Impact of Innovative Accounting on Financial Management Free-Sample

Question: Discuss the Impact of Innovative Accounting on Financial Management and Business Organization. Answer: Introduction The topic is about the new trends in accounting and management of finances in an organization. Becoming a professional financial manager or an accountant in the future is the main career for a student of Master of Professional accounting. The report will include finding the trends in technologies to improve the financial plan in an organization. The innovative accounting is introduced in this report and the impact of innovative accounting in financial management in an organization is analyzed. The report will include the background, aim, literature review, methodology and discussions. And lastly the conclusion will be explored with the help of hypothesis (PWC, 2010). Problem statement Nowadays, any organization wants to grow and to earn maximum profits in the market. So, to earn the profits and growth an organization should incorporate different techniques and technologies into the financial management of accounts work. The new technology will help in smooth working in terms of organizing data in an organization. Easy and secured access to the data help in proper and smooth working. In spite of finding data manually will take time and engage many persons. So, to avoid this a database is maintained to access the information regarding the sales, the demand and supply in the cloud. Therefore, due to the proper management of all this financial data will help in managing data related to shareholders, regulatory agencies, creditors, tax authorities, demand and supply etc. Therefore, proper management of data helps in faster decision making which will lead to the growth of the organization, Organizations growth leads to the profit of the organization. This database will help in making decision faster in terms of finances, investment decisions and cash decisions. Also, the information or data are error free. So, less chances of mistakes are there. The quick decision leads to faster working which in a way leads to customer satisfaction. If the customers are satisfied the profits can be made by the organization (Samuel, 2013). Research aim and question The aim of this project report is to investigate the impact of innovative accounting on financial management and business organization. Research question The following questions are being developed to reach the aim. Analysis of the impact of innovative accounting in financial management? Examining how it impacts the decision making process? Investigating how the innovative accounting benefits the information system? How innovative accounting will help in the organizations growth? Examining how innovative accounting will earn better profits for an organization? Literature Review Innovation accounting and financial management The introduction of the new technologies adds value to the work. Similarly the introduction of accounting technology has affected the structure of the organization. The researcher says that the technological changes in the accounting will bring short term instability, but long term growth of the organization. The innovation in the technology creates the opportunity to earn profits through the innovation. Also the researchers say that it increases the margin of the profits in the long term. Some researchers say that the impact of innovation in accounting system is neutral. There is no positive or negative effect of the innovation (Mattison Nasi, 2004). Innovation in accounting system helps in executing the information in a proper manner. The researchers say that the information will be executed with speed and accuracy that will enhance the efficient organization of the resources. It will help in the formulation of strategies related to financial matters quickly and faster decision making. Also, the relevant information is accessed with the help of the innovative accounting system as saying by the researcher. The technological advancement, an efficient accounting system which in turn results in competitiveness. The researcher says that due to accounting innovation the productivity and growth of the company is enhanced (Gichaaga, 2013). The innovation also helps in controlling the information. The accounting system collects the data and convert it into proper information. The relevant data help in making the decision related to finances faster. Therefore, a valuable data can be accessed with the help of an innovative accounting system which help in right decision making. Faster decision making leads to the growth of the organization (Times, 2017). According to the researcher the cloud based accounting system helps in tracking the financial transactions, tracking of internal and external data reporting system and all the financial statements related to the organization. Therefore, this cloud based system helps the financial manager to make any financial decision related to the organization with the help of current financial status (Shoommuangpak, 2011). Decision making and growth of the organization Decision making is enhanced by relevant information obtained. The data are collected and is converted into information. The management of the data is done with the help of accounting management. The new innovations and technology make it easier to collect the data at one source according to the researcher. They say that the access to the information at one source helps in faster decision making. According to the researcher the accounting system is depending on the three important points that are business language which is basically the source of data related to finances, decision making important data and integrated entity. Therefore, for faster decision making, all the elements should be taken forward. This helps in analyzing the clear view on financial status by the manager according to the researcher (Liguori Steccolini, 2014). With the help of this the obstacles in the financial management can be removed and this will help in the growth of the organization. According to researcher this cloud based system of accounting is based on the reporting system in real time. The data on the system can be uploaded at cloud. And the accounting system connected to it also gets updated. Also, it resolves the issue related to multi currency in various organizations. The researcher says that it makes easy mobility of the capital at international levels. It helps in the smooth cash flow. During the manual work the problems like linkages and coordination arises which seems like hurdles in the cash flow. The innovative accounting solves the problem of the linkages by itself, connecting to the data that is internal or external. This will enhance the efficiency of the organization. This helps in making the quick financial decisions (Kalkan Arman, 2014). Innovative accounting and profits to an organization Innovation in accounting systems helps in the better understanding of the financial systems. The financial manager can get data related to the internal and external finances, financial transactions, and other finances related transactions. So, it will help in making the financial related decision faster according to researchers. As per a researcher saying the obstacles in finances minimizes the growth of the organization. This will in turn speed up the production process. Customer satisfaction is related to quality product delivery and services in time which is related to the accounts system indirectly. Therefore, satisfied customers and good feedback in the market are interrelated. The organization growth is provided by this feedback leading to the profits to the organization (Lakew Rao, 2012). Therefore, from the above studies the following hypothesis are generated. These are as follows: H0: Analysis of accounting innovation has a positive effect on business organization. H1: Accounting innovation is a long term gaining process for an organization. Methodology Data collection The main aim of the report is to examine the impacts of innovative accounting, how innovative accounting helps any business organization in financial management. The study is done with the help of written documents available publicly. Also, the reports that are published annually and documents are studies to become more prcised. The reports related to various banks and companies are taken into account during the study. The main respondents in the study are accountants in Thai-listed firm. The 50 accountants and financial managers are taken from the database of Thailand stock exchange. The responses of these accountants and managers are taken with the help of a questionnaire. The response is collected with the help of a secured mail. The study concerns over to detect a problem with non response error. Data analysis Data is analyzed with the help of annual reports in financial management with or without innovative accounting. Researchers say that this kind of method helps in determining the facts related to the research which has to be reliable and it is important to analyze it. This data is analyzed with the survey conducted and therefore the impact of innovative accounting is analyzed. Logical research has been made so that facts could be taken up. Then the raw data is aligned to give it a form of information Innovative accounting Innovative accounting consists of new ideas in incorporating computer assisted accounting in the financial systems. It comprises of new methods by which the information related to financial matters is processed in a particular format. It is the efficient way of doing the accounting work with the help of creating the cloud of data and updating it time to time. Obstacles like multi currency issue can also be solved with this accounting system. Linkages between different data help in managing financial transaction with accuracy. It also provides security to the financial system which is always given to a reliable source and also able to provide error free accounting practices with accuracy and reliability for the financial system (Korir, 2010). Financial management, growth and profits The analysis is done over 50 companies which helped us in providing the data related to the financial management in an organization. It comes up with that if the innovative accounting system is applied in a company, the decision making is done faster. The financial decisions related to the analysis is done very quickly as compared with the organization who have not implemented the new accounting techniques. Also, due to the error free work done by the same organization at one time the efficiency is also increased. Therefore, to identify the growth and profits earned by the organization the analysis over 50 Thai companies have been made which uses innovative accounting and those who do not use the accounting cloud system. The performance of these companies is analyzed and the companies with technology in accounting were seen at higher profits and improved growth, whereas the companies without the technology were of mixed results. Some were growing and some were at the same level. Therefore, the figures obtained by the analysis helped in computing the growth rates (Janotta, 2015). Findings and analysis The study id done to examine the impact of innovative accounting on the financial performance of the business organization. The data were collected with the help of the questionnaires. The findings of the study are presented based on the objectives of the study. Response rate There were 50 questionnaires distributed, 30 were filled properly and was sent back through the mail. The response rate was about 60%. According to the researcher the response rate of more than 50% is adequate. Some researchers say that response rate of 50% is acceptable, whereas the 60% is good. Therefore, based on these results by the known academicians, the response was considered adequate. The conclusions and the study can be drawn from the report. Response Frequency Percent Returned 30 60% Unreturned 20 40% Total 50 100% Response Rate Results and findings Decision making of the organization due to innovative accounting Innovative accounting consists of accounting with computer assisted programs. These programs are made for making accounting faster. Basically, all the data related to finances are saved in the cloud. The linkage between the data in the cloud and the computer assisted program is done. This helps in proper management of data whenever required. When the data is required, then it can be taken directly without any search. Also, the data in the cloud is updated whenever it is necessary. Therefore, the financial manager can get a record of all the finance related activities very fast and he will know about any internal and external financial transaction. This will help the manager to make any decision related to the finance very fast due to easy availability of the data and accuracy of the data. It helps in the smoothening of the finance related work because of error less work. So, the decision making power is enhanced by innovative accounting, which is also provided with the help of survey . 85% of the persons replied from the questionnaire that the decision making has become easier with the help of innovative accounting. 10% of the persons did not reply and the rest were neutral. Statement Agree Disagree Neutral Decision making becomes easier 85% 10% 5% Research Findings Growth of organization due to innovative accounting Due to innovative accounting the evaluation of the cost of capital, mobility of the capital, incentives in the business, tax system, the flow of cash, net income and many others become easy. Also multi currency transfers also become easy with the help of innovative accounting. This helps in making quick decisions related to finances. The demand and supply is maintained and all the production work depends on finances (Wachira, 2013). The survey has reported that 65% accountants find that the growth occurs due to the innovative accounting. But, 25% said that the no growth is observed. 10% were neutral in the same case. If the financial matters are dealt with fast results and accuracy the growth of the organization is the result. The cloud based financial system helps in reports making, tax generation, budget related activities and auditing faster. This leads to the growth of the organization as proved in the survey (Liabotis, 2007). The survey has reported that: Statement Agree Disagree Neutral Growth of the organization 65% 25% 10% Research findings Profit to the organization due to innovative accounting Growth of the organization leads to the increase in the production levels as well as the expenditure of the business. This leads to the profits to the company. The expenditure of the business improves the brand name of the organization. 55% have reported the profits made by the organization, whereas 40% have said that no profits were made (Kalkan Arman, 2014). Error free work due to innovative accounting The computer assisted work linked with the cloud data related to finances. The data in the cloud is updated automatically. Therefore, the updates help in updating the new information automatically. Therefore, the possibility of error becomes very less resulting in speedy work. 88% have said that error free work has been done 2% disagree, whereas 10% were neutral. Statement Agree Disagree Neutral Profit to the organization 55% 40% 5% Error free work 88% 2% 10% Research findings Discussions In this section comparison of the literature review and the findings is done. The main purpose of the report was to investigate the impacts of innovative accounting, enhancement in decision making power, growth and profits made by an organization due to innovative accounting in the financial system. The survey has been made on the 50 accountants and financial managers of Thai listed firm. Questionnaire related to decision making, growth and profits in the organization are compared (Samuel, 2013). H0: Analysis of accounting innovation has a positive effect on business organization. The findings show that the innovative accounting has effects like decision making faster, growth, profits to the organization. In the literature review some researcher said that accounting innovation does not affect the organization, whereas some said that it has a negative effect on the business organization. The findings proved that the effects of the innovative accounting were good in every aspect. According to the study on Thai listed firm the decision making was faster, according to 85% of the accountants. Whereas, the growth was positive said by 65%. Also, profits survey said it was with 55% organizations. Therefore, the data are adequate to prove the findings that the accounting innovation in financial management has the positive effect on the business organization (Yadav, 2013). H1: Accounting innovation is a long term gaining process for an organization. The findings confirm that accounting innovation has long term gaining. As, immediate results are seen in some aspects, but the total results will be achieved over time. In the literature review, it is mentioned that in some ways the accounting innovation has immediate effects, but many researchers pointed towards the long term results. This also concluded the positive result of the innovative accounting that is discussed above. This finding is consistent with the growth of the company. It takes time for any organization to grow (Giampietro, Aspinall, Bukkens, Benalcazar, 2013). It is not a fast or immediate process. Also the profits seen by the organization is a long term process. Therefore, these findings help in concluding that innovative accounting is a long term gaining process. Accounting is a long term process as it took time to incorporate the accounting innovation into the business organization. When the accounting system is incorporated, time is taken by the organization to maintain data on the cloud. Therefore, from the findings the data and information are accessed quickly, but the gain to the organization will be seen over time. According to the findings the database will be maintained and will help the organization in future endeavors. Therefore, it is a long term gaining process (Abdel, 2011). Conclusion Based on the findings and the main objectives the following conclusions are made. The innovative accounting and strategic tool work on reviewing the organizational processes for the small term and achievement in the long term of the strategic plan. The accounting system is a tool that is used for improving the financial management and controlling of the financial operation. If innovative accounting is successfully implemented in the financial management system, it will help in carrying out the planning, controlling, evaluation, strategy of the company, and business processes (ACCA, 2016). Innovation in the accounting technology is a key driver for any business organization in financial management. This kind of the findings is familiar as it has been supported by many researchers and hence the innovation accounting is highlighted as a driving force for any business organization in case of financial management. Innovative accounting is proved as a faster way to a financial manager to make decisions related to the finances like tax assistance, audits, capital transactions, external and internal management of capital etc. If the financial system of any organization is quick, the work or the production or services provided to the customers will also be quick. This helps in customer satisfaction. Customers are the main part of any business organization. So, happy customer helps in making good reputation of the organization which leads to the growth of the organization (CGMA, 2013). Also, the profitability of an organization is increased due to the implementation of new accounting system. This has been also proved in the above findings. The growth of the organization leads to the profits as the profits are made by making financial stability and financial gains. Good accounting system helps in faster calculations for analyzing the financial gains. Also, strategies can be planned accordingly if there will be any losses. Strategic management and priorities are the outcome of the innovation in accounting system. Therefore, it can be concluded that the organization business is improved with the help of innovative accounting in financial management (Forsaith, Tilt, Xydias-Lobo, 2002). Though the process of achievement is a long term process. The growth and the profits will be observed over the time. But, it will make a positive influence on the customers with respect to demand of the customer. Also, including the innovative accounting will add value to the organization. Transparency in financial matters becomes effective with the help of this accounting system. This will also help the business organization to increase the profitability (Karanja Mwangi, 2013). References Abdel, M. (2011). Review of Management Accounting Research. Palgrave Macmillan. Retrieved from https://books.google.co.in/books?id=I_wGR1BrNLwCpg=PA339lpg=PA339dq=innovative+accounting+and+profits+to+organization+research+papersource=blots=IEIB6zOztHsig=3ae2ig-AapAmp-tp6zRyeeGhLSEhl=ensa=Xved=0ahUKEwjuqs2Y96_TAhUFQY8KHRnyDgg4ChDoAQghMAA#v= ACCA. (2016). Financial management and business success a guide for entrepreneurs. The Association of Chartered Certified Accountants. Retrieved from https://www.accaglobal.com/content/dam/ACCA_Global/Technical/smb/pi-financial-management-entrepreneurs.pdf CGMA. (2013). Managing Innovation: Harnessing the power of finance. Retrieved from https://www.globalaccountantweb.com/wp-content/uploads/2013/05/CGMA-report-Managing-Innovation-harnessing-the-power-of-finance.pdf Forsaith, D., Tilt, C., Xydias-Lobo, M. (2002). The future of management accounting: A south Australian perspective. Retrieved from https://www.flinders.edu.au/sabs/business/research/papers/03-2.pdf Giampietro, M., Aspinall, R., Bukkens, S., Benalcazar, J. (2013). An Innovative Accounting Framework for the Food-Energy-Water Nexus. Food and Agriculture Organization of the United Nations (FAO). Retrieved from https://www.fao.org/docrep/019/i3468e/i3468e.pdf Gichaaga, P. (2013). Effects of management accounting practices on financial performance of manufacturing companies. Retrieved from https://chss.uonbi.ac.ke/sites/default/files/chss/EFFECTS%20OF%20MANAGEMENT%20ACCOUNTING%20PRACTICES%20ON%20FINANCIAL%20PERFORMANCE%20OF%20MANUFACTURING%20COMPANIES%20IN%20KENYA%20Peter.pdf Janotta, A. (2015, May). A behind-the-scenes glimpse into Target's Accounting Innovation Day. Retrieved from https://www.mncpa.org/publications/footnote/2015-05/a-behind-the-scenes-glimpse-into-Targets-accounting-innovation-day.aspx Kalkan, A., Arman, M. (2014, September). The Impacts of Intellectual Capital, Innovation and Organizational Strategy on Firm Performance. Procedia - Social and Behavioral Sciences, 150, 700-707. Retrieved from https://www.sciencedirect.com/science/article/pii/S1877042814050745 Karanja, J., Mwangi, E. (2013). Adoption of Modern Management Accounting Techniques in Small and Medium (SMEs) in Developing Countries. Retrieved from https://www.fox.temple.edu/cms/wp-content/uploads/2013/08/CrispusKaranja1.pdf Korir, E. (2010, May 23). Management Accounting Innovation in Organizations. Retrieved from https://www.scribd.com/document/31802998/Management-Accounting-Innovation-in-Organizations Lakew, D., Rao, D. (2012). Effect of financial management practices and characteristics on profitability: a study on business enterprises. Retrieved from https://www.abhinavjournal.com/images/Commerce__Management/May13/9.pdf Liabotis, B. (2007, August). Three Strategies for Achieving and Sustaining Growth. Retrieved from https://iveybusinessjournal.com/publication/three-strategies-for-achieving-and-sustaining-growth/ Liguori, M., Steccolini, I. (2014). Accounting, innovation and public-sector change. Translating reforms into change? Elsevier. Retrieved from https://pure.qub.ac.uk/portal/files/16665901/PURE_Liguori.pdf Mattison, O., Nasi, S. (2004). Accounting innovations in the public sector. Retrieved from https://www.teknikprogrammet.se/Files/Rapport%20155%20Accounting%20Innovations.pdf PWC. (2010). Accounting for innovation. Retrieved from https://www.pwc.com/us/en/issues/ifrs-reporting/assets/ifrs-technology-accounting-r-d.pdf Samuel, N. (2013). Impact of accounting information systems on organizational effectiveness of automobile companies. Retrieved from https://chss.uonbi.ac.ke/sites/default/files/chss/RESEARCH%20PROJECT%20-%20SAMUEL%20NZOMO%20-%20D61-63152-2011.pdf Shoommuangpak, P. (2011). Accounting innovation: the effect on job success of accountant in Thai-listed firms. 11(1). Retrieved from https://www.freepatentsonline.com/article/International-Journal-Business-Strategy/272484865.html Times, F. (2017). Definition of innovation accounting. Retrieved from https://lexicon.ft.com/Term?term=innovation-accounting Wachira, E. (2013). The effect of technological innovation on the financial performance of commercial banks. Yadav, B. (2013, November-December). Creative Accounting: A Literature Review. The SIJ Transactions on Industrial, Financial Business Management, 1(5), 1-13. Retrieved from https://www.thesij.com/papers/IFBM/2013/November-December/IFBM-0105430202.pdf

Sports And Drugs (369 words) Essay Example For Students

Sports And Drugs (369 words) Essay Sports And DrugsThe Sports World Should be Drug Free This article was derived on thequestion: Why the sports world should be drug free? Barry McCaffreys answerto this question is based on a simple assumption that drug usage in sports has adirect impact on children which will ultimately lead to downfall of sports. Theessay takes on the belief that all or most kids look up to athletes. And ifthese athletes do drugs then kids will do drugs. It is directed to the athletesthemselves, coaches, and the parents of all children. McCaffrey states thatafter the death of athlete Len Bias, youth cocaine use suddenly dropped (page1). It seems that this is a safe assumption because after a death of a famousathlete, people as well as children learn the disastrous effect of drug use. Healso believes that when athletes use drugs and are rewarded for theirathleticism kids get the misimpression that drugs are not dangerous to theirwell being, dreams and aspirations (page 1). This essay is compelling and alsological. We as a culture know that children look up to all athletes. They arepictured on cereal boxes, sneaker ads, cartoons, etc. The author makes thenatural assumption that if these athletes use drugs that kids will get thepicture that it is alright for them to use them as well. His argument is veryconvincing especially for a parent. He gives evidence that professionalorganizations are know getting involved to take a stand against drug usage. We will write a custom essay on Sports And Drugs (369 words) specifically for you for only $16.38 $13.9/page Order now McCaffrey states, Eighteen Major League Baseball teams are showing anti-drugpublic service announcements in their stadiums at home games. Major leaguesoccer is sending strong anti-drug messages to its young fans. On October 23rd ,as part of the Office of Drug Policys athletic initiative, the first everNational Coachathon Against Drugs will see coaches across thenation?from pee wee to the big leagues?starting practices with messagesagainst drugs (page 2). The only thing about McCaffreys argument is thathe didnt consider the other sides point of view. He must of thought theydid not have a relevant case to even consider their view. He did a good jobresearching and making a firm strong point. BibliographyMcCaffrey, Barry R. The Sports World Should Be Drug Free St. Petersburg Times. September 9, 1998. p. 12A

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Analysis of Marks and Spencer Plc

Analysis of Marks and Spencer Plc Marks and Spencer (MS) is one of Britains oldest and best known retailers of clothing, foods, home ware. MS employ more than 60,000 people worldwide, operate more than 450 stores in 30 countries, and serve tens of millions of customers every week. The company was first established by Michael Marks and Tom Spencer. Marks had immigrated to England in 1882 after fleeing anti-Semitic persecution in Russian Poland. Here he began to eke out a living selling goods on a stall in Leeds town market. Due to his lack of English he made a sign to go on his stall that read Dont ask the price, its a penny. His stall was so successful that by 1890 he had stalls in five cities across the country. Tom Spencer, joined Marks, in 1894. This partnership signified the advent of MS as we know it today. By the turn of the century the company had expanded to 36 branches nationwide. 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During Rayners tenure as chairman MS expanded into financial services by launching their own charge card. Rayner retired in 1991 and CEO Richard Greenbury took charge. In the 1990s MS began to rapidly expand across Europe and into Asia, opening stores in Germany, Hong Kong, Hungary and Spain. In 1999 following growing criticism of Greenburys failure to expand the business fast enough and embrace new ideas he was succeeded by, Peter Salsbury. In that same year continued poor sales led Marks and Spencer to cut 700 jobs, close its 38 stores in Canada and part company with its clothing supplier of 30 years, William Baird. Following this continued poor performance the company, was subject to an unsuccessful takeover bid by Phillip Green of the Arcadia group. In response to this MS appointed Belgian Luc Vandevelde as CEO. The following spring MS announced a recovery plan to rescue the struggling chain, which involved selling off the majority of its global operations. Consequently, unhappy with the companys direction and its departure from older values, Marks and Spencer board members Sir David Sieff (the last remaining founder member), Sir Ralph Robins and Sir Michael Perry left the board in July 2001. Within a year and a half of Vandeveldes appointment profits began rising, but although at the time Vandevelde was credited with a revival, it proved to be short-lived, because by 2004 sales had fallen again and the brand had lost some of its credibility. In light of this it was felt drastic changes were needed and in May 2004 Stuart Rose, formerly head of Arcadia, was named CEO. Since his appointment Rose has instituted change programmes within the organisation and given it new strategic direction. The effects of these changes are already beginning to be seen and MS is showing clear signs of recovery. However it is too early to say whether this improvement is sustainable. MS was set up and run by a family for a long part of its history, its values and culture derived from that. For many years it was viewed as being very patriarchal and inward looking. The perception people had of the company up until the 1980s was of quality, affordability and reliability, embodied in the St Michael brand. During this time leadership of the business was very strong but inward focused. However, recent changes in the market place have presented a great challenge to the company which it is still addressing. PERCEPTION According to Huczynski and Buchanan it is our perception of reality that shapes and directs our behaviour, not some objective understanding of it. Marks and Spencers corporate objectives are incorporated in its mission statement. This outlines what the business is and what it should be. Mission statements set out in writing what the firm wants to achieve and often include information on the values of the business. MS outlines its core business as clothing and Food. Its financial objectives is to deliver shareholder value in terms of increase returns, but also in terms of increase sales and market share in retailing. It beliefs and values are outlined as Our customers continue to see Marks Spencer as the place to shop for special food, produced to exacting standards. MS also sees its workforce as an important part of its plan and also considers modernising its stores as a key corporate objective. Vision: The standard against which all others are measured Mission: Making aspirational quality accessible to all Values: Quality, value, service, innovation and trust MS also outlines its corporate social responsibility in its mission statement and considers the needs of other stakeholders too. Customer Perception Once established, from the customers point of view, MS was considered the epitome of quality, affordability and reliability which reached its apogee in the 50s and 60s when customers used to scramble to acquire MSs reproductions of catwalk fashion. MSs clothes lines became so popular that in the 50s limits were set on production as everyone wanted the affordable stylish Paris inspired 1950s glamour. This perception changed during the 90s. As ever increasing choice was available on the high street and a growing number of competitors emerged as rivals in MSs core markets. Retailers such as Top Shop, Warehouse and Gap offered more fashionable designs and labels, whereas others such as Next and Debenhams offered better value. Even food chains such as Tesco, Waitrose and Sainsburys began to encroach on MSs market share in the prepared food markets. In light of this people began to view the company as out-dated and old fashioned. This negative perception of the company is just now beginnin g to be counteracted for reasons which I will detail later in discussing leadership. Employee Perception From the stand point of employees MS was viewed as an employer of choice in the mid-20th century. People felt secure in their employment and viewed a career in MS as highly desirable. In the post-war period the company imposed a more explicit human relations policy. As Marcus Sieff, the incumbent chairman at the time, put it the chief executive has a duty to treat his employees as he would like to be treated himself, to do as he would be done by. This image was reinforced by the way MS treated its staff, stores were furnished with good staff canteens, rest rooms, medical and dental care, hairdressers, chiropodists, clean toilets and good training facilities. By the 1980s and 90s it had stopped being viewed as a viable career path and became characterised as dead-end job. This was reflected in the pay, management and promotional structures in place at the time. This is something subsequent CEOs have had to address. The Market A companys branding and marketing strategies are important tools in shaping the perception of it in the marketplace. Here, MS has never conformed to the norm s and actually created a virtue out of not advertising. Instead, MS relied until the 90s on word-of-mouth to promote the companys brand and image. This strategy is very cost-effective and renowned for being extremely powerful in influencing customer behaviour. As a recent study shows word-of-mouth is now the number one most-trusted source of product information on a global scale, with advertising a distant second. Seventy per cent of consumers across the globe trust friends, family, or other people first when searching for information or ideas on products to buy. MSs decision not to enter into mainstream advertising has reinforced its image of being a household name so famous, that like Rolls Royce it did not need to advertise since the quality of its goods and services were undisputed. The St Michaels brand was also very powerful with its connotations of religion which brings to mind values such as honesty, loyalty and devotion. Therefore a big departure came for MS around the turn of the century when they decided to launch one of the biggest advertising campaigns in retail with the slogan Your MS, embodied by well known models and celebrities from different ages such as Twiggy, Jodie Kidd, Shirley Bassey. This has been hugely successful and has the effect of putting the company firmly back in the hands of the public, giving them a sense of ownership and a stake in its success. CULTURE This is the set of beliefs and attitudes of both employees and management that helps to influence decision making and behaviour with in the organisation. The simple way of explaining culture is the way the things are done in a business. According to Huczynski and Buchanan an organizations culture focuses on the values, beliefs and meanings used by its members to grasp how its uniqueness originates, evolves and operates. Edgar Schein makes the distinction between three levels of culture within an organisation distinguished by their visibility to and accessibility by individuals, surface manifestations of culture, organisational values and basic assumptions. Organisational culture and values: The views of the original founder as modified by the companys current senior management In the case of MS we can see that the original culture derived from the founders and the founders family. In a sense you can say that they were family values, with an overtone of religion, let us not forget that St Michael is the champion of the Jews and that Michael Marks was a Jew. Culture in the early days was based on quick turnover, honesty, hard work and no frills attached. These values evolved into the companys culture which became paternalistic, an approach is commonly associated with family run businesses. The repercussions of this culture are such that if you are not in the family you cannot rise to the top. This has an effect all the way through the company right down to the employees on the shop floor. From the mid-19th century family organisations had the strongest sense of culture, one based on loyalty, paternalism and community. However in the 1960s, post war restructuring concentrated on capital mobility, acquisitions and mergers. The old forms of identification tended to break down and anyone who spoke of solidarity or loyalty was seen as archaic. With rapid organisational growth it became very difficult for firms to maintain the family touch. So by the turn of the 21st century Marks and Spencer had become vulnerable to hostile takeovers with its ever falling share prices and low profit margins. The inward looking culture of the company and the absence of strong leadership were blamed for its poor performance. Stuart Roses vision after he was given the position of CEO was to revert back to old values and simplify a culture which had become too confused and confusing. The type of culture of Marks and Spencer is a customer driven culture. Customer driven culture is where every where in the business makes a real effort to improve customer service, market research, employing right people, and training. The business is trying to up date the technology e- commerce. It also has a positive culture where staff and workers communicate well. They also regard change as opportunity than not a treat. I also found they are dynamic, this where a business is always looking to change the way they work. Always looking for new ideas. The way I have noticed this is by changing the displays to make it appeal more to customers. LEADERSHIP According to Huczynski and Buchanan leadership is the process of influencing the activities of an organized group in its efforts toward goal-setting and goal achievement. They go on to mention that leadership appears to be a critical determinant of organizational effectiveness. It is useful to distinguish between leadership and management. These two concepts are sometimes seen as synonymous as leadership is seen as one component of the management role. However, other commentators on the subject make clear distinctions between the two. Leaders are portrayed as someone who develops drives new initiatives, [whereas] managers achieve stability. Warren Bennis and Burt Nanus make the point that managers do things right, while leaders do the right thing. Due to the complex nature of this topic a great effort has been made to distinguish the qualities that make a successful leader. This line of research has been greatly influenced by the great man theory. This argued that leaders reach positions of influence from which they dominate and direct the lives of others by force of personality. In MSs history, men such as, Sir Marcus Sieff could be seen to fall into the great man category. Leadership in the early years was very much in the hands of the family and based on traditional family values. It was strong but essentially inward looking. By the late 90s when MS was in trouble there was a need for a change of leadership. Nowadays a more distributive form of leadership is required. One which creates a vision of a possible future that allows [the leader] and others to see more clearly the steps to take, building on personal capacities and strengths. Examples of these types of leader would be Luc Vandevelde and Stuart Rose. Under Vandeveldes leadership a recovery plan was put in place based on getting the company closer to its customers and returning the company to its core strengths. Recovery was based around focusing on the UK, selling only their own brand and retaking command of their supply chain. His vision was to return Marks and Spencers to its reputation for quality, value, service and innovation. Once articulated, the vision is shared through events designed to disseminate it. Thus we have Vandeveldes address to the shareholders and Stuart Roses mass motivational training for all of staff. They use catch phrases to describe and share what is already happening and to encourage others .In the advertising campaign Your MS Rose is embodying the key values and beliefs on which the newly revived MS is based. In differentiating the customer base and appealing to different sectors through sub-branding such as Per Una by Sir George Davis for the younger customer and Limited Edition for the more style conscious older customer, whilst maintaining the offering of high quality standard basics to everyone MS is becoming more competitive with other high street retailers. Also the advent of the Simply Food stores accentuates one of MSs traditional and continuing strengths- its food offerings. Management styles and culture The management style is the pattern of behaviour that he or she shows in carry out a management role over a period of time the most common management styles, are as follows: Autocratic Consultative Democratic Autocratic Autocratic management style is one where the manager is used to giving instructions like telling people what to do rather than asking them for their options. The manager is the only person contributing to the decision- making process. This style of management is more typical of UK management between 1970s and 1980s, although you are sure to find it today. A number of managers who started up with this approach find it difficult or impossible to change their ways. They are used to holding on power and do not understand how the process of empowerment might work. The result of this style is that members of the group often dissatisfied with the leader. This results in little cohesion, the need for high levels of supervision, and poor levels of motivation amongst employees. Consultative Consultative managers are ones who seek to consult other people before making a decision. Alternatively, they will seek to consult people before implementing a decision. This type of manager wants to draw on more sources of opinion him or herself. The consultative manager will have listening skills and also the ability to create the right sorts of channels to consult other people. In an organisation with a culture of consultation, there will be a series of mechanisms (e.g. newsletters, team briefing, suggestions boxes, etc.) that make it possible to get the feel of the concerns of other people involved in the decision- making, as well as to draw on their expertise. Democratic This is a third type of management style is the democratic one, which involves empowerment. This gives individuals and team responsibility to make decisions, usually within the framework. The team is then held responsible for the decisions that it chooses to make. The manager with this style will feel comfortable allow others to make decisions. The democratic manager will also have to have a good overall understanding of decisions being made, and will want regular feed back on results. However, they will be confidants that empower individuals and teams will use the responsibility given to them wisely. The management style of Marks and Spencer is consultative so this would mean, that leader consults with other before decision is made. There will be a group influence in the final decision; even through it is made by the leader. For example the marketing department, about weather to launch a new range of products may consider first than rushing straight into launching the products. The decisions are all taken in to account. The business of Marks and Spencer sometimes might use a mixture of Management Styles for example Marks and Spencer is consultative, the business might also be using democratic management style. Laissez-faire- This is where people are allowed to do what they feel correct, this is usually associated with medium status (e.g. Managing director Marketing Director) probably because they are experts in their field so they know what their doing. Marks and Spencer have a variety of management styles they often give a choice to the management but it depends upon where they are on the hierarchical scale. Those higher on the scale are autocratic and tell staff what to do, from the production line to the logistical designers. Those managers without managers below them are the ones which have to use an autocratic style because those below them have no knowledge on the field, while those around the middle are permitted to adopt a laissez-faire attitude to management, they are high enough in the company and have enough knowledge to use the style properly and to its maximum potential but the shareholders always have a eye on what there doing with any big decisions having a democratic vote on the item.

Superheroes Essay -- essays research papers

When you think of a superhero one normally thinks of Spiderman, Batman, or Superman, but there were superheroes long before these characters were created. First one must understand that the basis of this name is hero. What is a hero? A hero is a person who does something special or out of the ordinary in order to help others. It could also be someone who is admired for a characteristic about them, be it physical or mental. They are individuals that normal everyday people can look up to. This being the case, a superhero is nothing more then someone who is a hero, but not just that once and for that one person, but someone who helps many people, or leads them. As time went by the number of people who were true heroes diminished and just doing something for someone was no longer big news. There had to be something more to make them stand out. The American culture needed someone or something to admire and that is where our common day superheroes come into play. It gave them a goal which could never be reached in hopes that people would never stop trying. When one thinks about it, though it may be hard to believe, superheroes stem from God. This began as early back as Greek gods, then leading to Jesus. Jesus was a seemingly normal man who helped everyone, and led people. He was the ultimate superhero of his time. Once he was gone and became no more than a story passed down from father to son, people began to crave what was new, what was ‘in the now.’ That is when tales of knight...