Journal of Business Logistics, vol. 21, no. 2, pp. 231-52. 625 Sink, H. L. Langley, J. C. J. 1997, A managerial framework for the acquisition of third-party logistics services, Journal of Business Logistics, vol. 18, p. 163. Spencer, M. S. , Dale, S. R. Patricia, J. D. 1994, JIT Systems and External Logistics Suppliers, International Journal of Operations Production Management, vol. 14, no. 6, pp. 6074. Spencer, M. S. , Daugherty, P. J. Rogers, D. S. 1996, Logistics support for JIF implementation, International Journal of Production Research, vol. 34, no. 3, pp. 701-14. Srivastava, B. 2004, Radio frequency ID technology: The next revolution in SCM, Business Horizons, vol. 47, no. 6, pp. 60-8. Stenger, A. J. 1986, Information Systems in Logistics Management: Past, Present, and Future, Transportation Journal, vol. 26, no. 1, pp. 5-82. Takahashi, K. Nakamura, N. 2000, Reactive logistics in a JIT environment, Production Planning Control, vol. 11, no. 1, pp. 20-31. Titone, R. 1996, Moving Beyond JIT to Logistics Planning, IIE Solutions, vol. 28, no. 2, pp. 22-4. Vaidyanathan, G. 2005, A Framework for Evaluating Third-Party Logistics, Communications of the ACM, vol. 48, no. 1, pp. 89-94. Wafa, M. A. Yasin, M. M. 1996, The impact of supplier proxi mity on JIT success: an informational perspective, International Journal of Physical Distribution Logistics Management, vol. 26, no. 4, pp. 23-34. 626

BRAND LOYALTY Essay Example | Topics and Well Written Essays - 500 words

BRAND LOYALTY - Essay Example lty has five advantages; 1-profit, 2-reduction of new customer aquistion costs, 3-word of mouth helps marketing, 4-customer willingness to pay higher prices, and 5-higher Brand Loyalty results in higher market shares. The importance of Brand Loyalty are the same as the advantages. Brand Loyalty reduces price sensitivity for the consumer. If a consumer trusts a Brand, they are willing to pay more for a product. Loyal consumers will also recommend Brands to other people saving marketing costs. Brand Loyalty increases profits, while providing competitive advantages toward successful brands. Brand Loyalty inspires trust in consumers, raises market shares, and increases profits for the company marketing the Brand. Brand Loyalty does not have a set measureablity. A few vairables to measure Brand Loyalty are brand preference and attitude toward the brand. Different Brand manufacturers use different measurements. The measurement of Brand Loyalty is important because managers must cope with the disloyalty among customers and predict Brand Loyalty. There are six strategic Branding decisions corporations must make; 1-Brand context, 2-Brand construction, 3-Brand confirmation, 4-Brand consistency, 5-Brand continuity, and 6-Brand conditioning. After establishing these six strategic Branding decisions, Long Term strategic advantages for building Brand Loyalty are 1-improvement on return of all investment made in the brand, 2-maximising Brand growth potential, and 3-protecting the brand against consumer â€Å"disloyalty† triggers. There are four â€Å"disloyalty† triggers; 1-peer recommendations to try different Brands, 2-new products, 3- perceived shift in price-value relationship of the Brand/competitive Brand, 4-strong competition advertising. Long term strategic disadvantages include a lack of understanding of what the Brand stands for, inadequate funding/research, and private label threats. Short Term Branding challenges are 1-senior managements short-term focus