Importance Of National And Organisational Culture Management Essay

Importance Of National And Organisational Culture Management Essay With the recent acquisition of Nexen Inc. by CNOOC Limited, the problem of managing cross cultural challenges arises. This is because of the cultural differences between China and Canada which both companies represent. This management report addresses the envisaged challenges of national and organisational culture arising from CNOOC acquisition of Nexen, by applying Hofstede cultural models. The report commences with introduction, followed by background of CNOOC acquisition of Nexen. It also discusses meaning and importance NC and OC culture; it then discusses the challenges and management strategies. It would conclude and make recommendations on how to mitigate the challenges. WORD COUNT: 2,498 PRESENTED TO: MS. Gillian Pallis CONTRACT CONCERNING PLAGIARISM I have read the code of practice regarding plagiarism contained in the students introductory Handbook. I realize that this code governs the way in which the Centre for Energy, and Mineral Law and Policy regards and treats the issue of plagiarism. I have understood the code and in particular I am aware of the consequences, which may follow if, I breach the code. I also authorize the centre to scan the e-copy of my research paper through the plagiarism detection software to detect plagiarism. SIGNED: ___________________________________ Date: TERMS OF REFERENCE This is a report by 110024120 an MSC student in International Oil and Gas Management, University of Dundee, Centre for Energy, Petroleum Law and Policy (CEPMLP). The report has been prepared exclusively for and at the request of the Senior Strategy Team of CNOOC Limited to address potential management challenges to the continued effective control of business arising from the acquisition of Nexen Inc. This report is focused on the perspective of delivering suitable management practices in meeting the envisaged challenges. The aim of the report is to present a critical and informed analysis of appropriate managerial strategies and practices for the challenges of national and organisational culture differences in post-acquisition performance. It concludes with some recommendations for consideration by the Senior Strategy Team of CNOOC and Nexen. TABLE OF CONTENTS TERMS OF REFERENCE 2 TABLE OF CONTENTS 2 LIST OF ABBREVIATIONS 4 KIFs Knowledge Intensive Firms 4 KIWs Knowledge Intensive Workers 4 CHAPTER ONE 5 1. INTRODUCTION 5 CHAPTER TWO 6 2. BACKGROUND OF CNOOC ACQUISITION OF NEXEN 6 CHAPTER THREE 7 3. MEANING AND IMPORTANCE OF NATIONAL AND ORGANISATIONAL CULTURE 7 CHAPTER FOUR 8 4. THE CHALLENGES OF NATIONAL AND ORGANISATIONAL CULTURE 8 4.1. HOFSTEDE FOUR DIMENSIONS MODELS FOR NATIONAL CULTURE 8 4.2. HOFSTEDE SIX DIMENSION MODEL FOR ORGANISATIONAL CULTURE 9 4.3. ANALYSIS OF THE MODELS AND CHALLENGES OF NC AND OC DIFFERENCES 10 4.4. STRATEGIES FOR MANAGING CULTURAL CHALLENGES 11 13 13 13 13 13 CHAPTER FIVE 13 5. CONCLUSION 13 CHAPTER SIX 14 6. RECOMMENDATION 14 BIBLOGRAPHY 15 APPENDIX 18 HOFSTEDS CULTURAL INDEX, SCORES FOR SELECTED COUNTRIES 18 LIST OF ABBREVIATIONS NC National Culture OC Organisational Culture NXY New York Stock Exchange KIFs Knowledge Intensive Firms KIWs Knowledge Intensive Workers CHAPTER ONE 1. INTRODUCTION CNOOC Limited made global headlines on July 23, 2012 when it announced the acquisition of NEXEN, a Canadian based oil and Gas Company at the cost of $15.1 Billion. The acquisition is seen as Chinas largest Oil and Gas Company overseas acquisition Lauren (2012). NEXEN was founded in 1971 and is headquartered in Calgary, Canada. Nexen is a global energy company and is listed on the Toronto and New Yorks stock exchange under the symbol of NXY (www.nexeninc.com). Nexen is strategically located in different regions of the world; it has over 3,067 employees that add value for shareholders through successful oil and gas exploration and development. Consequent to the acquisition of Nexen, CNOOC Limited is now among one of the largest independent oil and gas exploration and production companies in the world (www.cnooc.com). According to Barney (1988) many international acquisitions creates value for the acquirer through cooperation and integration to enhance sustainable growth. The objective of acquisition is to bring companies together and increase their competitive advantage through knowledge transfer, innovations and management skills. This is also a justification for an acquisition Fitzgibbon Seeger (2002). However, most international acquisitions come with complex management challenges Hitt, Harrison and Ireland (2001). Many factors are responsible for these challenges. Thus, this management report is aimed to address the envisaged challenges of national and organisational culture to the effective business performance in CNOOC acquisition of Nexen. This report will apply Hofstede (1980) four dimensions models and Hofstede (1990) six dimensions models as literature to argue that the challenges of NC and OC will affect post acquisition performance. The application of the two models is in line with a separate model developed by Hofstede for comparing OC differences. This is also consistent with Schein (1985) argument that organisational culture differences are not the same with national culture. The report will discuss the background of CNOOC acquisition of Nexen. It also discusses the meaning and importance of NC and OC culture; it then discusses the challenges and management strategies. It would conclude and make recommendations on how to mitigate the challenges. CHAPTER TWO 2. BACKGROUND OF CNOOC ACQUISITION OF NEXEN CNOOC Limited was established in 1999 and listed on the Hong Kong Stock Exchange and New York Stock Exchange in 2001 and is 70 percent owned by China National Offshore Oil Corporation (www.cnoocltd.com). CNOOC is one of Chinas largest producers of oil and natural gas and is also among the largest independent oil and gas exploration and production Companies in the world (www.cnoocltd.com). According to the chairman Mr Wang Yilin, based on the strategic business objective to expand CNOOC overseas business and deliver sustainable growth, thus complementing the large offshore production footprint in China. Extending its global presence to oil rich region like Western Canada, and other parts of the world are mandates for management to achieve. Consequently, the opportunity for the acquisition of NEXEN is an important part in CNOOC international business growth platform as mentioned by Chief Executive Officer of CNOOC Mr Li Fanrong, CNOOC Press release (2012). The acquisition of NEXEN by CNOOC Limited was announced on July 23, 2012 and approved by NEXEN shareholders on September 20, 2012 at the cost of $15.1 Billion (www.nexeninc.com). The acquisition will bring in benefits for both firms. CNOOC brings in a reassurance of stable company and strong financial base for investment, while Nexen Inc. will play an important part in international business growth platform. However, securing approval and making purchase does not end acquisition challenges. The challenges of acquisition may be ahead of what happens afterwards, the issues after takeover Lauren (2012). For NEXEN a Canadian company with western values and culture, the management and staff are accustomed to working independently. But with the acquisition, they will align with CNOOC as their new Chinese owner with a different culture and orientation Lauren (2012). As both companies are knowledge intensive firms (KIFs) with knowledge intensive workers (KIW) there will be challenging issues on NC and OC differences Alvesson (2004). Thus, this report addresses the challenges of NC and OC in CNOOC acquisition of NEXEN. We will proceed by looking at the meaning and importance of NC and OC. CHAPTER THREE 3. MEANING AND IMPORTANCE OF NATIONAL AND ORGANISATIONAL CULTURE NATIONAL CULTURE This was defined as the collective programming of the mind acquired by growing up in a particular country Hofstede (1991). National culture is reflected in basic values, such as feelings of right and wrong, good and evil, beautiful and ugly, rational and irrational Olie (1990). NC impacts many forms of organisational behaviour, ranging from decision-making styles and human resources management to behaviour in groups Kirkman, Love Gibson (2006). NC is treated as a relatively stable feature that changes very slowly Erez Earley, 1993; Hofstede (2001). ORGANSATIONAL CULTURE Hofstede (1980) defined organisational culture as the collective programming of the mind that differentiates the members of one organisation from others. Trice and Beyer (1984) views it is a system of publicly accepted meanings which operate for a group at a particular time; it is a pattern of shared basic assumptions developed by a group or organisation on how to cope with its environment, that are stable and difficult to change, and difficult to observe because many important parts of culture are invisible Schein (1985); and more so it can simply imply the way we do things around here Deal and Kennedy (1982). IMPORTANCE The importance of national and organisational culture in international acquisition cannot be disregarded Hatch, 1993; Schein, 1985 and Hofstede (1980). Managing international business or acquisition means handling and understanding both cultural differences at the same time. Knowledge of cultural practices across borders is significant for multinationals in order to hold the company together. National cultures are embedded in values, whereas organisational cultures are embedded in practices, when both cultures are ignored there could create challenges that affects post-acquisition performance. CHAPTER FOUR 4. THE CHALLENGES OF NATIONAL AND ORGANISATIONAL CULTURE For the purpose of analysing the challenges of national and organisational culture, this report applies Hofstede cultural models to illustrate the major cultural differences which CNOOC of China and Nexen of Canada represent. Canada reflects the western cultural values wheras China reflects the Oriental Confucian group. The models are identified as follows: 4.1. HOFSTEDE FOUR DIMENSIONS MODELS FOR NATIONAL CULTURE INDIVIDUALISM/COLLECTIVISM This implies disharmony of interests on personal and collective goals Parsons and Shils (1951). Hofstede (1980) culture index (from the appendix) scored Canada 80 while China scored 20. This shows that the Canadians are highly independent of their organizations, preferring personal time, freedom, and challenge, whereas the Chinese employees have a stronger sense of belonging to their organization. POWER DISTANCE This refers to how different societies find different solutions on social inequality Mauk (1977). China scored 80 while Canada scored 39, indicating that Chinese employees are more comfortable with structured hierarchical levels and supervisors who make decisions. Canadians, on the other hand, prefer a more participatory style. UNCERTAINTY AVOIDANCE This implies the degree to which cultural members are willing to accept and deal with risky situations or unknown future Hofstede (1980). China scored 30 while Canada scored 48, meaning that the Chinese try to avoid risk and anxiety, while the Canadians neither seek nor avoid ambiguous situations. MASCULINITY/FEMININITY This refers to stereotyping gender expectations in organisations Hofstede (1984). China scored 66 while Canada scored 52, meaning that China has medium/high masculinity culture; whereas Canada has a medium/low masculinity culture. 4.2. HOFSTEDE SIX DIMENSION MODEL FOR ORGANISATIONAL CULTURE PROCESS ORIENTED VERSUS RESULT ORIENTED Process oriented cultures are dominated by technical and bureaucratic routines, while results oriented by a common concern for outcomes. In results-oriented units, everybody perceived their practices in about the same way; in process-oriented units, vast differences exist in perception among different levels and parts of the unit Hofstede (2011). JOB ORIENTED VERSUS EMPLOYEE ORIENTED Job oriented assumes responsibility for the employees job performance, while employee-oriented cultures assume a broad responsibility for their members wellbeing. At the level of individual managers, the distinction between job orientation and employee orientation has been popularized Blake and Moutons Managerial Grid (1964). PROFESSIONAL VERSUS PAROCHIAL Professionals usually imply the highly educated members identified primarily with their profession; while in Parochial, the members derive their identity from the organization for which they work. This is widely known as local versus cosmopolitan. OPEN SYSTEM VERSUS CLOSED SYSTEMS This dimension refers to the common style of internal and external communication, and to the ease with which outsiders and newcomers are admitted. It shows that organizational openness is a societal characteristic which means organization cultures also contain elements from national culture differences. TIGHT VERSUS LOOSE CONTROL This dimension deals with the degree of formality and punctuality within the organization; it is partly a function of the units technology: as most companies tend to show tight control, while others like advertising agencies show loose control. PRAGMATIC VERSUS NORMATIVE This last dimension describes the prevailing way of being flexible or rigid in dealing with the environment, particularly with customers. This dimension measures the degree of customer orientation, which is a highly popular topic in the marketing literature Hofstede et al. (1990). 4.3. ANALYSIS OF THE MODELS AND CHALLENGES OF NC AND OC DIFFERENCES By analysing the above cultural models as postulated by Hofstede, in the four dimension models we can identify differences in power distance, uncertainty avoidance, individualism/collectivism and femininity/masculinity between Canada and China which both companies represent. For the six dimensions models, CNOOC has process oriented culture with beurocratic routines while Nexen is more result oriented having concern for outcomes (www.nexeninc.com). Also Nexen culture are more job oriented while CNOOC have employee oriented culture with broad responsibility for their members wellbeing (www.cnoocltd.com). These cultural differences as illustrated creates challenges of conflicts, costs, and difficulties Hosted (1980; 2001). The cultural differences are also responsible for challenges and obstacles to achieving integration benefits Bjorkman, Stahl, Vaara (2007). It leads to decrease in shareholders value Datta and Puia (1995). It can complicate post acquisition integration and resource sharing Brock (2005). It causes human resource challenges like feeling of uncertainty and insecurity, causing culture clash and negative emotional reactions of employees towards acquisition Elsass and Veiga (1994) and culture collision Cartwright and Cooper (1993). They also lead to communication problems, ego clashes, inter-group conflicts, low employee morale, poor performance and ultimately retention Adkins and Caldwell (2004). However, these challenges can be mitigated by applying management practices and strategies. 4.4. STRATEGIES FOR MANAGING CULTURAL CHALLENGES Managing the challenges of national and organisational culture involves applying management practices or strategies by managers to reduce the challenges. The strategies are as follows: CULTURE INTEGRATION It involves the varying extent to which we can integrate more than one cultural perspective, mind-set, and behaviour into ones identity and worldview. It implies being able to move easily among cultures. It highlights the central importance of developing leaders and managers to the point where they have an ethno-relative experience of cultural difference Randy and Jacob (2009). SYNERGY APPROACH The approach involves adopting the strategy of managing the differences in culture. This implies recognising the challenges and using them to their advantage, rather than ignoring or allowing the challenges to cause problems Adler (1997). Managers therefore should be taught how to respect culture differences at work and how to work with them to maximise the contribution of each employee Cascio (1998). RESPECT FOR HOST COUNTRY CULTURE This means accepting the cultural difference without any judgment. No particular culture should claim perfection over the other culture. Cultures are different and for people they represent the ability to manage life situations and conditions the way they are familiar with for a long time Anisha (2011). IGNORING THE CULTURAL DIFFERENCES The strategy implies a stage where the managers ignore the differences. It later becomes irrelevant as the managers and employees would be having good understanding about each others cultures and practices and they would have to respect the cultures. The employees and managers in this strategy feel that our way is the only way Adler (1997). CULTURAL ADAPTATION This strategy involves mutual understanding and simplification of complicated demanding processes of behaving in a different cultural condition. This step does not mean that the participating partner should give up their cultural background, but rather they should use their knowledge of their own culture to gain knowledge about the partners culture Anisha (2011). CHAPTER FIVE 5. CONCLUSION The challenges of national and organisational culture remain crucial in post-acquisition performance. Although CNOOC may experience many complex problems during the integration process, however the challenges of national and organisational culture differences can be very devastating. This is because most successes and failures of international acquisitions have been attributed to the challenges of cultural differences ( From the analysis of Hofstede cultural models we identify cultural differences between China and Canada which CNOOC and Nexen represent. For individualism/collectivism, it implies that Canadian employees are more independent of their organization, preferring freedom, whereas Chineese employees have a stronger sense of belonging to their organization. In power distance, China employees are more comfortable with structured hierarchical levels while Canada, on the other hand, prefer a more participatory style. With respect to uncertainty avoidance, Chineese tries to avoid risk and anxiety, while Canadians neither seek nor avoid ambiguous situations. In masculinity/femininity, China has medium/high masculinity culture whereas Canada has a medium/low masculinity culture. In terms of the organisational culture six dimensions models; there are cultural disparities between CNOOC and Nexen in the OC. Consequently, we can surmise that national and organisational culture differences are the biggest challenges that could affect international acquisition performance Hofstede (2001) such as that of CNOOC and Nexen. Thus, in order to mitigate these challenges, the recommendations below are made for the senior strategic team to adopt. CHAPTER SIX 6. RECOMMENDATION For CNOOC to enjoy sustained business performance in the acquisition of Nexen, the following recommendations are made to mitigate the challenges of NC and OC: Firstly, CNOOC should adopt culture management approach. This implies the process of developing or reinforcing an appropriate culture in the organisation Pretorius (2004). Culture management is also concerned with culture change, culture reinforcement, implementation and change management. The approach will achieve effective control of cultural difference challenges between CNOOC and Nexen. Secondly, culture training for employees is vital. It will sensitize them to the discriminations, biases and negative feelings of the diverse employees in the organisation Farren and Nelson (1999). Through training, employees can understand cultural diversity that exists between CNOOC and Nexen. Cultural training will also promote cooperation and coordination among employees to enable them live harmoniously and work comfortably. Thirdly, CNOOC should create awareness on cross cultural communication. This is because all levels of communication are affected by cultural dimensions like words, language, body language, gestures, etiquette dos and donts, clothing, gift giving, dining, customs and protocols William (2005). The knowledge of cross cultural communication is necessary because what may be considered perfectly acceptable and natural in China, can be uncultured or offensive in Canada. BIBLOGRAPHY BOOKS SOURCE Alvessson, M. (2004). Knowledge Work and Knowledge Intensive Firms. Oxford University Press, May 20th , 2004. pg102. Deal, T. E. and Kennedy, A. A. (1982). Corporate cultures: The rites and rituals of corporate life. Reading MA: Addison-Wesley. Cited in; Management An Introduction, by David Boddy with Steve Paton. Pearson Education Limited, 2011, Fifth Ed. Pg. 79. Hitt, M., Harrison, J. and Ireland, R. (2001). Mergers and acquisitions: A guide to creating value for stakeholders. Newyork: Oxford University Press. Copyright 2001, Pg5-6. Hofstede, G. (1984). International Differences in Work Related Values (2nd ed.) Beverly Hills CA: SAGE Publications. ISBN 0-8039-1444-X Hofstede, G. (1980). Cultures Consequences: International differences in work related values, 1980, p.25, Beverly Hills, CA: Sage Publications. JOURNALS AND ARTICLE SOURCE Adler, N. J. (1997). International Dimensions of Organisational Behaviour, Cincinnati, Ohio: South-Western College Publishing. Adkins, B. and Caldwell, D. (2004). Firm or subgroup culture: Where does fitting in matter most? Journal of Organisational Behaviour, 25 (8) pp. 969-978. Barney, J. (1988). Returns to biding firms in merger and acquisitions: Reconsidering the relatedness hypothesis. Strategic Management Journal, 9(S1), 71-78. Bjorkman, I., Stahl, G., and Vaara, E. (2007). Impact of cultural differences on capability transfer in acquisitions: The mediating roles of capability complementarity, absorptive capacity, and social integration. Journal of International Business Studies, 38: 658-672. Brock, D. M. (2005). Multinational acquisition integration: the role of national culture in creating synergies. International Business Review, 14(3): 269-288. Cascio, W. F. (1998). Managing Human Resources Productivity, Quality of work Life, Profits, Boston: McGraw Hill. Cartwright, S. and Cooper, C. L. (1993). The role of culture compatibility in successful organisational marriage. Academy of Management Executive, 7(2): 57-70. Datta, D. K. and Puia, G. (1995). Cross border acquisitions: An examination of the influence of the relatedness and cultural fit on shareholder value creation in U.S. acquiring firms. Management International Review, 35: 337-359. Elsass, P. M. and Veiga, J. F. (1994) Acculturation in acquired organisations: A force-field perspective. Human Relations, 47(4): 431-454. Erez, M. and Earley, P.C. (1993). Culture, Self Identity, and Work. Oxford: Oxford University Press. Fitzgibbon, J. E. and Seeger, M. W. (2002). Audience and metaphor of globalization in the Daimler Chrysler AG merger. Communication Studies, 53(1), 40-55. Hatch, M. (1993). The dynamics of organisational culture. Academy of Management Review 18: 657-694. Hofstede, G. and Bond, M. H. (1988). The Confucius connection: From cultural roots to economic growth. Organisational Dynamics, 14, 483-503. Hofstede et al., (1990). Attitude, Values and Organisational Culture: Disentangling the concepts. Geert Hofstede. Institute research on Intercultural Cooperation, Maastricht and Tilburg, the Netherlands. Hofstede, G. (1991). Cultures and Organisations: Software of mind. Intellectual Cooperation and its Importance for survival, Harper Collins, 1991, pp. 79. Kirkman, B. L., Lowe, K. B. and Gibson, C. B. (2006). A Quarter Century of Cultures Consequences: A Review of Emperical Research Incorporating Hofstedes Cultural Values Framework. Journal of International Business Studies; Washington, 37(3), 285-320. Lodorfos, G. and Boateng, A. (2006). The Role of Culture in the Merger and Acquisition Process. Management Decision, 44(10), 1405-1421. Marks, M. L. and Marvis, P. M. (1986). The Merger Syndrome. Psychology today, 20 (10), 36-42. Mauk, G. (1977). The daily power game, Martinus Nijhoff Social Sciences Division. Olie, R. (1990) Culture and Integration Problems in International Mergers and Acquisitions. European Management Journal, 8 (2), 206-215 Parsons,T and Shils, E. (1951). Toward a General Theory of Action, reprinted as Talcott, Shils, Tolman, Stouffer and Kluckhohohn et al., Towards a General Theory of Action: Theoretical foundations of social Sciencies, Transaction Publishers, 2001. Schein, E, H. (1985). Organisational Culture and leadership. San Francisco: Jossey Bass. Schein, E. (1990). Organisational Culture. American Psychologist, 45 (2), 109-119. Trice, H. M. and Beyer, J. M. (1984). Studying organisational culture through rites and rituals. Academy of Management Review, 9, 653-669. Trompenaars, F. and Hampden-Turner, C. (1980). Riding the waves of culture: understanding cultural diversity in global business. New York: McGraw Hill. INTERNET SOURCE Anisha, C. (2011). Managing Cross Cultural Differences: Strategies to overcome differences. Dept. of management Studies and Research, Gulbarga University, Gulbarga, Karnataka. June 30, 2011. http://www.indianmba.com/Occasional_Papers/OP252/op252.html last visited January 06th, 2013. CNOOC, Press release, (2012). CNOOC Limited enters into definitive agreement to acquire Nexen Inc. http://www.cnoocltd.com/encnoocltd/newszx/news/2012/2062.shtml last visited January 16th, 2013. Farren, C. and Nelson, B. (1999). Retaining Diversity, Executive Excellence, New Delhi: Sage, July, pg.7. http://www.delhibusinessreview.org/v_2n2/dbrv2n2e.pdf last visited January 12th, 2013. Lauren, K. (2012). Nexen to be acquired by Chinas CNOOC for $ 15.1B cash. July 23, 2012 http://www.therecord.com/news/business/article/766128nexen-to-be-acquired-by-china-s-cnooc-for-15-1b-cash last visited January 14th, 2013. Hofstede, G. (2001). Cultures Consequences: Comparing Values, Behaviours, Institutions and Organizations across Nations. Sage Publications. http://geert-hofstede.com/dimensions.html last visited January 18th, 2013. Hofstede, G. (2011). Dimensionalizing Cultures: The Hofstede Model in Context. Online Readings in Psychology and Culture, Unit 2. http://scholarworks.gvsu.edu/orpc/vol2/iss1/8 last visited January 13th, 2013. Nexen Inc, About us; CNOOC Acquisition of Nexen. http://www.nexeninc.com/en/AboutUs/CNOOCAcquisition.aspx last visited January 18th, 2013. Pretorious, W. (2004). The impact of organisational culture on effectiveness. May 08, 2005. http://www.upetd.up.ac.za/thesis/available/etd_3162004_131828 last visited January 15th, 2013. Randy, M. and Jacob, M. (2009). Leadership Practice for a Global Society, NASPA Pre-Conference Workshop, March 8th, 2009. http://www.docstoc.com/docs/77255010/Managing-Cultural-Differences-Global-Leadership-Strategies-for-the-21St-Century last visited January 17th, 2013. William Wardrobe, (2005). Beyond Hofstede: Cultural applications for communication with Latin American, Association for Business Communication Annual Convention. http://www.businesscommunication.org/convensionsnew/proceedingsnew/2005new/pdfs/13abc05.pdf last visited January 14th, 2013.

Miles Davis And The Development Of Improvisation In Jazz Music :: Music, Research Papers, Biography

Abstract This essay is a discussion of how the way jazz trumpeter Miles Davis changes his way of improvising, looking at two pieces from different times. The solos in the pieces were transcribed by myself and then analysed in detail. From these analyses, several conclusions on the style of improvising were drawn, and then the conclusions from the two pieces were compared. The piece ‘New Rhumba’, showed how Davis was using his technical ability to create an impressive solo, but was also leaning towards a more sparse and spacious form of improvising, where the times he doesn’t play are just important as when he does play, and the solo in ‘So What’, showed this new style in full. The analyses of the two solos also showed Davis’ ability to improvise solos in a way that it seemed as though he had already composed them. They were full of melodic tunes. This was also emphasized by the fact that Davis often would think of a motif, and would then repeat this, de veloping on it, creating variations of it. This all gave the solo a sense of unity. When people in the audience heard the solos, they would recognize things Davis was playing late in the solo, as variations on themes he was playing earlier on. On a more technical basis, it shows the difference in the two solos, of the amount of time Davis spends on notes outside the chord. In ‘New Rhumba’, the earlier piece, his use of extensions is greater, and there are far more times where he uses flattened, or sharpened extensions. The later piece, ‘So What’, is less active in this area. This essay reveals some of the aspects of Miles Davis’ style, which made him such a legendary, and influential jazz trumpeter. Topic: A discussion of the development of improvisation in jazz music in reference to trumpeter Miles Davis. Miles Dewey Davis was born on the 26th of May 1926, in Alton, Illinois. He became famous around the world for his incredible trumpet and flugelhorn playing, but he was also an accomplished keyboard player, and composer. Although born in Alton, Illinois, Miles Davis lived in East St Louis. He came from a wealthy middle-class background. It isn't surprising to see that a person with the talent of Miles Davis came from a Davis' father musical family. His mother played the violin, and his sister played the piano.

Fundamentals of Management :: essays research papers

Functions of Management There are four different functions of management. In this paper, I will define these functions; planning, organizing, leading and controlling. I will also explain how each of these functions relates to my own organization. Bateman and Snell (2004) define management as the process of working with people and resources to accomplish organizational goals. By utilizing the four different functions of management companies can work with their employees and other resources to reach the organizations goals. Planning can be used to help the organization map out a way to efficiently achieve their goals. The beginning of the planning process should include analyzing of the current situation. From this information the company can determine the goals and start to outline the steps that need to be taken to ensure that the goal will be met. Other planning activities that should be completed are determining the company’s objectives and were they want to be in the future. This will help them to choose their business objectives and strategies. In addition, the company should look at the resources that they have available and determine if they are sufficient to achieve the organizations goals. This leads to organizing. Organizing is done through assembling and coordinating financial, human, physical, informational and other resources need to achieve the goals. (Bateman & Snell, 2004) Recruiting is a large part of organizing. Human resources are an important role. The company must try to attract the people needed to properly staff the organization to be able to meet the goals. The employees in an organization can be considered the most valuable asset at times. In addition, by specifying job tasks and grouping them into work units it helps to better organize the work load and resources. In order to do this the organization must management the tasks and personnel. Leading is mobilizing or stimulating people to achieve their best. Managers need to be able to motivate their employees to achieve the business group and overall organizational goals. One way for a manager to do this is through close contact and communication on a daily basis. Workers that get positive feedback and motivation from their managers are going to be more willing to help the team achieve the goal at hand. Through leading their employees the manager can ensure that the team is working well together and is efficiently reaching their goals. If the manager is working closely with the team they will know when something is not working and can take immediate action to correct it.

Human Resource Management and Nestle

Project Report of SHRM On Nestle Topic: Study of SHRM at Nestle Table of Contents 1 S. No. 1. 2. 3. 4. 5. 6. 7. 8. Description Introduction to Company Mission, Vision & Goals of Company SWOT Analysis of the Company SHRM at Nestle Impact of Recession on Nestle Changing role of HR at Nestle VRIO Analysis and 5P’s approach HR Strategies that company should follow Page No. 3-5 6-7 8-10 11-21 22-23 24-25 26-29 30 1. Introduction of the company 2 Nestle is the world’s leading nutrition, health and wellness company. The company employs more than 280,000 people and has 456 factories in 84 countries. Nestle products are sold in almost every country in the world. Founded in 1866 in Vevey, Switzerland, where it is still based, Nestle has often been called â€Å"the multinational among multinationals†. Only about 1. 5 percent of its sales are generated in its home country, and all but 12 of its factories are situated abroad. The CEO is Paul Bulcke, and the General Management includes a Belgian, two Canadians, one Dutch, a Frenchman, a German, a South African/British, three Spaniards, one Swiss, one American and a SwissAmerican. Nestle is a truly public company with over 250,000 shareholders of which around one third are Swiss. No single shareholder owns more than 3% of the stock. US investors, who, together, hold over 30% of the capital, can purchase ADRs through a sponsored program. As the world’s leading nutrition, health and wellness company, Nestle is the worldwide leader in product categories such as soluble coffee, infant nutrition, bottled water, condensed and evaporated milk, ice cream, as well as chocolate and malt drinks, and culinary. The Group is also a co-leader in pet care. The Company is committed to delivering shareholder value through sustainable, capital efficient and profitable long-term growth. Over the past years it has concentrated on furthering organic growth and performance improvement HISTORY OF NESTLE Nestle was the result of a series of mergers of many small companies. In the mid-1860s, Henri Nestle, merchant, chemist and innovator, experimented with various combinations of cow’s milk, wheat flour and sugar. The resulting product was meant to be a source of nutrition for infants, who could not be breast-fed by their mothers. In 1867, his formula saved the life of a prematurely born infant. Later that year, production of the formula, named Farine Lactee Nestle, began in Vevey and the Nestle Company was formed. Henri Nestle wanted to develop his own brands and decided to avoid the easier route of becoming a private label. Henri also wanted to make his company global. Within a few months of the launch, Henri began to sell his products in many European countries. In the company’s initial years, Henri took various steps to facilitate research, improve product quality and develop new products. Meanwhile in 1866, two Americans, Charles and George Page had founded the Anglo-Swiss Condensed Milk Company. The company launched a milk based infant food, which competed with Nestle’s products. In 1875, Daniel Peter, a friend and neighbor of Henri developed milk chocolate. Peter became the world’s leading chocolate maker, and later merged his company 3 with Nestle. The rivalry between Nestle and the Anglo-Swiss Condensed Milk Company intensified but ended in 1905, when the two companies merged under the Nestle banner. World War I created a new demand for dairy products. Nestle grew mainly by executing government contracts. The end of the war created a crisis for the company as people started using fresh milk again, instead of condensed and powdered milk. In 1921, Nestle recorded its first loss, which was partly due to the worldwide postwar economic slowdown. Louis Dapples, a Swiss banking expert restructured the company, streamling its operations and reducing the debt burden. In 1930, the Brazilian Coffee Institute approached Dapples, seeking new products. After eight years of research Nestle developed a soluble powder that revolutionized coffee drinking around the world. The product was launched under the brand name Nescafe and became an instant success. The onset of World War II speeded up the introduction of Nescafe. The beverage also became a popular drink among American servicemen in Europe and Asia. The end of World War II triggered off a new phase of growth for Nestle. Many new products were added as the company grew through acquisitions. After 1974, Nestle’s financial position deteriorated. Oil prices rose and growth in industrialized nations slowed down. The Swiss franc appreciated and the price of coffee beans and cocoa shot up. This situation was partially offset by Nestle’s rapid growth in emerging markets. In 1981, Helmut Maucher took over as CEO. His policies had a significant impact on Nestle’s style of functioning. Maucher pursued a two-pronged strategy to improve the company’s financial situation: First he embarked on internal restructuring and divestments; second he decided to continue with strategic acquisitions. Between 1980 and 1984, he divested a number of non-strategic or unprofitable businesses, amounting to nearly SFr8 bn. The divestments included certain food products that were not consistent with Nestle’s emphasis on high value added segments. To improve the company’s financial situation, he embarked on a cost-cutting exercise. While the employee strength was reduced significantly, the inventory and outstanding debt were brought down. In 1990, Nestle formed a joint venture with General Mills called Cereal Partners Worldwide to promote Nestle breakfast cereals. It covered 70 countries accounting for about 75 per cent of the breakfast cereal consumption outside the US and Canada. Nestle also formed a joint venture with Coca-Cola, called the Coca-Cola Nestle Refreshment Company, to market tea and coffee-based ready-to-drink beverages under the Nestea and Nescafe brands. In 1996, Nestle decided to end its 50-50 Clinic Nutrition joint venture with Baxter Healthcare and established Nestle Clinical Nutrition to provide orally consumed nutrition products to hospitals and nursing homes. Nestle opened the 20th century by merging with the Anglo-Swiss Condensed Milk Company to broaden its product range and widen its geographical scope. In the new millennium, Nestle is the undisputed leader in the food industry, with more than 470 factories around the world. Nestle 4 launched a Group-wide initiative called GLOBE (Global Business Excellence), aimed at harmonizing and simplifying business process architecture; enabling Nestle to realize the advantages of a global leader while minimizing the drawbacks of size. The Company’s strategy will continue to be guided by several fundamental principles. Nestle’s existing products will grow through innovation and renovation while maintaining a balance in geographic activities and product lines. Long-term potential will never be sacrificed for shortterm performance. The Company’s priority will be to bring the best and most relevant products to people, wherever they are, whatever their needs, throughout their lives. 2. Mission, Vision and Goals of Nestle VISION OF NESTLE â€Å"Nestle’s aim is to meet the various needs of the consumer everyday by marketing and selling foods of a consistently high quality. † MISSION OF NESTLE 5 We strive to bring consumers foods that are safe, of high quality and provide optimal nutrient to meet physiological needs. Nestle helps provide selections for all individual taste and lifestyle preferences. † BUSINESS OBJECTIVES OF NESTLE†¢ Nestle’s business objective is to manufacture and market the Company’s products in such a way as to create value that can be sustained over the long term for shareholders, employees, consumers, and business partners. †¢ Nestle does not favor short-term profit at the expense of successful long-term business development. Nestle recognizes that its consumers have a sincere and legitimate interest in the behavior, beliefs and actions of the Company behind brands in which they place their trust and that without its consumers the Company would not exist. †¢ Nestle believes that, as a general rule, legislation is the most effective safeguard of responsible conduct, although in certain areas, additional guidance to staff in the form of voluntary business principles is beneficial in order to ensure that the highest standards are met throughout the organization. Nestle is conscious of the fact that the success of a orporation is a reflection of the professionalism, conduct and the responsible attitude of its management and employees. Therefore recruitment of the right people and ongoing training and de velopment are crucial. †¢ CORE VALUES †¢ A prerequisite for dealing with people is respect and trust. †¢ Transparency and honesty in dealing with people are a sine qua non for efficient communication. This is complemented by open dialogue with the purpose of sharing competencies and boosting creativity. †¢ †¢ To communicate is not only to inform; it is also to listen and to engage in dialogue. The willingness to cooperate, to help others and to learn is a required basis for advancement and promotion within our company. 3. SWOT Analysis STRENGTHS †¢ Parent support – Nestle India has a strong support from its parent company, which is the world’s largest processed food and beverage company, with a presence in almost every 6 country. The company has access to the parent’s hugely successful global folio of products and brands. †¢ Brand strength – In India, Nestle has some very strong brands like Nescafe, Maggi and Cerelac. These brands are almost generic to their product categories. Product innovation – The Company has been continuously introducing new products for its Indian patrons on a frequent basis, thus expanding its product offerings. Operated factories in 77 countries (all six continents), a truly global company. Considered the innovation leader in the global food and nutrition sector(3500 scientist in company R&D network) Low cost operators (beat the competition by producing low cost products, edging ahead with low operating costs) Offering thousands of local products. Have a great CEO, Peter Brabeck, and a very strong workforce. †¢ †¢ †¢ †¢ †¢ †¢ WEAKNESSES †¢ Exports – The company’s exports stood at Rs 2,571 m at the end of 2003 (11% of revenues) and continue to grow at a decent pace. But a major portion of this comprises of Coffee (around 67% of the exports were that of Nescafe instant to Russia). This constitutes a big chunk of the total exports to a single location. Historically, Russia has been a very volatile market for Nestle, and its overall performance takes a hit often due to this factor. Supply chain – The Company has a complex supply chain management and the main issue for Nestle India is traceability. The food industry requires high standards of hygiene, quality of edible inputs and personnel. The fragmented nature of the Indian market place complicates things more. Some of their product were positioned as too scientific, and consumers didn’t quite understand (i. e. LC-1 was a food and not a drug) †¢ †¢ OPPORTUNITIES 7 †¢ †¢ †¢ †¢ †¢ Expansion – The Company has the potential to expand to smaller towns and other geographies. Existing markets are not fully tapped and the company can increase presence by penetrating further. With India's demographic profile changing in favor of the consuming class, the per capita consumption of most FMCG products is likely to grow. Nestle will have the inherent advantage of this trend. Product offerings – The Company has the option to expand its product folio by introducing more brands which its parents are famed for like breakfast cereals, Smarties Chocolates, Carnation, etc. Global hub – Since manufacturing of some products is cheaper in India than in other South East Asian countries, Nestle India could become an export hub for the parent in certain product categories. Health-based products are becoming more popular in the world, including in the United States Unaffected by current economic conditions (its share of the UK confectionery market rise to 15. 6 per cent with a 0. 5 per cent growth this year) THREATS †¢ †¢ †¢ †¢ †¢ †¢ Competition – The Company faces immense competition from the organized as well as the unorganized sectors. Off late, to liberalize its trade and investment policies to enable the country to better function in the globalised economy, the Indian Government has reduced the import duty of food segments thus intensifying the battle. Changing consumer trends – Trend of increased consumer spends on consumer durables resulting in lower spending on FMCG products. In the past 2-3 years, the performance of the FMCG sector has been lackluster, despite the economy growing at a decent pace. Although, off late the situation has been improving, the dependence on monsoon is very high. Sectoral woes – Rising prices of raw materials and fuels, and inturn, increasing packaging and manufacturing costs. But the companies’ may not be able to pass on the full burden of these onto the customers. Some markets they are entering are already mature Global competitors. There are intense competitions in the United States, especially yogurt market (General Mills) 4. SHRM at Nestle NESTLE – A HUMAN COMPANY 8 Nestle is a human Company providing a response to individual human needs throughout the world with specific concern for the well-being of both its consumers and its employees. This is reflected in its attitude and its sense of responsibility towards people. Nestle aims to increase sales and profits but, at the same time, to raise the standard of living everywhere it is active and the quality of life for everyone. Nestle is also convinced that it is the people who form the strength of the Company and that nothing can be achieved without their commitment and their energy, which makes people its most important asset. Involvement of people at all levels starts with appropriate information on the Company’s activities and on the specific aspects of their work. Through open communication and active co-operation, everyone is invited to contribute to improvements enhancing Company results and personal development. Therefore, we can conclude that the models that Nestle follows are: – High Performance, – High Involvement & – High Commitment. NESTLE’S SPIRIT â€Å"Making Big Investments in People† At Nestle India we make big investment in people, they are our top priority. For us, our people are the key drivers for our success. Nestle India provides its employees a dynamic professional environment bound by one spirit,’ The Nestle Spirit' and that makes Nestle India a great place to work. Nestle India is a vibrant company enhancing the quality of life of its consumers by offering them world class food products driven by Nutrition, Health and Wellness. At Nestle India your integrity, professional skills and performance is what matters. We trust our people and believe in giving early responsibilities and encourage them to actively contribute to the log term sustainable growth of the business. At Nestle India we believe in building leaders who can take on challenges, innovate and write success stories. Nurturing starts from day one on the job. Business dynamics and need directed training programs offer employees with opportunities to acquire and develop desired functional, people management and decision making skills enabling success at work. 9 As we achieve milestone after milestones we invite you to be part of this exciting journey and assure you that the exposure and experience would be unparalleled. NESTLE’S CORPORATE LEVEL STRATEGIES †¢ Product’s growth through innovation and renovation (while maintaining a balance in geographic activities and product lines). Long-term potential Build business based on sound human values and principles. Long-term commitment to the health and well being of people in every country in the scope of their operations. Business should be conducted by adhering to the values and management principles of the organization. †¢ †¢ †¢ †¢ BUSINESS LEVEL STRATEGIES †¢ Low cost – less price transparency is followed. Differentiation – to reduce the risk of complexity of supply chain and lower attractiveness for discounters. †¢ COMPETITIVE ADVANTAGE †¢ †¢ †¢ †¢ Research and development (R&D), Its product range Global reach and 280,000-strong workforce FOUR GROWTH PLATFORMS †¢ †¢ †¢ Nutrition Emerging consumers Premium goods and 10 †¢ â€Å"Out-of-home† goods. ALIGNMENT OF BUSINESS STRATEGIES AND HR PRACTICES Nestle is a company whose HR strategies or practices are developed by keeping in mind the Business objectives of the company and the strategies devised to run the business. The HR strategies are always in alignment with the business goals. Nestle is unique in the sense that it has been able to successfully inculcate its business objective as well as its core values, consistently in its employees day-to-day activities starting from recruitment till continuous performance appraisals. Product’s Growth through innovation and renovation To increase the product growth i. . productivity human resource strategies are adopted such as flexible, dynamic employees are attracted, selected and then trained and motivated to be more productive than the competition. One case in point is the Kit Kat manufacturing plant in York England, under the managership of Ian Jobson and, ultimately, Nestle CEO Peter Brabeck. In 1998, Time magazine reports, it took 38 man-hours to produce a ton of chocolate. This year, using a combination of robotics, automated packaging, and production-line improvements, the forecast production time is 23 hours. This decrease in production time was feasible because of process innovation. Adherence to the values and management principles of the organization †¢ Respect for other cultures and traditions Nestle embraces cultural and social diversity and does not discriminate on the basis of origin, nationality, religion, race, gender or age. Furthermore, Nestle believes that its activities can only be of long-term benefit to the Company if they are at the same time beneficial to the local community. In short, global thinking and strategies can best be expressed through local action and commitment. Diversity From creating hundreds of the world’s leading brands to offering an amazing variety of career options to our employees, it’s clear that Nestle’s businesses are exceptionally diverse. So it should come as no surprise that Nestle values diversity in the people working them just as much as they have diversity in their products. 11 It’s Nestle’s policy to p rovide an environment where respect is shown to all individual employees and where employees are valued, recognised and rewarded on the basis of their talent and their contribution rather than any consideration of age, gender, race, sexuality, religion or disability. As an organisation, Nestle is opposed to any form of unfair discrimination and believe that an inclusive approach will be of maximum benefit to all our employees as well as our wider business goals and the society in which we live. This ethos can be summed up in the following statement: We believe that to succeed we must recruit and retain talented individuals and value and respect the differences each of those individuals brings with them. In addition, we have a strong ongoing commitment to developing policies, procedures and practices that will actively promote equality of opportunity and optimise the abilities of our workforce. Decisions relating to the recruitment, employment, training, progression, assessment and retention of our people will always be supported by these principles of equality of opportunity. †¢ Nestle’s Culture Nestle is committed to a number of cultural values. These values come partly from its Swiss roots and have been developed during its history. They are also evolving so as to support the permanent reshaping of the Company. They can be described as follows: o Commitment to a strong work ethic, integrity, honesty and quality. o Personal relations based on trust and mutual respect. This implies a sociable attitude towards others, combined with an ability to communicate openly and frankly. o A personalized and direct way of dealing with each other. This implies a high level of tolerance for other ideas and opinions, as well as a relentless commitment to co-operate proactively with others. Openness and curiosity for dynamic and future trends in technology, changes in consumer habits, new business ideas and opportunities, while maintaining respect for basic human values, attitudes and behavior. o Like, open and flexible culture is ensured by way of providing training programs to employees at all the levels. 2 TRAINING From the factory floor to the top management, training at Nestle is continuous. And because it is mainly given by Nestle people, it is always relevant to the professional life. Throughout the world, each country runs its own training programmes (e-Learning, classroom courses, and external courses). Nestle provides the followingo Literacy training-to upgrades essential literacy skills, especially for workers who operate new equipment. o Nestle Apprenticeship Programmes. o Local Training Programmes-on issues ranging from technical, leadership, and communication and business economics. This kind of culture is also supported by decentralized structure of Nestle: Nestle is as decentralized as possible, within the framework imposed by fundamental policy and strategy decisions requiring increasing flexibility. Operational efficiencies, as well as the group-wide need for alignment and people development, may also set limits to decentralization. Decentralization: Nestle recognizes that its consumers have a sincere and legitimate interest in the behaviour, beliefs and actions of the Company behind brands in which they place their trust and that without its consumers the Company would not exist. Nestle believes that, as a general rule, legislation is the most effective safeguard of responsible conduct, although in certain areas, additional guidance to staff in the form of voluntary business principles is beneficial in order to ensure that the highest standards are met throughout the organization. o Nestle is conscious of the fact that the success of a corporation is a refl ection of the professionalism, conduct and the responsible attitude of its management and employees. Therefore recruitment of the right people and ongoing training and development are crucial. Nestle continues to maintain its commitment to follow and respect all applicable local laws in each of its Transparent performance appraisal systems and the freedom given to them to question their seniors benefit not only the employees but even the organization as a whole. 13 PERFORMANCE MANAGEMENT o Formal assessment by Line Managers and HR once in a year with feedback. o Subordinate can question an unfair evaluation. o Specific Key Performance Indicators have been enlisted by the HR department. o One of the important key performance indicators is achievement following the Nestle management and leadership principles. Remuneration structure and promotion criteria take into account individual performance. Emphasis on individual achievement Nestle’s emphasis on individual achievement is e vident from the kind of pay structure HR has designed for its employees and the company also incorporates practices like Job Enrichment and Job Enlargement, to motivate employees and to break the monotony of their job tasks. The correspondent herself works in both sales and brand management departments, which is an example of job enlargement. PAY STRUCTURE o Nestle strives to offer fair remuneration. Remuneration level is above the average in industry. The variable component of the salary is comparatively big to reward individual performance. In case of higher management level, the variable part is linked to individual & team target achievements. o o Nestle expertises in Recruitment Services, Talent Management and International HR, Learning and Development, Information and Administration, and Reward and Employee Relations. Nestle is recognized as recognized one of the most advanced HR functions within Nestle globally. Before implementing the HR practices/policies, Nestle get to the crux of the business issue and then find an HR solution. While practicing the HR policies, Nestle is focused more on people and organization strategies. RECRUITMENT SERVICES The Recruitment Services team in Nestle UK is recognized within Nestle globally as the benchmark in leading recruitment practices. That’s because at Nestle they don’t just fill jobs. 14 Instead, they work with the business to proactively identify and fill their talent gaps. Nestle Recruitment teams constantly stand back and work out new ways to attract the very best talent and keep ahead of the competition, but it isn’t always easy. The recruitment process at Nestle is clearly defined and is always in synchronization with the changing business needs. o People with qualities like dynamism, realism, pragmatism, hard work, honesty and trustworthiness are looked for. o Match between candidate’s values & company’s culture are recruited. o Recruitment for management levels take place in the head office by top management and all others at the branch level. The existing employees are promoted to higher posts as per the requirements. There are no lateral recruitments. Another source of recruitment is campus placements and human resource consultancies to look for the enthusiastic, motivated and fresh pool of talent. Decision to hire a candidate is finally taken by HR professionals only and no preference is given to external consultant. This is done to finally have the discretion power in the hands of Company. o People management policies, basic values & principles as elaborated in- Nestle management & leadership principles- The Nestle Management and Leadership Principles describe the management style and the corporate values of the Nestle Group, specifically in the area of interpersonal relations. Nestle human resources policy- This policy encompasses those guidelines which constitute a sound basis for efficient and effective HR Management in the Nestle Group around the world. – Nestle people development review-this policy throws light on Nestle’s culture and core values, different training programs and life of employees after work. R EWARDS AND EMPLOYEE RELATIONS TEAM It consists of two expert sub-teams, each with specific responsibility for business-wide strategic and operational remits. Employee Relations sub-team provide business-wide advice and guidance to line managers and the HR community on individual employee relations matters and to HR Business 15 Partners on broader employee relations and change management issues, as well as developing and implementing Nestle’s policies and procedures in this area and undertaking relevant project work. EMPLOYEE RELATIONS Nestle provides a very healthy working environment which is one of the reasons why Nestle’s employees state their commitment level to be very high. o Employee turnover is less than 5%. , which is considered to be very low for a multinational corporation. Nestle has an open culture & upward communication especially in case of grievance redressal is encouraged. o Work/Life balance is given importance, as illustrated in the Nestle Human Resource Policy document. o ‘Nestle Family’ annual events are organized by their HR department whereby employees along with their families are invited . o Emphasis is laid on safety of employees (Nestle Policy on Health and Safety at Work). CHANGE MANAGEMENT o Nestle has adjusted to the ever-changing external environment for the last 140 years since its inception 1866 without losing its fundamental beliefs and core values. It manages Change and drives sustainable profitable growth by following the policy of making gradual changes instead of making drastic and risky changes. o ERP implementation- In June 2000, Nestle SA signed a much publicized $200 million contract with SAP and additional $80 to install an ERP system for its global enterprise to help centralize a conglomerate that owns 200 operating companies and subsidiaries in 80 countries. While the ERP system was likely to have long-term benefits, the project touched the corporate structure and culture. The structure was decentralized, and it tried to centralize it. This was initially opposed by employees but with subsequent measures taken by the HR like training etc. , this has been successfully implemented. Reward sub-team; on the other hand focus on maximizing return on investment to deliver Reward that will motivate the employees to perform at the highest level as well as managing the overall Reward principles and processes including base salary, incentives and Flexible Reward. 16 REWARDS & INCENTIVES o ‘Passion to Win’ awards- These quarterly awards have been institutionalized to reward those who over-achieve their targets. Long-service Awards- To recognize employees who have been with the company for more than 30 years. o ‘Nestle Idea Award’- It was found from the correspondent that the company institutes Nestle Idea Award every quarter to recognize and award employees who come up with relevant and innovative ideas which have the potential of being implemented at Nestle. For all aspects of Reward Nestle apply the fundamental principles outlined below. Reward Principles †¢ Performance Driven – The level of your Reward is linked to your performance, hence the highest performers will see the greatest Reward. There is also a direct link between the performance of the business and the Reward we're able to offer Competitive – We benchmark all aspects of Reward to ensure we offer all our employees a competitive Reward package Inclusive – Our Reward programme is designed to reflect the valuable contribution which every employee makes, not just senior managers Flexible – We've made it our top priority to allow you to tailor the Reward you receive to your circumstances, whenever possible or practical †¢ †¢ †¢ BENEFITS The following benefits are provided to all employees, with no discrimination- Leave-Personal & Medical (fixed no. er year) – Children Education Assistance Scheme – Provident fund – Retirement Gratuity Scheme – Group Insurance & Accidental Insurance Scheme – Conveyance Reimbursements 17 – Residential Accommodation – Monthly health check-ups & free consultation for self & family etc. Talent Manageme nt and International HR Talent Management and International HR Team, on the other hand, focuses on developing the potential and careers of all the employees at Nestle, particularly those with high levels of performance and potential who are likely to be Nestle leaders of the future. The main task of this talent management program is to develop the framework and processes which will enable the company to identify and develop the potential of employees at Nestle. This program supports individuals with a clear career development plan to go on international assignments out of the respective locations such as Nestle’s international headquarters in Vevey, Switzerland, or to other Nestle markets around the globe. Learning and development Learning and Development Team is involved in development of cutting-edge interventions and supporting change through far-reaching development programmes such as our ‘Lead2Win’ programme. This team also helps the company to create and implement functional development programmes across the business, covering everything from manufacturing to supply chain. At Nestle Learning and Development means Continuous Improvement and Creativity and Innovation. Learning and Development is carried out by Continuous Improvement that leads directly on to Creativity and Innovation. This process generally involves two stages: i. A team of passionate and professional development experts is formed to create Core Skill Development Strategies that will enable continuous personal and professional growth across the business. After that, the strategies are tailored for each business area with the help of HR Business Partners and Business Directors. The next stage is to go online, where the trainees are able to take advantage of our vast learning and development intranet. This resource has been specifically designed to help trainees manage their own learning in an easy to use virtual environment. Once you're up and running there, you'll be able to focus on picking up new skills particular to your job and career ambitions with the help of our leadership development programmes, designed to create the leaders of tomorrow. i. Differentiation 18 Nestle follows differentiation strategy and to make it a success it has HR strategies aligned accordingly. To support the differentiation strategy, Nestle practices following HR strategies to support differentiation: †¢ †¢ †¢ †¢ †¢ They favour long term performance measures. Nestle does not favor short-term profit at the expense of successful lo ng-term business development. They believe in extensive trainings of their employees to keep the pace with changing environment and keep them updated with latest innovations At Nestle, equal and fair pay practices are followed. Nestle’s pay structure, rewards & incentives systems are also designed in such a way so as to promote creativity. Recruitment process is also totally based on hiring and recruitment of people who bring in new ideas. Broad career paths are provided to employees by a continuous process of career development and high employee participation prevails in the organization. 19 5. Impact of Recession on Nestle During this phase of recession, Nestle has faced a little bit of tribulations in terms of: †¢ †¢ Shipment growth: It has slowed down as shoppers switch from branded foods to retailers' private labels. The volume of goods sold: The volume of goods sold rose 2. 8 per cent in 2008, but, down from 4. 4 per cent in 2007, after Nestle relied on price increases to pass on higher raw-material costs. The whole onus of these two problems could not be bullied upon recession. Since the actual reason behind the second problem was increasing inflation. Even though it has been hurt by the weak dollar and tough competition in the United States. But, if we talk in general, then, Nestle has been labeled as a Recession proof company. Nestle, announced that they had a 69. 4percent profit in the year 2008. The year 2008 and the beginning of the year 2009 so far are considered as the worst recession the world is facing today. Each company around the world, no matter what they produce or what services they provide was having the greatest downfall on the sales and services. But even during the phase of recession, Nestle has a different story to tell. Nestle announced record breaking profit during the year 2008. The sales of Nestle products jumped up in huge numbers. †¢ †¢ †¢ †¢ †¢ The net profit of Nestle in year 2008 was 15billion US Dollars. Net income rose to 18 billion Swiss francs in 2008 from 10. 5 billion francs. The profit was 69. 4 percent jump from the last year Sales rose 2. 2 per cent last year to 109. 9 billion francs, and organic revenue increased 8. 3 per cent in 2008, the fourth year that Nestle beat its forecast. Further, Nestle expects to carry on seeing growth in earnings over 2009 despite the global recession, using its strong 2008 results as a springboard for growth. 20 †¢ †¢ Nestle has granted an investment of 300 crore in the Indian market in 2008 and is about to double its investment in 2009. The goal of Nestle further is o achieve organic growth of close to 5 per cent, and to improve the EBIT margin in constant currencies further. Nestle would be able to achieve this goal through company’s internal strength. Nestle, which makes Nescafe coffee, Maggi soup and KitKat chocolate bars, also raised its global outlook for the year and its forecast for 2008 organic growth – which is to say from existing businesses – to â€Å"about 8 percent† from a previous target of at least 7. 4 percent. Nestle shares rallied from a near two-year low, jumping 5. 4 per cent. Nestle will spend four billion francs buying back stock this year after purchasing 8. billion (Dh27. 16 billion) francs worth in 2008. Nestle also said it will increase its dividend for the year by 15 per cent to 1. 40 francs a shar e. †¢ †¢ †¢ †¢ Reasons behind the strong survival of Nestle even during the Recession Nestle amazingly survived the greatest and disastrous recession period of the world which gives the hope and message to many other companies. Some of the reasons have been pointed out that seems to have worked for Nestle to fight the recession: †¢ Innovation and â€Å"renovation of its brands and products† It seems to be a big driver in keeping Nestle afloat. In 2008 Nestle’s investment in research and development for food and beverages was up 15 per cent. Nestle survived recession because it was able to capitalise on â€Å"a wide variety of market conditions†, and that this gives it a competitive advantage. India is not in a downturn but probably a slowdown. The liquidity squeeze hasn’t affected the demand of consumer goods in the price range that Nestle sells. Therefore, Nestle was able to survive in India. The company survived recession and is now positioned for profitable growth both now and in the long term, because of its â€Å"defensive qualities as well as its strong growth credentials. If recession grips the world and despite the war in the Middle East, everyone will continue to need food. This means millions of people will continue to buy Nestle products, which include Nestle infant formula, Taster's Choice coffee and Stouffer frozen foods. †¢ †¢ †¢ †¢ 21 †¢ †¢ â€Å"The key t o Nestle’s short-term performance is the degree to which the markets want to be in a safe haven situation. â€Å"Beyond that, over the longer term, there is a pretty positive earnings story in Nestle. Nestle is able to ride out the recession easily than its rivals due to its comprehensive range of products and wide geographical reach. 6. Changing role or HR The importance of the human resource function has become evident especially with the onset of global competition. Not only do human resource managers have to think more strategically and in step with corporate planning managers, they have had to address real and hard issues about the impact of intense competition on employment stability. It is one thing to think with executives on how the human resource section can support corporate activities. It is another to actually implement cost-savings policies with regards employment. To guard against the downside of global competition, the human resource managers must be more proactive in recruiting and maintaining a responsive and efficient work force. Planning should start at the early stages so that organizations do not bloat needlessly. Human resource managers must be able to map out human resource strategies such that flexible, dynamic employees are attracted, selected and then trained and motivated to be more productive than the competition. Human resource managers are no longer administrators or simply implementers. They should be recognized as strategic partners. Only then can they function well to help top management especially in a climate of economic uncertainty. Although, Nestle being a Human Company itself possess many of the above mentioned qualities that are supposed to be present in the managers of today’s time. But, according to the changes in the business patterns, globalization, and diverse business of Nestle and rapidly changing ups and downs in the economy. There are certain factors on which the role of the HR at Nestle is changing. The HR managers at Nestle along with professional skills, practical experience and result focus must possess the following qualities: †¢ †¢ They should be capable to motivate and to develop people, addressing all those issues that allow others to progress in their work and to develop their capabilities. They should be able to inhibit curiosity and open-mindedness as well as a high level of interest in other cultures and life-styles. This also includes a commitment to continuous learning and improving, as well as to sharing knowledge and ideas freely with others. 22 †¢ It is responsibility of the HR professionals to create a climate of innovation and to think outside the box. This implies the right to make a mistake but also the readiness to correct it and to learn from it. HR professionals should now be able to inculcate the willingness to accept change and the ability to manage it. They should provide international experience and understanding of other cultures. This will prepare the employees to face the challenges in global markets. †¢ †¢ 7. VRIO and 5P’s Analysis VRIO ANALYSIS This VRIO framework is the foundation for internal analysis. In order to lead to a sustainable competitive advantage a resource or capability should be Valuable, Rare, Inimitable (including non-substitutable), and Organized. Valuable A resource is valuable if it helps the organization meet an external threat or exploit an opportunity. If a resource helps bring about any one of these four things then it is aluable: Efficiency, Innovation, Quality and Customer responsiveness. Valuable resources of Nestle are: †¢ †¢ Human Resources Brand Name †¢ Research & development processes Rare A resource is rare simply if it is not widely possessed by other competitors. Rare Resource of Nestle is their uniqueness in Infant food products. The processes they use and the ingredients they use are rare. Inimitable A resource is inimitable and non substi tutable if it is difficult for another firm to acquire it or a substitute something else in its place. This is probably the toughest criteria to examine because given enough time and money almost ANY resource can be imitated. Even patents only last 17 years and can be invented around in even less time. Therefore, one way to think about this is to compare how long you think it will take for competitors to imitate or 23 substitute something else for that resource and compare it to the useful life of the product. Inimitable resources of Nestle are: †¢ Corporate Culture †¢ Values followed at Nestle †¢ Reputation Organized A resource is organized if the firm is able to actually use it. Generally, organization is frequently neglected by strategy because it often deals with the inner workings of firm management. But generally, it rarely happens that firms are not organized to exploit their valuable resources. However, if you analysis does turn up a valuable, rare, and inimitable resource that the firm is not taking advantage of, then the resources of the firm are not said to be organized. 5P’s at Nestle Philosophy Nestle’s Philosophy on Code of Governance Nestle India Ltd. is a subsidiary of Nestle S. A. f Switzerland and over the years it has followed best practice of Corporate Governance and adhered to practices laid down by the Nestle Group. Nestle India’s business objective and that if its management and employees is to manufacture and market the Company’s products in such a way as to create value that can be sustained over the long term for consumers, shareholders, employees, business partners and the national economy. Nestle India is conscious of the fact that the success of a corporation is a reflection of the professionalism, conduct and ethical alues of its management and employees. In addition to compliance with regulatory requirements, Nestle India endeavors to ensure that highest standards of ethical and responsible conduct are met throughout the organization. The two most significant documents from the Nestle Group, which define the standard of behavior of Nestle India, are â€Å"Nestle Corporate Business Principles† and â€Å"Nestle Management and Leadership Principles†. Policy The Nestle policy is to hire staff with personal attitudes and professional skills enabling them to develop a long-term relationship with the Company. Therefore the potential for professional development is an essential standard for recruitment. 24 Each new member joining Nestle is to become a participant in developing a sustainable quality culture which implies a commitment to the organization and a sense for continuous improvement leaving no room for complacency. Therefore, and in view of the importance of these Nestle values, special attention will be paid to the matching between a candidate's values and the Company culture. Processes †¢ Administrative †¢ Training †¢ Recruiting †¢ Development †¢ Labor Relations †¢ Org Development †¢ Compensation and Internal Communication Programs Campus Recruitment Programs Internship Programs For graduate students, Nestle offer a summer internship in brand management for MBA students. Marketing Interns are challenged with leading integral aspects of our brands' marketing plans. This highly competitive program could also give you the opportunity to transition into a full-time position. Professional Development Programs Adequate training programs are developed at the level of each operating company capitalizing on the availability of local, regional or global resources of the Group. It is the responsibility of HR staff to assist the management in the elaboration of training programs. Following type of programs are conducted at Nestle: o Training programs enhancing the language skills of the employees. o Training programs aimed at developing and sharing best practices of the various management disciplines practiced in the Group. They also strive to strengthen corporate cohesion as well as to promote networking throughout the Group. o E-learning programs as a complement to or a substitute for formal training programs. Practices 25 The following HR practices take place at Nestle: †¢ Recruitment and Training Performance Management Rewards and Incentives Benefits Employee Relations Change Management Safety and Health The Nestle Operational Safety, Health and Risk-Management Strategy document illustrates that: – Nestle is dedicated to safe & healthy work environment. Regular safety assessments & audits take place by internal & external bodies. †¢ †¢ †¢ †¢ †¢ †¢ 8. Hr strategies that nestle should follow Nestle should practice following HR practices: i. Communication Strategy: Nestle should adopt an effective communication strategy because in today’s changing scenario and in a dynamic organization like Nestle employees should be educated and trained about the change s taking place in the organization. This can be done through open house meetings and bulletins etc. Effective Training and Development: Training and development forms an important part of the practices followed at Nestle. It is an integral part of the corporate strategies. Most of the training programs conducted at Nestle are conducted by In-house trainers, whereas for some specialized training programs external trainers should be called. And employees should also be given the opportunity to attend the training programs abroad so as to give them a feel of global markets. Entrepreneurship strategy: Every employee needs to be an independent entrepreneur, who can generate ideas and bring them to reality by using the existing resources and support of the organization to create innovative and creative products and services. ii. iii. 26 iv. Recruit purposefully – The anticipated global shortage of workers has not gone away: it has just been postponed. The reason? Baby boomers are choosing to work a little longer because their retirement savings have been deflated. Once the market comes back fully, you should expect a mass exodus as the boomers leave the workforce. Companies who make severe staffing cuts and don't keep their HR people connected to potential hires will be caught severely short staffed. Savvy companies have a great opportunity right now to hire talented people who have been down-sized by other organizations. Cut High HR operation costs Leverage real time information for HR decisions: This would enhance the decision making process. v. vi. 27

Creative Thinking Week 4

How might you use the strategies for applying creativity to problems and issues in addressing this topic? I would use the novel approach with a few things, first I would use it to encourage readers to research each candidate, get all the facts available and second I would be sure to have both good and bad facts as part of the article its self not as part of the end of the article, however I do like the links to other articles that pertain to that issue.I would also try to improve what the writer of the article said; I think I would have added more about this year’s campaign slogan and what the president has on his to do list. I might even ask for reader comments, or their answer to a particular question. This would incorporate the reader’s views and help me to appeal to them more. I would also try to redefine the first campaign to show how while not everything that was promised has been done, progress has been made, and we are still moving forward but we have to give th ings time, none of this happened over night and it is not going to be fixed overnight either.Most importantly I want to be sure that I present facts but in a way that sounds like I am actually saying it, I want to give it my own twist of creativity. How might you use the strategies for promoting curiosity in addressing this topic? Why do you think these strategies might be effective? By using the strategies for promoting curiosity in addressing this topic you are going deeper into your work and getting the whole picture.Curiosity is having the desire to learn, that means you ask questions, research, do everything in your power to know more about whatever it is you are curious in. I think these strategies might be effective because it allows you to go deeper and see what is lying beneath it all. You will be able to find out information that you wouldn’t be able to know from the first glance. Being curious makes you gain more knowledge, in this situation you would be able to pr ovide the best information on the topic and provide all the right answers for both sides to your readers.How might you use the various methods for producing ideas to eliminate the bias from the original article and still present a factual and persuasive case? To make my topics and articles more interesting I will use all the strategies. The reason being for using all the strategies is because I want to add more life to the article and get the viewers to fully read through my article. One of the strategies is taking a novel approach, I believe that if I take a novel approach in the article that I wrote then I ill have the readers reading the article as a story so they can get more in depth with the article. Another strategy is devising or modifying a process or system, with this I will make sure that I have a plan so that I will not be free handing through my entire article. I will also use finding new uses for existing things because the stories in the article may involve old storie s but adding new stories will brighten the article more. Lastly, inventing or redefining a concept so that my article looks the part and looks new and improved.

Metro Manila Development Authority’s New Traffic Scheme Essay

THE Metro Manila Development Authority (MMDA) has proposed a new traffic scheme that would segregate bus stops in Edsa to ease road congestion and lessen accidents. MMDA Chairman Francis Tolentino said they will replace the current scheme wherein the two types of city buses in Edsa — A for Alabang routes and B for Baclaran routes — can load and unload passengers on all stops in the said major road. In the proposed scheme, Tolentino said they are planning to designate every other stop to either only A or only B. â€Å"For example, only Buses B can stop at Taft, while A can only stop at Magallanes,† Tolentino said. The MMDA chief added that a certain percent of each bus fleet will be labeled as â€Å"all-stop† buses, which will load and unload at every bus stop to accommodate short-distance travels. â€Å"As of now, what we’re thinking is that the all-stop buses will be able to accommodate those at Bus A stops who want to get off at Bus B stops and v ice versa,† he told the operators. The agency expects that with the new plan, bus congestion in the yellow lane as well as accidents will be reduced. â€Å"There won’t be a reason for all buses to fight over one bus stop anymore. Plus, it will increase travel time for our commuters,† said Tolentino. Tolentino assured that several consultations with bus operators and an extensive information campaign will be conducted before the implementation of the scheme. According to the MMDA, about 3,000 buses ply Edsa every day but they are only allowed to use the two rightmost lanes, commonly called yellow lanes. In 2005, the Edsa Bus Route Revalidation Survey funded by the Japan International Cooperation Agency showed that there is an oversupply of 420 to 690 bus units in Edsa. A 2009 study of the World Bank also revealed that there is an oversupply of buses in Edsa relative to demand. It also cited a survey in late-2007, which indicated a day-long average load factor across all routes operating on Edsa. The survey said it takes an average of five hours to complete a round trip along the 24-kilometer Edsa, at an average speed of about 15 kilometers per hour and one minute stop at each of the more than 15 designated bus stops. The congestion in bus stops is also caused by the â€Å"intense competition† among drivers who â€Å"jostle for space and tend to stay longer† at designated loading and unloading stops to get passengers.

Case Study of the Company Called CASPER Free Sample for Students

The use of the social media and the internet to conduct business activities is growing at an alarming rate. Most companies have websites to help them reach the target audience by connecting them to their social sites which include Facebook, Instagram, Twitter, and YouTube. Competition has increased globally. But how do firms withstand this challenge? Casper is a privately owned company which is located in the United States, New York City.   The Company conducts most of its business activities online. Casper was launched in 2014 by Philip Krim, Jeff Chapin, Luke Sherwin, Gabriel Flateman and Neil Parikh (Casper, 2017).The firm’s objective was to increase the distribution of mattresses in the US (Weinberg, 2014). To make people aware of the company, it uses a website to carry on its activities. Most of the manufacturing operations take place in Pennsylvania and Georgia. The online business strategy has made Casper be among the companies with high returns inwards in the US. But how is this possible yet several companies run such kind of business online? Through ventures from several firms and people, Casper was able to expand its business activities from the US to include Canada in November 2014. Some of the great individuals who have invested with Casper include celebrities like Leonardo DiCaprio and Adam Levine (Allen, Yaeckel & Allen, 2011).The venture companies include Pritzker Group Venture Capital and Crosslink Partners. Funding from these sources has impacted the company’s gross profits. Currently, Casper is among the most successful companies competing with companies like Norwegian Cruise Ship (NCL) making it in the list of enterprises’ able to make more than one hundred million US dollars ($100 million) in less than two years. The future of the company seems to be great especially with the growing technology. Casper specializes in mattresses. The mattresses consist of hybridized blend of two materials across four single layers. The layers are: Casper makes good use of its business models which entails clients buying mattresses online. Customers make orders, and the mattresses are delivered to them. Casper also has provided its consumers with one type of mattress, therefore, giving the user an easy time to choose. Other companies provide the consumer with several choices which leave them with the difficulty of determining which the best type of mattress to buy is (Watson, 2015). Being objective in the kind of mattress to provide is a very helpful strategy for the company in its operational model. Most people will go for mattresses from Casper simply because they are sure of what type and quality to expect. Nevertheless, the elimination of the middlemen in the distribution channels makes the company’s products affordable to many.   The application of Middlemen in the supply chain increases the cost of the final product in the retail shops. What if we do away with retail stores? Then we will have to buy the mattresse s from the manufacturers who are of course cheaper as compared to buying from retailers (Muehlhausen, 2013). Another strategy employed by the company is through investing in advertising. Most people living in New York City know about the existence of Casper through their adverts which can be located in taxis, posters, and billboards.   Above all, the buying of mattresses online has promoted the organization’s activities. Casper has good strategies which have enabled it to shine in the market. The market competition is very stiff, and there is the need for a company to bring up the best strategy possible. We can evaluate the significance of these strategies through the SWOT and PEST analysis of the company (Pahl, 2013).  ·Casper has a well-developed website which is easily accessible to many clients willing and able to trade with them.  ·Casper is located in New York City which is economically and politically stable.  ·The organization has a well-established administration hierarchy.  ·The company has several able financial investors who make it possible to operate even during financial crisis   Ã‚ ·The company deals with only one line of product. It does not entail diversity.  ·Use of social media platforms to advertise and create awareness of Casper Company.  ·With more funding from the investors, Casper can expand its activities as well as structures.  ·Several competitors are diverse hence providing people with alternatives to choose from. Casper is located in the US which is a politically stable nation. The politically stable environment has provided the firm with a conducive environment to work in. The US government has set laws which help to protect the environment, as well as the consumers. This has made the organization to operate under a defined ethical framework. Operating under moral framework has assisted in building the organization’s trust and reputation hence attracting more clients (Marmol & Probert, 2015). Casper Company is located in the United States which economically stable. This means that the consumer income is high hence making it possible for them to pay for the company’s products. With globalization, so many people are moving into the US. This increasing population provides labor and market for the firm (Weaver, 2013). The US population growth rate is increasing rapidly due to globalization and the immigrants. This has lead to the rise in the number of people who rely on the company for mattresses. Sleep is among the basic needs of people which must be fulfilled. Visitors do not know which the best choices is in a foreign nation are. Therefore, having one single choice provides Casper an advantage to trade over competitors. The Casper firm has employed modern technologies in advertising and getting access to its clients. Due to multimediality which is supported by the new technologies, Casper is able to upload pictures, Videos or audio materials which will make them promote their products. Nevertheless, most people in the US have access to devices which can support internet services. These people can access the organization’s website from any place and make their orders. The financial ratios of the company are well balanced.   For instance, the liquidity ratio which is derived from the current business ratio is well off. The firm has enough liquid cash to help in running the business activities and respond to emergencies. Casper also makes huge profits. For instance, within its two years of operation, the firm had made more than one hundred US dollars. Having a balanced financial ratio is the key to the success of any business. Nevertheless, good financial statements are useful in determining the future of the company. Strategy evaluation of the Casper industry can be done through the analysis of the different financial ratios. Currently, their strategies are working well. The company has made lots of profits from the sale of mattresses (Tirole, 2012). Casper mattresses firm is well performing in the US. Its strategies are significant in achieving its objectives. There are several companies which operate online but never get to make profits like Casper (Orsburn, 2011). What might be the reason behind this? Through analyzing the Casper case study, we find out that Casper has employed more than one strategy to acquire its potential stability. For instance, providing consumers with one kind of product, therefore, making their choices easy, investing in online advertisements through their well-established website and investing in other forms of advertising in the streets like for instance in cars and billboards. From the SWOT and PEST analysis, we find out that Casper has more potential of growth. The politically and economically stable environment, the emerging new technologies and the social media all play a major role in the continuity of the company. I think the best business model employed by the firm is the elimination of the middlemen in the distribution channel. Middlemen entail the inclusion of retailers. When retailers buy goods from the manufacturers, they incur several types of costs which include transportation, purchasing, labor, the cost of hiring their premises, packaging costs and so many others. For them to compensate these expenses, they will have to sell their products at high costs. For instance, a commodity bought by a retailer from a manufacturer can reach the final consumer at a price which is almost as twice as the price the retailer bought it from the manufacturer. This scares away the consumers who will in most cases prefer to buy from the manufacturer. In fact, I can say that this is a competitive advantage Casper uses to withstand the market competition (Vance, 2015). Despite the application of the single product serving well for the company, there is a need for diversity so that in future Casper can make more profits. Casper. (2017, March 28). LIVE THE DREAM. Retrieved from Casper: https://casper.com/ Marmol, T, Feys, B., & Probert, C. (2015). PESTLE analysis. Place of publication not Pahl, N., Richter, A., & University of Applied Science Berlin. (2013). SWOT analysis: Idea, Methodology and a practical approach. Munchen: GRIN Verlag Allen, C., Kania, D., Yaeckel, B., & Allen, C. (2011). One-to-one web marketing: Build a Relationship marketing strategy one customer at a time. New York: John Wiley. Weinberg, T. (2014). The New Community Rules: Marketing on the Social Web. Sebastopol: Vance, D. E. (2015). Raising Capital. Boston, MA: Springer Science Business Media, Inc Watson, D., & Serious Investor Groups. (2015). Business models: Investing in companies and Sectors with strong competitive advantage. Petersfield [England: Harriman House Pub. Muehlhausen, J. (2013). Business Models for Dummies. Hoboken: Wiley Price, Waterhouse & Co., Price Waterhouse (Firm), Price Waterhouse (Firm)., & Price Waterhouse World Firm Services BV, Inc. (1980). Doing business in the United States. New York: Price, Waterhouse Weaver, F. S. (2013). The United States and the global economy: From Bretton Woods to the current crisis. Lanham: Rowman & Littlefield Publishers. Orsburn, E. M. (2012). The social media business equation: Using online connections to grow your bottom line. Australia: Course Technology PTR. Campbell, D. (20116). Business Strategy. Palgrave Macmillan Tirole, J. (2012). Financial crises, liquidity, and the international monetary system. Princeton, NJ [u.a.: Princeton Univ. Press