Monday, May 25, 2020

The History of Cloning - Free Essay Example

Sample details Pages: 3 Words: 1049 Downloads: 2 Date added: 2019/07/01 Category Science Essay Level High school Tags: Cloning Essay Did you like this example? Cloning has been a subject of fascination for scientists and researchers for decades, starting with the fruition of the term in 1938 when Hans Spemann proposed an experiment involving the replacement of one nucleus with another. Since then, the term cloning has come to represent making an exact replica of an organism by using a cell from one organism and implanting into another with the purpose of growth and birth of a replicate or clone. The long history of cloning has been one of many failures, and few successes. Don’t waste time! Our writers will create an original "The History of Cloning" essay for you Create order Dolly the Sheep was the first success in the research, but to date there has been no successful human cloning. Since the concept of cloning was introduced, a long-standing argument among the philosophical community has been the morality of cloning, specifically cloning humans. The endeavor to clone humans has proven to be a financial issue with a low success rate and high time consumption that can only be deemed a morally impermissible science. Arguments made for the acceptability of human cloning involves the new access to organs if the donor needs an organ transplant. This idea stems from the ever-growing list of people in need of a heart transplant or a new kidney, but the complete lack of organ availability. By creating a clone of oneself, if an accident was to occur, or a person is in immediate need for an organ, a clone can be extremely helpful. However, if the science is taken out of the equation, the clone is a person. A human being developed in the womb, grew up with emotions and hopes and dreams. They feel pain and happiness, just like their donor. What makes it morally permissible to remove a healthy organ from them for someone else? If one were to volunteer to give a kidney, it could be acceptable, because it occurs all the time, but not giving someone an option is where the fault lies. According to Immanuel Kant, humanity should focus on a central moral principle in which you act so that you treat humanity, whether in your own person or in the person of another, always at the same time as an end, never as a means only (Kant). The concept presented by Kant is that a person should not use another as an instrument or machine in a manner to achieve ones own, selfish goals. By creating a clone of oneself for the purpose of organ donation, not only is the clones moral rights being impeded, the donor is now acting on their own selfish goals at the expense of another. To work around the organ donation argument, there is no need for a clone for an organ with the same DNA as the recipient because there has already been successful growing of organs in research labs. The organs can be grown by using cells and DNA of the person in need of the organ, and by using a special 3D printer and other technology, an organ can be specially made, without risking the life of another. Organ donation is not the only reason that a person may wish to make a clone. There has been debate over the possibility of cloning people with genius IQs, such as Stephen Hawking, for recreating the person behind scientific discoveries that cultivated change in the science community, or cloning someone who died, such as a child or a parent. Cloning someone because of their accomplishments, or to get back a loved one seems to be permissible, however the clone could suffer from any medical ailments that were present in the donor. For example, Stephen Hawking may have been a genius, but cloning his DNA would mean cloning the DNA containing the markers for Lou Gehrigs disease. The same could be said of cloning a teenager who has the markers for kidney disease, or of a mom who will be diagnosed with Alzheimers in twenty years. When a clone is made with DNA the markers present at the time of collection will carry over to the clone, resulting in the clone having the same medical issues as the donor. Not only are the ailments going to be copied, the age of the cell is also identical to the donor, meaning a seventy-year-old being cloned would result in a baby with cells that are seventy-years-old. Subjecting a clone to medical issues with no cure, such as ALS, or to shortened lifespan because of older DNA being implanted into an egg, is a morally impermissible act. The effect was seen when Dolly the Sheep was cloned in 1996 and as a newborn had genetic markers of a six-year-old sheep. On average, a sheep has a twelve-year lifespan, and by cloning a six-year-old sheep, Dolly was born with cells of a six-year-old and a life that was cut in half. In theory, this will occur to any human clones because there has been no known technique to regenerate telomeres of an adult cell to revert the cell back to a new (baby) cell, and thus eliminate the shortened lifespan. One may argue the genetic markers, carrying diseases and medical ailments, can be removed or turned off in a cell. This act of genetic modification is possible, and is known as designer babies, but it is not a method of cloning. By manipulating the genetics of the donor, the reproduction is no longer a genetic identical of the donor, and thus is not considered a clone. This idea is brought up in the novel Never Let Me Go in which the children are all incapable of conceiving or reproducing children. The reason behind the incapability to reproduce is never specifically mentioned, but it is likely the society developing clones and removing the reproductive faculties. This process by the scientists becomes a violation of the Natural Law Theory, which states the items that ought to be naturally good are human life, human procreation, human knowledge, and human sociability. Any act of creating a clone, with the ability to think and feel emotion, is the act of creating a person and a life. Removing the ability to procreate on a large scale and keeping knowledge from them, like in Never Let Me Go, violates natural law theory and thus the act of cloning becomes a universal evil, and cannot be morally accepted.

Friday, May 15, 2020

Application Of A Plagiarism Declaration - 4136 Words

1 4 6 7 2 3 Student Registration Number Coursework Form This form should be completed for each piece of coursework submitted. It is designed to aid the process of anonymous marking, the identification of work once marking is complete, and for you to make a plagiarism declaration. Please ensure that you fill in all parts of the form. Please note that you should hand work in by the prescribed method only. Plagiarism Declaration By completing and signing this form you are making the declaration below: †¢ The work I have submitted, in accordance with University College Regulations, is all my own work and contains no plagiarism from books, articles, the internet or anyone else’s work. †¢ Where I have quoted the words of another person, I have surrounded the quotation with quotation marks and have referred to the source within the text or by footnotes. †¢ Where I have taken ideas more generally from other people (by using secondary sources or by reading books, journals or articles but not specifically referring to them in the text), I have acknowledged such use by making a named reference to the author in the coursework. †¢ I have included a full bibliography and/or reference list as required. I B P 7 0 0 2 Module Code Module Title: Organisational Behaviour Leadership Academic Tutor: Dr. Shova Thapa Karki Module Convener: Dr. David Twigg Submission Type (Delete One): Individual Word Count (if applicable): Page Count: WORK BASED REPORT As managers anticipateShow MoreRelatedApplication Of A Plagiarism Declaration2135 Words   |  9 Pagesidentification of work once marking is complete, and for you to make a plagiarism declaration. Please ensure that you fill in all parts of the form. Please note that you should hand work in by the prescribed method only. Plagiarism Declaration By completing and signing this form you are making the declaration below: †¢ The work I have submitted, in accordance with University College Regulations, is all my own work and contains no plagiarism from books, articles, the internet or anyone else’s work. †¢ WhereRead MoreSample Resume : Campus Enrolment1174 Words   |  5 PagesProfessional Practice 300053 Tutorial group: Tutorial day and time: Lecturer/Tutor: Dr. Ragbir Bhathal Title of assignment: Assignment 1: Essay Length: Date due: 21/08/15 Date submitted: Campus enrolment: UWS Kingswood Declaration: ï  ± I hold a copy of this assignment if the original is lost or damaged. ï  ± I hereby certify that no part of this assignment or product has been copied from any other student’s work or from any other source except where due acknowledgement is madeRead MoreRpl Learning2091 Words   |  9 PagesDate Name Position Company Address State Postcode ACS Project Report Form Australian Computer Society Skills Assessment 1 July 2012 The ACS Project Report Form is required for all Recognition of Prior Learning (RPL) Applications Information about the Areas of Knowledge After studying the ACS Key Areas of Knowledge document, tick those areas of knowledge that you believe you have learned from your experience. Please Note: None of the areas  are mandatory. Applicants  willRead MoreThe Inspiration of the Declaration of Independence1203 Words   |  5 PagesMany of us tend to wonder what was the inspiration of the Declaration of Independence? What or who influenced one of the greatest founding fathers, Thomas Jefferson, to create such an important document in our American history. To really understand what influenced Thomas Jefferson, we must understand some of the men who inspired him when creating this document. Its also important for us to understand the philosophies these men went by, and why Thomas Jefferson wanted incorporate their philosophiesRead MoreReport On Building Construction At Unsw1721 Words   |  7 Pagesstrongly advised to: ââ€"  Review the assessment requirements contained in the briefing document for the assignment; ââ€"  Review the various matters related to assessment in the relevant Course Outline; ââ€"  Review the Plagiarism and Academic Integrity website a http;/www.lc.unsw.edu.au/plagiarism/pintro.html to ensure they are familiar with the requirements to provide appropriate acknowledgement of source materials; and ââ€"  Retain a copy of this assessment for their records and in case it is misplaced andRead MoreCase Study Questions On Plagiarism And Plagiarism1729 Words   |  7 Pagesassessment work electronically please make sure you have a backup copy. PLAGIARISM Plagiarism is the presentation of the work of another without acknowledgement. Students may use a limited amount of information and ideas expressed by others but this use must be identified by appropriate referencing. CONSEQUENCES OF PLAGIARISM Plagiarism is misconduct as defined under the Student Conduct By-Laws. The penalties associated with plagiarism are designed to impose sanctions on offenders that reflect the seriousnessRead MoreAcademic Year2016 -2017Semester: Spring 2017 (Second Semester).1235 Words   |  5 Pages10 10 100 Marks Marks deduction Criteria Presentation Referencing Word Count E-Library Total Up to (5) (5) Marks 100 Student’s Total Mark /100 Notes on plagiarism: A. According to the Arab Open University By-laws, the following acts represent cases of cheating and plagiarism: ï‚ § Verbatim copying of printed material and submitting them as part of TMAs without proper academic acknowledgement and documentation. ï‚ § Verbatim copying of material from the Internet, includingRead MoreAcademic Literacies : Learning And Communicating Practices1628 Words   |  7 Pagespreviously been submitted for assessment at this or any other university. ââ€" ¡ This is an original piece of work and no part has been completed by any other student than signed below. ââ€" ¡ I have read and understood the avoiding plagiarism guidelines at http://www.swinburne.edu.au/ltas/plagiarism/students.htm and no part of this work has been copied or paraphrased from any other source except where this has been clearly acknowledged in the body of the assignment and included in the reference list. ââ€" ¡ I haveRead MoreFundamentals of Project Management3669 Words   |  15 Pagesstructuring your arguments in a logical fashion. Consult as many sources as possible, from your textbooks/study material as well as further resources – remember to reference your material correctly (please refer to the section on Referencing and Plagiarism for some guidelines). ï‚ · ï‚ · ï‚ · Use examples and explanations to justify your arguments. One sentence should contain one idea; more than one idea in a sentence will make your answer cumbersome. One paragraph should contain one main idea supported byRead MoreSchool Of Computing Engineering Mathematics2551 Words   |  11 Pagestime: --- Lecturer/Tutor: Dr. Bahman Javadi Title of Assignment: Individual Essay: Software Testing Methods Length: (Optional) 1800 words Date due: 22nd June 2015 Date submitted: 22nd June 2015 Student Declaration (must be signed) Declaration: †¢ I hold a copy of this assignment if the original is lost or damaged. †¢ I hereby certify that no part of this assignment or product has been copied from any other student’s work or from any other source except where due acknowledgement

Wednesday, May 6, 2020

Analysis Of The Poem Easter - 976 Words

On Easter Monday, April 24, 1916, members of the Irish Volunteers and the Irish Citizen Army occupied Dublin’s General Post Office, and from its steps, Patrick Pearse read a proclamation of the Irish Republic. The British military responded with force, and the Easter Rising, as it became known, came to an end with the rebels’ surrender on April 29. In England at the time, W. B. Yeats learned about the Rising mostly through newspapers and through letters from his friend and patroness, Lady Gregory. As the British forces imposed martial law and, in early May, executed fifteen of the Rising’s leaders, some of whom Yeats knew personally, the events in Ireland moved Yeats to begin writing the poem which became â€Å"Easter, 1916.† On May 11, Yeats wrote to Lady Gregory that he had received a letter from his long-time muse Maud Gonne, who had written from France with the belief that the revolutionaries had â€Å"raised the Irish cause again to a position of tragic dignity† (White 372). He went on to relate his own attempts to interpret recent events: â€Å"I am trying to write a poem on the men executed—‘terrible beauty has been born again.’† (Wade 613). The phrase â€Å"terrible beauty,† with its initial â€Å"t† and final â€Å"ty,† seems to echo Gonne’s â€Å"tragic dignity,† though the negatively charged â€Å"terrible† strains against â€Å"beauty,† making Yeats’s phrase more ambivalent than Gonne’s. Yeats may not have used the word â€Å"tragic,† but a sense of tragedy pervades â€Å"Easter, 1916.† Recalling life before theShow MoreRelatedAnalysis Of The Poem Easter 2124 Words   |  9 PagesEa ster 2 A, 2016 John 20:19-31 Brother and sisters in Christ, grace to you and peace from God our Father, and our risen Lord and Savior, Jesus Christ. Amen. Have any of you had a nickname that stuck with you, even if you hated the name? Even if it was unfair or unflattering? When I was a child, my family called me â€Å"Lynnie† instead of plain old Lynn. Lynnie evolved into â€Å"Lynnie the Pooh† (instead of Winnie the Pooh), then â€Å"Pooh Bear† and eventually just â€Å"Pooh†. Oh, it seemed harmlessRead MoreAnalysis Of The Poem Easter Wings 1030 Words   |  5 Pages2015 Easter Wings George Herbert was a poet who characterized his poems by a deep religious devotion, verbal precision, musical swiftness, and clever use of vanity. In his poem Easter Wings, he manages to explain in simple and moving language some of the most complex ideas in all of Christian thought. To give even a broader idea of the poem, he purposely shaped his poem into the shape of bird wings. Thus, he uses imagery to show what he is telling through his poem, making it a visual poem. GivingRead More Analysis of two poems; Prayer Before Birth and Easter Monday733 Words   |  3 PagesAnalysis of two poems; Prayer Before Birth and Easter Monday In this essay I will be analysing two poems. Both poems reflect upon the theme of war. I will be analysing them through their meanings, forms and show how the poets use language to express their ideas and feelings. I have decided to look at the poems Prayer Before Birth by Louis MacNeice and Easter Monday by Eleanor Farjeon. Louis MacNeice was born in 1907, he died in 1963. His mother died when he was young and her death gotRead MoreAnalysis Of The Poem Easter s End By Jared Diamond1293 Words   |  6 Pagesbeing aware that the temperature of the earth is increasing due to negligent acts of society. Society has now started considering it as a significant issue that may endanger their surrounding atmosphere and their lives. Easter s End by Jared Diamond discusses the vanishing of Easter Island s forest by the society that once lived there and which has now been left as a mysterious and isolated Island. Similarly, Margaret Wood s The Weather Where We Are, tackles climate change and how it is effectingRead MoreAnalysis Of The Poem Easter Wings By George Herbert947 Words   |  4 PagesReligious is a strong topic because many people accept it and others do not. Beliefs are very important in the life of several human beings and people enjoy expressing them. The poem, â€Å"Easter Wings,† illustrates the life of the first man on Earth, Adam, and the present life of G eorge Herbert, the author, in 1633. This poetry battles between the loss of hope and hope and is a reflection on the author’s life. In the first stanza the author mentions how Adam had it all and then because of his sin heRead More Analysis of the Inferno of Dante Alighieris Divine Comedy Essay1221 Words   |  5 PagesAnalysis of the Inferno of Dante Alighieris Divine Comedy The Divine Comedy by Dante Alighieri is considered by many as the first great poem in the Italian language and perhaps the greatest poem written in Medieval Europe. The poem is so famous that one of the minor characters, Capaneus the great blasphemer, has his name on a mesa on one of Jupiters moon Io (Blue, 1). Also, the poem is divided into three canticles, or sections, Inferno, Purgatorio, andRead MoreComparative Stylistic Analysis of a Poem3580 Words   |  15 Pagesï » ¿ Comparative Stylistic Analysis of a Poem Submitted to: Mrs. Daisy O. Casipit Submitted by: Lovely Anne B. Unquida (BSEd3-3) October 2013 Easter Wings by George Herbert Lord, who createdst man in wealth and store,    Though foolishly he lost the same,   Ã‚      Decaying more and more,   Ã‚     Ã‚   Till he became   Ã‚     Ã‚  Ã‚  Ã‚   Most poore:   Ã‚     Ã‚  Ã‚  Ã‚   With thee      Ã‚  Ã‚   Oh let me rise As larks, harmoniously, And sing this day   thy victories: Then shall the fall furtherRead MorePsychoanalytic Criticism on Emily Dickinson Essay1086 Words   |  5 Pagesmake the reader relate to such poetry on a deeper level or not to who she was as a human being. Many critics believe that using a psychological criticism approach to understand an author’s literary work leaves common sense behind. For them, such analysis disregards the environment in which an author created their work, as well as disregarding that men and women read differently. One of the main critics of such approach, Karl Popper, states that the creators of psychoanalysis such as Sigmund FreudRead MoreEssay Analysis of W.B.Yeats The Stolen Child1024 Words   |  5 PagesAnalysis of W.B.Yeats The Stolen Child      Ã‚  Ã‚   The Stolen Child was written by W.B.Yeats in 1886.   The Victorian Era of literature was in full swing, while upstart new poets, dissatisfied with the airy nature of earlier poetic works, began demanding more concrete, realistic, and hard-hitting literature that avoided the metaphorical distancing that the Romantics were prone to.   They scoffed at Yeats, at his romantic views, at his out-dated style of writing.   Frustrated, perhaps even angeredRead MoreLiterary And Non Literary Works1721 Words   |  7 PagesTruth By: Maya Angelou Music Keep Holding On By: Avril Lavigne, 2007 Film Patch Adams, 1998 The Brave and Startling Truth This poem was written by Maya Angelou in 1995 Summary In this poem that paints a picture of how it can be when the fight is over. When we lower our weapons and stop reaching for them and look at the outcome of the fight. This poem is telling us to stop looking at war but to look at the peace that we can have and brings us hope. Maya Angelou Maya Angelou wrote book on

Tuesday, May 5, 2020

E-Technology in Business for Implementation- myassignmenthelp

Question: Discuss about theE-Technology in BusinessOperations for Implementation. Answer: Introduction: Electronic technology has changed the business operations of the modern business organizations in several ways. Today electronic technology has touched and transformed all spheres of business organizations like their production, sourcing of raw materials, selling of their finished products and even capital generation. Technology has enabled business organizations not only conduct operations and profit in the future but also acquire and maintain data which they can use for future business generation. However, this electronic technology comes at huge prices both for the suppliers of e-technology and the companies using the technology. The paper would divided into two broad divisions, first the changes which e-technology has ushered into business organizations and second, the steps which supplying companies and using companies take to tackle e-technological threats. Analysis: Electronic technology refers to the technology which is driven by use of electronic instruments to conduct various operations. The modern business organizations use electronic technology in several forms to operate in the market. Companies use e-technology in devices as small as a smart phone to hold conferences as well as in sophisticated manufacturing plants weighing several tons. This use has changed the business operations in several ways (Vahlne and Johanson 2017). The first change which business organizations experienced due to use of technology is streamlining of their manufacturing activities which enable them to mass produce goods at affordable prices. The multinational today stream information regarding customer expectations from their products using online survey and social networking sites. This information is then passed on to the apex management and all the departments. The apex management then use this information in the new product development procedure of the company. The production department can use this information to place orders for raw materials to ensure smooth and timely production of finished goods (Bocken et al. 2014). Companies today install plants which can be receive and process instructions given through computers. This shows that e-technology has made the manufacturing has made the manufacturing process more dynamic and simultaneously control them more accurately. Multinational companies can align their manufacturing process with related activities like inventory control and sourcing of raw materials, thus reducing wastage, which would not have been possible without e-technology (Hair et al. 2015). The next change which use of e-technology has brought about in the organizations is the ways they maintain their suppliers and source raw materials from them. Today, companies, especially the multinational companies need to acquire diverse raw materials for their finished products to cater to their immense customer bases. For example, the companies producing consumer goods like skin care products have to source diverse raw materials like coconut from Asia, cocoa from Africa and olive from Europe. This means that the companies today require to communicate with suppliers based in different to source the diverse categories of raw materials. Electronic technology driven inventory control systems have allowed the companies to maintain their stocks of raw materials and also place orders accurately (Yan et al. 2016). The production managers using e-procurement technology can communicate with suppliers spread in different countries and view their raw materials, their rates and quality agains t their own parameters. They can then forward the information to the other related departments and then place orders after getting approval. One can point out that the power of multinational companies to hold a formidable product line containing diverse products is empirical to their brand value and revenue generation. It is this need to hold high market position that drives them to hold a long product line and consequently acquire raw materials from the world to meet their production needs. Electronic technology has made it possible for companies to communicate with suppliers from different parts of the world and view their products. It has enabled them to gain participation and support of the related departments and then place the orders. Thus e-technology has helped companies to ensure that they order appropriate raw materials of high quality at economic rates. Thus, e-technology has changed the ways companies source their raw materials and align it with their quality parameters (Picin and Carbonell 2016). The third area which e-technology has changed is the ways companies, especially the multinational companies source their capital. Multinational companies in order to carry on their global business operations require immense capital base. The capital base is also required to support the e-technology based manufacturing and sourcing of raw materials. Electronic have changed the ways multinational companies source their capital. It must be note that the largest companies in the world are public limited companies which have to get listed on stock exchanges to source capital. For example, Unilever is primarily listed on London Stock Exchange and also on New York Stock Exchange (Appendix 1). This means that the company can generate capital from both markets. Electronic technology has revolutionized the capital sourcing of multinational companies, thus allowing them to generate immense capital from the market (Salem, et al., 2017). Advancement of informational technology has made it possibl e for both individual investors and institutional investors view the details about the companies like share prices and their dividend paying capacity on variety of platforms like computers, tablets and smart phones irrespective of locations. This availability of share trading portals across diverse devices allow the investors to invest at their convenience. They are not dependent on the physical opening of stock exchange offices unlike before the advent of electronic share trading platforms. This allows the companies to generate immense capital from all over the world which they can allocate towards installation of advanced technology to manage crucial business areas like manufacturing (Kwan, Masulis and McInish 2015). The fourth area of business which electronic technology has changed or rather revolutionized is sell of finished products. Advanced electronic technology has enabled multinational companies to promote their products more aggressively which has enabled them to generate huge revenue and also have deeper long term business implications. The multinational companies, before the development of advanced electronic technology were mostly dependent on advertisement of their products on the conventional media like newspaper, television and radio. There was no scope of gaining customer feedback. Today the multinational companies can advertise their products on the television, newspapers and magazines. The advancement of digital media like internet has provided the multinational companies global platforms to advertise their products before a global base of customers. Electronic technology has allowed companies to communicate with their customers on social networking websites like Facebook and ga in their feedback and suggestions (OHara 2015). These feedbacks can be used while bringing about future innovation in the product and while developing new products. The companies can even gauge the demand for different products and forecast future demand based on the number of customers following their products (forbes.com 2018). This shows that electronic technology has revolutionized selling process of the companies and has enabled them to sell their products all over the world, thus generating immense revenue. This analysis also shows that modern technology has enabled to gain feedback which they can use in future product development. Electronic technology has helped the companies breakaway from their brock-and-mortar stores to sell their products. Companies can sell their products on the ecommerce portals using services of information technology companies like Amazon. The multinational corporations are also able to showcase their products on their official websites along with de tails like features and usage which would not have been possible without IT support. Thus, they are able to receive orders round the clock which paves way for immense generation of profits. The customers while placing orders on the ecommerce portals put in details like name, income and age. Thus electronic technology does not only pave way for selling of products but also allows companies to create customer database, thus paving ways for future business generation (Coronel and Morris 2016). This revolution in overall business operations which electronic technology also poses threats and risks which has necessitated the technology supplier companies like Google to take steps to deal with them. The biggest risk which the companies and their suppliers of technology face is the risk of data thefts. Modern digital platforms like Facebook have enable companies to share information about their products with their customers and gain their feedback. The data often contain sensitive information like income of the customers and their bank details which is captured while they make online payments. The companies acquire, store, manage and use this information while conducting business. Illegal groups have started targeting data bases of companies to gain access to the sensitive information about their customers. Companies like Apple and their customers are under continuous threat of losing their data due to hacking (dailymail.co.uk 2018). The information technology companies have ta ken several steps to prevent or at least minimize data theft. The first step which these companies have taken is mandate their user companies to use login and password while entering their portals for actions like purchasing of products. For example, in order to place or view, Amazon mandates users to put in valid email ids and passwords. The ecommerce websites which enable selling of products keep branded products so that illicit producers engaged in black marketing cannot use their platforms to earn money (OHara 2015). The second step which information technology companies take to curb data hacking is to strengthen the security of their portals from their end. They tighten parameters like directing users to set a certain type of passwords to sign up with their portals. They encourage users to add their original photograph and mobile numbers for verification and future investigation purpose, if required (Raghavan, Desai and Rajkumar 2017). The next step which IT companies take to prevent hacking is to warn the users of any attempt to intrude into their mail. The IT companies like Google have started giving information to their users if they detect any sort of intrusion or attempt to do so. They even track the location and time of the data theft attempt so that holder of the account, both individual and company can take appropriate steps in the direction, like approaching the police and lodging. These actions have to a certain extent enabled companies to minimize hacking (Peters et al. 2017). The fourth step which the IT companies have taken to minimize the threat of hacking is by creating user awareness. They advise users to use passwords which are difficult to crack to protect their accounts. They educate their users not to share their passwords with anyone or write them down anywhere. These initiatives to a certain extent have helped in creating customer awareness and minimize hacking (dailymail.co.uk 2018). The fifth step is the most drastic of all the steps which IT companies use to track data thefts and hacking activities-collaborating with the intelligence departments. One would notice that this step is actually based on the previous steps. The IT companies like Google mandate their users to put in their user ids and passwords. The email id of the user is connected to the verification mobile number. Whenever hacking is detected and reported, the IT companies collaborate with the police forces to tack the hacking groups. The IT companies like Google use the email of the hackers to gain access to their mobile numbers. The police can then approach the mobile service for providing the details of the users like their address, citizenships and other family members names which help the police to track the hackers (bbc.com 2018). Conclusion: One can conclude that electronic technology has revolutionized business operations, especially for the multinational companies. IT developments have made strategic planning of important operations like production and inventory management more accurate. Today IT has enabled multinational companies to control colossal manufacturing processes accurately using software. The companies can get view, acquire and manage global supply using ecommerce supply portals. One can also point out that these two activities would require immense investment which point that the capital generation process of these companies have to be expanded to meet their growing needs. IT development enables investors to invest in the shares online which enable these companies to generate huge capital to support their operations. These companies today enlist themselves on several stock exchanges in several countries which enable them to multiply their capital generation. However, these advantages of IT has exposed use r companies before data theft risks. The IT companies have taken strict steps to curb this data theft and enable their client companies benefit by IT advancements in the long run. References: BBC News. 2018.Viewpoint: How to catch a hacker. [online] Available at: https://www.bbc.com/news/technology-17302656 [Accessed 31 Mar. 2018]. Bocken, N.M., Short, S.W., Rana, P. and Evans, S., 2014. A literature and practice review to develop sustainable business model archetypes.Journal of cleaner production,65, pp.42-56. Coronel, C. and Morris, S., 2016.Database systems: design, implementation, management. Cengage Learning. Forbes.com. 2018.Forbes Welcome. [online] Available at: https://www.forbes.com/sites/ilyapozin/2014/03/06/20-companies-you-should-be-following-on-social-media/#751fbfa964f2 [Accessed 31 Mar. 2018]. Hair Jr, J.F., Celsi, M., Money, A., Samouel, P. and Page, M.J., 2015.The essentials of business research methods. Routledge. Kwan, A., Masulis, R. and McInish, T.H., 2015. Trading rules, competition for order flow and market fragmentation.Journal of Financial Economics,115(2), pp.330-348. Londonstockexchange.com. 2018.UNILEVER share price (ULVR) - London Stock Exchange. [online] Available at: https://www.londonstockexchange.com/exchange/prices-and-markets/stocks/summary/company-summary/GB00B10RZP78GBGBXSET1.html [Accessed 31 Mar. 2018]. Mail Online. 2018.Apple to issue fix for iPhones, Macs at risk from 'Spectre' chip flaw. [online] Available at: https://www.dailymail.co.uk/news/article-5237371/Apple-issue-fix-iPhones-Macs-risk-Spectre-chip-flaw.html [Accessed 31 Mar. 2018]. Nyse.com. 2018.NYSE. [online] Available at: https://www.nyse.com/quote/XNYS:UN [Accessed 31 Mar. 2018]. OHara, M., 2015. High frequency market microstructure.Journal of Financial Economics,116(2), pp.257-270. Peters, G., Shevchenko, P., Cohen, R. and Maurice, D., 2017. Understanding Cyber Risk and Cyber Insurance. Picin, A. and Carbonell, E., 2016. Neanderthal mobility and technological change in the northeastern of the Iberian Peninsula: the patterns of chert exploitation at the Abric Roman rock-shelter.Comptes Rendus Palevol,15(5), pp.581-594. Raghavan, K., Desai, M.S. and Rajkumar, P.V., 2017. Managing Cybersecurity and e-Commerce Risks in Small Busi-nesses. Salem, M., Mayar, N., Saeed, M., Mostafa, A. and Tawfik, T., 2017. N M: Dynamic Online Website. Vahlne, J.E. and Johanson, J., 2017. The internationalization process of the firma model of knowledge development and increasing foreign market commitments. InInternational Business(pp. 145-154). Routledge. Yan, M.R., Chien, K.M. and Yang, T.N., 2016. Green component procurement collaboration for improving supply chain management in the high technology industries: A case study from the systems perspective.Sustainability,8(2), p.105.

Sunday, April 12, 2020

Zara vs. Uniqlo Essay Example

Zara vs. Uniqlo Paper Clothing Industry ZARA vs. UNIQLO Team J: Bingbing Ge Lei Du Sophia Maduka Salman Syed Azim Thanadol Boonyaviwat Tanya Goel 1 Index Content Page Number Executive Summary†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦ 4 Introduction†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦ 5 Industry Analysis†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦5 Competitive Environment†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦. 5 Strategic Groups†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦ †¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦ 6 ZARA†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦. 7 Critical Success Factors†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦7 Strategic Issue: What should ZARA do next?.. Strategic Options for ZARA and Inditex†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦. 10 UNIQLO†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦ 11 Critical Success Factors†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦11 St rategic Issue: Should UNIQLO compete with ZARA†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦.. 12 Strategic Options for UNIQLO and Fast Retailing†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦.. 13 Conclusion†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦.. 14 2 Appendices Index Content Page Number Appendix 1 : Porter’s Five Forces 15 Appendix 2 : PESTEL Analysis 7 Appendix 3 : Risk Factors 18 Appendix 4 : Strategic Groups.. 19 Appendix 5 : ZARA Business Model 20 Appendix 6 : CAGE Framework. 21 Appendix 7 : ZARA’s TOWS Matrix†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦22 Appendix 8 : Clothing retailers’ sales and profits.. 3 Appendix 9 : Case of UNIQLO failing to compete with ZARA. 24 Appendix 10 : Customer Analysis.. 26 Appendix 11 : UNIQLO Business Model 27 Appendix 12 : Detailed Strategies for UNIQLO. 28 Appendix 13 : Comparison Between ZARA and UNIQLO.. 30 Appendix 14 : UNIQLO’s TOWS Matrix.. 1 Appendix 15 : Inditex and Fast Retailing Ansoff Matrices 32 3 Executive Summary This report aims to provide a comprehensive analysis of two major players in the clothing industry: ZARA and UNIQLO. The clothing industry is highly segmented with several sub markets, ZARA targets at customers who need high fashion, whereas UNIQLO positions itself in the low fashion low price segment. Different from most retailers who adopt a mass production for strategic positioning, ZARA implemented a mass differentiation strategy to compete in the market by vertically integrating its value chain. With full control of all its all activities, ZARA has successfully gained large market share and established good brand awareness by providing customers with fashionable, highly exclusive, fast changing products. For further expansion, ZARA chose to keep penetrating existing markets rather than entering into a new segment. The long distance between Spain and America has brought ZARA with a strategic issue as it cannot take full advantage of its effective business model, which means ZARA has to change its business model or establish a new centralized production and distribution centre for further performance improvement. Moreover, UNIQLO follows the traditional strategy adopted by most retailers that is to reduce cost by outsourcing production regions with low labour cost. UNIQLO also succeeded in gaining market share by offering customers with products with rich functionalities at low price. With inspiring sales performance, UNIQLO entered into the new segment to compete with ZARA. However, this expansion strategy has resulted as a failure, which implies UNIQLO should focus on its current market, expand into a new segment either by launching a new brand and business model or taking full advantage of its current unique RD capability. Introduction The fashion industry is one of the most complicated industries in the world. It is the largest employer of all the creative industries and directly employs 816,000 people across a wide range of jobs and professions from fashion designers to fashion retailers. In the UK economy, it is estimated that the fashion industry contributes a direct value worth 21 bil lion pounds (Casciato, 2010). The world of fashion is filled with competitors, who are struggling for public awareness. ZARA and UNIQLO are two companies operating in this market and spare no effort to survive and prosper in this industry. We will write a custom essay sample on Zara vs. Uniqlo specifically for you for only $16.38 $13.9/page Order now We will write a custom essay sample on Zara vs. Uniqlo specifically for you FOR ONLY $16.38 $13.9/page Hire Writer We will write a custom essay sample on Zara vs. Uniqlo specifically for you FOR ONLY $16.38 $13.9/page Hire Writer This report will start by providing an industry analysis, and then it will discuss ZARA’s strategy, strategic issues and its strategic options. Finally, it will analyze the critical success factors of UNIQLO, the reason why it failed to compete with ZARA and its strategic options. Industry analysis Competitive Environment The Clothing industry is a very competitive in nature and due to this several sub segments have been created in the market and coupled with the number of players involved, in addition to the seasonal nature of the products; has led to excess capacity within the industry. The modern markets trends of the industry is globalization which has led to intensified competition between local brands and international brands alike. From our Porter 5 Forces analysis, which can be found in Appendix 1, we can see that the highly competitive and labour intensive nature of the industry have led firms to pursue cost leadership strategies. A general trend has been to outsource production to developing countries such as Bangladesh, Vietnam and China (The reasons for doing are highlighted by our PESTEL Analysis, as Appendix 2 indicates). Another important way in which firms try and create a barrier to entry is by product differentiation. The perception of products overall can be deemed to be equal and therefore, apart from price, the key differentiating factors are brand image, reputation and design. As a result firms tend to utilize a lot of capital in order establish a reputation and create brand awareness. 5 Due to the globalized nature of the industry majority of the risks involved are applicable throughout the industry as a whole. These risks are often beyond any of the firms’ controls and therefore it is very difficult to foresee them and adopt strategies to deal with them. A list of some of these risk factors is listed in the Appendix 3. Strategic groups In the clothing industry, there are generally three strategic groups: low fashion low price, high fashion low price and high fashion and high price (See Appendix 4). Retailers like GAP and UNIQLO belong to the first category as those companies mainly focus on providing customers with relatively low fashion and cheap products. Both GAP and UNIQLO adopt the same business model, which aims to reduce price through mass production. Compared with GAP and UNIQLO, companies such as HM and ZARA, classified in the second strategic group, position themselves in the market with more differentiation by proving high fashion products with low price. The last group includes those luxury brands such as LV and GUCCI, who provide high income customers with most fashionable design along with a very high price. There is possibility for companies in the first strategic group to strategically stretch to the second group through differentiating their products towards more fashionable. For those companies in the second group, they could also strategically stretch towards to the first group by mass production via intensive outsourcing to reduce its cost. 6 ZARA The Success of ZARA ZARA is one of the most successful clothing retailers in the world today. ZARA (operating under the flagship of Inditex, a holding company located in Northwest Spain) has around 2500 stores in 62 different countries across the world (Tiplady, 2006) and is still growing. The success of ZARA is astounding as they succeeded using a strategy which went outside the generic strategies used in the industry. Where others went for mass production, ZARA went for Mass Customization. When others spent fortunes on marketing, ZARA held a no advertising policy. When others outsourced their supply chain ZARA stuck with their own manufacturing facilities. ZARA’s secret is their Business Model, as illustrated by Appendix5. ZARA’s value chain ZARA’s business model is characterized by the search for flexibility in adapting production to market demand by controlling the supply chain throughout the different stages of design, manufacture and distribution (Inditex, 2009). This vertical integration of the value chain enhances internal information flow with the help of IT service and an autonomous and flexible corporate culture, giving ZARA capability to fully control their entire manufacturing and distribution process from their factories to the shop floor. ZARA’s success is based on a business model that achieves a ‘speed of response’ to market demand that is without precedent in the fast-moving clothing sector. ZARA’s cycles of design, production, and distribution are substantially faster than any of its main competitors. All their products are designed at the Inditex headquarters in La Coruna, approximately 50% of which are produced in its own network of 22 Spanish factories and the rest 50 % is outsourced to factories in Asia and Africa. Their finished products are dispatched by their centralized distribution facility twice a week, to each of its retail outlets, located in different time zones with accurate shipping times. Other fashion retailers usually have a six-month time lag between completing a new design and delivery. ZARA on the other hand can take a new design from the drawing board to the shop floor in as little as three weeks. 7 Merchandizing Strategy With full control of its production and coupled with their brand image, ZARA manages to create rapid product turnover, which in turn creates a climate of scarcity and opportunity in their retail stores. The exclusivity of its products are intended to increase consumer frequency, which corresponds to higher sales. As a result, ZARA’s high turnover rate allows the company to sell more items at full price, which helps ZARA achieve a 15 to 20 percent of markdown merchandise cost reduction compared to traditional retailers (Craig et al, 2004). Quick Response Strategy With a unique quick response system, comprising of human resource, information technology infrastructure and customer feedback, ZARA is able to respond to the demand of its customers better than its competition. On one hand, ZARA delegates its product development teams to attend high-fashion fairs and exhibitions to interpret latest trends of the season. On the other hand, ZARA’s store managers are responsible for reporting daily sales activity, products life cycles, and store trends to their designers. These measures along with accurate customer feedback, have provided ZARA with the tools to cater for their customers’ diverse requirements (Craig et al, 2004). Distribution Strategy ZARA’s centralized inventory management system gives them competitive advantage by minimizing the lead-times. ZARA’s internally or externally produced goods go to their distribution center, where they are inspected and immediately shipped. In order to increase speed of delivery, the shipments are scheduled by time zones and shipped by way of air, land or sea. Typically, products will be dispatched to stores in Europe within 24 hours, in the United States within 48 hours and in Japan within 48 to 72 hours (Ferdows et al, 2002). Zero Advertising Strategy As mentioned earlier, ZARA does not have a marketing policy, instead investing in an aggressive store expansion policy. Compared to their competitors, who have an adevertising budget in between 3 to 4% , ZARA’s advertising budget of 0. 3% ( primarly for its online and 8 catalogue venture) provides them with a degree of economies of scale on regards to their international expansion (Craig et al, 2004). They have a department in charge of acquiring global real estate in prime locations around the world, frequent refurbishing of store layouts and the creating the window displays for their global retail operations. ZARA strategically locates themselves in exclusive territory, to provide the allure of high fashion as it is not uncommon to find ZARA next to high end designer boutiques. This also provides them with a unique vantage point to mimic their competitor’s styles, with the hope that customers will go into these boutiques, see what they like and come to ZARA and buy it for a third of the price. Its centralized control over their stores has given ZARA an image of prestige and elegance, irrespective of their price point. Strategic Issue: What should ZARA do next? During 2009, ZARA went ahead and opened 103 stores globally and 15 stores in America. They had substantial sales growth in their European and Asian markets, however sales in there American markets decreased substantially by 0. 5%, after the expansion. From our CAGE analysis, which is listed in Appendix 6, we can see that the geographical distance coupled with the inability of their business model to adapt to the American market can be cited as the main reasons for their failure. Due to the sheer size of America the styles in different side of the country would be different. For example:- Coats and sweaters would most likely be available in ZARA stores in New York during winter months, however, those items would not be stocked in ZARA stores in LA, since the temperatures in that part of the country remain fairly constant throughout the year. The differences in weather patterns pose another challenge to their business model especially since they do not have a factory on the continent. In order to enter new markets, ZARA launched their online sales catalogue in September 2010. Currently their online services are only available in Europe; however, if successful it will be launched globally. However, the question remains whether or not their business model can cope with this added facility or will ZARA run it online store via a different channel. Their current business model transfers stock in batches to their own stores who then sell it to customers and therefore adapting to a model where ZARA will have to sell one of items to individuals will be a challenge. Another important concern regarding ZARA online 9 sales venture is informing people about it. Since they do not have an advertising policy, how the general is public supposed to know about their new service. Strategic options for ZARA and Inditex By looking at their CAGE Framework and their TOWS matrix (Appendix 7), our advice to ZARA is simple: To be competitive in America: In order to compete in America, a manufacturing operation is a must. If the plant in the States is unfeasible then they could try and set up in Mexico or sub-contract their manufacturing operations to an existing plant in Mexico, like they have done in Asia. Otherwise in order to compete in America, ZARA has to change from its current business model, to a model which caters for mass production. This seems unlikely as they will compromise their biggest critical success factor which is to delivery styles quickly. They also have to make efforts to educate people regarding their styles and designs. Marketing and Advertising will be key if they are to be successful in the States and therefore, they must revoke their â€Å"no advertising strategy†. Online Sales operations: We believe that entry into the online sales market is a positive step but, they have to be cautious. Due to the nature online sales, it will be impractical to use their current value chain. The value should be separate from the current ZARA model as it is going to have to deal with postal returns, online refunds and sales of one of items. They also have to answer important logistical questions such as, which distribution centre will the orders be dispatched from? Once again marketing will be a key issue to address as they have to inform of their new service, therefore they will HAVE to revoke their current policy. Advice to Inditex: Inditex should keep on doing what they are in terms of expansion. However, they could begin to penetrate existing markets where ZARA has been successful using their other brands. This allows them to capture other market segments within those markets. They can also thinking about investing more towards RD to improve functionality of clothes. R D requires significant investment; however, they might reap rewards in the 10 long run and help them to research further market segments in the future. For example: provide trendy scruffs with heat absorbent technologies, the item will appeal to their current segment but can also crave its way into other segments. UNIQLO Do they challenge ZARA? UNIQLO see themselves as a direct challenger to ZARA, and their sales figures for 2009 do not disagree, as shown in Appendix 8. In the 2009 annual shareholders report and after a record year in profits, Tadashi Yanai the CEO of Fast Retailing, confidently claimed, â€Å"We can now stand as equals on the battlefield with other global retailers, such as HM, ZARA and GAP. And, just maybe, we can even emerge victorious. † (UNIQLO, 2009). However, they tried to do so this year and it did not go very well (refer to Appendix 9 for a Case study regarding their failure). In short company lost 26% of their global market share and sales fell by 6. 4% in Japan, a market which is responsible for 80% of their revenue (Business Week 2010). The first question for UNIQLO is to ask themselves, is whether or not they compete in the same market. By using the generic strategy graph below we can clearly see that UNIQLO and ZARA are using two completely different strategies in the market place. This coupled with the information derived from the Customer Matrix (see Appendix 10); we do not think they are immediate competitors. UNIQLO’s Critical Success Factors Although UNIQLO consider themselves to be direct competitors to ZARA, their critical success factors which have allowed them to achieve such monolith growth in such a short space of time, is also the reason they have so far failed to enter ZARA’s Market ( as emphasized by the UNIQLO failure case study in the appendix 9). The SPA business model Unlike ZARA, UNIQLO followed the generic strategies of the industry of high volume and low price. They have also invested millions trying to develop their brand identity. UNIQLO 11 credits its continual growth and its ability to provide high quality, functional casual wear at competitive rates to its SPA (Specialty-store/retailer of Private-label Apparel) business model, a model which they adapted from GAP in 1997 (UNIQLO, 2009). UNIQLO business model allows them to be fully involved in all activities of the supply chain from product design, to the sourcing of material, to manufacturing operations(even though they are contracted out to external suppliers) all the way to their sales and retailing operations. This enables UNIQLO to ensure costs are kept to a minimal and quality is maintained. Profitability can also be maximized as rents and personnel costs can be restrained. The Success of UNIQLO’s implementation of the SPA business model has prompted Fast Retailing to slowly integrate all their SBU’s acquired with this model. Appendix 11 provides an illustration of their model. Tadashi Yanai, the founder of UNIQLO, contributes the success of his company to Peter Drucker’s idea of â€Å"customer creation†, which is the idea of delivering products which creates demand (Business Week, 2010). In order to do so the SPA model was designed to be highly customer centric, i. e. customer feedback regarding products played an integral part in new product development. ZARA’s business model on the other hand caters takes customer feedback into account only to manage inventory. Customer feedback has been instrumental in the development of their highly successful Heat Tech and Airtech clothing range, and is taken into account in all levels of company development (UNIQLO website). From the Analysis of the value chain, the most important factor in the business model is UNIQLO’s RD department. Unlike ZARA limited RD budget, UNIQLO have spent a vast amount of time and resources to improve partnerships with suppliers like Toray industries, in order to create clothing which are functional. Why they cannot compete with ZARA It is understandable why UNIQLO wants to target ZARA as it seems that they want to make head ways into the women’s market, a market which is twice the size of the men’s market and they are taking various measures to do so. ( refer to UNIQLOs growth strategies in Appendix 12), such as acquiring other firms , setting up fashion lines only catered towards women and building large format stores. 2 However, the main reason they cannot compete with ZARA is because their business model cannot cater for quick style changes. Production for items starts a full year ahead of ZARA; in addition UNIQLO caters for logo less minimalist designs targeted at mostly a unisex segment. This is illustrated in a comparison table which can be found in Appendix 13. It seems that there aggressive marketing tactics have dug a huge hole into their existing market segment and whatever they try they simply just cannot get out and move into the high fashion women’s market. UNIQLO’s Strategic options By analysing their Value chain and their TOWS matrix (see Appendix 14) we can make the following recommendations to UNIQLO: Market Segment: UNIQLO should stick to their current market segment and try and build upon it further. By looking at their Strategic group diagram in the Appendix 4, it is clear that they simply do not have the strategic stretch to compete with ZARA and maintain their dominance in their segment. If they are to challenge ZARA then we would recommend that they do it with another brand, which has a similar value chain to ZARA’s. Their current strategy of incorporating acquired brands with their SPA business model will not work. If they insist on doing that then they should just maintain focus on their immediate competitor who is GAP. Niche market development: The R D aspect of UNIQLO’s value chain is so unique that, the products derived from that department such as their Heattech and Airtech range of clothing can be classed as niche products. This is because the clothes incorporating technology are still rare in the market and these two lines are UNIQLO’s best selling lines. Acknowledging them as niche market products can further open doors into different market segments. Advice to Fast Retailing: Although Fast Retailing are targeting the women’s market, with high quality women’s clothing, their decision to move production to Bangladesh suggests that they are more concerned with cutting costs rather than further helping their existing Chinese manufacturers to develop new competencies to deliver high quality. Judging by their Ansoff matrix (illustrated in the Appendix 15), this might provide them with the strategic advantage 13 f moving into India. However, if Fast Retailing wants to target ZARA, they should start from scratch and move into the high fashion women’s market with a new brand following a different business model. Conclusion Base on the analysis, both ZARA and UNIQLO should further utilize their current business model. On one hand, ZARA, with the support of the centralized distribution facility, imprints its fame of flexib ility on customers’ awareness and maintain in the top position of fast fashion industry. By expanding into new market, ZARA should carry on its business model and develop manufacturing operation within the approached market in order to preserve the valuable flexibility. UNIQLO, on the other hand, has a cost leadership advantage. UNIQLO provides a wide range of products with reasonable price. Also, with the very keen RD department, UNIQLO is leading the market in term of functionality. It is impossible for UNIQLO to compete with ZARA by its existing business. In order to effectively expand into new market segment, it is not necessary for Fast Retailing and Inditex to develop new brands and new business models. 14 Appendices Appendix 1: Five Forces: Threat of entry in clothing industry is low. Due to many existing retailers have realized economies of scales, established good brand images, and have access to efficient distribution channels, the entry barriers are very high. Threat of substitutes in clothing industry is very low because there are hardly any substitutes for clothing. However there are substitutes in terms of sub segments. For example, casual war or active wear can be seen as the substitutes of formal wear. The threat of substitutes among sub segments is high. Switching costs between sub segments are almost non-existent as styles are individualistic. Bargaining power of buyer is very high. Due to the competitive nature of this industry, consumers have lots of choice in terms of brands and styles. Buyers also have abundant access to the products information, leading to an easy comparison between brands. Bargaining power of supplier is high in clothing industry. Since wool and cotton is vital part ingredient in cloth, it is difficult to find a viable substitute; therefore switching costs of raw material are high. Moreover, the prices of commodities such as cotton blends, wool etc can fluctuate depending on factors such as weather, yield of production and transportation etc. Suppliers have a high bargaining power over those retailers. Furthermore, the bargaining power also depends on the degree of control companies have over a specific resource. For example, UNIQLO has a close partnership with Toray, which provide UNIQLO with the specialized fleece and fabric for its highly successful â€Å"AIRTECH† and â€Å"HEAT TECH† range of clothing. Since not many companies have the capability to produce such special fleece and fabric, the supplier has high degree of control during negotiations. Internal rivalry clothing industry is very high. There are several sub segments in clothing industry such as: high fashion, formal wear, and sportswear, and the competition in very intense duo to there are a number of retailers in each segment. The large number of retailers and the seasonal nature of products have led to excess capacity in the industry. Moreover, globalization leads to market saturation as it has intensified competition between local brands and international brands. 15 Bargaining power of supplier - ­? Difficult to find viable substitute for wool or cotton, high switching cost of raw material - ­? Specific know- ­? how of suppliers ncreases their bargaining power Threat of entry Existing retailers have - ­? achieved economies of scale - ­? good brand image - ­? access to effective distribution channels Threat of substitutes - ­? No substitute for clothing Internal rivalry - ­? substitutes exist in different segment of this industry Bargaining power of buyer - ­? consumers have lots of choice in te rms of brands and styles - ­? Buyers also have abundant access to the products information, an easy comparison between brands - ­? Large number of players in segments and seasonal nature of product lead to excess capacity - ­? Globalization ntensify competition, resulting in market saturation 16 Appendix 2: PESTEL: (Grant, 2010) Political: - ­? Export Processing Zone (EPZ) set up by governments especially in the developing countries to boost Foreign investment into the country - ­? Tax Benefits offered by governments in charge - ­? Import Quotas on tariff on Raw materials - ­? Relaxed Employment Laws Economic: - ­? Wages: Tend of be very low in developing nations - ­? General Shipping and handling cost: Countries which have access to ports, or road links between major markets - ­? Inflation Exchange rate - ­? Interest rates: Firms ffering FDR investments into country usually get favourable rates of interest on borrowings (this tends to be true for Bangladesh a nd Vietnam. Socio- ­? Cultural: - ­? Population profile: Developing nations tend to have high degree of youth (18- ­? 35); therefore the available workforce is high - ­? Earning Profile: Due to rampant poverty in those nations, the earnings profile is very low. Technological: - ­? Most developing nations tend to not have access to the latest manufacturing technologies, however, that is slowly beginning to change. - ­? However, Infrastructure technology such as, high speed nternet, advanced high powered generators and state of the art washing plants are already available in countries such as Vietnam and Bangladesh. 17 Appendix 3: Risks factors: (UNIQLO, 2009) O? Fluctuations in the cost of shipping ( Retail week, 2010) O? MA risks: If future business acquisitions take place then it will have an adverse effect on the business O? Risk of Production: Majority of products in the industry are manufactured by contracted firms, therefore the industry as a whole is affected by an y political, economic, legal changes and Environmental factors such as natural disasters. O? Foreign exchange risks: Transactions for the majority of the products imported for the UNIQLO business are conducted in U. S. dollars. Therefore in order to stabilize procurement costs they conclude foreign exchange contracts to lock in exchange rates for its imports three years in advance. However, if there are major movements in exchange rates that persist for prolonged periods, this could have an adverse impact on the business O? Rise in commodity prices:- Cotton 18 Appendix 4: 19 Appendix 5: 20 Appendix 6: CAGE Framework for ZARA regarding their American expansion Economic Administrative and Political Geographic Cultural America is a huge market with a lot of opportunities if approached correctly. Due to the protective government regulations in place in America, it is difficult for foreign companies to establish themselves in the American market Logistics and co-ordination issues created by distance between U. S. and European. Which really stretched their Value chain model European countries and U. S. share different Fashion values, which ZARA failed to identify in their initial American launch 21 Appendix 7: ZARA’s TOWS Matrix Internal Factors External Factors Opportunities Strengths Further develop their manufacturing capabilities in Spain in order to try and get better cost benefits. ZARA could venture in to new markets through franchising, a tactic they have used to enter the Arab market. Another opportunity for ZARA lies in opening a manufacturing plant or finding a suitable manufacturing plant in America where they then might be able to implement their existing business model Weaknesses ZARA’s existing IT capabilities are untested especially in the world of online sales. This is an opportunity to develop those capabilities. Threats Although this is an opportunity for ZARA to establish a presence in this area but whether their business model is up to it is another question. How will people know about their new feature? They will have to Advertise which mean their current â€Å"no advertising policy† might be have to be changed Continuing to grow in America without understanding why they are failing in that market to begin with. 22 Appendix 8: Source: The economist, 2010 23 Appendix 9: CASES of UNIQLO failing to compete with ZARA. UNIQLO failure: A case of UK Expansion UNIQLO expanded into the U. K. in 2001, aiming for 50 stores by 2004. They opened 21 outlets all over the country before shutting 16 in 2003 to stem losses and restructure (business week 2010). Their entry strategy was so aggressive as it seemed that they wanted to corner the market, by taking up prime location so competitors could not set up and hoping that there lower prices would steal away customers from ZARA and HM. The reason for failure: (The Sunday times 2003) †¢ †¢ Failed multi- million pound advertising campaign failed to arouse interest Failed to offer clothes that were sufficiently distinct from rivals such as ZARA and HM and lacked design content and quality †¢ Expensive real estate. However now UNIQLO have now consolidated their position in the UK and have restructured there operations, where they currently have 15 locations, 10 in prime real estate in London and 5 in greater London (UNIQLO website) and have been very successful. Repeat of 2001: In the 2009 annual shareholders report and after a record year in profits, Tadashi Yanai, confidently claimed â€Å"We can now stand as equals on the battlefield with other global retailers, such as HM, ZARA and GAP. And, just maybe, we can even emerge victorious. † (2009 annual Report) 24 However, since then Fast Retailing’s shares have plunged 26 percent in 2010. Sales through August fell by 6. 4 percent in Japan where Fast Retailing and UNIQLO earn more than 80% of its revenue(business week 2010). Sales at stores which have been open more than a year fell by 25 percent in September and were continuing to slide through November. The company forecasted its first profit decline in four years for the fiscal year ending in August (business week 2010). The reason for this decline:These losses took place due to a paradigm shift in the company’s policy of low cost and functional clothing. The company wanted to tackle competitors such as ZARA and HM head on and started to produce high fashion items, (a strategy which they employed when they initially launched in the UK) which unfortunately did not sell very well. However, now they are reverting back to their core values which is mass producing functional clothing and use its product line to compete with ZARA via product differentiation (business week 2010). A recent survey indicated that most consumers use UNIQLO products primarily as inner wear (62 percent women and 61 percent men). They are mainly used as a mere econdary player to highlight more fashionable clothes from competitors such as ZARA. (UNIQLO Japan Review) This is an indication that UNIQLO has a long way to go before they can compete with ZARA in the high fashion stakes. 25 Appendix 10: Customer Analysis ZARA and UNIQLO have positioned themselves in different market segments. ZARA’s target market is young educated women who like and sensitive to fas hion. To answer its customers’ need, ZARA has developed a business model that reacts to the recent fashion as fast as it could and become very successful. UNIQLO, at the same time, initially dedicates on casual menswear. Recently, after a revealing from sales report, UNIQLO now try to emphasize more on women market since most of its revenue came from women garment. Nonetheless, UNIQLO does not abandon its middle market, middle aged customers who shop at the brand for its low prices. UNIQLO’s basic clothing is good examples that reflect its target market and through the quality of garments and reasonable price, it has attracted many customers and become successful as well as ZARA. In term of perceived value and price from customers, ZARA has placed themselves in a higher position in both perceived value and price, compared to UNIQLO. ZARA brand and product is more prestige in the sense of product value and ZARA’s customers are willing to pay more in order to acquire the valuable fashion. 26 Customer Matrix 5 4 3 2 1 0 0 100 200 300 400 500 Perceived Price ZARA UNIQL O HM MS LV Perceived Use Value Primark Appendix 11: 27 Appendix 12: Detailed strategies for UNIQLO Partnership with Toray Industries Inc (Product Development Strategy) 28 UNIQLO considers its partnership with Toray Industries Inc who is Japans biggest synthetic fiber manufacturer as a definite competitive advantage. Toray supplied fabric for UNIQLO’s fleece jackets in 1998, its first major successful product, which retailed for 1900 yen each in 1998, while similar products from other manufacturers were priced 4 times higher. UNIQLO’s sales of fleece items topped 26 million units in 2000 and remain at about the same level over the last decade, according to UNIQLO. UNIQLO also developed their highly successful HEATTECH clothing range in conjunction with Toray Industries and they plan to boost sales of their HEATTECH apparel by 40% to 70 million units by 2011 (business week 2010) Growth Strategy By adhering to their SPA model UNIQLO have been allowed achieved phenomenal growth. They have done this by †¢ †¢ Tam, Expanding operations to major cities around the globe. Mergers and Acquisitions: Over the year’s fast retailing have acquired Princess Tam. Theory and COMPTOIR DES COTONNIERS, Cabin and Gov retailing. The acquisition of Gov retailing provided UNIQLO with the know how to launch UNIQLO shoes. All the companies acquired had women as their primary market segment. (Annual report 2009) †¢ Diversifying into new products: In September 2009 UNIQLO launched their Brand, this was enabled by the acquisition of Gov retailing as it provided UNIQLO Shoe †¢ them with the expertise to enter the shoe market. Product development through RD: UNIQLO are very keen to develop products which are not only competitively priced and deliver high quality, but also incorporate new fabrics and manufacturing techniques in order to improve efficiency and functionality of their products. Examples include: Airtech and heat tech product ranges. Cost Reduction Strategy †¢ †¢ Trimming footwear product line by a 100 shoes in order to reduce costs and increase Focusing on minimalistic clothes, which take less material to produce and reduces product focus on their best selling shoes ( annual report 2009) production time. 29 †¢ †¢ †¢ Keeping 1000 styles less than other competitors and on the shelves longer than their Focusing on a wide range of colours rather than a wide range of styles ( business Moving production to Bangladesh in order to benefit from the countries low wage ompetition( the economist 2010) week 2010) infrastructure. Marketing Strategy (UNIQLO Japan Review) UNIQLO deserves credit for its constant stream of proactive campaigns designed to win over a large number of diverse consumer groups, both in Japan and abroad. Examples include: †¢ Proactive and powerful marketing campaign such as â€Å"UNIQLOck†, which is a very popul ar screensaver downloadable from there site. The UNIQLOck was very popular with Japanese teenagers. †¢ †¢ The bilingual free magazine â€Å"UNIQLO PAPER† helped associate the brand image Retail space played a key part in brand expansion. They have stores in only the with hip New Yorker culture expensive real estate in cities and his is a signal of intent for UNIQLO to be associated with High Fashion †¢ †¢ Innovative packaging such as selling t-shirts in canisters and unique store layout Affiliate programs to encourage websites to market the UNIQLO Brand. ( UNIQLO website) Appendix 13: 30 Comparison between ZARA and UNIQLO Appendix 14: UNIQLO’s TOWS Matrix 31 Internal Factors External Factors Opportunities Further expansion in Asia. UNIQLO’s production and customer base are mainly in Asia. They are currently further looking to reduce costs by moving Production to Bangladesh. This move opens up the Indian market for the company at the while making further expansion into China. Looking to further Develop the functionality of their clothes via their strategic partnerships with existing suppliers. Penetration in the existing market by providing more product choices. UNIQLO’s product great weakness is the limit number of style. With the current low-price apparel market being underdeveloped, UNIQLO has high opportunity to gain more market share by providing more product choices. Secondly, it seems that Fast Retailing is looking market their acquired brands using UNIQLO as a vessel. This would over stretch their market and make it impossible to further penetrate their existing markets. Not recognizing their own strengths. One of the best qualities of UNIQLO’s product range is there functionality. With the supported RD team, UNIQLO could be very competitive and be further differentiated in another market segment then high fashion, for example under wear They should not compete with ZARA or HM as their value chain does not support it. Concentrate on more immediate competitors such as GAP, If they continue to compete with high fashion women’s wear they are over stretching their capabilities and will lose focus with their current market segment. Over Expansion:-Fast Retailing should also learn from the past and test the market first without jumping head first into new markets. The initial UK launch and failure in America can be cited as examples Strengths Weaknesses Threats Appendix 15: Inditex Ansoff Matrix SBU’s 32 MARKET Existing Existing Concentrating on penetrating existing Markets where ZARA has achieved success:- this can be done by deploying Inditex’s other brands such as PULL BEAR, BEREKSHA and MASSUMI DUTTI in order to capture other segments Going into the online market place, a step that they have already done with ZARA but if successful include their other brands with the same online model New Invest in an RD to improve clothes functionality. They can apply new techniques they acquire to boost the quality of their existing lines. New Go into new markets using other distribution channels such as franchising FAST RETAILING’S Ansoff Matrix SBU’s MARKET Existing Existing Continue development on their HEATTECH and AIRTECH range of clothing Fast retailing can use UNIQLO to expand into new markets. Moving production to Bangladesh, gives UNIQLO the scope to move into India, which can potentially be a very big market New Further develop their existing market by getting into new product line. UNIQLO recently launched UNIQLO shoes. Acquiring or developing a new brand to target the women’s market. In order to be successful, the brand must follow a different value chain. New References: Craig, A. Jones, C. Nieto, M (2004) ZARA: Fashion Follower, Industry Leader [Online], available at: http://www. philau. edu/sba/news/ZARAreport. pdf [18 Dec 2010] 33 Cosciato, P. (2010) Fashion worth more than $30 billion to UK economy[Online], available at: http://www. reuters. com/article/idUSTRE68F3UX20100916 [18 Dec 2010] Fashion Auction, (2010) ZARA Clothing [Online] available at: [18 Dec 2010] Fujimura, N. Ozasa, S. (2010) UNIQLO Billionaire Yanai Revisits Drucker to End Slump [Online], available at : http://www. businessweek. com/news/2010-12-06/UNIQLObillionaire-yanai-revisits-drucker-to-end-slump. html [18 Dec 2010] Ferdows, K. Machuca, J. AD. Lewis, M. (2003). ZARA. The European Case Clearing House. Case 603-002-1. Ghemawat, P. Nueno, J. L. (2003) ZARA: Fast Fashion [Online] available at : http://mbanerds. com/index. php? title=ZARA%3A_Fast_Fashion [18 Dec 2010]

Tuesday, March 10, 2020

Event proposal for Conference Event Planning at the Roof Gardens, Kensington The WritePass Journal

Event proposal for Conference Event Planning at the Roof Gardens, Kensington Abstract Event proposal for Conference Event Planning at the Roof Gardens, Kensington AbstractIntroduction and AimsChosen Venue and Event ManagementFood and Beverage OptionsEvaluation TechniquesOutline BudgetBudget and Control MeasuresConclusionsReferencesRelated Abstract When planning an event which is targeted at a professional body of individuals within the hospitality industry, there are several questions which need to be answered, not least where the best venue to host such an event is likely to be located. In this case the â€Å"Roof Garden† is seen as a particularly appropriate choice, as it offers the state-of-the-art facilities necessary to deliver a seminar on social media and is centrally located, from geographical point of view. It is also an innovative new venue which is looking to raise its own profile and is therefore more negotiable when it comes to budgetary options. All of these factors are considered in the report below. Introduction and Aims It is proposed that a training session and networking opportunity event will be hosted in central London for approximately 50 delegates, all of whom are relatively high up in the management scale, in hotels across the UK (Berridge, 2007). Several different parameters have been laid out for the chosen venue and the structure of the event and these will be taken into account when looking at the ultimate choice of location which is â€Å"The Roof Garden. The purpose of this report is to identify why this venue has been chosen and how the event will be managed, as well as looking, in more detail, at issues associated with the activity, such as food and beverage options that are available and their final selection, and how the event will be evaluated, so as to make improvements for any future events, as well as scrutinising the budget and control measures that are required in an event of this nature (Allen et al. 2008). Several factors are deemed to be particularly important when choosing the venue and type of event to be managed. Whilst there is no intention to make a profit on the trading day, there is still a budget which needs to be maintained, as each individual delegate will pay just  £15 per person and there will also be  £1,500 which was obtained through sponsorship. Other relevant factors include the fact that the event needs to be relatively centrally located, as delegates are travelling from a broad range of different geographic regions. Consideration will also need to be given to the precise content of the course, in order to ensure that the chosen venue has the relevant facilities available (Catherwood Van Kirk, 1992). Therefore, while the actual content of the course will be for the client to determine, having a detailed understanding of these issues will, in fact, be critical, to ensure that the appropriate venue is selected, so that all of the needs for the course can be facilit ated. Chosen Venue and Event Management Before looking specifically at the chosen venue, it is helpful to gain an understanding of the key aims and objectives of the event, so that the chosen venue can be looked at, in more detail (Eriksson Hjalmsson, 2000). The main aim of the event is to encourage those within the hospitality industry to make better use of social media for their marketing; therefore, it is going to be essential that any venue chosen has state-of-the-art technology to enable the trainers to display the best options available to the delegates and for the delegates themselves to be able to experiment with technology to which they may not have access, in their own workplace. Secondly, the event aims to offer networking opportunities to those attending the course, and this again requires certain physical attributes to be present within the venue. Bearing this in mind and the stated budget, the venue which has been chosen, namely â€Å"the Roof Garden† has several key attributes attached to it which would make it the ideal venue for this event (DeWalt DeWalt, 2002). Given the nature of the delegates likely to be attending the event and the fact that these are from the hospitality management sector and are therefore likely to have very particular expectations regarding an invent venue, choosing a venue that is well versed in hosting this type of event is seen as crucially important, as the delegates are unlikely to tolerate any form of naivetà © or lack of professionalism. Furthermore, the aim of the event is to put forward new ideas to those involved in hospitality management; therefore, if the event itself is hosted in a non-forward looking venue, it will not gain a large amount of credibility (Tum, et al. 2005). It is recognised the chosen venue has state-of-the-art technology facilities as part of its business centre and this is one of the key reasons that this venue immediately came to the forefront. Having the necessary facilities in place is absolutely fundamental, given the primary aim of the event. Although it was possible to host the event anywhere within a 50 mile radius of London, the chosen venue is, in fact, extremely central to London and a short walk away from High Street Kensington tube station. This is important for several different reasons. From a practical point of view, making sure it is centrally located means that it is more readily available to a wider range of delegates, but by being centrally located, also assists in gaining credibility (Wagen, 2005). As well as having the technology available, this venue was seen as ideal, due to several other factors which made it the perfect choice for this event. As part of the venue, there are three themed gardens which have a panoramic view over central London. This means that the vast majority of the delegates will not been working in a hotel or venue with similar attributes and this will make the entire training day a novel experience for the delegates (Wagen, 2007). The venue is actually part of the Sir Branson Empire and is therefore also renowned for the quality service which is provided by staff members. All of these factors were seen as important, alongside the physical attributes of the venue, as the whole experience needed to stand out to the delegates, all of whom already have preconceived ideas as to what hospitality should offer. Food and Beverage Options The second main aim of the event is to host the networking session which will be undertaken as part of the working day lunch. With this in mind, the food and beverage options that are made available to delegates are also considered to be an important aspect of the choice of venue. The budget, particularly for central London, is relatively limited and therefore a buffet seemed to be the most practical option. Furthermore, as the intention is to establish a networking session as part of the lunch hour, it is necessary to ensure that individuals can eat relatively quickly, so that the networking event can take place in a timely fashion (Silvers, 2008). The registration will take place before 9 a.m., with the main body of the event happening between 9 a.m. and mid-day, meaning that there will need to be coffee served midway through the morning and again this needs to be done on a relatively tight budget. The working buffet lunch has been selected to involve both cold and hot items which are likely to appeal to the majority of individuals, as well as being sufficiently interesting that those within the hospitality industry will appreciate the quality of the food. As part of this service, the venue will be providing its own freshly baked cookies, during the break, which is a further opportunity to show how advanced the venue is and again to prove itself as one of the best venues of this type for a professional meeting (Tarlow,  2002). Evaluation Techniques It is anticipated that this type of event may be replicated again in the future; therefore, evaluating the course from every aspect of the delivery will be essential, in order to make sure that any future courses are popular, while also improving on any of the shortcomings (Arcodia Reid, 2002). All delegates will be asked to provide a brief evaluation of the event and this will look at every aspect of the event, including the quality of the venue, the quality of the food provided, as well as considering whether they believe it will be useful for them in the future (Shone  Ã‚  Parry,  2001). The main aim of the evaluation is to use questionnaires to be filled in by the delegates on the day, as this is the quickest and most efficient way of gathering the data and is most likely to be fresh in the minds of the individual delegates. However, as well as using questionnaires, a random set of individuals will also be selected and asked to participate in a more detailed evaluation, after the event, in the form of one-to-one interviews, either in person or over the phone. This will enable a much more open discussion to be had (Goldblatt, 1997). Evaluations that are relevant to the venue will also be provided, so that any changes can be implemented with future events or potentially a new venue located if there seems to be a reason that the venue is not performing in line with the original requirements. Outline Budget The budget for the event is  £15 per person, plus  £1,500 sponsorship. With fifty anticipated delegates, this means a total of  £750 from the delegates and  £1,500 from sponsorship and a total budget of  £2,250. However, with a budget for a venue of this nature in central London, it may be necessary to compromise on issues such as the type of buffet and the date of the actual training event. By negotiating with the venue as to which days it is not likely to be particularly popular, the budget can be adhered to (Saunders, 2007). Consideration will be given in the future charges that are made to the delegate, as  £15 is an incredibly small amount of payment for a training course, as well as a networking opportunity. Therefore, once the event gains a degree of following, it may be possible to charge separately for the training elements and the buffet element, to allow individuals to mix and match their experience and also to ensure that all tastes are catered for (Goldblatt, 2000). The venue itself is also offered at a reasonable discount, as it is felt that this will assist its positioning within the market and will be a good marketing tool, thus allowing it to host other events, in the future (Silvers   Goldblatt,  2003). Budget and Control Measures In order to manage an event of this nature, several specific controls and budget measures need to be put in place, so that the management team can keep track of the planning of the event and also on the event date, so as to ensure that the promised services are delivered and that any shortfalls are identified, at the earliest possible opportunity and mitigated, if possible (Arcodia Robb, 2000). Bearing this in mind, the control feature associated with this event will be looked at in two distinct ways, firstly in the planning of the events and secondly in the running of the event. Budget control needs to be done primarily with the venue itself, although it is also important to ensure that a sufficient number of delegates are recruited and that these delegates make all payments, prior to the date of the event, as any no-shows or non-payers could be extremely detrimental to the overall budget of what is already a very tightly run event (Silvers, 2004). A meeting will need to be held with the venue, in the few days prior to the event itself, to ensure that all aspects of the events are planned appropriately and that the technology being used is working properly and compatible with anything that the clients may wish to use as part of the training. The very essence of the training is to show the delegates how media can be used to optimum advantage and any technology failure would be extremely embarrassing and go to the core of the event. Therefore, controlling this aspect of the event is critical (Arcodia Reid, 2005). As it is expected that this type of event will be run in the future, maintaining accurate records of all individuals who are in attendance will be important to the ongoing marketing of future events and these need to be checked, both at the booking stage and as the individual attends (O’neil et al. 1999). Conclusions It is concluded that the chosen venue for this event is particularly appropriate, given its central London location and its state-of-the-art technology which makes it crucially important for delivering an event of this type. Budget is a really key issue and the fact that the venue will also gain from hosting this event enables a tighter budget to be maintained. Strong evaluation is also necessary to ensure that future events are popular and that these types of events go from strength to strength. References Allen, J., OToole, W., Harris, R., McDonnell, I. (2008). Festival Special Event Management (4 ed.). Milton, Australia: John Wiley Sons Australia, Ltd. Arcodia, C., Reid, S. (2002). The Mission of Event Management Associations. In K. Woeber (Ed.), City Tourism. Vienna: Springer. Arcodia, C., Robb, A. (2000). A Future for Event Management: A Taxonomy of Event Management Terms. In J. Allen, R. Harris, L. K. Jago A. Veal (Eds.), Events Beyond 2000: Setting the Agenda (pp. 154-160). Sydney: Australian Centre for Event Management. Arcodia, C. and Reid, S. (2005). â€Å"Event Management Associations and the Provision of Services†, Journal of Convention Event Tourism, 6 (4), 5-25. Berridge, G. (2007). Events Design and Experience, Events Management Series. First Edition, Elsevier Catherwood, D. W., Van Kirk, R. L. (1992). Special Event Management. New York: John Wiley Sons, Inc. DeWalt, B. R., DeWalt, K. M. (2002). Participant observation: a guide for fieldworkers. Walnut Creek, CA: Alta Mira Press. Eriksson, J. and Hjalmsson, A. (2000). â€Å"Event Marketing as a Promotional Tool-A Case Study of four Companies†, International Business and Economics Programme Master Thesis, Lulea University Goldblatt, J. (1997). Special Events Best Practices in Modern Event Management (2 ed.). New York: John Wiley Sons, Inc. Goldblatt, J. (2000). A Future For Event Management: The Analysis Of Major Trends Impacting The Emerging Profession. In J. Allen, R. Harris, L. K. Jago A. Veal (Eds.), Events Beyond 2000: Setting the Agenda. Sydney: Australian Centre for Event Management. O’neil M., Getz, D. and Carlsen, J. (1999). â€Å"Evaluation of service quality at events: the 1998 Coca-Cola Masters Surfing event at Margaret River†, Western Australia, Managing Service Quality, 9 (3), 158-164. Saunders, M. (2007). Research Methods of Business Students. Fourth Ed. Harlow: Financial Times/Prentice Hall. Shone,  A  Ã‚  Parry,  B  (2001)  Successful  Event  Management London:   Continuum. Silvers,  J  R  Ã‚  Goldblatt,  J  J  (2003)  Professional  Event  Coordination  New   York:  Wiley Silvers, JR. (2004). Professional Event Coordination, John Wiley Sons Inc. New Jersey. Silvers, JR. (2008). Risk Management for Meetings and Events, Butterworth-Heinemann, Burlington. Tarlow,  P  (2002) Event  Risk  Management  and  Safety  New  York: Wiley. Tum,  J,  Norton,  P   Wright,  N  (2005) Management  of  Events  Operations Oxford:  Butterworth ­Heinemann. Wagen, LV. (2005). Event Management: For Tourism, Cultural, Business and Sporting Events, 2nd Ed., Pearson Education, Australia. Wagen, LV. (2007). Human Resource Management for Events; Managing the Event Workforce, Butterworth-Heinemann, Burlington.